Earlier this week, the Pace University Small Business Development Center (SBDC) hosted a Financial Resources Night, welcoming six financial institutions, the U.S. Small Business Administration, and Turner Surety and Insurance Brokerage. This session was part of the MWBE & Small Business Contractor Training Program the Pace SBDC is hosting with Turner Construction Company to help build the capacity of small businesses in construction or related fields, and develop strategies for landing new contract opportunities.
The Financial Resources Night featured a panel discussion with the six small business lenders: Carver Federal Savings Bank, Excelsior Growth Fund, JPMorgan Chase Bank, Santander, TD Bank and TruFund Financial Services, that was moderated by Pace SBDC Director Andrew Flamm. We were also very pleased to welcome Evelyn Cruz, District Director for U. S. Congresswoman Nydia Velazquez, who presented and highlighted the Congresswoman’s support of small business’ access to financing and of the national network of SBDC centers as the Ranking Member of the House Committee on Small Business.
The panel focused on the range of financial programs that benefit firms in the construction and related industries, including the contract financing programs launched by New York State and New York City to help small businesses execute government contracts (Bridge to Success and the NYC Contract Financing Loan Fund, respectively). Several panelists also highlighted the benefits of SBA 7(a) and 504 small business loan programs and how they can help provide much needed working capital as well as financing for fixed assets such as equipment and real estate.