SBA's speed lending event creates loan opportunities

9/22/2011

The second annual Meet the Lenders event was held by the U.S. Small Business Administration’s Philadelphia office this past week, the Intelligencer reports.

Don Jefferson, business development specialist with the SBA's Philadelphia office, explained that the event was meant to introduce entrepreneurs and small business owners to lenders.

"When you have a business deal that makes sense, there are lenders out there that are willing to make a loan," Jefferson told the news source.

There were approximately 40 lenders in attendance, ranging from traditional banks to micro-lenders. Prior to the event, business owners were encouraged to bring financial statements or business plans because they could receive an SBA loan on the spot. The participants - who ranged from established business owners to entrepreneurs - were given 20 minutes to pitch their financial needs to the lenders.

Jefferson pointed out that he knew of at least one participant who left with event with a loan agreement.

The Boston Globe reports that a similar event took place in Marblehead, Massachusetts, earlier this month. Six-Minute Speed Networking allowed attendees to meet with business professionals one-on-one for six minutes to facilitate a mutual connection.