Grants for Minority and Women-owned Small Businesses

Many nonminority individuals assume there are multiple funding sources for minority and women owned firms. Nothing could be further from the truth. The decline started under Reagan and was completed under Bush II.

We saw one website that stated the following: "Billions of dollars are accessible to Minority Small Businesses, most commonly in the form of Grants and low interest Loans." The spelling error should be a hint. Do not believe anything you read or hear.

Another website, Dun and Bradstreet, stated: "If you are a woman or an ethnic minority, you may be entitled to funds earmarked for minority business development. Many businesses and government organizations allocate funds to lend to minority business owners."

If you think being a minority of woman in business entitles you to anything other than a hard time, then you are on the wrong planet. This is the type of misinformation that is prevalent.

The bottom line is this: minority business funding programs do not exist.

There are NO specialized sources of financing for minorities at the Federal level. None.

Some limited programs exist at the State level, but these are few and far between. We list a few below.

Ohio: Minority Business Direct Loan Program. Provides fixed, low-interest rate loans to certified minority-owned businesses that are purchasing or improving fixed assets and creating or retaining jobs. Program Summary: Click here for http://www.development.ohio.gov/minority/MDLP.htm Minority Business Bonding Program. Provides bid, performance, and payment surety bonds to state certified minority-owned businesses that are unable to obtain bonding through standard surety companies. Program Summary: Click here for http://www.development.ohio.gov/minority/MBBP.htm

Wisconsin - The Forward Innovation Fund (FIF) loan program is designed to provide financial assistance for the start-up and expansion of minority- owned businesses in Wisconsin. This program provides low interest loans to assist in the development of minority-owned companies. Eligible applicants are Minority Businesses that have a comprehensive business plan fully describing the proposed project. The business plan should demonstrate access to a team of professional advisors.* Minority Businesses are defined as businesses 51% owned and controlled by any of the following: Black, Hispanic, American Indian, Eskimo, Asian Pacific, Asian Indian, Aleut, or Native Hawaiian. If you do not currently have a business plan, the Early Planning Grant (EPG) program may be able to provide you with a grant to develop a comprehensive business plan. To access this grant, go to www.wenportal.org. If you do not qualify for an Early Planning Grant you may qualify for an Entrepreneurial Training Grant (ETG). The Department of Commerce can provide applicants with a grant to help cover a portion of the cost of attending Small Business Development Center's (SBDC) new Entrepreneurial Training course. To access this grant, go to www.wenportal.org.

Maryland - Maryland Small Business Development Financing Authority Management Group Corporation. Meridian Management Group, Inc. is a professional asset manager for economic development and private equity funds. MMG manages a comprehensive State program fund, providing qualified clients with the essential and critical tools needed for a company to grow, succeed and leverage opportunities through the Maryland Small Business Development Financing Authority (MSBDFA). www.mmggroup.com.

Pennsylvania - Pennsylvania Minority Business Development Authority. Low-interest loan financing to businesses owned and operated by ethnic minorities. Guidelines: http://www.newpa.com/sites/default/files/uploads/PMBDAGuidelines2010.pdf Uses: Land and building acquisition; Building, construction and renovation; Machinery and equipment acquisition and installation; Working capital. Funding: Manufacturing, industries, high-tech, international trade or franchise companies: Loans up to $500,000 (within Enterprise Zone, $750,000) or 75% of total eligible project costs, whichever is lessRetail or commercial firms: Loans up to $250,000 (within Enterprise Zone, $350,000) or 75% of total eligible project costs, whichever is less. Eligibility: Businesses owned and operated by ethnic minorities. Terms: 50% of prime interest rate, but no less than 4%; Up to 10-year term for land and buildings; Up to 7-year term for machinery and equipment; Up to 3-year term for working capital; 25% private-sector match required; May subordinate lien position; Disbursement at closing; $15,000 cost per job created. Where to Apply: http://www.newpa.com/what-can-pa-do-for-you/single-application

