Resources Available for Small, Minority and Women-Owned Businesses

Some special resources may be available to small, minority and women-owned businesses. Tennessee strives to empower these businesses as a way to stimulate and strengthen their participation in the overall marketplace. Chapter seven of Small Business Information Guide highlights available resources. We encourage you, as an entrepreneur, to explore and use these resources. Be sure to review the following list of opportunities as well:

The Governor's Office of Diversity Business Enterprise

The Governor's Office of Diversity Business Enterprise is the central point of contact to attract, direct, and support minority, women-owned and small businesses. The goal of this office is to increase procurement opportunities for small, minority, and women owned businesses.

The Office focuses on ensuring that minority, women, and small businesses are afforded a fair and equal opportunity to participate in State procurement activities and contract awards. Minority, women and small businesses interested in doing business with the state are required to register with the Office. Businesses will be interviewed and assessed for a determination of procurement interests and qualifications such as licensing, bonding and certification. Businesses that need technical, management and financial assistance will be referred to consultants or counselors who will work with them to strengthen their expertise in navigating the procurement process.

The departments of Finance & Administration, Economic and Community Development, General Services, Transportation, and the State Building Commission have partnered with the Office to coordinate and implement initiatives to achieve the goals of the Governor's Office of Diversity Business Enterprise.

Nashville Minority Business Center

This center provides management, marketing and technical assistance to increase business opportunities for minority entrepreneurs. Each center provides accounting, administration, business planning, construction and marketing information to minority firms. The center also identifies minority firms for contract and subcontract opportunities with government agencies and the private sector.

U.S. SBA Office of Minority Enterprise Development

This office provides business development assistance to socially and economically disadvantaged business people, to ensure that they have the opportunity to participate more fully and successfully in the mainstream national economy.
http://www.sba.gov/financing/special/women.html

Purchasing Councils

Purchasing councils are a recognized way to encourage mutually beneficial economic links between ethnic minority suppliers and major purchasers in the public and private sectors.

Nashville	615 259-4699	Chattanooga	423 756-7411
Knoxville	865 637-6966

Pro-Net

Pro-Net is an electronic gateway of procurement information for and about small businesses. It is a search engine for contracting officers, a marketing tool for small firms and a "link" to procurement opportunities and important information. It is designed to be a "virtual" one-stop-procurement shop. Visit SBA's website at http://www.sba.gov for more information and to enter your firm in the database.

Tennessee Department of Transportation (TDOT) Office of Small Business Development

The mission of this office is to assist and encourage business opportunities for small and minority and/or women business enterprises (MBE/WBEs) participating in federally funded projects in the highway construction and transportation industries.

Specialized Small Business Investment Companies (SSBIC)

There are many private investment and loan companies established to serve small businesses owned by entrepreneurs who are socially or economically disadvantaged, mainly members of minority groups. These loans are funded with a combination of private and federal investment. SBICs assist only businesses with net worth below $18 million and less than $6 million in net income in a three-year period. They may prioritize investments by type (equity or loan), dollar amount, location or industry.

Women-Owned Business

The resources below target women-owned businesses in an effort to strengthen their participation in the overall marketplace. If you are a woman, resources are available in the following areas: networking/ mentoring, management, access to capital and procurement.

Networking and Mentoring

National Association of Women Business Owners (NAWBO). NAWBO monitors trends and keeps its membership informed about changes in innovation, government regulation, globalization and new technology. The association offers a variety of intangible and tangible benefits to all members, such as peer support, education, leadership training and commercial discounts.

For more information on NAWBO, please contact the Chattanooga, Memphis, or Nashville chapters.

Women's Network for Entrepreneurial Training (WNET). WNET links seasoned entrepreneurs with women whose businesses are ready to grow. Experienced women business owners provide technical business advice and training to women with fewer skills and less experience.

Women's Resource Center (WRC). WRC is your "one-stop" resource for training, counseling and technical assistance for start-up and existing women business owners. The resource center's training series assists entrepreneurs with all phases of business ownership, from idea to successful growth. The WRC provides interactive learning experiences and offers several opportunities for women business owners to grow and promote their companies. tnwrc@bellsouth.net
615 248-3474

Management and Marketing

Women in Business Development Center (WIBDC). WIDBC promotes the success and development of women-owned businesses throughout Memphis and Shelby County. The center was formed for technical assistance specially geared toward women. Primary objectives are to become an advocate for women-owned businesses through active involvement with economic development organizations; to provide a network for business opportunities in the private and public sector; and to be a clearinghouse of information for services that will help women develop and expand their businesses.

Institute for Women as Entrepreneurs (IWE). Located on the Chattanooga Campus of the University of Tennessee, IWE provides feasibility studies and planning assistance for potential small business owners. IWE also offers planning help and a wide variety of technical and operational consulting for start-ups, as well as established businesses. Intake interviews are required to determine a candidate's needs.

Access to Capital and Procurement

Small Business Investment Companies (SBIC). SBICs are private investment and loan companies established to serve the small business market. They are funded with a combination of private and federal investment. SBICs assist only businesses with net worth below $18 million and less than $6 million in net income in a three-year period. They may prioritize investments by type (equity or loan), dollar amount, location or industry.

SBA Women's Pre-qualification Program. This program enables a woman business owner to prequalify for an SBA loan guaranty before going to a bank. The program focuses on the character, credit experience and reliability of the applicant.

SBA Women-Owned Business Procurement Pilot Program. SBA has identified 11 federal agencies to participate in this pilot program. Each agency has designated a women-owned business "advocate" to act as a liaison. Together with other resource partners, SBA and these agencies are developing a systematic approach to expand the pool of women-owned firms receiving federal contract awards. The SBA and the liaisons from each of the agencies provide outreach, training, and marketing assistance to women-owned businesses. For a list of advocates, call 800-827-5722.

Contact List

Valley Capital Corporation

Krystal Building
100 W. Martin Luther King Blvd., Suite 212
Chattanooga, TN 37402
Phone: 423-265-1557

Invests in loans and equity to socially or economically disadvantaged small businesses as defined by the SBA. It specializes in light manufacturing, regional or national franchises, and wholesale distribution with investments ranging from $50,000 to $300,000.

West Tennessee Venture Capital Corporation

5 North 3rd Street
Memphis, TN 38103-2610
Phone: 901-522-9237

Invests in loans and equity to socially or economically disadvantaged small businesses as defined by the SBA.

Women's Network for Entrepreneurial Training
For additional information, contact:

Small Business Administration
Tennessee District Office
50 Vantage Way, Suite 201
Nashville, TN 37228
Phone: 615-736-5881
Fax: 615-736-7232

The Women's Resource Center
For additional information, contact:

The Women's Resource Center
1112 8th Avenue South
Nashville, TN 37203
Phone: 615-248-3474
Fax: 615-256-2706

Women in Business Development Center
For additional information, contact:

Women in Business Development Center
555 Beale Street
Memphis, TN 38103
Phone: 901-526-9300
Fax: 901-527-2537

Institute for Women as Entrepreneurs
For additional information, contact:

Institute for Women as Entrepreneurs
University of Tennessee
School of Business Administration
615 McCallie Avenue
Chattanooga, TN 37403
Phone: 423-755-4412
Fax: 423-755-5255

SBA Women's Prequalification Program
For additional information, contact:

You may also contact any of the Tennessee Small Business Development Centers (TSBDC) listed in Chapter Six: Education & Support.