The Pace University Small Business Development Center (SBDC) recently co-hosted a Small Business Lending Panel & Networking Session with the New York District Office of the Small Business Administration (SBA). Held here at Pace University’s downtown campus, the event provided small business owners and aspiring entrepreneurs with practical strategies for financing their business venture.
Pace SBDC Director Andrew Flamm provided an overview of the SBDCs services and key financing resources. Neil Braun, Dean of Pace University’s Lubin School of Business, also addressed the attendees, highlighting the focus on entrepreneurship in Pace’s programming, both in our curriculum as well as through helping students build and grow new business ventures.
The session was highlighted by two panels of small business lenders, one comprised of traditional banks and the other of community-based and alternative lenders. The panels were moderated by Beth Goldberg, District Director of the SBA’s New York District Office, and included representatives and loan specialists from six banks (Santander Bank, JP Morgan Chase, Dime Community Bank, Webster Bank, Flushing Bank and Wells Fargo), five alternative lenders (Trufund Financial Services, Business Center for New Americans, Excelsior Growth Fund, Accion, and Renaissance EDC) and the SBA.
The panelists provided insight into what they look for when evaluating a loan application, their typical loan terms, and the documents needed to apply. Before and after the panels 15 participating lenders met one-on-one with small business owners to assess the source of capital that was best suited for their respective needs.