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Capital Opportunities for Small Businesses

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Capital Opportunities for Small Businesses This report provides information about financial resources available for small businesses. Ideally, it would include all sources of funding for small businesses, regardless of the location of the financing entity. Unfortunately, a search of that magnitude is beyond the scope of this report. Therefore, this report concentrates on sources of capital located in North Carolina. This material is based upon work supported by the US. Small Business Administration through Cooperative Agreement number SB-2M-00110-10. Any opinions, findings, conclusions or recommendations expressed in this publication are those of the author and do not necessarily reflect the views of the US. Small Business Administration. ...- .. ...... ... ...-...-....... .::. .. &.* &.* -..> . ...~., 0 1995 by NC Small Business and Technology Development Center TABLE OF CONTENTS I. Introduction.................................................................................................. Page 1 A. Purpose of this Report B. Current TrendsDevelopments C. Program Additions and Changes II. How to Obtain Capital................................................................................. Page 4 A. Capital Overview B. What Types of Financing are Available? C. Where to Start? D. What Information Do Investorsnenders Want? .................. ........ ............... :.? Financial Institutions Page ..........:.:.: ..... : III. .................................................................................... 9 . ~./-. .: A. Commercial Banks B. Savings & Loans C. Non-BankLenders D. Other Financial Institutions E. Factors F. Leasing Companies G. Credit Unions IV. Federal Government Sources....................................................................... Page 16 A. Small Business Administration 1. Guaranteed Loan Program 2. DirectLoans 3. 504 Certified Development Company Program 4. GreenLine Revolving Line of Credit 5. Pre-qualified Women's Loan Program 6. LowDoc Program 7. Microloan Program 8. Export Financing Programs 9. Small Business Investment Companies (SBIC) 10. Small Business Innovation Research (SBIR) 11. Small Business Technology Transfer Program (STTR) B. Cooperative Research and Development Agreements (CRADAs) C. US Department of Commerce 1. Advanced Technology Program (ATP) 2. Economic Development Administration a) Local Technical Assistance Program ' b) Business Loan Guarantee Program c) National Technical Assistance Program d) Research and Evaluation Projects Program e) Economic Adjustment (Title IX) Program D. US Department of Agriculture - Rural Development Administration 1. Business & Industrial Loan Program 2. Intermediary Relending Program E. US Department of Energy 1. Energy-Related Inventions Program 2. Innovative Concepts Program F. US Department of Housing & Urban Development - Small Cities Community Development Block Grant Program G. US Export-Import Bank 1. Working Capital Guarantee 2. Loans & Loan Guarantees to Foreign Buyers 3. Export Credit Insurance H. US Bureau of Indian Affairs - Indian Economic Development Program V. State Government Sources ............................................................................ Page 42 A. NC Department of Commerce 1. Commerce Finance Center a. Economic Development Program b. Microenterprise Funds c. Industrial Revenue Bonds d. Industrial Development Fund e. Job Creation Tax Credit 2. Division of Community Assistance -Entrepreneurial Empowerment 3. International Trade Division - Shared Foreign Sales Corporation B. Industrial Recruitment Competitive Fund C. North Carolina Investment Tax Credit D. State Surplus Property Agency VI. Specialized State-Supported Resources........................................................ Page 48 A. NC Biotechnology Center 1. Economic Development Finance Program 2. Commercial Biotechnology Events Grants Program 3. Small Business Innovation Research Matching Fund B. NC Technological Development Authority - Innovation Research Fund C. NC Rural Economic Development Center 1. North Carolina Capital Access Program 2. Microenterprise Loan Program D. MCNC 1. Facilities, Technologies, and Expertise 2. Growth Business Technology Program E. Entrepreneurial Councils W. Investment Capital ................................................................................... Page 56 A. Professional Venture Capital Funds 1. What is Venture Capital? 2. Who are Venture Capitalists? 3. How Hard is it to Raise Institutional Venture Capital? 