In traveling throughout the Treasure Coast region,
speaking with business owners, operators and
economic development leaders, one issue is clear —
the region is growing. This market growth could and
should translate into potential revenue expansion
opportunities for small business operators.
To take advantage of growth opportunities, a business
owner might need to purchase new equipment,
relocate to a larger building, increase inventory or
enhance and update technology. Executing these
moves also might require the business to access
additional capital. Accessing additional capital will
require two factors: a favorable lending environment
and a bankable business.
Let’s start with the first factor. I recently attended
and worked the Florida Association of Government
Guaranteed Lenders Conference. The Small Business
Administration along with other prominent SBA lenders presented data that demonstrated
record loan numbers.
Every SBA loan category was up year over year, this includes 504 and 7a loan programs. These
loans provide financing for the purchase of fixed assets, real estate, buildings and machinery. The
7a program can also provide financing for short- and long-term working capital. So check the
Favorable Lending Environment box.
Issue No. 2. Is your small business bankable? Let’s start with the definition: bank·able BANG-kә-
bәl adjective 1. acceptable by a bank; 2. considered powerful or stable enough to ensure profitability.
Building a bankable business begins and ends with consistent profitable business operations.
The business must be profitable for multiple years to demonstrate the ability to service debt.
Proof of profit comes in the form of business tax returns.
A bankable business also includes a cogent and comprehensive business plan that tells the following
story about the owner and the business according to the, 5 C’s of Credit:
CHARACTER: Because a credit score remains the first and foremost indicator, it is important to
know this number and what affects it. It is also important to be able to accurately convey expertise
in an industry, cite references and highlight credentials.
CAPACITY: Demonstrable ability to repay the debt incurred as well as cover expenses as
indicated by financial statements. Keep those records up to date and available and this includes a
personal financial statement, a requisite for all borrowers on the note so be prepared to provide it.
CAPITAL: Committed with personal funds; “skin in the game.” Investments in business inventory,
equipment, etc. When applying for an SBA loan, an applicant typically needs to have 10% to
20% to put toward the project.
COLLATERAL: Lenders will want to reduce risk through securing the loan with personal or
business assets whenever possible.
CONDITIONS: Be clear on the purpose and specific use of funds. Become knowledgeable on
market conditions, industry trends as well as having reasonable assumptions and projections that
can be easily supported.
Now is the time to take advantage of strong market and business conditions or as my dairy
customers used to say: Make hay while the sun shines. If an organization’s growth and expansion
plans require additional capital, leverage the experience of Bill West, a capital access specialist
with the Florida SBDC at IRSC, to explore borrowing opportunities.
Beyond capital access, use all the business assistance resources provided by Indian River State
College and the Florida SBDC at IRSC to identify, analyze and assess all needs and opportunities.
For more information on Florida SBDC at Indian River State College, send an email to FSBDC@
IRSC.edu or call 772.336.6285.
Gregory Enns, Publisher
772.940.9005 or firstname.lastname@example.org
Tom Kindred Jr., Florida SBDC at IRSC
772.462.7087 or email@example.com
Publisher & Editor
Florida SBDC at IRSC
Tom Kindred Jr.
Assistant to the Publisher
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Gerri Detweiler, Tom Kindred,
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Molly Bartels, Ellen Gillette,
Colin Hackley, Anthony Inswasty
Wes Holloway, Kirk Jones
or send $20 check with
recipient’s mailing address to
Indian River, 308 Ave. A,
Fort Pierce, FL 34950
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IT’S A PERFECT TIME FOR SMALL BUSINESS
OWNERS TO EXPLORE BORROWING OPTIONS
Treasure Coast Business is a publication
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A, Fort Pierce, FL 34950. Treasure Coast
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Tom Kindred meets with SBA officials at recent
2021 Florida Association of Government Guaranteed