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"This survey is a fantastic tool that we can use to support and grow our small and minority-owned business community," said County Executive Rushern L. Baker, III. "Gathering in-depth, first-hand accounts of what local businesses need will help FSC First target and enhance its support for those businesses. I encourage all of our small and minority-owned businesses to take the time to respond to these questions."

The online survey will be available for two weeks — from July 8 thru July 22, 2011 and is accessible via http://www.fscfirst.com as well as the Prince George's County website, http://www.princegeorgescountymd.gov  All qualified survey respondents will be entered into a drawing and the winner will receive a free electronic notebook. Survey results will be announced at a business networking event to be held in August.

Click here to take the online survey

FSC First was founded in 1978 as a non-profit corporation and is a certified development company authorized to issue both SBA 504 and non-SBA loans. In the history of the organization, more than 500 companies have received direct funding assistance to develop and grow their local businesses and is currently managing approximately $30 Million in financial assets.

FSC First's mission is to provide access to creative and innovative financing solutions for small and minority-owned businesses that may not qualify for traditional or bank financing. These solutions include but are not limited to SBA 504 commercial real estate financing and machinery & equipment loans; as well as working capital, acquisition of inventory, leasehold improvements, facility modernization, contract financing, and accounts receivable financing – to name just a few. The direct loan amounts typically range from $25,000 to $250,000 and the SBA 504 commercial real estate and machinery & equipment loans may be up to $5 million.

For additional information, call (301) 883-6900 or visit the FSC First website at www.fscfirst.com. FSC First is located at 1100 Mercantile Lane, Suite 115-A, in Largo, MD.
 
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Release Date: Feb. 4, 2011

Contact: David J. Hall  (202) 205-6697

Release Number: 11-10

Internet Address: http://www.sba.gov/news

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WASHINGTON – A pilot loan program aimed at increasing access to inventory financing for auto, boat, RV and other dealerships will be re-launched Tuesday (2/8) and will be effective through Sept. 30, 2013, the U.S. Small Business Administration announced today.

The Small Business Jobs Act of 2010 included a provision for re-launching SBA’s Dealer Floor Plan (DFP) Pilot Loan program, which first became available in July 2009.  The pilot is part of the SBA’s overall 7(a) loan guarantee program. The Jobs Act also increased the maximum size for 7(a) loans to $5 million, up from $2 million, which includes loans made through the DFP pilot program.

“As a result of the credit crunch in late 2008 and early 2009, dealerships saw a significant decline in the availability of this type of inventory financing,” SBA Deputy Administrator Marie Johns said. “SBA’s original DFP pilot program was launched as a way to expand the availability of floor plan financing and the Jobs Act added further enhancements to that program, including allowing for larger loan sizes.

“Dealerships are a cornerstone of local business communities,” Johns continued. “As we continue to see our economy recover, the re-launch of this pilot provides another tool, alongside SBA’s other programs, to help them succeed and create jobs in their local communities.”

The rules and regulations for the pilot will be available Tuesday on the website of The Federal Register, and in print editions on Wednesday.  A procedural guide to the program will be posted on the SBA website at: http://www.sba.gov/content/dealer-floor-plan-financing-program-0.

Floor plan financing is a revolving line of credit that allows a dealership to obtain financing through SBA’s 7(a) program for inventory that can be titled, such as autos, RVs, manufactured homes, boats and trailers.  As each piece of collateral is sold by the dealer, the loan advance against that piece of collateral is repaid. As the loan is repaid, the dealer can borrow against the line of credit to add new inventory.

The program is available to qualifying small businesses, including new and used automobile, motorcycle, RV, manufactured homes and boat dealers.  SBA has issued a new maximum alternative size standard to allow businesses with $15 million net worth and $5 million in net income measured over two years to have access to the program.

All SBA-approved lenders may make DFP loans.  Lenders with more than $1 billion of floor plan lines of credit in their current portfolios may apply for delegated authority, which would expedite the lending process.

Borrowers interested in obtaining a DFP loan should contact their lender or their nearest SBA field office to get a list of SBA-approved lenders in their area who may be participating in the program.  Local district offices and contact information, as well as information on this and other SBA programs and resources, can be found at www.sba.gov or by calling the SBA Answer Desk at 1-800-U-ASK-SBA or TDD 704-344-6640.

