Black-owned Businesses In Crisis

Local Business Owners Forge Partnerships to Produce the Cincinnati Black Business Summit

Cincinnati, OH (PRWEB) May 3, 2004 --In 2001, the Cincinnati Business Courier released its findings of the state of Black businesses" in Cincinnati and found that only four percent (4%) of African American-owned businesses were thriving. As a follow-up to that research, local market research company, TM Smith & Associates polled 200 local Black business owners to gain a better perspective on current trends owners are facing and the business climate in Cincinnati as it relates to the growth of such firms. Their findings were that in general, Cincinnati has a highly unfavorable business climate for Black businesses to grow at a significant rate and that African American business owners want change.

According to Tara M Smith, President/CEO of TM Smith & Associates, there are many issues, locally and statewide, that are negatively affecting the growth of Black-owned businesses here in Cincinnati: high tax structures, ineffective public policies, lack of access to lending and contracting opportunities, inability to recruit young Black professionals and entrepreneurs, just to name a few. But more specifically, the study found that subcontracting continues to be problematic, yet, most firms are not competitive enough to vie for prime contracting opportunities. Also Cincinnati is a saturated banking market, but majority of firms are not gaining access to lending. Finally, there are many gaps within our market to effectively assist these businesses in reaching growth potential. We are in an extremely critical period. If you couple these problems with our current economy, many of our businesses will not be able to sustain," she said. However, she acknowledged that although Cincinnati has some unique situations, many of the same problems are being experienced around the country. Some of these issues are national and historical. The difference in other cities," she continues, is how business and political leaders, and the community at large, respond to the needs of our businesses. Its time for some genuine, intelligent, effective strategic planning, and risk taking."

As a result, a group of business owners collaborated to produce the Cincinnati Black Business Summit, which will be held July 28-30 at Belterra Casino Resort & Spa. This will be a two-day training ground and networking event, which will include national, regional, and local speakers on various business related topics. This years theme Breaking Barriers, Opening Opportunities, Building Businesses is designed to empower Black business owners with practical solutions for building viable businesses, to expand their networks to explore further business opportunities, and to engage business and political leaders in dialogue with African American business owners. The failure rate in Black businesses is not always contributed to lack of passion or motivation, but largely due to lack of structure," said Ken Moore, Co-chair of the Black Business Summit and President of KMI Event Management & Consulting. Whether you are a start-up, or a seasoned, existing business owner there will be valuable and practical information and contacts to be made at this event".

Some highlights of the summit includes keynote speaker, Shannon F. Reeves, owner of Freedom Fund Chevron, a $13 million dollar enterprise that owns Chevron branded service stations with an expanding network of convenience stores, laundry mats and car washes in Oakland CA. On Friday July 30th, there will be an Executives on the Green" Golf Outing in which golfers will have the opportunity to tee-off with some key decision-makers. Proceeds from the golf outing will benefit three local nonprofit youth development organizations: Jane Summers Foundation/Step Higher Program, INROADS, and Queen City Youth Development. Also, the Marketplace Exchange Expo will open further opportunities for business owners to expand their networks with participating vendors. The conference will also engage bankers, corporate, and government representatives in dialogue with discussion panels, Breaking Barriers in Lending and Breaking Barriers in Corporate and Government Markets. There will be a various breakout sessions, all designed to provide long-term growth strategies for business owners. Finally, conference goers will have the opportunity to explore the amenities of the beautiful Belterra Casino Resort and Spa.

I am deeply encouraged by this first historic Summit in Cincinnati because it is through such initiatives that entrepreneurs are able to network, strategize and create opportunities that will expand the pie for all", stated Dr. Thomas Boston, Professor of Economics and Member of Black Enterprises Board of Economics. He further added that it is also important that African American entrepreneurs build supportive networks among themselves to maximize their competitiveness in the market place. He believes the Cincinnati Black Business Summit is an important first step in achieving these goals.

The group says they are overwhelmed by the tremendous support and positive responses they have received thus far. Everyone is extremely excited about the event and want to contribute in some way to make this a success. It is an investment that will be sure to bring results, to not only business owners organizations, but ultimately, to the community on a whole."

If you are interested in learning more about the 1st Annual 2004 Cincinnati Black Business Summit, or to register online please visit their website at www.Cincy-BlackBusinessSummit.com, or call 513.861.4344 or you may email them at info@Cincy-BlackBusinessSummit.com
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