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Celebrate Black History Month: How a Working Capital Loan Can Help You Succeed Like These Entrepreneurs

Posted: February 23, 2017
Category: Finance

During the month of February, we celebrate Black History Month. It is a time for America to come together and remember the history and struggle of African Americans from the past and celebrate their achievements. Studying the stories of these successful African American entrepreneurs can help motivate us to continue growing our own businesses and show how a working capital loan can help you do just that.

Christina Carteaux Bannister (AKA: Madame Carteaux)

Back in the 1840’s, this woman was a highly successful hairdresser. In fact, she was so successful that she ran several salons around her local area. The funds that she earned from her salon enabled her to do many things. She was able to support her husband as he worked at being a painter. She also used her excess funds to support causes that she believed in. Madame Carteaux was active in the underground railroad and helped financially support the Fifty-fourth Massachusetts Regiment. Later in her life, she founded the Home for Aged and Colored Women, which is still in operation under a different name today.

Madame Carteaux ran several successful service businesses. Small business owners of service businesses can often run into a rough patch of not having enough capital to fund their business growth. If you are in this position right now, instead of continuing to struggle, apply for a working capital loan with Knight Capital Funding.

Frederick Douglass Patterson

Mr. Patterson took over the C.R. Patterson and Sons CarriageCompany of Greenfield, Ohio when his father passed away. When he saw his first horseless carriage he realized that he needed to make changes within his company. In 1915 he finished manufacturing a Patterson-Greenfield two-door coupe. His automobile was coming out at the same time that Henry Ford was producing the Model T. There were some that thought Patterson’s design was better, however, there was one problem. Patterson could not compete with the Detroit assembly line. It wasn’t long before he changed to making school buses and trucks.

Small business manufacturers can struggle to have the funding they need to keep up with updates to manufacturing. Knight Capital Funding can provide a working capital loan that allows you the freedom to spend the money where your business needs it. We don’t limit you on how your spend your funds, so you have the ability to use it in the way that will help you expand your business.

Berry Good Jr.

When he was just 29 years old, Berry Good Jr. established Motown Records from an $800 family loan. The record company became an amazing success and worked with individuals like Diana Ross, Stevie Wonder and Marvin Gaye. He focused on quality control, which paid off big in the end. By 1971 Motown Records had over 100 songs that reached the Top 10 and 31 #1 singles. When he sold the company in 1988 it was for an astounding $68 million.

Berry Good Jr. created a huge return on investment for himself from an $800 loan from his family. While it would be nice if all small business owners could receive loans from family or friends, it isn’t always realistic. The alternative loans by Knight Capital Funding allow small businesses who are turned down by other lenders a chance to obtain the working capital funds that they need.

Thomas Jennings

Mr. Jennings, a tailor, owned a successful clothing store located in New York City. He became the first African-American man to receive a patent in the United States. His patent was for, dry scouring, which was a dry-cleaning process he invented. He used his financial resources to fund antislavery causes.

If you have big dreams and ideas for your business but lack the funding to make it happen, consider obtaining a merchant cash advance loan.

Sarah E. Goode

Ms. Goode is credited with being the first African-American woman to receive a United States patent. She was a born into slavery but was freed after the Civil War. At that time she married a carpenter and they began running a success custom furniture company. The majority of their customers lived in homes with tight living quarters and Goode invented the foldaway bed to solve their dilemma.

This woman overcame much to earn her success. Being born into slavery gave her a start that would have stopped some, but she didn’t let her past stop her from building an incredible life and making her way into American history. If you are struggling with your business because you have a rough credit history, Knight Capital Funding could be the answer you are looking for. We base our loan approval from the business revenue and not from the owner’s personal credit score or past.

Working Capital Loans from Knight Capital Funding

If you are ready to grow your business, let us help. Knight Capital Funding can provide you a working capital loan through merchant cash advances. Our process is fast, simple, and a great alternative for those that cannot be approved with the strict requirements of traditional lenders. To apply you only need to have been in business for 6 months and have at least $10,000 in monthly revenue.

When you need working capital to grow your business, the faster you can get it the better it is. Traditional lenders can take months to approve a loan. At Knight Capital Funding we approve loans within 24 hours and give you access to the funds within 3 days. So, if you are ready to grow your business, complete our online application to get started today.