Arkansas - Minority Business Loan Mobilization Program. This program is specifically geared toward certified minority-owned businesses seeking to embark on a state-funded project. It helps these minority businesses obtain start-up and emergency working capital. To qualify, the business must be a state-certified MBE, in business at least one year and have been awarded a new contractual agreement with an Arkansas state agency. The program is designed to promote the development of minority business enterprises to compete for contract opportunities and sustain the economic growth of Minority Business Enterprises in Arkansas. Applicants must submit: Application* Clear, concise business model* Three years projected financial statements (income statement, balance sheet, cash flow) Resume of all owners and key managers; Last three years' personal income tax returns; Last three years' business income tax returns; Personal financial statement*; Marketing Action Plan*; Copy of contractual agreement with a state agency. http://arkansasedc.com/small-and-minority-business/financing/state-programs.asp

Washington (State) - http://www.omwbe.wa.gov/financing/financing_otherfinancing.shtml

How to complete a Grant Application (completed sample application included in the Workbook)

"It is a challenge to complete a grant proposal, but if you are passionate about your business, then it is a small hurdle to overcome. Each grant is different in its requirements, but most of them ask for the same basic things as follows.

Cover Letter - The cover letter introduces the grantor to the business and extols its virtues about why the business is ideal for the grant. Make sure to cater to the specific grant and not speak in generalities as if you are applying to every financing source under the sun (even if you are).

Table of Contents - This section helps the grantor flip right through to the specific section he wants to see. Make the grantor's life easier and display your professionalism and courtesy at the same time.

Executive Summary - The executive summary of a document summarizes the rest of it. In this document you should pinpoint the main reasons the grant is needed and how it will solve the problems of the grantee. The amount of funding as well as information about the venture should also be listed. Use this part of the document to convince the grantor that funding your business is the greatest idea ever and they'll continue reading the rest of the proposal.

Statement of Need/ Problem Statement - In this section of the document, detail the needs and problems that the project or venture is fulfilling and solving. Conduct research and show that you have done your homework. Answer key questions: What is the scope of the problem? What will your business do that someone hasn't or can't easily do in the future? Show that you fill a void in the market and that you need the grant to do so. Be concise and to the point.

Project Description - The project description section is the main section of the grant proposal. This section is written best by separating different issues and ideas in separate sections. This will make it easier for you to write the section by focusing on idea at a time and make it easier on the reader as well since the section won't jump all over the place.

Goals/Objectives - The goals section doesn't list anything in intense detail, but gives the reader an idea of what the potential grantee is trying to achieve. The objectives section includes measureable aspirations of the venture such as achieving a hold of a certain percentage of the estimated market. Break down objectives in a bulleted list so it's easier to read.

Methods / Project Management Plans / Timelines - This section will show the reader how objectives will be achieved. The methods, plans, and timeline of implementation for those methods and plans will also be shown. Visual timelines are best to show the reader exactly where everything fits into the scheme of things as well as when. This section shows the reader you not only have goals and objectives but that you also know how to achieve them using a detailed well thought out plan.

Staffing - Many government grants will have stringent personnel requirements because they want you to create employment with the money that they are giving you. If the grant requires a certain number of personnel, make sure your personnel planning matches those requirements. Also make sure that your objectives match personnel planning. Aggressive objectives might have to be matched with substantial growth in employment in certain industries."

How to Apply for a Grant. http://www.wikihow.com/Apply-for-a-Grant

This is a brief summary of the process of submitting and completing federal grant applications using the application package found at grants.gov. http://www.youtube.com/watch?v=EPwjJxyfIiM

Banks: Do they hate Women and Minority-owned Small Businesses?

One would be forgiven for questioning the performance of banks with respect to women and minority businesses. It is well documented that banks and minority businesses do not get along.

A December, 2011 article noted that "New federal data show that the number of small bank loans to business has fallen to the lowest point in more than a decade, cutting the flow of money to a sector that's usually a job-creation powerhouse. An analysis of recently released Federal Deposit Insurance Corp. data by the Investigative Reporting Workshop shows that overall commercial and industrial lending by banks has increased for five straight quarters, but small loans to business of $1 million or less have been shrinking consistently since June 2008. As of Sept. 30, total outstanding loan volume was down 14.7 percent from its peak."

The same article noted that "Though small business has suffered, bank results continued to improve in the third quarter of this year. Profits rose to $35.3 billion, the best in more than four years."

And, another December, 2011 article in the Wall Street Journal noted that "America's big banks should be ashamed of their lending record to small businesses. The top 5 big banks in our country hold 40% of all domestic deposits ($2.965 trillion), yet only make 16%, ($97.3 billion) of all the small business loans in America, according to data reported by the FDIC. This record is particularly disappointing after these banks took in $151.59 billion of TARP money."

