Los Angeles - The Minority Business Development Agency (MBDA), an agency of the U.S. Department of Commerce, and the U.S. Small Business Administration (SBA) have joined forces with the Asian Pacific Revolving Loan Fund of Los Angeles (APRLFLA) to sponsor the conference “Survival 101 - Accessing Stimulus Capital in Tough Times” for existing small business owners in the Los Angeles area.
The purpose of the conference is to inform small business owners about how to secure the financing they need during a time when financial institutions are tightening their belts. Kicking off the conference will be Nancy Sidhu, Chief Economist for Los Angeles Economic Development Corporation (LAEDC) who presents observations about the state of the Southern California economy and what the near future looks like, followed by presentations from SBA, Bank of America and Wells Fargo, and Cisco Bros. about what the banks are looking for in a loan request. Finally, representatives of the Asian Pacific Revolving Loan Fund will explain how to access their organization to find the best financing available.
“We know it’s really tough out there right now in terms of accessing capital but the American Recovery and Reinvestment Act of 2009 will increase credit availability,” says conference co-sponsor Alberto G. Alvarado, District Director of SBA. “Our objective is to give business owners a more clear idea of just what they’re up against, while providing a roadmap and some real tools to help get them where they want to go.”
An increasing concern of business owners right now is the uncertainty in the financial markets. Which bank do they try first? Dan Sieu, President of APRLFLA says, “Because we know what banks are looking for, business owners coming to us can avoid the frustration of having to shop their deal all over town. Our job is to find the bank that’s right for them, put all the pieces together to make the deal work, then shepherd it right through to funding.”
Maria D. Acosta, Los Angeles Area Manager for MBDA, who is moderating the conference, adds, “We need to give people insight into what the banks and other institutions are looking for, and how the American Recovery and Reinvestment Act will provide opportunities for the future. It’s our mission to foster the economic growth of minority businesses, help create the jobs and economic vitality our nation needs.”
WHO: MBDA, SBA and APRLFLA
WHAT: Survival 101 – Accessing Stimulus Capital in Tough Times
WHEN: March 25, 2009 from 9:30am to 12:00pm
WHERE: The SBA Conference Room
330 North Brand Blvd., 12th Floor
Glendale, CA 91203
To RSVP for the conference, or for more information, please contact Terrenz Phan at MBDA, 626-768-1015 or tphan@mbda.gov.
About the Minority Business Development Agency (MBDA)
Promoting Competitive Business Growth for 40 Years – 1969-2009
MBDA, www.mbda.gov, an agency within the U.S. Department of Commerce, celebrates 40 years of serving minority entrepreneurs across America who are building and growing enterprises. In doing so, minority-owned firms are better equipped to create jobs, impact local economies and compete successfully in domestic and global marketplaces. With a nationwide network of more than 40 business centers and strategic partners, MBDA assists minority entrepreneurs and business owners with consulting services, contract and financing opportunities, bonding and certification services, building business-to-business alliances and executive training.
