Help for women entrepreneurs and minority owned small business

 Tim Thompson

Business Development Manager at Paragon Foundation of Palm Beach County

Minority owned small businesses are on the increase.  That is an encouraging fact because with the growth of these new and start up businesses there is a potential to create jobs, which would stimulate the entire economy. One of the bigger problems facing these new entities is funding. In order for a business to flourish and expand there must be an infusion of money. That is where the problems begin. During the economic downturn over the last five years, traditional lending institutions literally stopped giving loans to entrepreneurs.  This created a crisis for startup companies forcing many out of business. Are you struggling to find the funds you need to grow your business?  What has your experience been and did you find a way around the lending freeze?

It is not all bad news. Despite the restrictions and requirements that banks are demanding, a small business or entrepreneur can find funding if they are willing to visit many lending institutions with a well thought out plan for how they are going to increase their profit margin, therefore repaying the loan within the timeline allowed.

As a woman,  I find that currently there is great opportunity  to develop a business even if you have spent your whole life working for somebody else.  Change is happening all around us.  Today Never Say Impossible radio is pleased to have  the well informed Tim Thompson from The Paragon Foundation with us to discuss what is going on with financial institutions and what we can do as entrepreneurs and small business owners to obtain funds to support our endeavors.Who is Tim Thompson:

Who is Tim Thompson?

Tim  has been involved in finance for over 25 years. He has experience in Small Business Lending, Commercial Real Estate Finance, Economic Development Finance and Residential Mortgage Lending. Tim moved to Florida in 2005 from Cleveland, Ohio where he was involved in a number of business, community and civic activities such as Loan Review Committee and Board of Trustees of Growth Capital Corporation (SBA 504), Council of Smaller Enterprises (COSE), and many others. He spent 6 years at SunTrust Bank in Commercial Real Estate Finance and currently serves as Business Development Manager for The Paragon Foundation of Palm Beach County. Tim manages Paragon’s Venture Loan Fund, which is aimed at providing financing for early stage companies and growing small businesses. Tim is a Certified SCORE Mentor/Counselor and leads seminars in small business finance for SCORE and other community development organizations. He is a graduate of Cleveland State University with a BA in Political Science, and a former instructor in Commercial Real Estate Finance at the National Community Development Lending School sponsored by the Federal Reserve Bank of San Francisco.

Have you been able to find support? What have you been going through during this difficult period??

Listen to Tim’s interview here:Non-Flash MP3 Direct Link

News flash:  Information about a West Palm Beach  Score workshop to help you understand what lending institution are expecting from a potential borrower: