| ASK SCORE: Financing your business
QUESTION: I am interested in starting a business in Collier County, but have limited financial resources. What are my options for obtaining a business loan? Benjamin W., Naples ANSWER: Benjamin, yours is one of the most common requests we receive. If your resources are limited, it is doubtful that you will be successful in securing a conventional business loan from a bank. However, there are a number of other available options you may consider: The Small Business Administration (SBA) makes guarantees for various types of business loans. Visit the financing section of the SBA's Web site to learn about their various products. See their finance planning section at www.sba.gov/smallbusinessplanner/start/financestartup/index.html The SBA has a special section for women entrepreneurs at: www.sba.gov/services/specialaudiences/women/index.html.
Small business organizations form partnership
Two nonprofits aimed at helping small and minority-owned businesses succeed have formed an alliance to share services. The Cincinnati Business Incubator and the Greater Cincinnati Microenterprise Initiative said they have formalized their relationship with a memorandum of understanding. Under the agreement, CBI will offer GCMI clients a complimentary six-month affiliate client contract, and GCMI will provide CBI clients with customized business coaching and assistance in obtaining business loans. "When organizations like ours work together there is less duplication and we have more opportunity to market our services to a wider audience," said Wayne Hicks, president of CBI, in a news release. CBI, in Over-the-Rhine, is an incubator offering startup companies affordable office space, business services and other resources.
Capital Access lending a hand
When Rhonda Hatfield needed a loan to open a child-care center in southeastern Jefferson County four years ago, she ran into a roadblock that she believes is familiar to many startups: "Banks don't want to work with them until they have proven themselves," she said. "If you don't have someone backing you, you can't move ahead." But Hatfield found a friend in Capital Access Corp.-Kentucky, a not-for-profit organization that helped her secure a $1 million loan package from a bank and the U.S. Small Business Administration through its "504" loan program. .
JREF lends $175K to new Columbia day-care center
Small business financier JREF has loaned $175,000 to Columbia's One Love Childcare Learning Center LLC. One Love is a newly opened day-care center that is an expansion of a home-based child care business founded by Paulette Gunter. One Love's new location is the former site of Columbia Academy on Deepage Drive. The firm describes its mission as "to foster the development of each child through positive emotional, social, academic and physical stimuli." Gunter's husband, Winston Gunter, and her brother Sylbert Delroy Blackwell are co-owners of the business. JREF has supported other start-up child care facilities that have grown and thrived, executive director Michael Mobley said in a news release. JREF is a private, nonprofit funding source for start-up and emerging firms in Howard County.
Local lender receives small business award
The U.S. Small Business Administration Thursday recognized the top lenders in the state for providing SBA-backed start-up and expansion loans to small businesses, as well as the government agencies that signed the most contracts with minority firms."These lenders help provide economic opportunities for those looking to go into business," said Michelle Johnston, the state SBA director.Glacier Bancorp, headquartered in Kalispell and the holding company for Valley Bank of Helena among other community banks around the state, was the top SBA lender in the year ended Sept. 30, making 76 loans totaling nearly $6.6 million. Vice President Don Chery said the company's practice of leaving the banks it acquires as stand-alone institutions helps generate SBA activity."When you own small community banks and leave them as small community banks, they have a tendency to be more community oriented," he said.
AvL Technologies gives $50,000 to business incubator
ENKA - AvL Technologies has donated $50,000 to establish a revolving loan fund at Asheville-Buncombe Technical Community College�s Small Business Center/Incubator to support young companies. �While the development of the incubator program and recruitment of companies has gone well, the program lacked a revolving loan fund to assist its clients,� said Russ Yelton, Small Business Center/Incubator director. �We appreciate the support AvL Technologies is providing start-ups through this generous donation.� AvL Technologies started in the Maple Building at A-B Tech in 1998 and became the College�s first successful small business incubation. The business employees 75 people, and designs and manufactures mobile satellite antenna systems typically used for live satellite broadcasts from television news trucks.
Bangladesh borrowers facing a debt mountain after cyclone
AMTOLA VILLAGE, Bangladesh: Nearly 20 years ago when small loans from the Nobel peace prize winning Grameen bank first became available in her village, Bilkis Begum wasted no time in signing up.
From 1985 she took out loans to start a small shop, buy a rice threshing machine and a betel leaf farm. Hard work and a shrewd business sense brought her success after success.
But like thousands of other borrowers, Bilkis, 40, is facing financial ruin after the devastating November 15 cyclone which has left her destitute and worried about her outstanding debts.
�My businesses were all very successful, but now I have lost everything,� she said, estimating the worth of her small enterprises at between 500,000 and 700,000 taka ($7,140 - 10,000).
�Everything is lost and all the improvements we made are gone,� she said, gesturing toward her ruined village which lies 200km south of Dhaka.
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