After 40 years owning Dixon Interior Finishing, a general contracting firm in Jackson, Mississippi, Frank Dixon figured it was never too late to learn something new. So, he and his sons, who are gradually assuming control of the company, enrolled in a HOPE pilot program intended to break down barriers for Black-owned businesses.
Dixon now says that HOPE will be his company’s “go-to” financial institution. And as the founder of Jackson’s Minority Contractors Association, he urges others to think the same. “After you’ve been turned down so many times from other banks, it discourages folks from seeking out loans. But I’m a living witness that HOPE will work with you,” Dixon said. “I have a pretty good relationship with them, and that’s what it’s all about, creating relationships.”
With funding from the Rockefeller Foundation, HOPE designed the Supplier Diversity Pilot Project to help diverse business owners and large entities such as municipalities, utilities, hospitals, etc., better understand and navigate their respective contracting and procurement needs, and to facilitate the financing, technical assistance and relationships required to grow and strengthen diverse businesses.
For nine months, HOPE’s expert staff worked with Dixon along with other small business owners to prepare them to compete for larger contracts and apply for capital by shoring up fundamentals such as financial statements and licensing. Owners that completed the program became eligible for forgivable, zero-interest loans as well as other services from HOPE. Dixon’s company also received $10,000 in affordable financing. “A lot of minority businesses have the skills to do the work, but we don’t have the organizational skills we need,” Dixon said, such as keeping financial records and filings updated. “That’s where they were really helpful.”