Small-business lending is down.
Pick a reason, but that won’t change the fact that lots of small firms would like to borrow money to expand or buy some new equipment right now.
So, what to do?
Well, the Philadelphia District of U.S. Small Business Administration is planning to host four “matchmaking events” this month where hopeful borrowers can pitch willing lenders. And the price seems right: free.
The first will be held next Wednesday at the Radisson Valley Forge Hotel in King of Prussia from 9 a.m. to noon.
It’s a bit of a departure for the SBA to do this. The federal agency has held matchmaking events to connect government procurement officers with potential private-sector contractors. But getting bankers and entrepreneurs in the same room?
Dave Dickson, director of the SBA’s Philadelphia District, freely admitted that he stole the idea from his New York City counterpart, who held such an event about two months ago.
It will be the business equivalent of speed dating - 10-minute pitches in a one-on-one meeting with a lender. That’s enough time to say who you are, what your business does, what you want financing for, and how much you need. It won’t be enough time for the banker to say, “You sold me. Here’s your check.”
“This is like getting on first base, so to speak,” Dickson said.
If the interests of entrepreneur and lender coincide, then a more in-depth interview would happen later, Dickson said.
Of the 44 lenders expected to participate, 33 are banks, seven are microloan lenders, and four are certified development companies. The banks range from the biggest locally (Wachovia) to the very small (Milestone Bank in Doylestown).
Pick a reason, but that won’t change the fact that lots of small firms would like to borrow money to expand or buy some new equipment right now.
So, what to do?
Well, the Philadelphia District of U.S. Small Business Administration is planning to host four “matchmaking events” this month where hopeful borrowers can pitch willing lenders. And the price seems right: free.
The first will be held next Wednesday at the Radisson Valley Forge Hotel in King of Prussia from 9 a.m. to noon.
It’s a bit of a departure for the SBA to do this. The federal agency has held matchmaking events to connect government procurement officers with potential private-sector contractors. But getting bankers and entrepreneurs in the same room?
Dave Dickson, director of the SBA’s Philadelphia District, freely admitted that he stole the idea from his New York City counterpart, who held such an event about two months ago.
It will be the business equivalent of speed dating - 10-minute pitches in a one-on-one meeting with a lender. That’s enough time to say who you are, what your business does, what you want financing for, and how much you need. It won’t be enough time for the banker to say, “You sold me. Here’s your check.”
“This is like getting on first base, so to speak,” Dickson said.
If the interests of entrepreneur and lender coincide, then a more in-depth interview would happen later, Dickson said.
Of the 44 lenders expected to participate, 33 are banks, seven are microloan lenders, and four are certified development companies. The banks range from the biggest locally (Wachovia) to the very small (Milestone Bank in Doylestown).
Read more: http://www.philly.com/philly/blogs/phillyinc/SBA_hopes_to_match_entrepreneurs_with_willing_lenders.html?nlid=3204348#ixzz0yMT8AJ00
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