25 September 2013
Small Business Lending News from Across the Nation
Blue Marble Ice Cream
NYBDC Blog’s Success Stories, September 24, 2013
Jennie Dundas and Alexis Miesen started Blue Marble Ice Cream – the only certified organic ice cream brand native to New York City. Blue Marble is based on a business plan that includes eco-conscious elements and a focus on supporting sustainable, responsible agriculture. They had distribution deals with food co-ops and specialty retailers, and a deal with retailer Fresh Direct. Dundas and Miesen had the systems in place, but they needed capital. NYBDC provided a $350,000 loan for machinery, equipment and working capital to expand their wholesale operation and to help launch the next phase of growth – manufacturing. "When I first met Alexis and Jennie, I was taken by their professionalism, how well that they were able to articulate every aspect of their business and how easy they were to work with,” said NYBDC Assistant Vice President Christina Lopez. Blue Marble was a complicated loan because there were a lot of moving parts, but the owners had already done a great job of building a strong customer-base and reputation for business practices that are meaningful to New Yorkers.
SBA chief’s high hopes for Columbia Green in Portland
Sustainable Business Oregon, September 24, 2013
SBA Acting Administrator Jeanne Hulit visited Columbia Green Technologies’ Southeast Portland’s headquarters. Hulit is visiting several companies during a Northwest tour aimed at reinforcing the importance of boosting exports and nurturing green enterprises. The SBA wants small businesses to tap such programs as the agency’s U.S. Exports Assistance Centers. "Small businesses represent almost 95% of all U.S. companies and 98% of all exports come from small businesses, but they only represent 34% of exporting revenue,” Hulit said. "So there are lots of little companies, but they don’t export, and the market’s huge for them.” Columbia Green, which specializes in vegetative roofs, fits the bill of an exporting candidate in that it also works in a favored Obama sector. "Sustainable companies in general, whether they’re large or small businesses, are an important part of our economy and certainly an important part of our environment,” Hulit said. "We’re really impressed with what they’re doing here at Columbia Green.”
Small Business Financing Is Available, Just Not Where You’re Looking
Forbes, September 24, 2013
Ty Kiisel calls for SBA reform to make it easier for small businesses to access capital. Too many banks are moving upstream to bigger businesses and hopefully bigger profits, leaving small businesses out in the cold. And 63% of small business owners pin their hopes on a system that is leaving them behind. Kiisel would streamline the process for micro-loans ($50,000 or less), making it less cumbersome and expensive for both SBA banks and borrowers. Streamlining this process is a great place for Acting Administrator Jeanne Hulit to focus her efforts. The average SBA 7(a) loan was for loans of $327,000 in 2012. Most small business owners looking for a loan are heading to many of the very banks the SBA could encourage with an easier process. As it is right now, 67.7% of them expect it will be difficult to raise debt financing in the next six months. How about it Administrator Hulit? Can’t we make it a little easier?
PayPal to Give Small Businesses Access to Working Capital in Minutes
Entrepreneuer.com, September 24, 2013
PayPal launched a lending platform whereby small business owners can apply for access to capital and be approved in minutes. PayPal Working Capital allows business owners to pay back their loans based on a fixed percentage of sales. The other unique aspect of the PayPal capital access product is that borrowers pay a single fixed fee for the loan. The faster a business owner opts to repay the loan, the smaller the fee. Many loan products have multiple, hidden fees associated with late payments, initiation, processing and early termination fees. The PayPal loan product prides itself on being exceptionally transparent about the entire cost of the loan up front. Businesses can borrow between $1,000 and $20,000, up to a maximum of 8% of the annual revenue of the business.
Marketing Opportunity: National Association of Realtors’ 2013 Convention
The National Association of Realtors 2013 Convention is Nov. 8-11 in San Francisco, featuring more than 1,000 commercial real estate brokers in a special pavilion. Through a strategic alliance, NADCO is working with the dominant realtors group to present a Finance Solutions Café featuring NADCO members. To learn more about participating, please join us for a call Thursday, September 26 at 2:00 pm ET by emailing NADCO Director of Marketing Heather McNelis at firstname.lastname@example.org.
SBA Requests Your Presence: NADCO Regions 1-7 Mid-Year Conference
Clearwater, Florida, October 31 - November 2, 2013
The SBA has news and updates to share at NADCO’s regional meetings. New SOPs are here. Learn what is necessary to STAY COMPLIANT. New SBA Associate Administrator Ann Marie Mehlum lays out upcoming agency initiatives, and SBA's Patrick Kelley and Rich Taylor lead an interactive session to find solutions to Screen Out issues. One of SBA’s metrics for success is "participation in industry conferences and training” – please plan to attend. NADCO’s discounted hotel rate ends THIS FRIDAY! Please reserve your room by September 27. View the Updated Agenda. Register online today! New NADCO Sponsorship Opportunities are still available. Join us in Clearwater! Thank you to our Regional Meeting Game Change Sponsor Wells Fargo!
NADCO Conference - West SBA Regions 8-10Sedona, Arizona, October 21 - 23, 2013
View the Tentative Agenda. Register online today! For questions regarding conference administration or sponsorship, please contact Steve Suite, of Mountain West Small Business Finance, at email@example.com or (801) 412-3772. For travel questions, please contact Laura Barnhart, of Morris Meetings & Incentives, at firstname.lastname@example.org or (801) 483-6524.
NADCO 2013 Fall Training SeriesThe following courses are being offered: Introduction to SBA 504, 504 Loan Closing Update, 504 Sales Marketing & Business Development, 504 Loan Closing, 504 Loan Packaging, Portfolio Management (Basic), Portfolio Management (Advanced), Liquidation and Post-Debenture Purchase Workouts and Introduction to Credit Underwriting – this new two-day course focuses on understanding the key elements of prudent credit underwriting, including discussions on how to effectively use a company’s financial statements and/or tax returns to arrive at a credit decision. Register online today! The registration deadline is coming up! NADCO’s discounted hotel rate ends this Friday! Please reserve your room by October 14th. Please note that all prices will increase by $50 for any registrations made past the deadline. Please contact Mandy Robertson, Vice President of Conferences & Administration, for more information.
Clearwater, Florida, November 3 - 8, 2013