Minneapolis Somalis Doing Big Time

[Kramer]

Minneapolis Offers Financing Options for Small Businesses

By Abdirahman Aynte
Minnesota Monitor
Friday, April 13, 2007


Minneapolis, MN (HOL) - The city of Minneapolis has launched a new interest-free financing program to help small businesses that don’t borrow money from traditional banks because of religious and other restrictions.
Dubbed as the Alternative Financing Program, the effort is aimed primarily at the city’s burgeoning small businesses owned by Muslims, whose faith restricts them from receiving interest-based loans. Non-Muslim businesses can also use the program, but priority is given to small businesses that can’t grow without the program. The loan can be used for neighborhood retail, service or light manufacturing in targeted areas.

“This is not only a good thing, but it’s a smart thing for the city to do,” said Mayor R.T. Rybak, who announced the program Wednesday at the shop of Shukri Gedi, the first recipient of the loan (shown in the photo with the mayor).

Gedi owns a tiny Somali shop at the Karamell Mall in south Minneapolis. Since 2004, she has wanted to expand her business but didn’t have enough money and, for religious reasons, didn’t want to use the interest-laden traditional bank loans.

With a $25,000 loan from the new program, her dream came true. Her shop has more merchandise, and she is selling a lot more of the bright-colored cloths. She’s expected to repay $634 a month over the next several years.

“You’re showing me that I’m not alone in this struggle,” Gedi told the mayor and several Minneapolis City Council members.

The council approved the plan last year after Hussein Samatar, executive director of the African Development Center, testified that more than 40 percent of Muslim-owned small businesses have no access to capital because of religious restrictions.

At a 2 percent rate of return, the city agreed to contribute half of up to a $100,000 loan. A private lender will pay the other half at its rate of return and will set the terms.

“The city has taken a step forward toward helping its citizens,” said Samatar, whose community development organization has been offering Islamic financing for years.

Council Member Robert Liligren of Ward 6 said: “Community development is not about building Target stores in downtown.”

Abdirahman Aynte can be reached at Ceynte@hiiraan.com

Another Progress from Somalis in Minnesota!

[Ismahan445]

I love MN..It feels good to be home today. MN always opens opportunities for Somalis in other states as well.s

[ORGEONES]

The good era was 1995-2000, then we got all the san diego qaxoti all acting tough.

[Ismahan445]

They ain't no more qoxotis . They are cought up with MN lifestyle. Its the Canadians who are messing things up for us now.

[Dhafoorqiiq]

MJ got Minnesota on lockdown. We control the senator when it concerns Somali affairs for crying out loud and anti-TFG Somalis are bullied over there.

[Ismahan445]

[quote="Dhafoorqiiq"]MJ got Minnesota on lockdown. We control the senator when it concerns Somali affairs for crying out loud and anti-TFG Somalis are bullied over there.[/quote]
Pause The only thing MJ control in MN is the Khat market.

[ORGEONES]

What u talking about Micheal Jordan never played here......

[Kramer]

[quote="Dhafoorqiiq"]MJ got Minnesota on lockdown. We control the senator when it concerns Somali affairs for crying out loud and anti-TFG Somalis are bullied over there.[/quote]

u getter be kidding right?
the only Mj I have seen in Minneapolis is that dumb Omar Jamal that don't know how to speak, and is being investaged for Immigration lies!

The two biggest malls in Mpls
Mall 24 belongs mostly to Ogaden
and Mall Karmel belongs to Hawiye

Mjs only live the ghetto slums of Cedar --which is scheduled to be demolished in the next years

[somaliyad07]

Waa wax lagu farxo runtii meesha somali wax ka tahayba,
sidaa ku wada ig dheh, ana wan u soo guraya

[Unclebin-]

^ Both those malls are owned by arab men. You somalis pay rent. The somali 'malls' in Toronto are owned by Somali men and harti ones at that.


Doqonkii Ogadeen iyo caqli hutu

[Ismahan445]

Well well, if it ain't Uncle AfBiijo, always full of bitterness as usual, who is talking about T.O horta. Harti owns them kulaha, yeah they do from the handouts they get from the Canadian gov't...Losers.

[Unclebin-]

^ LOOOL Ismahutu.

The fact that people take pride in owning shops that they can be evicted of because they don't own them is caqli hutu iyo doqonkii ogadeen like.

[Kramer]

[quote="Unclebin-"]^ LOOOL Ismahutu.

The fact that people take pride in owning shops that they can be evicted of because they don't own them is caqli hutu iyo doqonkii ogadeen like. [/quote]

hater! hater! so why are your ppl dying in Cedar Ghetto slums-and your girls get pimped by Blacks.

while this people you calling stupid control wealth and politics of Mpls-- living in Suburbans

[Ismahan445]

Again hard work is better and handouts. And leave hutus alone they are our African neighbours.

[Unclebin-]

Ismahutu

The burundis your african neighbours want to unite with you in Xamar in a week or so. They love jungle fever and you do too.


Kramer

LOOOL at somalis in Suburbs. Keep talking shit. You are an uncivilized hutu caghdeer mix. The irony of suburbs mixed with caqli hutu iyo caghdeer is formula enough for a lot of caanoboodhe and cambuulo. Not the suburbs.