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Marshall Heights Community
Development Organization, Inc. 3939
Benning Road, NE, Washington, DC
20019 202.396.1200 Facsimile 202.396.4106 www.mhcdo.org |
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PRESS RELEASE Contact: Evelyn Frazier, 202/396-1201
x115 SMALL
BUSINESS LOAN FAIR EMPHASIZES
PREPARATION, PREPARATION, PREPARATION WASHINGTON,
DC –
More than 50 people showed up to learn how to get a banker to say yes
to their business loan applications.
Deric Mims, Sr. Vice President for SunTrust Bank, instructed
participants on how to develop a relationship with a Banker, as well
as the need to get your financial house in order, develop a solid business
plan, understand your bank’s underwriting criteria, and some alternative
sources of financing. Mims emphasized that a little preparation
would increase your changes of securing a loan when you need it. The first time you meet your banker shouldn’t
be when you need money, and don’t be afraid to ask a banker if they
lend to your type of business.
The
target audience for the Small Business Loan Fair included home-based
businesses, small contractors, and retail and service providers who
need help in accessing larger capital markets.
The goal of the workshop was to explain the basic information
and background materials needed in compiling a loan application package,
identify and recruit local, small or disadvantaged businesses, provide
direct access to traditional lenders and increase the number and quality
of loan applications received from local businesses.
The Marshall
Heights Community Development Organization, Inc. (MHCDO), the U.S. Small
Business Administration (SBA) and our lending partners each share the
goal of investing in and helping to stabilize small and neighborhood-based
businesses. In addition to providing
information, the workshop was designed to encourage more small business
owners to actually begin the loan application
process.
The “Small Business
Loan Fair” was a multi-step event.
Prospective borrowers were asked to complete and return the registration
form, which provided a basic business profile. A list of materials needed for the loan application
package was then forwarded to the prospective borrower, and business
owners were asked to bring their information with them to the event. During the Loan Fair, participants had an
opportunity to meet with loan officers and talk specifics about the
quality of the application materials and their business’ bank-ability.
In addition to MHCDO, SBA and SunTrust Bank, the Greater Washington Board of Trade’s Community Business Partnership/Washington, DC BusinessLINC, cosponsored the event. Lending partners and special guests included: Deric Mims and Mark Wells with SunTrust Bank, Scott Kinlaw with BB&T, Doug Dillon with CityFirst Bank of DC, Kathryn Clay with Riggs Bank, Ken White with New Day Consulting, Joyce Howard (representing Freddie Biddle) with SBA, Michelle Wilson with Enterprise Development Group, Mary Hill & Stephen Dix with National Community Reinvestment Coalition.
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