| Angels are alive in Clark County
We all know it takes money to make money. But if you’re a cashless entrepreneur with a great idea, where do you turn? A number of start-up companies are getting their funding from angel investors. According to the New Hampshire-based Center for Venture Research, angels invested $11.9 billion into U.S. startups during the first half of 2007. Part of those dollars was invested right here in Clark County – local high-tech firm Lightfleet Inc., in business since 2003, is 100 percent angel-funded, according to CEO John Peers. Angel funding helps span the "equity gap," said Dr. John Becker Blease, a finance professor at Washington State University Vancouver. Entrepreneurs usually need from $100,000 to $5 million to fund their endeavor. Financial institutions are usually loath to lend that much, while venture capital firms aren’t interested in such "small potatoes." Clint Page, CEO of Dotster Inc., a successful, young high-tech firm headquartered in Vancouver, said that angel investing in the Vancouver-Portland metro area "is coming of age.
State grants charter to Greensboro business bank
Greensboro is a step closer to getting its first business-only bank. The North Carolina Banking Commission has granted a charter to Premier Commercial Bank, a startup lender for small and medium-sized businesses. The bank said it expects to open in early 2008. Premier was founded by Frank Gavigan, a longtime Triad banker who was most recently senior credit officer at 1st State Bank in Burlington. It's joining a space that's become increasingly crowded in North Carolina since Raleigh's Paragon Commercial Bank became the state's first business-only bank in 1999. The Triad has yet to get in on the action, however, with most of the startups planting their headquarters in Charlotte or the Triangle. So far, Premier has raised more than $11 million in its initial stock offering, which began Aug.
Business events calendar
Thursday ORMOND BEACH CHAMBER OF COMMERCE ribbon-cutting ceremony, 4:30 p.m., Tradewinds Grille, 1425 Hand Ave., suite N., Ormond Beach. Information: (386) 677-3454. Friday PORT ORANGE/SOUTH DAYTONA CHAMBER OF COMMERCE ribbon-cutting ceremony, 9 a.m., Beville Dental Care, 911 Beville Road, suite 1, South Daytona. Information: (386) 761-1601. Daily SCORE 87 -- COUNSELORS TO AMERICA'S SMALL BUSINESS, free startup business counseling by appointment on Mondays, Wednesdays, and Thursdays. Continuing counseling for existing businesses on Tuesdays. Two hour free workshops on Fridays in Daytona Beach, New Smyrna Beach, Orange City, and Palm Coast. Spanish available. For more information or appointment call (386) 255-6889 or email score87@earthlink.net or visit the Web site at score87.org.
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.
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. .
|
