| 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. .
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.
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