Small Business Solutions Hub focuses on Access To Capital
The Springfield Area Chamber of Commerce‘s final Small Business Solutions Hub program of 2023, which took place December 8 at the Springfield Chamber Depot, gave attendees a comprehensive look at how organizations can gain access to capital. The program was the first of a two-part series – exploring traditional sources and methods of access – and featured speakers from two local lenders: Tanner Nelson of Summit Bank and Scott Kuvaas of WaFd Bank.
After an introduction by Paige Walters of the Springfield Chamber and title sponsor Kaiser Permanente, the presentations began with Scott Kuvaas, Commercial Banking Relationship Manager at WaFd Bank, a leading financial institution committed to supporting small businesses. Kuvaas offered valuable insights into the various lending options, eligibility criteria, and the application process.
Kuvaas began by going over the most common types of loans available to business owners, and critical information about what banks will expect from businesses, including (ideally) three years of business tax returns, current income statements, and balance sheets for the the current fiscal year. Kuvaas went on to talk about the different types of lenders, finding the right fit for your organization, and best practices when looking for financing.
The next speaker, Tanner Nelson, Vice President and SBA Program Advisor at Summit Bank, walked attendees through the intricacies of SBA loans, which play a crucial role in helping businesses grow.
Nelson explained the key to the SBA loan, which is the government guarantee that mitigates the risk of default, and went on to give some highlights of the 7A program, including minimums and maximums, fees that will be incurred, and finding flexibility within the system. Nelson went on to discuss the makeup of a successful SBA loan application, as well as organizations that are ineligible, like nonprofits and passive real estate investments like rental properties.
The Q&A session after the two presentations was lively, as small business owners and others from variegated sectors got logistical details about procurement, the length of time it takes to secure certain types of loans, and the importance of cash flow for non-collateral lenders, along with a wealth of other vital information on accessing capital.
Many thanks to our speakers: Tanner Nelson, Vice President and SBA Program Advisor at Summit Bank; and Scott Kuvaas, Commercial Banking Relationship Manager at WaFd Bank.
Light refreshments for the event were sponsored by Armani Auto Group and provided by Plank Town Brewing Company.
The Chamber would also like to thank their Small Business Solutions Hub title sponsor, Kaiser Permanente, as well as their investors, Ask Erik Computer Services, Belfor Property Restoration, Chambers Construction, Hershner Hunter, OCCU, and WaFd Bank.
Please enjoy the video of the full program embedded below; also available on the Small Business Solutions Digital Hub under the Springfield Chamber Resource Library.