For women and minority businesses, the picture is even bleaker. We conclude that it is not so much that all banks hate women and minority businesses, (although some do), it's just that they are greedy and short sighted.

Where we suggest you go.

The figures above are another reason to support credit unions. The Federal Reserve Bank of Philadelphia noted that "During the current recession, credit unions are making inroads in small business lending, while banks are tightening underwriting criteria for such loans."

Fortune Magazine noted "The number of credit unions reporting that they gave out business loans reached 2,248 in 2010 -- or 30% of all credit unions -- up from 780 in 1986, according to an SBA report released in September. And, according to the National Association of Federal Credit Unions (NAFCU), credit unions increased business lending by 4.5% in the 12 months ending in June 2011, while bank lending declined by 1.8% in the same period."

A study by the SBA indicates that "even during the financial crisis, credit unions may have provided some extra business lending in response to the reductions in bank business lending. While credit unions partly offset changes in business lending by banks, the findings also show that these effects have not been consistent over time." See: http://www.mbda.gov/sites/default/files/SBA_CreditUnion_FullReport.pdf

Short and Long-term capital, business financing

We've noticed a marked trend over the past few years. Banks have been cutting credit lines to small businesses rapidly and dramatically. According to one source, "About one in five cardholders had their credit limits reduced recently, according to a July survey by Consumer Action, a San Francisco-based consumer advocacy group." The same website gave a list of steps you can take if this happens. We have modified the list somewhat:

• Complain diplomatically.
• Transfer your account and balance to a Credit Union. Make sure the bank knows you are doing this and why.
• Use what credit you have left very carefully. Save more. Read more: Coping with cut credit http://www.bankrate.com/finance/financial-literacy/coping-with-cut-credit-1.aspx#ixzz1qErAQuin
• Make sure to review your credit report. Look for any errors.
• You may also purchase your credit score from any of the credit bureaus by calling them or visiting their websites. Equifax: Call 1-800-685-1111 or visit http://www.equifax.com/compare-products ; Experian: Call 1-888-397-3742 or visit http://www.experian.com/consumer-products/personal-credit.html ; TransUnion: Call 1-800-493-2392 or visit http://www.transunion.com/corporate/personal/creditTools.page

Our response to this trend has been to work with businesses to seek out alternative financing sources. Two of the best are credit unions and crowdfunding. In addition, we think business owners should complain to regulatory agencies, including the Federal Trade Commission. https://www.ftccomplaintassistant.gov/ ; To file a complaint with the Federal Reserve Board: https://www.federalreserveconsumerhelp.gov/complaint/formcomplaint.cfm?source=home/ The new Consumer Financial Protection Bureau may also wish to hear from you (but we doubt it...): http://www.consumerfinance.gov/contact-us/ This will not help with your immediate problem, we know. But it will help document the problem and establish a path for compensation should a class action lawsuit against the bank pop up at some later point.

Why you should avoid Venture Capital and Private Equity firms

Our opinion concerning Venture Capital and Private Equity is well known. Basically, we think these guys are thieves. We know that "David M. Rubenstein, a co-founder and managing director of Carlyle Group, (now) argues that private equity can help companies become more sustainable and socially responsible. And that, in turn, can help companies make even more money." No kidding. Mr. Rubenstein joins the party about twenty years too late.

As we have said, "most, but not all, venture capital firms targeted to minorities and, to a lesser extent, women, are ineffective. Most venture capital firms cannot correctly evaluate investment opportunities in minority markets. They don't have the personnel to do so, (if you know what I mean.) Many VC firms simply collect good business plans and ideas, which they then develop."

Still, if you must deal with them, protect yourself. Get a confidentiality and nondisclosure agreement up front. Learn as much as you can about the firm. Look on LinkedIn, Facebook, and other sources. Find out who runs the firm. Look on the firm's website. Get the names of firms they have funded in the past (if any). Speak with people at these firms. Find out as much as you can. Really. It's the only way to deal with these firms.

How to work with Federal, State and local Agencies

We have never been big fans of these agencies.

