12-18-96 - Laserfiche WebLink

Home Browse Search

TCF Bank Sets Up Participation Loan Programs for Small Business WomenVenture and Tff join Forces to samelikew ine. �,► flnance same like me, Inc. Founded in 1996, 9 same like me de- orking capital for a small business can come signs, manufac- ; from various sources; there are many, often tures and distrib- creative,equations for small business financ- utes children's _ ing.Along that line,TCF has developed a new equation: clothin andaline o q g TCF Bank funding + Funding through a non-profit of multi-cultural, o group = Small business participation loans. cloth dolls forgirls Small business owners who don't qualify for a bank between the ages loan often approach other funding sources for start-up of 3 and 8. The a J Orofit pital. Many apply for working capital through non- 22-inch dolls' organizations—that help clients grow their busi- skin, eyes, and AC nesses and that often use funds made available through hair color are a city, state, or federal lending program. Over the past created to match - year, TCF's Commercial Banking area has created a the features of participation loan program to support non-profit groups the girl who in their small business lending. will own the Women Venture,a St. Paul-based non-profit organiza- doll. The com- g' ' tion, offers a variety of services, including lending, that pany also offers The owner of same like me, inc., Jo Pfiefer, support small, growing enterprises. As a Small Business matching girl/ stands anidseveral huggable,washable,multi- Administration(SBA)micro-loan lender,WomenVenture doll clothing for cultural dolls in the cornpany'sworkshop.TCF can also tap into Urban Initiative funds, which come dress-up and ca- Bank and WomenVenture recentlyparticipated from Minnesota's Department of Trade and Economic sual wear. on a loan to fund the start-up business.Holiday Development, to finance small businesses. However, After receiving orders are already on the books. Urban Initiative Fund financing requires matching funds financing through the SBA 7A Program and individual from another source,such as grant money or a bank loan. investors, Ms. Pfiefer approached WomenVenture fora With similar programs in mind, TCF Bank set up the loan to complete her start-up capital requirements. participation loan program for non-profit organizations WomenVenture, in turn, referred Ms_ Pfiefer's request that help finance small businesses. The first participa- to TCF for review under the participation program. tion loan was completed in August under TCF's new Ms.Pfiefer"was very organized when she came to us," program.TCF Bank and WomenVenture awarded a 50/ said TCF Commercial Banker Julie Bleadorn. "Her busi- 50 participation loan to the president and owner of same ness plan was like a book; she'd analyzed everything. like me,inc.,Jo Pfiefer.TCF Bank funded half of the loan; Especially for a start-up company, it's very important to omenVenture, using Urban Initiative money, funded have a good business plan. I was impressed by how she'd other half. thought through the whole process and had all the details worked out,"said Bleadorn. same like me continued on back page