Southern California -- Financial powerhouse Merrill Lynch & Co. has made a 10-year commitment to provide minority entrepreneurs in Los Angeles and Orange counties with capital and financial help via a program it developed called the Southern California Partnership for Economic Achievement.
The program specifically targets Asian-American, Latino and African-American entrepreneurs in the two counties; the help includes free counseling and a chance to apply for part of the $20 million in dedicated loan funds and $5 million in equity investment capital.
The counseling consists of business financial planning services, seminars and one-on-one consultations. Topics include cash management, human resource needs and succession planning.
Requests of at least $100,000 from the loan fund will be reviewed individually; all eligible firms must have completed the business financial planning process.
Entrepreneurs need not be clients of Merrill Lynch to take advantage of the services. However, they should have been in business at least four years, have a minimum of $500,000 in sales, and have good credit. For more information, call (888) SOCAL-ML.