Colorado’s small businesses may get some promising news about increased access to capital next week when bankers release the details of their “Let’s Talk Small Business” initiative.
The Colorado Bankers Association and Gov. John Hickenlooper are set to discuss the plan, which is designed to help small businesses create needed jobs and build the state’s economy, at 10:30 a.m. Feb. 29 in the Colorado Capitol.
The “Let’s Talk Small Business” initiative is focusing special effort on making every possible small business loan – and to work with the non-bank lending partners who may be able to make the loan if banks can’t, said Don Childears, CBA president and CEO. CBA has a new web site that will act as a warehouse of useful information on small business finance, he said.
The program aims to provide many resources for small businesses to help them when seeking a loan, including resources for banks, resources for specialized lenders and explanations of small business lending to demystify it.
In addition to enhanced credit availability options, CBA is encouraging small businesses to use a loan turn-down as an opportunity to learn, Childears said. For example, what should they do differently to get the loan – offer more collateral, correct errors on credit reports, create a better business plan, forecast more realistic cash flow?
“In short, entrepreneurs can refine their skills as they go through the financing process and they can be persistent,” he said. “Banks will make every loan they can.”