Local Financing Institutions Speak to Small Business Owners
Amidst Bank Closings and the Credit Crunch, Funding Opportunities Still Exist for Entrepreneurs and Small Business Owners
Contact: Natalie M. Cofield
Director, Industry & Business Development
December 2, 2008
Washington, D.C.—The national economy has changed drastically within the course of the last few months significantly effecting global and local markets. This is particularly impacting to small businesses and entrepreneurs in need of outside sources of financing to establish or expand their operations.
In 2005, the US Chamber of Commerce conducted research on funding sources used by entrepreneurs and small business owners. It found that, aside from personal savings, primary financing tools included bank loans, credit cards and other credit based products (home equity loans, and revolving credit, etc.).
In an environment with limited cash and credit, entrepreneurial dreams and expansion opportunities can be deferred or completely derailed. The culmination of such can significantly impact real estate absorption, employment, and sales & use taxes and personal income tax collection, among other key economic stimulators.
Though the market is limited, there are opportunities for financing. On Wednesday, December 3rd, 2008, 9:00 am to 11:00 am the Washington, DC Economic Partnership will host a panel to discuss strategies to be best positioned for business loans, and conventional and non-conventional loan programs available to small businesses. Panel speakers include:
- Antonio Hunter, Assistant Director, Business Opportunities & Access to Capital, Department of Small & Local Business Development
- Bill McDevitt, Group Vice President, Business Banking Division, Chevy Chase Bank
- Davey Wiggs, Lead Business Development Specialist, US Small Business Administration, DC Office
- Timothy Flanagan, Program Director, Washington Area Community Investment Fund
The WDCEP is a 501(c)3 non-profit, public/private partnership dedicated to promoting business opportunities throughout DC and contributing to business retention and attraction activities. For more information visit www.wdcep.com.