The Small Business Administration certified our firm as an 8(a) (Minority Business) program participant on October 19, 2005. We did not find the 8(a) Program honest, fair or effective, and voluntarily withdrew from the program in 2008. We never received any revenue from our participation in the program, despite responding to and submitting several proposals to federal agencies. For example, as an 8(a) firm, we submitted an unsolicited proposal to Department of Housing and Urban Development (HUD) on April 7, 2006. In our proposal, we offered to create a collaborative, market-based approach to increase participation in HUD's Energy Efficient Mortgage (EEM) Program. Rather than support the types of predatory subprime lending practices that have negatively impacted the mortgage market and the country, we proposed to develop alternative, socially responsible methods to enhance homeownership opportunities.

Needless to say, our proposal was rejected.

Most assistance decisions made by these agencies are political in nature. If you have significant political resources, then, by all means, reach out to these agencies. For everyone else they are, for the most part ineffective.

Let's face it. You would not be looking at this page if they worked.

They do, however, offer some resources, mainly educational, that can be helpful. They may offer other services (documents, webinars, networking, counseling) you can use.

Thus, you have to limit you dealings with them for these educational items. If you are trying to get money from them, make sure you have a close friend or relative on the inside. Or a political sponsor (a city/county councilperson, supervisor, mayor, congressperson, governor, President�) to help you. And, I mean REALLY help you.

Otherwise, they are a gigantic waste of time�

Day Care Centers, Hair Salons, and Music/Film businesses

Day Care Centers

Day care centers are a critical community resource. After all, without children there IS no future. Someone's got to look after them. While bankers and other lending organizations are now always this forward thinking, if you are looking to finance a daycare center, resources are available. Private sources are the easiest to tap and the hardest to accumulate. These include private savings, friends, family and others. Recent developments, including peer-to-peer lending and crowdsourcing make this easier, however. Commercial sources include commercial banks, but most do not have specialized daycare financing units. Only two states, Washington and Oregon (Cascadia Child Care Fund) have specialized financing programs. "Cascadia's Child Care Fund helps Washington and Oregon based child care providers manage the expense of implementing program improvements by offering low-interest loans and technical assistance to providers who don't qualify for traditional bank financing. Many program improvements can help providers become licensed to care for more children, boost profit margins, and improve the long-term prospects of the business.

Quick Loan Facts

• Childcare providers may obtain a loan of up to $500,000
• Interest rates range from 8-10%
• Loan term lengths range from 12 to 84 months
• Monthly loan payments may be as little as $130, depending on the amount, rate, term and closing costs of the loan

What can loan funds be used for? Child Care Fund loans have been used to finance major projects such as center and home expansions and improvements and smaller projects such as fencing a playground, purchasing supplies and equipment, and installing child-sized bathroom fixtures." This is a great, great program, but, if you are not in one of these two states, you are out of luck. For information on resources in other states, see the "State Child Care Assistance Policies Report This nationwide annual analysis by the National Women's Law Center compares child care assistance policies from year to year and to and 2001 in four policy areas: income eligibility, waiting lists for assistance, copayment requirements and reimbursement rates for providers. Some states have made progress, but most states continue to be behind where they were in 2001. The report series reveals that states continue to fall short of providing low-income parents the support they need to obtain good-quality child care, despite modest gains in some areas." Click here for http://www.nwlc.org/our-resources/reports_toolkits/state-child-care-assistance-policies-report

Federal Funding for Child Care Facilities. Below we list a few links to Federal information sources. Keep in mind that these are likely to be ineffective. A few private sector organizations are listed below. Again, given the demand, these guys are NOT going to fund you. You will have better luck at a credit union or with family and friends...

• U.S. Department of Agriculture (USDA) The Rural Development, Click here for http://www.rurdev.usda.gov , (RHS) has a Community Facilities funding program available for non profits or local governments that can support child care facilities. Click here for http://www.rurdev.usda.gov/HCF_CF.html
• Additionally, there are Business Programs that may also assist child care business programs, Click here for http://www.rurdev.usda.gov/Business.html To determine eligibility or to apply for any of the Rural Development programs, contact your state or local Rural Development Office, Click here for http://www.rurdev.usda.gov/recd_map.html .
• U.S. Department of Health and Human Services (DHHS) has funding programs that support child care services. The Child Care Bureau, Click here for http://www.acf.hhs.gov/programs/ccb/ has several funding programs for child care facilities.
• State Child Care and Development Fund Contacts, Click here for http://nccic.acf.hhs.gov/statedata/dirs/display.cfm?title=ccdf
• Most private funding is available to organizations and government entities
• Annie E. Casey Foundation, Baltimore, MD. Click here for http://www.aecf.org/AboutUs/GrantInformation.aspx
• Charles Stewart Mott Foundation, Flint, MI. Click here for http://www.mott.org/grantseeker.aspx
• The David and Lucile Packard Foundation, Los Altos, CA. Click here for http://www.packard.org/what-we-fund/children-families-and-communities/
• Foundations Supporting Early Childhood Care and Education, Fairfax, VA: National Child Care Information and Technical Assistance Center, 2005, updated March 2011. 5p.p. Click here for http://nccic.acf.hhs.gov/poptopics/foundations.html

