DDA Brings Business Assistance Options to Downtown Businesses

(Left to right: Jerry Lustig, President, Raleigh Chapter SCORE; Ivan Hankins, Senior Area Manager Small Business Administration; Kelley Ferrante, Capital Bank; Rosa Andrews, Director, Johnston County Small Business Center; Geoff Harper, Four Oaks Bank)

The Clayton Downtown Development Association calls them “Downtown Business Block Parties” – an opportunity to bring downtown businesses together to network and to learn something to take back to work with them. Recently, about 20 businesses from Clayton, many from downtown, attended a panel discussion at the Flipside Restaurant about “Business Assistance Options” with representatives from several different agencies.

Leslie Hubbard, Vice Chair of the DDA’s Economic Restructuring Committee said just providing these networking opportunities are a form of business assistance. “Whatever the topic, the business owners meet other business owners and find things in common that they can use to cross-promote their businesses or they might find someone with a solution to a problem they’re having.”

The panelists were: Rosa Andrews, Johnston County Small Business Center; Jerry Lustig, SCORE-Raleigh Chapter; Ivan Hankins, Small Business Administration; Geoff Harper, Four Oaks Bank; Kelley Ferrante, Capital Bank and Bruce Naegelen, Clayton Downtown Development Association.

Each panelist gave a brief overview of what their agency provided in terms of assistance to small businesses, whether it was an opportunity for capital assistance or, just as valuable, guidance and advice.

The top issues the panelists cited from their clients are:
· Lack of working capital
· Lack of start-up capital
· Indecision about what direction to take: expansion or diversification or starting a new business

The panelists stressed the one thing a small business needs is a plan. A business plan that clarifies what they are going to do to sustain and grow their business.

Kelley Ferrante, of Capital Bank said handing businesses cash won’t solve any problems. “What’s your plan? Having a well-thought out plan is going to largely affect how we’re [lenders] going to be able to respond to you.” SCORE, Johnston County Small Business Center and the DDA can assist with business plan development.

Ivan Hankins, Senior Area Manager with the Small Business Association said, “The SBA is a lending tool for the bank” and there have been recent changes to some of the loan programs offered by the SBA, making it a bit easier, and a tad less expensive to utilize the programs.
SCORE offers counseling and mentor services using retired executives and business people to offer their experience and guidance for people starting new businesses and helping to grow existing businesses.

Jerry Lustig, Raleigh Chapter President, said he was very pleased to see an interest in having a SCORE presence in Clayton with the first step being a presentation for potential counselors on May 19 at 6:00 pm at The Clayton Center.

Downtown Development Coordinator Bruce Naegelen said that business should utilize the expertise of the DDA as a first step. “Along with the experience on the board, we also have a statewide and national network of resources to tap.” He also noted a DDA Resource Library with books, DVD’s and reports that cover marketing, design and economic development issues.
For more information on the Downtown Development Association, contact Bruce Naegelen at (919) 553-1545 or bnaegelen@townofclaytonnc.org.

Links:

Small Business Administration: http://www.sba.gov/
SCORE: http://www.raleighscore.org/
Four Oaks Bank: http://www.fouroaksbank.com/
Capital Bank: http://www.capitalbank-nc.com/
Johnston County Small Business Center: www.johnstoncc.edu/smallbusinesscenter.aspx
Clayton Downtown Development Association: www.townofclaytonnc.org/Business/Downtown