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Cary Clark, Business Development director for KCSourceLink, outlined the extensive support his organization provides to entrepreneurs who wish to start a business and for current business owners who wish to expand their companies.
Clark noted that several key areas are driving the increase in entrepreneurial efforts in this area, including the information-age economy, increasing numbers of women owners and former managers who have been “downsized” and decide that ownership is their best option for the future.
“The question all of these people often face is, ‘Where can I go and who can help?” Clark noted. “That’s where SourceLink comes in.”
Founded in 2003, SourceLink is a resource designed specifically to help owners of existing companies and entrepreneurs with information and connection to sources that address their specific business needs, whether that involves details on international trade or low-interest loans for expansion. The model has been so successful that KCSourceLink is now expanded into other cities nationally. More information is available at KCSourceLink.com.
One of KCSourceLink’s best resources was also presented at the Information Exchange: the Clay/Platte Development Council is now operating as Midwest Small Business Finance.
Karine Decker, financial director, explained that the new name symbolizes the organization’s increased efforts to make low-interest, long-term loans available for entrepreneurs throughout northwest Missouri. Midwest Small Business Finance offers several loan programs through the Small Business Administration, as well as its own Revolving Loan fund. The biggest challenge may simply be communicating the opportunities that are available.
“These really open doors for people who want to start a business or expand one,” explained MSBF Board Chair Pete Hall. “It’s a program that really sells itself, but we have tell people about it.”
Decker noted the 504 Loan Program is an outstanding way for business owners to save money for operating capital by reducing their down payment and interest requirements. “That’s cash you get to save up front when you need to run our business,” she said.
Reuben H. Siverling of Business Loan Express, Kansas City, noted that MSBF’s loans are excellent for bankers because they can help qualify additional business owners while MSBF does the paperwork. “It’s not even worth doing the paperwork yourself because that’s what this group specializes in,” he said. “They can do the work for you.”
The Exchange also heard from Matthew Brillhart, director of the Doniphan Leadership Institute, noted that the program begins its second session in September with a full class of students. The third session will begin in January 2008.