photo by steed media service

Charles McElrath always wanted to be an agent for change in his community. After meeting with several minority entrepreneurs who had trouble financing their businesses, McElrath decided to create an organization that would help them achieve their dreams and simultaneously revitalize the community. Since establishing the Southern Dallas Development Corporation in 1989, McElrath has played a key role in helping minority businesses remain afloat. -amir shaw


ro: Tell us a little about the SDDC?
CM: The focus of the SDDC is to provide capital for businesses that couldn’t qualify for a bank loan. Most often, bankers don’t live in minority communities. The bank officers are hesitant, at times, to give loans. We also work in conjunction with the bank. If someone needs $500,000, we will lend a portion of it and the bank will provide the rest.

ro: How does this affect the owners?
CM: When [the SDDC helps] an owner get into business, they have created an asset that can be passed from one generation to another. When you are in business, it can provide income for years.

ro: How important is it to have more minority business owners?
CM: Minorities should do whatever they can to become business owners. We often hear of people living paycheck to paycheck. If you work for corporate America, it’s very hard to accumulate wealth. Most people accumulate wealth through ownership. It’s important that we stress the need for entrepreneurship.

ro: What are some of the things entrepreneurs can do to remain successful?
CM: You have to keep good financial books from Day One. This allows you to get approval when you need to apply for future loans. Having good financial books will allow you to go a long way in business.

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