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on Grants. Ordinary
people and businesses just like you are receiving millions
programs and you don't have to pay this money back!
many free grant money programs like:
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- $43,000 to Become a
- $100,000 to Open a
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year over $25 Billion Dollars will be given away by these
Millenium Photo Lab
Approved for $307,000
The Puerto Rico
Minority Business Development Center assists Millenium
to purchase building through SBA loan guarantee
Evelio Perez and his wife, Ana, established their first
photo studio and lab in Levittown, Toa Baja,
Puerto Rico, under the name "Amalia Photo
Art." It originally consisted of a laboratory
professional photography services. The husband and
wife team also offered photography services for
weddings, schools and glamour photos. The initial
six years were challenging. Like many small
businesses, they endured hard work and long hours in
order to provide excellent service to their
based in Levittown, the Perez family reached out to nearby
towns and began expanding their
client base. As business grew, they knew they would
have to find a different facility to meet market
demand. In March 2000, Mr. and Mrs. Perez moved into
a store slightly larger than the first. They
were able to assist more clients and offer increased
Levittown facility offered increased capacity to serve
clients. The business continued to grow
beyond its original business concept. The business
name "Amalia Photo Art" no longer fit their core
competency. The time had come to develop a new image
that best represented what the business
was. As such, they strategically changed the
business name to Millenium Photo Lab.
year 2001 brought many new opportunities. The Levittown
facility expanded its capacity as the lab
space was not enough to meet projected sales volume,
let alone new business accounts. Once again,
they decided to look for a larger facility that met
their increasing needs. A new site was identified in
the metropolitan area and commercial sector of
Santurce, Puerto Rico. The new site offered a large
building, ample parking and photographic equipment.
However, as with many existing real properties,
it also needed work; the pavement needed repairs and
an electric gate was required.
Perez family sought the assistance of the Puerto Rico
Islandwide Minority Business Development
Center (MBDC). Together, they investigated the deal,
analyzed their current and projected business
model and structured financing that met their
business needs. The Puerto Rico Islandwide MBDC
prepared a loan package for submission to Banco
Popular. The loan was backed by a SBA loan
guarantee through the 504 Program for $307,000. The Perez
family received notice of loan approval, and was able buy the property.
|Secretary of Commerce
Donald Evans says minority enterprise is key to
Enterprise is Key to Economic Security
September 26, U.S. Secretary of Commerce Don Evans said
that the success and vitality of minority-owned businesses
are key to the United States' economic security, and that
the economic fundamentals are in place for future growth.
his remarks during the national Minority Enterprise
Development (MED) Week Conference, Evans expressed his
confidence in the fundamentals of the economy and
discussed the steps the Bush Administration has taken to
create the proper economic conditions to help minority
to the latest data, minorities owned over three million
firms. That's almost 15 percent of all U.S.
businesses," said Evans. "Minority-owned
companies had more than $591 billion in revenues. They
produced about $96 billion in annual payroll. And they
created over four-and-a-half-million jobs."
Evans was the guest speaker at the 20th
anniversary of the MED Week Conference, which was held
September 24-27 at the Omni Shoreham in Washington, DC.
This year's Conference focused on "Strategies for
Growth in the American Economy, Part II: The
Entrepreneurial Economy." The Business Expo on
September 26 brought together minority businesses from
throughout the country to market their services to
government procurement officials and other potential
customers. The Conference also provided opportunities for
minority entrepreneurs to discuss strategies for economic
growth with key government officials and leading venture
capital experts. The national MED Week Conference is
sponsored by the Minority Business Development Agency
(U.S. Department of Commerce), in collaboration with
the U.S. Small Business Administration. Approximately
1,200 entrepreneurs attended.
fundamentals of our economy are strong," added Evans.
"We have virtually all the fundamentals that any
economist or entrepreneur would hope for. We have low
inflation, low interest rates, rising incomes, increasing
productivity, a highly innovative culture and a ready
MBDA, U.S. Department of Commerce
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