Supporting Local Entrepreneurs with Small Business Lending

By Malinda Williams

More than 30 years ago, Omaha 100 was formed to help build equality and equity in homeownership in our community. As a Community Development Financial Institution, Omaha 100 is focused specifically on serving those who are underserved by traditional banks, as well as funding opportunities that drive social impact. We began in 1990 with a focus on affordable home loans. In 2023, we also started to help small businesses get loans to bring more fairness and opportunities to Omaha's business scene.

Why did we expand? Data from numerous reports was telling us that minority-owned businesses needed more help.

According to a 2020 report by the Federal Reserve, only 29% of Black-owned businesses and 35% of Hispanic-owned businesses were receiving the full amount of loan funding they requested, compared to 49% of white-owned businesses.

A report assessing Nebraska’s PPP program found that of the 4,179 businesses that qualified for $1.62 billion in federal COVID-19 loans, only 53 - or 1.2% - were minority-owned.

The National Small Business Association's 2022 Mid-Year Economic Report indicated that 29% of small business owners identified a lack of available funding as a significant challenge to their growth.

Omaha 100 takes pride in serving a diverse group of clients and ensuring that everyone has a fair chance to build a great future for themselves and their families.

Depree Seavers, who started Black Power Redevelopers, and David Craig, who founded Lease Genie, both received help from Omaha 100 to tackle their business challenges.

Depree, born and raised in Omaha, graduated from Benson High School in 2011. He was studying to become a paramedic and firefighter when a college advisor suggested he learn about electrical technology as a way to earn money while he worked toward his other goals. He discovered a passion for it and soon focused on his electrical work.

His small side business grew, and by 2018, he launched Black Power Redevelopers. In 2023, he earned his Master Electrician certification and is now focused on mentoring others facing challenges in starting their careers. Depree describes his partnership with Omaha 100 as a "game-changer," helping him expand his business with more equipment and staff.

Omaha 100 customizes its support based on each business owner's needs. For Depree, it meant resources to take on bigger projects. For David Craig, it involved funding to hire more staff, setting his business on a path to double its revenue in two years.

Lease Genie, founded in 2006, has made its name in equipment leasing for clients often overlooked by traditional banks. With Omaha 100’s support, they are not just growing financially but also contributing significantly to the local economy. Craig focuses on educating his clients, enhancing their financial knowledge for both their personal and business lives.

These businesses show how Omaha 100's support benefits our whole community. They provide services, education and guidance, improving Omaha significantly.

We are proud to play a role in helping BIPOC businesses thrive. A study by the U.S. Small Business Administration reveals just how important our programs are. It found that small businesses that receive funding through organizations like Omaha 100 have a 30% higher chance of survival beyond the first five years, compared to those that do not receive support.

We remain committed to supporting local entrepreneurs into the future, continuing to make the American Dream accessible through both business and housing loans. Our services not only help business owners but also makes our community a better, more vibrant place.

To learn more about a loan for your small business, send us an email at info@Omaha100.org, call 402-342-3773 or start your application online.

Information for this post:

Interviews with Depree Seavers and David Craig

Loan Approval Rates for Minority Business Owners: Federal Reserve report on the State of Small Business Credit: [Federal Reserve Small Business Credit Survey 2020] https://www.fedsmallbusiness.org/survey/2020/report-on-firm-performance-and-credit-availability

Impact of Financial Support on Small Businesses: U.S. Small Business Administration study on small business survival and funding: [SBA Office of Advocacy] https://www.sba.gov/advocacy/small-businesses-drive-job-growth-us

Economic Contributions of Small Businesses: Small Business Administration report on the role of small businesses in the US economy: [SBA Frequently Asked Questions] https://cdn.advocacy.sba.gov/wp-content/uploads/2019/09/04144214/Frequently-Asked-Questions-Small-Business-2022.pdf

Challenges Faced by Small Businesses: National Small Business Association's 2022 Mid-Year Economic Report: [NSBA 2022 Mid-Year Economic Report] http://www.nsba.biz/wp-content/uploads/2022/07/Mid-Year-Economic-Report-2022.pdf

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