“Meet the Small Business Lenders” Workshop Takeaways

The importance of finding the right source of capital that is best suited for you and your business needs is both vital and challenging. It could be that your credit is below-average or you’re looking to enter a business that is considered “high-risk” by traditional lenders. There are a multitude of variables involved and it can be overwhelming to get started on your own.

Last week, the Pace University Small Business Development Center (SBDC) along with the US Small Business Administration (SBA), hosted a Small Business Lending Panel event attended by an estimated 75 participants. Small business owners and aspiring entrepreneurs had the opportunity to connect with Community Development Financial Institutions (CDFIs) whose loan requirements are oftentimes much more flexible than mainstream banks. The six alternative lenders that participated on the panel discussed their institutions’ various loan programs and eligibility requirements.

The panelists included representatives and loan specialists from Accion East, BOC Capital, LES People’s Credit Union, NYBDC-Excelsior Growth Fund, TruFund Financial Services, and Washington Heights & Inwood Development Corp. After their presentations, attendees engaged with lenders in an extensive Q&A to learn more about the details of the loan programs as well as qualifying factors.

Whether you’re in the early stages of starting your business or looking to expand your current operations, we here at the Pace SBDC can help you access the financing to achieve your business goals and dreams. Call us at (212) 618-6655 or email us at sbdc@pace.edu to learn more, and to schedule an appointment at no cost to meet with one of our business advisors.