Andy Farley, a regional executive for State Bank, spoke at the Lunch and Learn event in Wapakoneta on Thursday.
Cade Higgins | The Lima News
WAPAKONETA — Businesses learned about some of the resources available to them at State Bank’s Access to Capital Lunch and Learn on Thursday.
They received insights on public and private financing for small businesses from four key organizations: the Small Business Development Centers at Rhodes State College, Community Capital Development Corporation, USDA Rural Development and Midwest Electric Inc.
“All of these programs are ones that I, as a commercial banker, would use to assist you as a client,” said Andy Farley, a senior vice president and market executive for State Bank. “Your banker must know these options and work with you to determine which program best aligns with your business goals.”
The Small Business Development Center offers free, confidential consulting and training for small business owners, assisting with business planning, financing, and marketing.
“A business plan isn’t easy and won’t happen overnight. We guide you on your path,” said Nicole Scott, director of the SBDC.
Since 1981, Community Capital Development Corporation has been a certified SBA development company, funding more than $500 million in loans and creating nearly 16,000 jobs in Ohio. It offers SBA 504 loans for fixed assets and SBA Community Advantage loans for businesses in underserved areas. Loans typically last seven to eight years.
“We can help you buy or refinance real estate,” Julie Carr, vice president of CCDC.
The USDA Rural Development improves rural Ohio through housing assistance, community facilities, business development, rural utilities and energy programs to enhance living standards and economic prospects, said Business Program Director of USDA Rural Development Randy Monhemius.
The Business and Industry Loan Guarantee provides loan guarantees to commercial leaders for loans to eligible rural businesses. The Rural Energy for America Program provides guaranteed loan financing and grant funding to agricultural producers and rural small businesses for rural energy systems or to make energy efficiency improvements.
Midwest Electric Inc., a not-for-profit cooperative, provides electrical services to rural and suburban areas, focusing on reliable power, energy efficiency, community support and renewable energy. Joel Johns, business development coordinator, shared a recent project involving a grocery store that replaced its lights with LED lights, saving energy and money down the road.
The event underscored the diverse resources available to support small business growth and rural development, highlighting the collaborative efforts of these organizations to foster economic progress and community well-being in the region.
By providing these critical resources, the organizations aim to drive sustainable growth and address the specific needs of rural Ohio, contributing to a stronger and more resilient local economy.
Reach Cade Higgins at 567-242-0351