4. What Do Venture Capital Firms Look For? 5. What To Look For in a Venture Capital Firm 6. Important Venture Capital Concepts 7. Institutional Venture Capital Investment in North Carolina 8. List of North Carolina Venture Capital Firms B. Individual Investors C. Investment Clubs D. Joint Ventures and Corporate Partnerships E. Investment Intermediaries F. Venture Development Companies G. Public Offerings 1. Initial Public Offering 2. Small Company Offering Registration (SCOR) Vm. Private, Non-Profit, and Local Programs.................................................... Page 66 A. Center for Community Self Help B. Local Government Programs 1. Charlotte City-Within-A-City LoadEquity Pool 2. Wake County Economic Development Loan Fund 3. Raleigh Small Business Success Program 4. Asheville Community Loan Pool 5. Winston-Salem Economic Development Loan Fund 6. Other Local Government Programs C. Certified Development Corporations D. Good Work, Inc. E. Business Consortium Fund F. Mountain Commercial Lending Consortium G. North Carolina Association of Community Development Corporations M. General Business Assistance .SBTDC ........................................................ Page 72 X. Quick Reference Charts A. Federal Government Sources B. State Government Sources C. Specialized State-Supported Resources D. Private, Non-profit, and Local Programs XI. Interviews ...................................................................................................... Page 86 Xn. References ..................................................................................................... Page 89 I. INTRODUCTION In a state where 98% of all businesses employ fewer than 100 people, the creation and survival of small to mid-size companies is crucial. North Carolina’s small business base is a vital economic force that serves as a major source of employment and the largest source of employment growth, consistently accounting for 75% of net job creation in the state. Without appropriate financing, however, growth and opportunity for smaller companies is restricted. This report is published by the Small Business and Technology Development Center (SBTDC) in an effort to support economic development in North Carolina and to educate and serve the small business community. The SBTDC is a business and technology extension service of The University of North Carolina that assists in the creation and expansion of small businesses by providing one- on-one counseling and technical assistance to existing companies and aspiring entrepreneurs. These services are provided free of charge. For more information about the Small Business and Technology Development Center, see page 72. A. PURPOSE OF THIS REPORT This report is meant to be used as a resource by individuals and organizations that help small businesses obtain financing. Each funding source is briefly identified and accompanied by a listing of appropriate contacts. In addition, this report describes recent developments which may affect the availability of these sources or the eligibility of small businesses to access funds. The sources of capital in this report are grouped into six major categories: + Financial Institutions + Federal Government Sources + State Government Sources + Specialized State-Supported Resources + Investment Capital + Private, Not-for-Profit, and Local Programs Each program has certah guidelines, some of them strictly limiting the availability of funds. It is important to understand that none of these sources represent “free money.” In fact, some of the programs are quite costly. The company or individual looking for start-up funds should have a well thought-out, thorough business plan, including financial projections. Existing businesses will need a plan with both historical and projected financial information. Only then can the needs of the borrower be fully assessed and met by the investor or lender. The company’s stage of development, the background and reputation of the management team, the nature of the product or services offered and market potential will be key factors determining the firm’s ability to raise capital. 6. CURRENT TRENDSlDEVELOPMENTS Small Business Administration In May 1993 President Clinton appointed Erskine Bowles as Administrator of the US. Small Business Administration (SBA). His mission was to reorganize the SBA to make it more effective and efficient. Mr. Bowles has recently been replaced by Phil Lader, who is expected to continue 1 the initiatives of his predecessor. Over time, SBA personnel will be moving from the central and regional offices to the 68 district offices across the nation. This will put more SBA officials out on the “front line” to provide services. The central office has already been divided into three primary program offices: Economic Development; Govemment Contracting and Minority Enterprise Development; and Management and Administration. The SBA has recently been given significantly expanded loan guarantee authority. In FY 1994-95, the amount of money available to small businesses from the SBA will increase to approximately $1 1 billion
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