Financing a Beauty/Hair Salon

Beauty salons can have high overhead costs (outlined below) and uncertain cash flows. The first few years of business are critical and difficult. This makes commercial bank financing unlikely. Your best bets are friends and family, crowdfunding, and credit unions, in that order. You must have as solid business plan, and a thorough understanding of all relevant costs.

Beauty Salon Overhead Costs - Real estate. Location, location, location is a critical factor in the success of a beauty salon. In most cases, the best locations are expensive, however. This will be a key overhead cost. Payroll. Employees are another high overhead cost. Of course, employees are critical to the success of your beauty salon. Inventory. The beauty supplies and products you purchase are essential to the smooth operation of your salon. Equipment. Blow dryers, curling irons, tanning beds and hot tubs are some of the equipment costs you will incur.

"High Risk" Financing.According to one website, "Banks are reluctant to approve financing for beauty salons because they are considered a 'high risk' investment. Not only is much of a beauty salon's capital tied up in overhead, but the income it generates is generally inconsistent." To the extent that you can show a banker that you have a firm, consistent set of clients and manageable equipment and location expenses, your chances of getting a bank loan are higher.

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Financing a Beauty/Hair Salon

Beauty salons can have high overhead costs (outlined below) and uncertain cash flows. The first few years of business are critical and difficult. This makes commercial bank financing unlikely. Your best bets are friends and family, crowdfunding, and credit unions, in that order. You must have as solid business plan, and a thorough understanding of all relevant costs.

Several alternative methods of funding may be available for beauty salon financing: "Vendor financing. If you are looking for financing for equipment or supplies, then you may be able to get it from your vendor. Vendors can sometimes play a major role in financing a new or growing business. Just keep in mind that you need to shop around for credible companies, and you can expect to pay a higher interest rate on any financing that you receive. Get an unsecured business cash advance. A business cash advance is a small business finance method that is based solely on future credit card transactions. The company offering the cash advance will purchase these credit card transactions at a discount and provide your beauty salon with a quick injection of cash. The approval process is generally quick, and the money can be received within a week of approval. Since financing is based on future sales, credit and sales history are usually not considerations. Payments are also based on sales volume."

Leasing: Lease your equipment. Instead of purchasing all of your salon equipment and furniture, try leasing it. Through equipment leasing, beauty salon owners can free up their working capital which can then be used to operate and grow their businesses. What is leasing? "Leasing is a process by which a firm can obtain the use of a certain fixed assets for which it must pay a series of contractual, periodic, tax deductible payments. The lessee is the receiver of the services or the assets under the lease contract and the lessor is the owner of the assets. The relationship between the tenant and the landlord is called a tenancy, and can be for a fixed or an indefinite period of time (called the term of the lease). The consideration for the lease is called rent. " "Advantages of Leasing Equipment: Less initial expense. The primary advantage of leasing business equipment is that it allows you to acquire assets with minimal initial expenditures. Because equipment leases rarely require a down payment, you can obtain the goods you need without significantly affecting your cash flow. Tax deductible. Lease payments can usually be deducted as business expenses on your tax return, reducing the net cost of your lease. Flexible terms. Leases are usually easier to obtain and have more flexible terms than loans for buying equipment. This can be a significant advantage if you have bad credit or need to negotiate a longer payment plan to lower your costs. Easier to upgrade equipment. Leasing allows businesses to address the problem of obsolescence. If you use your lease to obtain items that may be outdated in a short period of time, such as computers or other high-tech equipment, a lease passes the burden of obsolescence onto the lessor. You are free to lease new, higher-end equipment after your lease expires."

