The Pace University Small Business Development Center (SBDC) recently partnered with the renovation matchmaking platform Sweeten to host a small business financing workshop. The session was geared toward firms in the construction industry, and featured presentations from lender representatives from Carver Federal Savings Bank, Excelsior Growth Fund, and TruFund Financial Services
Following an introduction by Sweeten’s SVP Patrick Flanagan, Pace University SBDC director Andrew Flamm provided an overview of small business financing options, including term loans for equipment purchases and real estate as well as lines of credit for the working capital firms need to mobilize for new projects and grow their business. Andrew also provided an overview of the US Small Business Administration’s (SBA) 7(a) and 504 programs. The three lenders then highlighted key programs they offer for construction industry firms, and offered insight into what business lenders look for when evaluating a loan application, typical loan terms and the documents required.