Newsletter for CLW – April 2018

David and Amber Keen started YETI snacks in their home kitchen in 2014 packaging all orders by hand. They knew it was time to grow and came to Community LendingWorks to secure their packaging facility and state of the art equipment. Now with the added capacity they needed for expansion, they have contracts with major retailers throughout the state. With tons of flavor options, there’s something for everyone! Check out their website to learn more about this great local business and pick up a bag at a Market of Choice location near you.

Just like taking on personal debt, getting a small business loan is a big decision and a big investment! Here are a few tips to help you get loan ready:

·        Review your business plan or write one! A detailed business plan is a must and should include at least 2 years of cash-flow projections.

·        Have a good handle on not only your business finances, but your personal finances. Both will be reviewed – this is what lenders refer to as “global cash flow”.

·        What’s your credit score? Your credit is one of many factors considered during the loan process so be prepared to explain any challenges upfront.

·        Understand your collateral position. What business and personal assets do you own?

·        Can you make a monthly loan payment? Review your business’s financials — especially cash flow — and evaluate how much you can reasonably afford to apply toward loan repayments each month.

Many considerations come in to play both personally and for the direction of your business, so make sure to think through this process and analyze your immediate and long-term business needs before you dive in!

Community LendingWorks is now providing business support services to our micro and small business borrowers!

Support before, during, and after the loan process is critical to success, so come see us to brainstorm initial concepts, get help with your business plan and become loan ready, and for one-on-one, on-going technical assistance.

Strong businesses create vibrant neighborhoods by sparking additional investment. Help us make our communities thrive!

Lisa Hartwick joined the CLW team in September in a brand new position for CLW – Business Consulting and Outreach. Lisa formerly worked as the Director of Sprout Regional Food Hub. She has a strong background in business ownership, sales, marketing and process management. Lisa provides technical assistance to CLW business clients through every stage of the loan process. Lisa will also provide business support services to NEDCO’s Business IDA clients.

Lori Stout joined the CLW team in March as our new Program Support Specialist. Lori has worked for a number of years in customer service and has a strong background in the loan world. We are delighted to welcome her to the CLW team and look forward to putting her experience into action. Lori will work closely with NEDCO’s program support team to ensure that all customers are taken care of quickly & efficiently.