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April 15
BusinessPremier Speakers Series: Developing Financial Projections
April 24
inDC event: The State of Retail in DC
May 6
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Help Make DC a Fashion Capital - Fill out the Fashion Census Today! Fill Out Survey
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Don't Miss Out On $100,000 ... See below for deadline extension and more |
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| Read it here, read it now: there are two new updates to report regarding the PremierPlan Business Plan Competition. First, the application deadline for the intent to apply application has been extended to April 27. Second, funding is now available to both business concepts and existing businesses. This has been done in an effort to give worthy DC-based businesses the opportunity to compete for a $100,000 investment and pro bono business development assistance. To further encourage aspiring entrepreneurs and fund worthy developing concepts, the competition has also removed the requirement that applicants must have been in existence for one or more years. Need more reasons to apply? READ MORE... |
| The State of Retail in DC - Register Now |
Join the Washington, DC Economic Partnership on Friday, April 24th, from 8:30-10am for a stimulating discussion focusing on an in-depth look at the Washington area's retail market. This is an exciting opportunity to hear from Mr. Alexander (Sandy) Paul, National Research Director for Delta Associates, who will set the stage with a discussion of the economy, and then focus on the past and future performance of the neighborhood shopping center market. Come and learn about key insights into office market performance and its impact on street-level retail. Regional perspective on retail provided by leading local developer, Gary D. Rappaport, President and Chief Executive Officer of The Rappaport Companies, and by Henry Fonvielle, Executive Vice President of The Rappaport Companies. Special thanks to our inDC series sponsor Reed Smith LLP and our inDC program sponsor The Rappaport Companies for making this program possible. REGISTER HERE |
| PremierPlan Workshop May 6: Presenting Your Business Plan to Investors |
| To assist businesses in developing the most compelling business plans for the PremierPlan Business Plan Competition, the Washington, DC Economic Partnership is hosting workshops taught by industry leaders and renowned faculty from partner DC graduate business school programs. The final program in the series Presenting Your Business Plan to Investors will be held May 6th, 2009, at Venable LLP located at 575 7th Street, NW Floor 8, Washington, DC 20004. PremierPlan workshops are free, however registration is required. To register, please click here. |
| Nominate a DC Small Business Today! |
Small Business Awards Nominations & Applications due on or before May 20th, 2009
The BusinessPremier initiative of the Washington, DC Economic Partnership will honor three DC-based small businesses at its second annual BusinessPremier Small Business Awards program on July 22, 2009. This annual event was created to bring together the District's Small Business community, promote a business friend climate and show appreciation for DC-based businesses and initiatives.
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The District Has a $5 Billion Creative Economy
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| An assessment conducted by the Washington DC Economic Partnership and the DC Office of Planning and has found that jobs in the city's creative industries generated $5 billion in earnings in 2007. Today, there are more than 75,000 direct jobs in the District's creative sector, which amount to more than 10% of the city's employment base. The District's creative base includes building arts, design, media, communications, performing/visual arts, museum management, and culinary arts. Most of DC's creative jobs are in commercial enterprises focused on a subset of the creative economy which includes media, culinary arts, museum management and design. READ MORE... |
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Q&A with Martha Foulon-Tonat
Executive Vice President and Chief Lending Officer
EagleBank
EagleBank is a commercial bank founded in 1998 by a group of local bankers and businessmen to provide superior service local businesses, professionals and real estate entrepreneurs of the general Washington DC metropolitan area. We have 13 branches, with a 14th just about to open. 5 of our branches are in DC, one in Northern Virginia and rest in Montgomery County. We currently have $1.5 billion in assets.
Given the current economy, obtaining loans for any purpose has become difficult, but not impossible. In your opinion, what are best strategies for first time small business loan applicants in obtaining a small business loan?
Small Business applicants should have a complete and concise business plan which demonstrates why they can be successful. Specifically, the business plan should demonstrate:
1) The ability to repay the loan supported by historical financials and/or projections. If it is a start up or expansion loan, the projections should be presented on an expected case, a worse case and a best case basis;
2) The management expertise in their industry - if the principals do not have direct experience in the industry an explanation on why they think they can be successful; and;
3) What is being offered as secondary and tertiary sources of repayment (i.e. collateral and personal guarantees).
As an experienced lender, what are the top five mistakes you have seen entrepreneurs make when applying for a small business loan?
1) No business plan
2) No equity or inadequate equity from the principals
3) No proposed secondary source of repayment
4) Assuming that business loans are structured and priced similarly to a home mortgage loan
5) Not understanding how much debt they actually need for working capital
For businesses that have been declined, what recommendations would you give on better preparing for gaining approval the next time around?
Focus on developing and honing the business plan. It is the single most important tool in getting your business financed. It should outline the strategy for your business, define your marketing plan, describe your financial projections, and outline your working capital needs.
Secondly, get to know the small business lending process. Understand your capacity to repay your loan, how much money you may need and the terms and conditions of business loans vs. home mortgage loans.
Lastly, come prepared. Have all the information you need to make the lending process easier on yourself and your potential lender. |
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DC's Creative Employment and Income is Significant
Most of the jobs in DC's creative economy are in enterprises in the media, culinary, and museums and heritage segments.
Distribution of employment in DC's creative sector*:
Culinary Arts: 18,125
Building Arts: 7,566
Media and Communications: 32,132
Museums and Heritage: 10,454
Visual Arts: 2,116
Performing Arts: 4,959
Total Creative Employment: 75,352
*Source: EMSI, 2007 US Department of Labor Statistics, Quarterly Census of Employment and Wages, 2006 US Census Non-Employer Statistics
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