Clallam Business Incubator secures loan fund
This was posted on Saturday, July 22nd, 2006 by Neil Gamroth.Targeted Business Capital Added to Business Incubator Suite of Benefits
The Clallam Business Incubator announced on July 21st a very exciting addition to the programs and services it offers to resident clients. ShoreBank Enterprise Pacific has agreed to target up to $250,000 of its revolving loan fund on Clallam Business Incubator tenants in the form of non-bank loans to be used for start-up and working capital needs. Jim Haguewood, Director said, “this is a big step in reaching the high value-added business incubator that was envisioned. ShoreBank brings with the loan program extensive finance experience that is available to the clients. ”
Access to this pool of business capital will be through acceptance to the Incubator located at the Lincoln Center in Port Angeles, WA. To be a part of this funding and professional rich environment, prospects are required to have a business plan, complete an application, and present before the Guided Access Review Board. In addition, the business must also meet ShoreBank’s eligibility and due diligence requirements including a solid business concept, strong management expertise and credit worthiness.
Founded in 1995, ShoreBank Enterprise Pacific is a nonprofit community development organization designated by the U.S. Treasury Department as a community development financial institution. Mark Bowman, North Olympic Peninsula Loan Officer stated, “we are pleased to support the Incubator and this is a great addition to its business resources. My office is in the Incubator and I can provide funding and help the businesses on a daily basis if needed.” Contact Mark Bowman at 360-565-2063.
Access to capital is a primary challenged faced by startup and growing companies. The Incubator takes a systematic approach to business development resulting in lowering the risk of failure thus making the capital attraction more probable. ShoreBank Enterprise Pacific’s revolving loan fund is targeted at start-up businesses and high-risk ventures that don’t qualify for bank lending because they are too risky to meet federal banking rules.
The Lincoln Center provides a complete array of benefits to startup and growing businesses. The unique facility offers a variety of flexible professional office and multipurpose suites, from rent-a-desk to single and large suites. The array of services include receptionist, counselors and professional advisors. In addition, facility amenities included 1000mb high speed internet connection to the world, a full package of telecommunications services, access to specialized equipment and interns through the PLUS Program, and corporate quality conference rooms.
The incubator is now seeking business entrepreneurs and young companies needing to expand and support there success. Space is limited, so for more information on the Incubator please call Jim Haguewood at 360-565-2060 or email at director@clallambi.org.
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