The SBA Provided Over $330 Million In Business Loans To Black Woman Entrepreneurs In 2019
0Source: Black Enterprise
Tameka Stigers has achieved perpetual success as one of the country’s many black woman entrepreneurs.
She launched Locs of Glory in 2009 after discovering a niche styling technique known as “Sisterlocks” for people with textured hair. She started with a 400-square-foot salon in her home. But she outgrew the space fast, recognizing the need to expand and add more employees. She landed a $455,000 (7a) loan from the U.S. Small Business Administration in 2016. That capital allowed her to relocate into a custom-built 3,000-square-foot building in St. Louis to run her hair salon and spa business.
“The SBA loan has allowed me to provide employment opportunities for people in my community,” Stigers says.
Now, Stigers employs about 15 people and independent contractors and has realized steady sales growth since 2014. She expects to generate revenues of about $400,000 by late by 2020. She is part of the SBA St. Louis 2019 Emerging Leaders Initiative. This year she was named Minority-Owned Small Business of the Year by the SBA for her district in Missouri.