Cathy Hughes Working With SBA on New Models of Lending
(The Root) — In a 2008 study sponsored by Radio One, Black America Today, the majority of participants between the ages of 18 and 30 said they wanted to be entrepreneurs. “The hip-hop generation believes in education, but not … that you need a good education in order to get a good job,” Cathy Hughes, founder of Radio One, said at a recent White House reporters’ roundtable. “They want a good education in order to work for themselves and to start their own businesses.” Hughes, who was tapped last year to chair the U.S. Small Business Administration’s newly created Council on Underserved Communities, says that the latest initiatives from the agency are designed to help burgeoning minority entrepreneurs. The 20-member advisory council, which represents professionals from various backgrounds, including banking experts and economists, will provide recommendations on how the SBA can strengthen businesses in underserved communities, as well as communicate directly with aspiring and working business owners around the country.