When startups begin their journey, the first thing they require is the capital. For that they turn to banks and Chambers of Commerce. It is true that startups are risky investments, but they need to start somewhere, and some great businesses we see these days were startups at one point. Some banks have a strict policy of not giving funding to startups at all. This is a very sad state of affairs and it shows that banks are not willing to support innovation. They do not understand that these innovative ideas improve the quality of human life.
Roles of Banks and Chambers of Commerce
Banks and Chambers of Commerce repeatedly state that they work for supporting small businesses. Time and again we see Chamber members talk about how passion is the key to starting a business and whoever has passion will succeed but refuse to give loans when a passionate entrepreneur comes to them.
The members of the Chamber of Commerce pay a certain fee to enjoy some great perks and benefits. They get access to business conferences, symposiums, networking teas and what not. The layman gets nothing. The Chamber of Commerce has become an elite group that does not mingle with the common people. This poses a lot of problems for people who want to get access to these events for networking.
Why is this as it is?
Banks will happily give loans to enterprises that have a proven record of making remarkable profits. It is because the risk involved is great when investing in a business that has just started out. But Chase Bank and the New President of the Brooklyn Chamber of Commerce have promised to invest more in small and medium enterprises (SMEs). The outcome of this we have yet to see.
Hector Batista; The New President
The new President and CEO of the Chamber of Commerce Hector Batista is the first Hispanic president in the 100 years of Brooklyn Chamber of Commerce. The new President promises to bring hope to the startups by working for them and being their voice. Hector Batista has promised to work for development of Small & Medium Enterprises (SMEs). If the new President delivers his promise, entrepreneurs can flourish, this will give them confidence to bring in more innovative solutions into the market and the community, as a whole, will move towards prosperity.
In conclusion, the fact that banks and Chamber of Commerce look for their monetary benefits, must be brought to light. We need more people with Hector’s mindset, people who believe that encouraging the younger minds will help us get ahead in life, moving the human society towards prosperity. The availability of loans and support from the Chamber will help common people. This will also be better for the Chamber, as every novel innovation will have their name attached to it. We just have to wait and see if its mere words or it will be practiced in reality as well.