The FBTI is working diligently to address the needs of our target market by improving the sustainability of our minority and underserved businesses, by assisting them in improving their operations and financial capacity. The FBTI’s plan is to address the challenges minority and underserved business owners’ encounter. Some of those challenges include minorities not having established relationships with banks nor the financial education on how to access and build credit and a credit score. Other challenges that minority businesses face is profitability, survival rates.

According to the 2014 Federal Reserve Bank of Atlanta’s Joint Small Business Credit Survey Report, Small businesses are important to the U.S. economy and the well-being of local communities. They employ half of the nation’s private sector workers and in recent decades have created two-thirds of net new jobs. The named study found that there is a strong demand for small loans; more than half of the survey participants sought $100,000 or less in credit.  Nearly 40 percent of those seeking credit said the primary purpose was to expand their business—expansion was a top reason for borrowing across all revenue segments. A third of firms report that financing costs have increased over the last 12 months. One key fact noted in the survey is that successful borrowers are more likely to be older, larger (in employees and revenues), and profitable.

Additionally, in a U.S. SBA Blog from April 2013, President Barack Obama proclaimed the month of April as National Financial Capability Month. Recognizing the importance of smart financial planning in achieving the American Dream, this month calls on individuals to empower themselves by seeking knowledge and tools for strong financial capability.  Nowhere is financial literacy more important than in the small business community. Small businesses are the embodiment of the American dream and the backbone of the American economy, creating 64 percent of the net new jobs created between 1993 and 2011.

The FBTI Board and Leadership team know that for those smaller companies to become larger and more successful, they need access to resources that will help them take solid financial steps, helping them to remain viable.   Financial training for small business owners is imperative to helping them make sound business decisions in an environment where financial services are often handled in-house. The success or failure of a small business in its early stages is often dependent on the financial capability of the enterprise’s leadership.