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New Chamber Programs Offer Guidance, Connections
business, chamber of commerce, economic development,
New business owners have a lot of work to do before ringing up the first sale.
They face a series of hurdles, from getting a business permit and arranging signage to getting the green light from the zoning, planning, health, police and fire departments.
To expedite business development, the Danville-Boyle County Chamber of Commerce launched two new programs in 2009 that will help smooth the way for owners seeking business licensing: Fast Track and Access Loan.
“Fast Track is the first stop for anyone looking to come here, to help them get a business up and running,” says Paula Fowler, the chamber’s executive director. “A lot of new startups don’t know the right questions to ask. We’re going to make those inroads with the different departments and make the introductions.”
The chamber has put together a how-to guide containing essential advice and contacts for business. It represents the collective knowledge of city leaders, all of whom have a stake in getting new businesses off the ground as quickly and affordably as possible.
“If you’re looking to open a restaurant, the guide will lay out what you have to do so you don’t have any surprises along the way,” Fowler says. “If you stumble, it will help you get back on track.”
Also new is the chamber’s Access Loan program, designed to match existing and startup business owners in need of capital with lenders who can provide it.
To qualify for Access Loan, business owners must first work with experts at the Small Business Development Center to make sure they have a viable business.
The chamber then sets up a meeting between bankers and the business owner, who pitches the idea.
After the meeting, bankers can submit a confidential response through the chamber, either declining to fund the project or attaching a loan offer.
“It’s a bit of a matchmaking process,” Fowler says. “It allows business owners to make one pitch instead of knocking on eight doors. Hopefully, the owner comes out with several loan packages to consider.”
To enter the program, business owners must present a business plan, tax returns, a marketing plan, resume and financial projections for three years. The only cost is a $75 application and materials fee.
Danville officials hope the program will be as successful as it has been in nearby Lexington. Since 2001, nearly $6 million in financing has been awarded through Commerce Lexington’s initiative, which has 20 participating banks.
Also hoping to duplicate that success is Toyota, which gave Commerce Lexington a grant to assist neighboring chambers, including the Danville-Boyle County Chamber, in setting up the same infrastructure.
Access Loan kicked off in fall 2009 with one businessperson starting to develop a plan with the SBDC.
“The identity is confidential,” Fowler says, “but it could help bring a much-needed retailer to Danville.”
Story by Jeannie Naujeck
