Three common threads underlie the successful business:
1. Thorough and comprehensive business plan,
2. Sufficient capitalization, and
3. Adequate technical understanding of the underpinnings of business operations.
MicroBiz Buffalo, Inc. (MBB) has developed the Robert Grimm Micro Equity Program (RGMEP) as an additional resource to address these needs.
MBB's RGMEP will invest up to $5,000 or 10% of a $50,000 capital plan in microbusinesses located in or with relocation plans to the City of Buffalo. The RGMEP also requires applicants to have a written business plan, available personal equity and a willingness to accept regular technical assistance and advice from our Network of Service Providers. Greater consideration will be given to businesses showing a potential for growth and sustainability if an equity investment is made.
Through the combination of these resources, MBB will enable the start-up, growth and retention of microbusinesses within the City of Buffalo. MBB seeks to foster sustainable local businesses for the long-term, expecting a minimal Return on Investment (ROI). Such return may be derived from business sale or as a percentage of gross sales or net profit. The goal of the program is to offer investment not dependent upon immediate repayment, which makes it patient equity.
While MBB markets this program through its website, the majority of the candidates best suited for the program come through referrals from MBB's network of service providers and lenders. The RGMEP Review Committee is composed of the Executive Director and 3 members of the MBB board.
