Pace University SBDC Newsletter - July 2017
Contractor Training Program with Turner Construction

T he Pace University Small Business Development Center (SBDC) was proud to partner with  Turner Construction Company to offer the 
  MWBE & Small Business Contractor Training Program.Through the program, participants learned the essentials of the construction management business from the technical (Building Information Modeling, estimating, procurement), to the managerial (insurance and bonding, lean construction, leadership, safety), to the administrative (accounting, responding to an RFP, document management). In addition to coursework, the program creates opportunities for participants to network with peers, instructors, and others in the construction industry. The program concluded with a graduation ceremony in which nearly 40 program participants were awarded a workshop completion certificate. We continue to work with many of the participants on a one-on-one basis.  

For more information about the program, please read this 
LMHQ Partnership Focus 

Lower Manhattan HQ (LMHQ) is a 12,500 square-foot space created by the Downtown Alliance to help Lower Manhattan entrepreneurs collaborate, activate and accelerate their companies' growth. LMHQ serves as an extension of the workplace with amenities such as meeting rooms and event space, and has a range of packages from daily rates to annual membership. Pace University is a Founding Member of LMHQ.  

The Pace University SBDC is happy to partner with the LMHQ to bring free 1:1 small business counseling to LMHQ members and other entrepreneurs. Our business advisors regularly meet with entrepreneurs at LMHQ who are interested in starting or growing their small businesses, covering areas such as access to financing, marketing strategies for securing new customers, and contract procurement. To schedule a one-on-one business counseling session at an upcoming session at LMHQ, visit our registration link.
Pace SBDC Success Story: Kitchen Kitties

Pace SBDC assisted Kitchen Kitties in developing financial projections and a business plan. Client Nadine Sirena's business advisor also helped her obtain targeted prospect lists for business development purposes. With these efforts, the company's sales have nearly doubled.


Financing Programs for Certified MWBE Small Businesses

The City of New York recently established a $10 million Contract Financing Loan Fund, which provides loans of up to $500,000 at an annual interest rate of 3%. Repayment schedules are flexible and timed to align with City contract payment schedules; this helps businesses improve their cash flow. To be eligible for a loan, you must have an operating business and be in the process of applying as a prime or subcontractor to fulfill a contract with a City agency or NYCEDC. Participating lenders include BOC Capital, TruFund Financial Services, and Excelsior Growth Fund
The State of New York also established the $20 million Bridge to Success Loan Program, which provides loans of up to $200,000 for terms of up to 18 months for certified MWBEs. This program expands access to short-term bridge loans to enable MWBEs to improve their capacity to participate in contracting opportunities with New York State. Participating lenders include Carver Federal Savings Bank, New York Business Development Corporation,and TruFund Financial Services
Cybersecurity Survey

Studies show 43% of small businesses will be targeted every year by cyberattacks such as ransomware, malware, viruses, and data theft; up to 60% are not likely to survive attacks. With this in mind, the NYS Small Business Development Center  (SBDC) network has been working closely with federal and state agencies to develop programming to help protect our small business clients from cybersecurity threats. To help us target programming to your needs, please complete this brief survey . The SBDC network is not collecting any identifiable data; all responses are held in the strictest of confidence and individual response data will not be shared in any way.
Pace University Small Business Development Center | 212-618-6655 | [email protected] |