At the wake of the Press Conference organized on Tuesday January 4, to announce the $2million in new loan commitments to Prince George's County small and minority owned businesses, FSC First received raving reviews in the papers for achieving nearly half its lending target for the fiscal year, which ends in June 2011. Coming at the heels of a tough economic year for commercial lenders, FSC First's commitment to its mission was applauded and recognized.

The Washington Examiner took the lead just moments after the Press Conference to indicate that over its existence, FSC First had closed about $52 million dollars in loans.

The Washington Informer on January 6 hailed FSC First, touting the organization's ability to keep pace and exceed its lending targets for the fiscal year in this article.

The Washington Post in turn celebrated the fact that District Director of the Small Business Administration Washington Metropolitan Area District Office announced that FSC First was going to be a "model" in a Federal pilot program called the Community Advantage Loan Program.

The Business Gazette in a news brief column prepared a brief summary of the Press Conference.

Special Thanks to CTV News, News Channel 8, and all the other media outlets that were present. Special thanks to all the participants. 

January 7, 2011

Contact: Susan D. Wagner

Executive Vice President

(301) 883-3612 Direct

(301) 883-6900 Main

Local non-traditional lender approves more than $2,000,000 in new loan commitments to Prince George's County small and minority-owned businesses

Largo, Maryland — An over flowing room of media representatives, local business owners, bank representatives, and professionals of the Prince George's County economic development community rose to their feet in ovation at the close of the press conference, January 4, 2011 that was organized by FSC First. The Press Conference, which was attended by County Executive Rushern L. Baker, III; Maryland State Senator Joanne C. Benson; and other Elected and Appointed officials, was held to announce FSC First had approved more than $2 million in new funding requests to five local businesses in Prince George's County. The $2 million in loan commitments represents approximately 50% of FSC First's fiscal year 2011 lending goals.

County Executive Rushern L. Baker, III, stated "the fact that FSC First has issued more than $2.0 Million in loan commitments to small and minority-owned businesses is a strong indication of the organization's ability to achieve its mission to provide access to innovative and creative financing solutions.

It is imperative that FSC First continue at this pace to achieve and/or exceed its fiscal year lending goal while at the same time balance its portfolio risk by lending to the most prepared and demonstrated businesses. This is the "grassroots" way we can increase employment opportunities for the residents of Prince George's County, while at the same time retain the intellectual capital that resides in our communities, increase the commercial occupancy rates, increase commercial property ownership, increase revenues from licenses, permits, filing, recordation and transfer fees."

Shelly M. Gross-Wade, President & CEO of FSC First, stated "typically, we achieve a majority of our revenues and lending goals during the fourth quarter of our fiscal year – between April and June; however, this year's quality pipeline of loan applicants is attributable first to FSC First's hiring of a full-time Business Development Manager in July, Jacob H. Willis, III, and second to FSC First responsiveness to the unmet needs of business owners who would otherwise be funded by conventional lenders." Due to the tight credit constraints and a shift in the way conventional lenders evaluate credit risk; FSC First is likely to see a continued spike in the loan pipeline." Mrs. Gross-Wade said this is evidence that with the right amount of resources and financing tools, FSC First can achieve its corporate mission.  

Two of the recent borrowers were invited to present testimonials of their FSC First loan process experience.

Ms. Tuawana Braxton-Pridgen, the principal owner and operator of a local woman-owned funeral services firm. Pridgen Funeral Services was approved for two loans totaling $463,000 to fund their relocation and expansion. The first commitment is to fund up to $378,000 in a SBA 504 loan with a fixed rate, 20-year mortgage that will be combined with a $462,500 first trust mortgage and $92,500 in equity financing. The mortgage loans will be supplemented by an FSC First direct loan of $85,000 to fund the day-to-day working capital, as well as the purchase of furniture, fixtures and equipment associated with the relocation and expansion. The approved SBA 504 loan will be used to acquire commercial real estate and a facility in Laurel, and fund improvements to convert a former real estate office into a 75 seat chapel, two handicap accessible restrooms, entrance and facility improvements and signage.

Mrs. Braxton-Pridgen said, "It has always been my dream to own a property where I can grow my business and provide a more soothing experience for grieving families. The loan approvals from FSC First bring me one step closer to realizing my dream."

