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.
Created on July 18, 2014
Originally posted on the SBA.gov Blog
If 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:
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.
Created on July 14, 2014
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.
Created on July 14, 2014
Small 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.
Created on July 2, 2014
With the 2014 National Minority Enterprise Development (MED) Week Conference fast approaching, we wanted to take the time and spotlight a past conference honoree to give an insight into the current state and outlook of a two-time MED Week award winning firm.
Metcon, Inc. is a general contracting and construction management firm headquartered in Pembroke, NC with offices in Raleigh, Charlotte, and Columbia, SC. Metcon is certified by the North Carolina Office for Historically Underutilized Businesses as an American Indian-owned general construction business. Founded in 1999, Metcon received the National Minority Construction Firm of the Year award in 2011 and 2013. Below is our interview with Aaron Thomas, the president of Metcon Inc.
Chang: Congratulations on 15 years in business! What are some of the values that have allowed Metcon to grow rapidly into the successful business it is today?
Thomas: Our core values are on-time delivery, diversity and inclusion, environmental sustainability, client satisfaction, quality, safety, and innovation. We have continued to live by these principles throughout our growth and hired individuals that also believe and operate in this fashion.
Chang: Speaking of success, Metcon has received a number of awards in the last few years including awards at MBDA’s MED Week. How has this recognition furthered Metcon’s brand image?
Thomas: Our recognition by MBDA as national minority construction firm of the year has been a huge thing for us. It has enhanced our image and created dialogue for future opportunities.