Financing a Music/Film business

Music/Film businesses are some of the hardest ventures to finance. There is hope, however. Crowdfunding is a major advancement. According to one website, "crowdfunding is basically a community that funds ideas, dreams, and projects." If we were looking to finance a film, this is the first place we'd go. Below, a few crowdfunding websites.

Profounder. Click here for http://www.profounder.com/ "A professional crowdfunding website; for equity & revenue share. The Profunder crowdfunding website is the way to go for many Entrepreneurs. Hands down, profounder is the best. It's much more professional, and follows by better guidelines. Entrepreneurs (and start-ups) must be registered as a C-corp, making it legit to receive crowdfunding investments."

"Efilmfund at Click here for http://www.filmdeveloper.com/ Efilmfund bills itself as 'an online marketplace for financing film projects.' Efilmfund was developed to help aspiring filmmakers find potential investors to finance and market their films. Efilmfund provides a venue for filmmakers and investors to meet, and the rest is up to the individuals using the site. Filmmakers submit a description of a project for consideration by investors, while investors register themselves on the site to access a list of projects seeking funding. Efilmfund is one of the simplest and most straightforward options.

idealive at Click here for http://www.reelmind.com/idealive/ idealive is 'an online marketplace designed to link artists and investors.' Filmmakers can present their project to investors interested in funding film, music, and multi-media projects. idealive promises to match artists to investors and even audiences. As a filmmaker with a project, you can post information on the investing website where potential investors submit bids and you sell shares in your future work. If your project isn't fully developed, you can provide information about yourself and your project to idealive, which will then create an artist page on their website. This page generates attention and an audience in order to attract investors later. idealive encourages artists to seek offerings between $50,000 and $1 million.

Hollywood Investors at Click here for http://www.Hollywoodinvestors.com The site offers more structured help from development through distribution. The website provides an impressive listing of their services, but their database of filmmakers and investors isn't fully functioning yet. They declare their commitment to 'giving filmmakers the creative and financial freedom to produce films with high artistic and commercial potential,' and they claim they can raise as much as $50 million (although there are no confirmed reports of financing to date). They encourage filmmakers to send information about their project although they will evaluate it and seek investors before taking anything on. They offer help with development and then will raise money for your project 'using traditional and non-traditional financing methods,' by seeking investors on- and off- line. When your project is completed, they'll help with distribution and marketing, promising artistic freedom all the way through. Hollywood Investors offers far more than a link between filmmakers and investors, practically reaching into production. This level of participation might not be to everyone's taste, but those seeking greater support might benefit. Take a cue from the 'Hollywood' in their title; this company sounds like they have big-time aspirations.

Next Wave Films at Click here for http://www.nextwavefilms.com A company of The Independent Film Channel, Next Wave offers two main services for emerging and established filmmakers. First, they express dedication to helping young filmmakers launch their careers. They supply finishing funds to low budget features by new filmmakers, including assistance through post-production, then aid with festival and press strategies and distribution. New Wave Films suggests filmmakers contact them at any stage in the process, then submit a rough cut for consideration of up to $100,000 in finishing funds for feature-length projects. Secondly, Next Wave Films has developed 'Agenda 2000,' offering production and financing to established filmmakers working with digital video. They hope thereby to encourage filmmakers to make films less expensively and with more creative control. Their rhetoric sounds very generous, and the connection to the IFC may help increase the profile of filmmakers who benefit from Next Wave Films.

Webcinema at Click here for http://www.webcinema.org This non-profit organization focuses on helping independent filmmakers in new media technologies find funds to finance and distribute films. They don't fund projects themselves, but offer fiscal sponsorship to filmmakers. Sponsorship allows filmmakers 'without nonprofit status to receive funding from sources that limit their funding to nonprofit organizations.' This nonprofit angle sounds enticing, but you should be sure to check out all the legal ramifications. New media is definitely Webcinema's focus, which isn't for everyone.

Surfview at Click here for http://www.surfview.com The site links independent producers and interested investors. They encourage fundraising by allowing producers to post web ads and information about projects for perusal by investors. Surfview also offers video streaming for posting trailers once a project has been completed, in order to attract potential distributors. Essentially Surfview offers free exposure to investors, though their emphasis seems to weigh more on the side of the investor, and barely mentions the filmmaker at all."