Word: help
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
Warner & Swasey Co., the Cleveland machine-tool firm that has a reputation for conservatism, decided to help rebuild the city's riot-seared Hough section. This year, its executives persuaded Robert L. Coles, a Negro machinist and aviation-mechanics teacher, to ally his limping little C & B Machine Co. with Warner & Swasey in a joint venture. Together they created the Hough Manufacturing Co., whose ten Negro workers labor over turret lathes and milling machines. Warner & Swasey invested $250,000 to buy a three-story plant and provide operating capital. Coles got 200 shares...
...GOVERNMENT HELP. Next to business training, what Negro entrepreneurs need most is credit. The easiest source for it is the Small Business Administration. Since 1965, the S.B.A. has made or guaranteed more than 8,000 soft loans, totaling $82 million, to would-be businessmen-about a third of them Negroes-with incomes below the poverty line. Unfortunately, the effort to make instant entrepreneurs of the poor proved disastrous. Default rates soared, and the S.B.A. concedes that a majority of the firms are in trouble...
...storefront offices in ghettos. He is also stretching the S.B.A.'s $1.1 billion loan kitty by guaranteeing loans made by private lenders, has lined up support from dozens of major banks. Last week five of Manhattan's largest banks agreed to provide up to $50 million to help minority businessmen. A consortium of 23 Houston banks has pledged $7,000,000 for the same purpose, a nine-bank group in Philadelphia, $6,000,000, a group in Boston...
...SELF-HELP. Negro groups have also initiated a number of businesses. A few months ago, Charles Bussey, a Negro operator of a furniture-restoring firm, rounded up 25 other Negro investors to form San Francisco Container Corp, They put up $20,000, then raised another $180,000 from the Bank of America and the Fireman's Fund Insurance Co. Next month, in San Francisco's Hunters Point ghetto, they will open a plant that will make chipboard and cardboard cases...
...CIVIL RIGHTS GROUP HELP. Boycott threats by the late Martin Luther King's Operation Breadbasket have forced major Chicago food chains to stock such products of Negro concerns as Mumbo barbecue sauce and Diamond Sparkle wax. As a result, Mumbo-maker Argia B. Collins, 42, tripled his sales in 1967. This year, after a seven-year struggle, he expects to earn a profit...