 |
|
Underutilized
tools for small business creation and expansion are being aggressively advanced
by newly renamed Midwest Small Business Finance. In plain English, the organization
is making low-interest, long-term capital easily available. The funds are
offered exclusively for small and medium business startups or expansion throughout
Missouri.
Utilizing Small Business Administration 504 Loans and other funds, Midwest Small Business Finance (MSBF) works with area bankers, business owners and entrepreneurs to create affordable packages without the red tape traditionally associated with government programs. “We put the package together so the business owner and the banker can focus on their work,” explained Karine Decker, MSBF Financial Program Director. “The 504 program can literally make the difference that allows a business to get started successfully.” The 504 Program offers a creative way for lenders to offer business customers outstanding terms, including down payments as low as 10 percent and long-term, fixed interest rates. By combining 504 loans with traditional loans, the 504’s attractive terms create a total loan package that offers small- and medium-size companies the type of leverage usually reserved for Fortune 500 companies. As a result, they have more operation capital in their early, critical months.
Decker noted that both bankers and business owners sometimes hesitate to utilize SBA programs because of their reputation for complexity. “At one time they were very complicated and there was a lot of paper work,” she agreed. “But this is not your mother’s SBA anymore.” Another factor is the MSBF itself. Operated by the Clay County Economic Development Council, Midwest Small Business Finance represents a 25-year-old record of helping area business with the 504 Program and other loans, including the SBA 7(a) loan program and the organization’s own Revolving Loan Fund program. “The bottom line is that with these programs, a business owner or entrepreneur can access lowinterest, long-term capital with a minimal down payment and extremely favorable terms,” Decker said. “When you look it over, it’s really a no-brainer.” Pete Hall, MSBF president, agreed. “This really opens doors for people who traditionally could not raise the kind of capital needed to start a business,” he said. “It’s a program that really sells itself, but we have to tell people about it.” That communication issue is a major reason behind creation of the “Midwest Small Business Finance” identity.
Although MSBF was formed in 1982 under the name of "The Clay/Platte Development Corperation", its relatively low-key approach and original geographic identity led many to overlook its potential for their business or clients. The new name also better reflects the organization’s growing service area. MSBF loan recipients have included everything from attorneys to tax centers. One of the most recent was a family-owned car care center based in Kearney. “It really helps on interest rates,” explained Russel Hunt, who expanded his Hunt’s Car Care to a third location. “You can save some money to use as working capital, which is always important.”
Midwest Small Business
Finance 816.468.4989
www.simplymoreloans.com
Midwest Small Business Finance is an affiliate of the Clay County Economic Development Council.