Lacking the necessary funds, businesses face a real challenge in broadening their horizons and improving their operations. Now, for small businesses owned by folks from minority backgrounds, getting their hands on the capital to drive their flourishing ventures forward can truly test their determination. However, there are quite a few avenues you can explore to secure the funds you are after. The DC Department of Insurance, Securities, and Banking (DISB) happens to be one of those golden paths you should absolutely have on your radar.
As The Virginia MBDA Business Center has been doing in the past, they have always brought important people to share first-hand information to help you grow and sustain your small business, especially regarding access to capital. The special guest in today’s webinar is from the District of Columbia, Mr. Aaron Fenwick.
The discussion with Mr. Aaron Fenwick is on access to Capital with the DC Department of Insurance, Securities, and Banking (DISB). He shares more about the Small Business Access to Capital Programs provided through DISB. Mr. Aaron provides information on the different types of capital and how to secure it, small business lending alternatives, programs offered through DC BizCAP, and what to consider when applying for business loans. Click here to download the handout: https://bit.ly/42I3gnP.
Here’s What You’ll Get In This Episode
[00:01] Episode intro and what’s in for you with Mr. Aaron Fenwick from the DISB
[05:13] A bit about Mr. Aaron Fenwick and what his organization does for small businesses
[09:08] Who qualifies to access the DISB services
[16:06] Ways DISB helps businesses looking to expand & take on large contracts
[19:19] Challenges small businesses face when expanding and taking large contracts
[23:15] Do MBEs have an advantage in access to capital over other businesses?
[25:11] Answering questions from the audience
[32:43] Tips and insights on the process of getting funded
[41:01] Wrap up, final thoughts, and call to action
- The State Small Business Credit Initiative Program with the District of Columbia is an access-to-capital program designed to support credit-worthy small businesses that need help getting the funding they need from traditional banking systems. – Aaron Fenwick [05:31].
- Anyone who gets into a large contract knows that winning the contract is not the end of the game. You are yet to win because you have to fund the contract, have successful operations, and later collect the money from the government or whoever you are getting the contract from. – Aaron Fenwick [16:13].
- In the banking world, one of the big concerns lenders have with businesses that grow extremely fast is their capacity to manage that growth.- Aaron Fenwick [19:22].
- Most lenders will fund you based on your ability to repay that debt.- Aaron Fenwick [24:22].
Connect with Aaron Fenwick