The Palmer Events Center pulsated with excitement recently as hundreds of local entrepreneurs in need of financing and leading lenders seeking new customers came together for an increasingly popular annual event designed to spur Austin's small business growth.

The occasion was the fourth annual Meet the Lender fair, sponsored by the City of Austin's Small Business Development Program (SBDP). The event, held August 14, 2007, attracted a record 550 aspiring and existing business owners hoping to fulfill their business capital resource needs. The free informational forum gave them unlimited access to representatives of 43 lending institutions, community development lenders, factoring companies, city loan programs and city programs that assist small businesses. Included in the exhibitions were Wells Fargo Bank, Wachovia, JP Morgan Chase, PeopleFund and Austin Energy.

The fair also included educational workshops specifically tailored for the crowd. Local CPA Jane Allen presented "Getting Your Financials Ready." Ross Wood, corporate communications manager for Capital Certified Development Corporation, offered "Understanding the Loan Process." The workshops drew enthusiastic reviews from participants, with 86-percent saying that "Getting Your Financials Ready" helped them understand the necessary steps in obtaining a business loan and 87-percent reporting that "Understanding the Loan Process" assisted them in the same way.

Participants also gave the overall event top scores, with 92% saying they were "satisfied with the quality of the event" and 93% confirming that the event "helps small business owners to connect with lenders."

In assessing "the most helpful experience" at the educational event, participants responded with positive answers. Some comments included: "talking face-to-face with lenders," "discussions with lenders, learning from their experience," "gaining insight into the loan process and preparation for applications," and "almost all of the lending institutions are present, and all are willing to help."

The first Meet the Lender loan fair was organized in 2004 in recognition of the challenges small businesses often face in obtaining money at critical junctures. In some instances additional funding would open up new revenue streams or help recover lost ones. The SBDP staff knows from experience that accessing capital is the most challenging problem entrepreneurs struggle with in starting up and maintaining businesses.

"Meet the Lender is in direct response to an identified need. Five years ago we conducted a small business needs assessment and accessing capital was the number one need identified. The second need was information about available services," said Small Business Administrator Rosy Jalifi. "We responded to these top two needs by designing the concept of Meet the Lender which brings lenders and prospective borrowers (small businesses) in a neutral and informal setting. Each year we learn that man entrepreneurs connect with lenders at this event and, consequently, obtain the capital they need to start or expand their business."

The annual fair has proven to be a winner since its inception. Attendance at the event grows every year, from 365 participants in 2004 to a record 550 this year.

Meet the Lender is one more way the Small Business Development Program carries out its mission to foster economic growth and job creation by helping small businesses start, grow and prosper in an increasingly competitive environment. It's an important role for the Austin community because small businesses comprise more than ninety-nine percent of the city’s total businesses. For more information on SBDP's services, resources and events, please call 512.974.7800 or visit www.cityofaustin.org/sbdp. ■