It's a bit of a departure for the SBA to do this. The federal agency has held matchmaking events to connect government procurement officers with potential private-sector contractors. But getting bankers and entrepreneurs in the same room?
Dave Dickson, director of the SBA's Philadelphia District, freely admitted that he stole the idea from his New York City counterpart, who held such an event about two months ago.
It will be the business equivalent of speed dating - 10-minute pitches in a one-on-one meeting with a lender. That's enough time to say who you are, what your business does, what you want financing for, and how much you need. It won't be enough time for the banker to say, "You sold me. Here's your check."
"This is like getting on first base, so to speak," Dickson said.
If the interests of entrepreneur and lender coincide, then a more in-depth interview would happen later, Dickson said.
Of the 44 lenders expected to participate, 33 are banks, seven are microloan lenders, and four are certified development companies. The banks range from the biggest locally (Wachovia) to the very small (Milestone Bank in Doylestown).
Over the last year, small and medium-size lenders have been responsible for a big chunk of the lending activity associated with the SBA loan programs in Pennsylvania. According to statistics covering the period from Oct. 1 through July 31, Upper Darby-based Eagle National Bank accounted for $21.9 million in loan volume, and Parke Bank, of Sewell, was close behind with $21.2 million.
M&T Bank made 155 loans totaling $14.3 million in the region - more than double Citizens Bank of Pennsylvania's 60 loans for a collective $2.9 million.
