Pace University SBDC Newsletter - November 2017
STAY CONNECTED:
Small Business Finance Panel with U.S. Congresswoman 
Nydia Velazquez

Pace University Small Business Development Center (SBDC) Director Andrew Flamm had the opportunity to serve on an engaging small business finance panel hosted by  U.S. Congresswoman Nydia Velazquez and the  Chinese Chamber of Commerce of NY. As part of the panel, Flamm highlighted the range of free in-depth and confidential one-on-one business advisement, training, and research offered by the Pace SBDC to help entrepreneurs launch or grow their businesses. The panelists also included representatives from the  U.S. Small Business Administration (SBA),  New York Business Development Corp (NYBDC),  Renaissance Economic Development,  SCORE New York, and  NYC Department of Small Business Services (SBS).
 
For more information, see our blog post. 

Small Business Website Workshop Recap

In late October, the Pace SBDC partnered with two certified Wix website designers to host an interactive training session on how to build a simple website from scratch. Attendees were taught how to navigate through the Wix editor and familiarize themselves with the steps involved in developing a website. By the end of the session, attendees had the opportunity to see the website creation process from beginning to end, and many completed an initial draft layout of their new websites.
 
Read the full article  on our blog!

Schedule an appointment to meet with our own in-house Certified Wix Webmaster to learn how to build your own website for your business!
TruImpact Week Kickoff with TruFund Financial Services

The Pace SBDC enjoyed partnering with  TruFund Financial Services   on a small business finance panel and pitch competition. The panelists introduced attendees to a wide range of small business finance options. Panelists included  U.S. Small Business Administration District Director Beth Goldberg and NYC Department of Small Business Services  Commissioner Gregg Bishop, among others. As part of the TruImpact Week kickoff event, Pace's SBDC Director Andrew Flamm made opening remarks and introduced NYS Assembly Member Rodneyse Bichotte. Flamm  also served on a pitch competition review panel.
Pace SBDC Success Story:  Pizza Magari


Pace's SBDC provided  Pizza Magari owners, Suphi and Fatih, with market research to help assess the restaurant's optimal location and offerings, as well as marketing guidance to reach their immediate neighborhood and beyond.  With our assistance, Pizza Magari invested $150,000 into building out their new business and the company created three new jobs.

Read more about Pizza Magari
SBA Financing Programs

The U.S. Small Business Administration  (SBA) is a federal agency that offers financial assistance programs in support of its mission to "help Americans start, build and grow businesses." While the SBA does not make direct loans to small businesses, they do offer two key longer-term financing programs that enable new or expanding small businesses to secure permanent working capital and purchase equipment and/or real estate.
 
  • Participating lenders receive a guarantee that the SBA will repay up to 85% of a loan if the business borrower defaults on payments
  • Loans of up to $5 million and terms of 25 years for real estate, 10 years for equipment, and 7 years for working capital
  • Eligible uses: working capital, inventory, machinery, real estate purchases, and to refinance debt.
  • Guarantee fee ranging from 3% to 3.75%, the cost of which can be included in the loan amount
  • Borrower requirement of only 10% equity contribution - loans are administered through a partnership between an SBA-approved lender that covers 50% of the project cost and a community development corporation that funds up to 40%
  • Loans of up to $5 million and terms of up to 20 years
  • Eligible uses: fixed asset purchases like real estate or equipment
See our blog post for more details.
Pace University Small Business Development Center | 212-618-6655 | sbdc@pace.edu | www.PaceSBDC.org