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The Briefcase: Inmates to Entrepreneurs initiative begins Wednesday

The Briefcase: Inmates to Entrepreneurs initiative begins Wednesday

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Inmates to Entrepreneurs initiative to begin Wednesday

Winston Starts, which provides business incubator services, said Monday it is offering a free eight-week course on the Inmates to Entrepreneurs initiative.

The course is designed for individuals with a criminal background who are interested in learning how to start or grow their own low-capital business.

The course begins Wednesday and will run from 6 to 7:30 p.m. on Wednesdays through Oct. 7. The meetings will be held on the fourth floor of the 500 West Fifth Street Tower.

The initiative also comes with free mentorship to graduates of the course.

For more information, go to https://inmatestoentrepreneurs.org/program/nc-2020/ or email to hannah.huskey@winstonstarts.com, or allit@inmatestoentrepreneurs.org.

Richard Craver

Winston-Salem offers online business training

The city of Winston-Salem is offering assistance in helping minority- and women-owned businesses become certified as historically underutilized businesses (HUB) with the state of North Carolina.

Online-based training will be available from 6 to 7:30 p.m. Aug. 26.

The training will be interactive, allowing participants to ask questions during the presentation.

Certification with the state HUB office provides businesses with greater exposure to business opportunities in state procurement and contracting. All HUB-certified businesses are listed in the Vendor Link system. Certification is free and valid for four years.

Interested business owners should register by Aug. 25 using the Eventbrite link at CityofWS.org/MWBE.

Richard Craver

M&F Bancorp reports $59,000 second-quarter loss

M&F Bancorp Inc., which has a branch in east Winston-Salem, reported Monday a second-quarter loss of $59,000, compared with net income of $124,000 a year ago.

The Durham bank had an earnings loss of 3 cents, compared with diluted earnings of 6 cents a year ago.

The quarterly loss was caused mostly by the bank placing $622,000 in its loan-loss provision, compared with having a $35,000 recovery in the second quarter of fiscal 2019.

Excluding the provision, M&F had loan revenue of $2.56 million, down less than 1% from a year ago.

Fee income was at $786,000, up from $539,000. The main reason for the fee uptick was the gain of $186,000 from the sale of a loan.

M&F said it has made 141 federal Paycheck Protection Program loans at a combined value of $13.1 million. Total assets were $291.2 million on June 30.

Richard Craver

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