Mr. Eshan Ghavamifard, a joint owner of a three-year old Auto Glass Warehouse located in Hyattsville that specializes in wholesale and online sales received a commitment for a direct loan of $250,000 that will fund the purchase of inventory and refinanced debt. When fully disbursed, the loan proceeds will allow this company to increase the demands nationwide for their specialty products to include individuals, independent contractors, body shops, automotive dealers, etc. The company has experienced a steady revenue growth and is forecasting a 53% increase in revenues as a result of improved access to new domestic and international market sales in the first two years after the loan has funded.

Ghavamifard and his father, Mahoud, recently established a website presence and as a result have seen a substantial increase in the demand for their products. They provide windshields and auto glass to independent contractors, small glass shops, body shops and individual consumers. Mr. Ghavamifar said, "As a result of the financing assistance and guidance they've received from the FSC First team, they are now in negotiations to partner with other corporations that will take their business worldwide." The Ghavamifards expect to add 2 new employees to their staff of 7 and envisions returning to FSC First when they purchase a larger facility in the future.

Other companies that received commitments included:

Day care center – A start-up, woman-owned Goddard School — franchise day care facility in Bowie was approved for up to $930,000 in SBA 504 funding with a fixed rate, 20-year mortgage that will be combined with a first trust mortgage, a $50,000 City of Bowie revolving loan and equity financing. The approved SBA 504 loan will be used to acquire commercial land in Bowie and construct a facility to accommodate a start-up day care operation.

Therapeutic center — a local woman-owned occupational therapy firm was approved for a direct loan of $25,000 to establish a second location and rehire employees on a permanent basis. This is the result of an effort to re-position the company to improve access to its current customers. As a result of this working capital loan to fund the day-to-day operations, the company is forecasted to double its revenues by the end of 2012.

Management services firm – A professional services, 8(a) certified firm was approved for a $131,000 SBA 504 loan to purchase two condominium office suites in Greenbelt and to fund the improvements to the facility. The firm is currently located in the TAC incubator hosted by the Prince George's County Economic Development Corporation and received loan packaging assistance from the Small Business Initiative. When fully funded this loan will be combined with a first trust mortgage and equity financing and will employ 15 full time jobs.

Speaking at the Press Conference, District Director of the Washington Metropolitan Area District Office of the U. S. Small Business Administration, Bridget O. Bean, announced that "FSC First was chosen as a "role model" for other non-traditional, mission-focused, lending institutions in a new pilot program, known as the Community Advantage Loan Program. This initiative is set to start in March of this year and will guarantee up to 85% of loans up to $150,000 and 75% for those greater than $150,000 to businesses in underserved communities."

The Prince George's Financial Services Corporation, doing business as FSC First, operates a revolving loan fund that has been capitalized with more than $3 million in lines of credit from 11 local financial institutions.

FSC First is also a community development financial institution (CDFI) as designated by the U. S. Treasury Department and a certified development company (CDC) as designated by the U. S. Small Business Administration to market and process SBA 504s throughout the State of Maryland. This 32-year old non-profit organization's mission is to provide access to creative, flexible, and innovative financing solutions through direct loans, accounts receivable financing, and contract financing ranging from $25,000 to $250,000; including SBA 504 commercial real estate and equipment loans up to $5.0 million.

FSC First is located at 1100 Mercantile Lane, Suite 115-A, in Largo, MD. For additional information please visit our website at www.fscfirst.com.

This volume of direct loans represents that FSC has achieved approximately 50% of its fiscal year 2011 lending goals while supporting the growth and development of local jobs.

The County's leading economic development finance experts will describe how these direct loans, leveraged with public and private funds, demonstrate their ability to structure innovative and creative financing solutions at a time when traditional lending institutions are challenged to extend credit in a slowly recovering economy.

Speakers:
Rushern L. Baker, III, County Executive for Prince George's
Shelly M. Gross-Wade, President and CEO of FSC First
John L. Huggins, Jr., Chairman of the Board of Directors – FSC First.

Venue:
1100 Mercantile Lane, Suite 115-A
Largo, MD 20774

Coffee and refreshments will be served at 10:15am. Journalists are also welcome to attend. You are advised to arrive early.

Media Inquiries:
Susan D. Wagner
Executive Vice President
FSC First
1100 Mercantile Lane, Suite 115A
Largo, MD 20774

(301) 883-3612 Direct
(301) 883-6900 Main
sdwagner@fscfirst.com