OBDC Loan Officer Mila Roudominskaia

OBDC is pleased to present free workshops for small business owners in the second quarter of 2006:

"Alternative Financing for Small Businesses"

Do you want to take advantage of local programs to help grow your small business? Are you having trouble qualifying for a traditional bank loan at a rate you can afford? OBDC Small Business Finance runs a number of alternative loan programs designed to help start and expand businesses in Oakland and the greater East Bay. The free orientation that teaches you more about the application process, lending criteria and highlights some of the City, County and Federal programs for local businesses will take place on:

Thursday, April 13th from 4:00 pm – 5:30 pm
Thursday, May 25th from 3:00 pm – 4:30 pm

Location: East Bay Entrepreneur Center
519-17th Street, 2nd Floor, Ste. 200, Oakland, CA 94612

To reserve your space, call 510-763-4297 x 111

"Each One Teach One" child care center loan recipient

In a strategic attempt to provide information about OBDC Small Business Finance, OBDC was invited by OCCUR to present its small business loan assistance programs to merchants from East Oakland, including the Foothill, Bancroft and Eastmont areas.

OCCUR is a nonprofit organization focused on improving the overall quality of life in Oakland's neighborhoods by ensuring that residents are involved in determining the city's economic goals and objectives.

The community meetings took place at the end of last year and at the beginning of 2006. Attendees learned about the importance of assessing their own particular business needs and the process of applying for the different incentive programs that the City of Oakland has available for for-profit businesses.

The next time OBDC Small Business Finance will be participating in a community-based event will be at the Oakland Women Business Leaders Conference, which will take place on Friday March 24th, 2006 from 8:30am to 12 Noon at Oakland City Hall. You may register by calling (510) 238-7001.

OBDC Small Business Finance would like to remind anyone interested in applying for a business loan to get their 2005 income taxes done ASAP. OBDC requires three years of business and personal tax returns, starting with the prior year, to assess an applicant’s cash flow for a loan request.

“Sometimes a loan application is stranded by the applicant’s inability to provide income taxes for the past year,” said Roberto Costa, OBDC business development officer. “We try to encourage our clients to file early so that they don’t have to wait before they can complete an application for a business loan.”

Other items to consider if you are thinking about applying for a business loan include:
• Business and personal bank statements for recent three months
• Project cost and loan fund usage
• Documented cash/equity investment into project

To learn more about OBDC’s application process for business loan programs call Roberto Costa at (510) 763-4297 Ext. 103 or Roberto@obdc.com.

OBDC Business Development Officer Roberto Costa

OBDC Small Business Finance recently completed a review of its historical loan portfolio – proving overwhelmingly that the dollars lent through its programs have been recirculated many times throughout the community. Since 1995, the organization has lent $14.9 million in 404 business loans.

The majority of OBDC’s loan recipients cannot access loans from traditional banks because they are new in business, or have less than perfect credit histories. OBDC spends time working with each applicant to assess their project and give each business the best chance of success. In particular, the Neighborhood Economic Development Fund (NEDF) program has allowed business owners to borrow funds that have been paid back by other entrepreneurs in their community.

The NEDF program is available to existing and start-up businesses located in the seven community development districts of Oakland. The loan amounts range from $5,000 to $60,000 and have a loan term of up to 7 years, with a fixed interest rate.

To learn more about OBDC’s NEDF loan program call Roberto Costa at (510) 763-4297 Ext. 103 or Roberto@obdc.com.