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MBDA Business Center Spotlight: Bridgeport

Blogged By: 
MBDA
Created on July 18, 2014
 

Event at Bridgeport MBDA Business Center on June 12Minority businesses learned valuable tips, like how to grow their businesses by connecting with the 95% of consumers who live outside the United States, at the Bridgeport MBDA Business Center on June 12.

Increased Collaboration in Creating Stronger Communities across the Country

Blogged By: 
Deborah M. Kobrin, Legislative & Intergovernmental Affairs Specialist
Created on July 18, 2014
 

Last month, MBDA participated in the 82nd Annual Meeting of the U.S. Conference of Mayors (USCM) in Dallas, Tex. The USCM Annual Meeting is an opportunity for mayors from across the country to discuss the economic health of our cities through important issues including transportation, housing, infrastructure, and education.

10 Can't-Miss Business Credit Profile Tips for Small Business Owners

Blogged By: 
Marco Carbajo, Guest Blogger
Created on July 18, 2014
 

Originally posted on the SBA.gov Blog

Credit RatingIf you run a company, your business credit profile is related to your reputation. With a strong business credit profile, you have access to much greater financing opportunities with favorable terms and lower interest rates.

For lenders, a company with a creditworthy profile is considered a good risk. Whether you own a startup or existing business, managing and protecting your profile with all three major business credit reporting agencies is crucial.

Here are ten essential tips for establishing, maintaining and protecting your business credit profile:

  1. Keep all company data identical – Whether applying for a D-U-N-S Number, submitting a credit application or opening a business bank account, provide all the same information in order to avoid any potential issues. Inconsistent data can cause a denial of credit due to mismatched data or even cause your company to have a duplicate credit file.

Why Business Loans Get Rejected

Blogged By: 
Doug Devereaux is a Senior Industrial Specialist at MEP
Created on July 14, 2014
 

Reason for Declined Loans

Originally posted on the Manufacturing Innovation Blog

Access to capital, especially access by small privately held companies, is a component of growth.

According to an article in Forbes magazine, citing data from Pepperdine University’s  2014 Capital Markets Report, while nearly 89% of business owners report having the enthusiasm to execute growth strategies, only 46% report having the necessary capital resources to successfully execute the growth strategies. Among the smallest businesses (those with less than $5 million in revenue) that sought bank loans in the previous three months, only 39% in the same study reported they were successful in securing a loan. It is also quite common for these small company owners to be turned down for loans and not know exactly the reasons why.

The Reasons Business Loans are Rejected

The President of New Markets and Community affairs at Northside Bank in Adairsville, Georgia, acknowledges that he often hears from business owners whose loan applications have been rejected by other banks and many times they are not told the reason for the denial.   His bank is currently working with those clients to help them understand any credit-related shortcomings.

Where to Begin with Sustainable Business Practices

Blogged By: 
Martha Young, SBA Guest Expert
Created on July 14, 2014
 

Sustainability AheadSmall businesses that use sustainable business practices as part of their operating and marketing strategy often realize significant economic gains.  However, creating market messaging for greening a business operations can be intimidating, or worse, lead a small business owner to think moving to a sustainable business model will require large capital outlays. That is a flawed perception. The challenge for many companies, then, is identifying where the greatest opportunities are for them at the lowest cost to implementation.

A large number of firms start with internal practices, which may include process efficiencies, reducing landfill destined waste, reducing water use and implementing recycling programs. Each of these practices has a direct, measurable financial impact on a company. For example, improving process efficiencies may result in moving products and services to market more quickly. Reducing waste will also reduce the expenses associated with waste removal and disposal. A water bill declines with less water usage. A recycling program contributes to reducing waste removal and other associated expenses.

Small business owners should also look at maximizing economic and sustainability benefits through building and physical structure improvements. Specific types of sustainable business practices that fall into this category include upgrading lighting and windows; installing better or additional insulation; adding building wraps to facility expansions; and cleaning, maintaining, and upgrading HVAC systems.

Did you know...

The percentage of clients with annual revenues in excess of $500,000 increased over the last five fiscal years.
Graph for MBDA Client Portfolio made up by SGI Clients

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