SAN FRANCISCO, CA — (Marketwired) — 07/24/13 — The Northern California Small Business Financial Development Corporation (Nor-Cal FDC), one of California-s largest, most diverse and highest-performing Financial Development Corporations, today launched an online suite of tools and resources for business owners looking to grow. The updated website () includes free tools to help business owners learn about available loan options, become lender-ready and connect with lenders. Nor-Cal FDC created these new resources to meet California-s commitment to deliver $1.7B in small business loans over the next four years — the largest commitment ever made by any state.
Many small business owners are currently unable to qualify for a loan or obtain the money they need to start, build or grow their business, citing access to capital as the biggest roadblock to success. Nor-Cal FDC greatly improves these businesses- ability to obtain the capital they need. The new website addresses three of the biggest barriers small businesses face when they seek capital:
What to do first
Who to contact to get started
How to learn about and obtain that first round of funding
“Capital is available for businesses, if they are ready,” said Arthur Washington, CEO of Nor-Cal FDC. “For 35 years, Nor-Cal FDC has helped small businesses navigate the confusing process of finding the capital, counsel and contracts they need to grow. We are proud to now be able to bring our expertise online, so business owners can easily find the support and money they need to succeed.”
Features of the website include a suite of programs and services designed to assist small businesses in pursuit of capital regardless of their size or stage of development, including:
: Nor-Cal FDC offers free automated online small business financial profiling tools, loan analyzers and startup calculators, designed to assess the each business owner-s business financial profile. These tools help small business owners become “lender-ready” by providing the information and resources to meet key lending and underwriting requirements.
Certifies small business owners who may not meet basic lender requirements as Access To Capital Certified for small business loans. The certification indicates the small business owner meets the basic lending requirements established by Nor-Cal and its lending partners for to qualify for a loan. The Access to Capital Certification Service fee starts at $275.
: Places established small business owners seeking capital on the fast-track by reviewing their business financials, funding needs and loan application, to identify and resolve potential issues before their loan package is submitted to a lender for formal underwriting. The Pre-Loan Review Service allows small business owners to save time, money and reduces the risk of being rejected for a loan. The Pre-Loan Review Service fees start at $500.
: The industry-s first online Lender-s Exchange allows business owners to submit their loan package to an online marketplace of Nor-Cal FDC Lending Partners. This automated submission process, coupled with the Access To Capital Certification and Pre-Loan Review service offerings, makes it easy for users to connect with decision makers, and improves loan application response times.
“I-m proud to bring together our financial industry expertise and small business support services with the technological tools that make our resources accessible to all,” continued Washington. “Northern California is the home of technological innovation. Nor-Cal FDC-s unique platform was born out of that innovative spirit and serves as a model for all of California and the rest of the United States.”
Nor-Cal FDC launches the Access to Capital platform on the heels of a year of large growth. In 2012-2013, its portfolio reached more than $22M in business loan guarantees, outperforming all 11 other Financial Development Corporations in California. It has helped create or sustain more than 38,000 jobs through its innovative programs, service offerings, and public and private partnerships. The company celebrates its 35th year in 2013 and has helped thousands of Bay Area businesses, including the Jazz Heritage Center, home of Yoshi-s Jazz Club, the Fox Theater, The Outerlands Restaurant, Back to the Roots Ventures and many more well-known small businesses in the Bay Area and throughout California.
Nor-Cal FDC was founded in 1978 to assist small businesses in obtaining financing. Nor-Cal FDC is a public benefit corporation chartered and regulated by the Governor-s Office for Business Development (GO-Biz). Working with the California State Loan Guaranty Program, Nor-Cal FDC provides the “guarantee” or collateral to mitigate the risk of financing the loan. The company is committed to and specializes in helping those companies that do not meet traditional lending guidelines. For more information visit .
Camilla Danpour
415-593-1400
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