Guest MINDSETTER™ Seth A. Goodall: LINC up With The SBA

Monday, May 18, 2015

 

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There’s a hunger among entrepreneurs to find financing to get their businesses off the ground or to take the next big step in their expansion plan. Across the country, thousands of small businesses are searching for term loans, equipment financing, lines of credit, invoice financing, and real estate loans to help them hire and grow. But too often, they’re wasting time if they don’t have cold-calling and door-knocking skills to pave their way to a lucky break.

This is where technology steps in. Online matchmaking services pairing lenders with prospective borrowers comprise a multibillion dollar industry. Perhaps you’ve seen the TV commercial in which a creditworthy home buyer goes online and is delighted to find banks competing to finance her house. Small business lending is the next frontier for these matchmaking services. Using the power of the Internet, commercial lenders are finding creditworthy small business borrowers, while entrepreneurs are finding loan officers who are ready to sit down and talk.

The U.S. Small Business Administration (SBA) not only supports this concept, we’re implementing it. Last year SBA Administrator Maria Contreras-Sweet announced a new SBA initiative called LINC (Leveraging Information and Networks to access Capital), our matchmaking service that will help entrepreneurs get a date with a lender.

We spent months surveying our lending partners to discern what information they need before they’re ready to receive a loan pitch. Based on those talks, we developed a simple online form with 20 questions that takes minutes to fill out. Once completed, the form is blasted out to participating SBA lenders in an applicant’s county, as well as financial institutions with a statewide or national reach.

While a positive “hit” it won’t ensure entrepreneurs will receive a loan, it will put them on a fast track, because they will have been pre-screened. If LINC doesn’t produce an immediate match, entrepreneurs will be directed to their local SBA adviser for additional assistance with their loan application.

LINC was originally as a pilot program and was available only to nonprofit lenders. Since that time, nearly 14,000 matches have been made. In early May 2015, the LINC matchmaking tool became available to all SBA 7(a) Loan Guaranty lenders nationwide, which constitutes a huge step toward giving small business entrepreneurs access to essential sources of capital in all 50 states and the U.S. territories.

LINC is expanding small business lending options beyond someone’s local bank. Instead, technology can help them get their foot in the door on their merits at one of many commercial lenders. SBA is committed to becoming as innovative as the small businesses we serve.

In the longer term, we also believe LINC could be modified to facilitate government contracting by connecting eligible small businesses with procurement officers, prime contractors, and federal buyers. The future is upon us, and the SBA is proud to be leading the way.

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Seth Goodall was appointed by President Obama to serve as the Small Business Administration’s New England Regional Administrator in July of 2013.  In his role, Seth oversees all SBA’s operations in New England.

As an entrepreneur, public servant and attorney, Seth has a long history of working with and on behalf of small businesses.  Seth served in the Maine State Senate from 2008 until his appointment to the SBA – with his last year as Senate Majority Leader.  He formerly worked as an attorney at a small law firm where he mainly represented small businesses and municipalities.  As an entrepreneur, Seth co-owned a full service landscaping business from 1992 to 1999, which is now a multi-million dollar company.  He also helped launch an educational publishing company focused on career and workforce development.

Seth graduated from the University of Maine School of Law and received graduate and undergraduate degrees from the University of Connecticut.

 

Related Slideshow: 25 Ways to Support Small Businesses in RI

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Grab a Snack

Anchor Toffee

8 Bowen’s Wharf, Newport

Signature almond butter toffee hand-crafted in small batches with the best ingredients. Almonds, sweet cream butter, pure sugar, salt and dark chocolate are skillfully piloted through heat and cold to create a classic treat you can’t resist.

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Shop for Dad

Comedy Connection 

39 Warren Ave, East Providence, RI 

Not sure what to get dad for the holidays?

Go out together and be entertained at East Providence’s Comedy Connection where local and international acts like Norm MacDonald, DL Hughey, and Carlos Mencia are currently set to perform!

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Shop for Mom

Bohemian Bias

154 Mill Street, Newport

Inspired by music, art and the laid-back vibes of the West Coast, this women's wear boutique offers a merchandise assortment consisting of statement pieces from contemporary brands not typically found in local shops. 

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Shop for Someone Special

AC Jewelers

180 Pleasant View Ave, Smithfield, RI

Get that special person in your life a gift to remember this holiday.

AC Jewelers can create custom wedding bands, engagement rings and even has a selection of pre-owned Rolex’s and other fine jewelry to suit any taste.

Photo: AC Jewelers

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Shop for a Difficult Buy

Emerging Energy Acupuncture

14 Imperial Place, Providence, RI 

Do you have someone on your list that is very hard to buy a gift for?

Try giving them a different type of relaxing experience with Emerging Energy Acupuncture they offer acupuncture, massage, and herbology services to sooth the body and the mind. 

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Take a Break

Barrington Books 

184 County Rd, Barrington

Take a break from your Christmas list and head over to  Barrington Books. 

They have a wide selection of art, philosophy, fiction, and even a graphic novel section to spark your curiosity.

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Grab Some Lunch

Luigi’s Restaurant & Gourmet Express

1357 Hartford Ave, Johnston, RI 

In a rush? Luigi’s Restaurant & Gourmet Express offers authentic Italian Cuisine that is already prepared and ready to eat at your request!

Sit in or take your meal on the go.

Photo: Luigi's Restaurant and Gourmet Express

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Even More Lunch!

Tong D Restaurant

156 County Rd, Barrington, RI 

If you’ve got a hearty appetite and love Thai food try Tong D Restaurant for lunch during your shopping excursions.

Tong D has an amazing selection of spicy curry, savory rice, and delicious noodle dishes and even offers vegan selections.

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Do Something Creative

LMNOP Gallery

99 Spring Street, Newport

A community space, bringing together artists and creatives while providing a storefront location to display and sell local artwork and apparel. 

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Participate in and Event

Small Business Saturday Shop RI at the Crowne Plaza

 801 Greenwich Ave, Warwick

Small Business Saturday Shop RI at the Crowne Plaza in Warwick from 9 a.m. to 4 p.m. 

The event will feature over 100 Rhode Island Small Businesses and vendors including entrepreneurs, artists, Farm Fresh RI, Social Venture Enterprises, veterans, and minority-owned businesses. 

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Get Some Retail Therapy

Crosswynds Traders

6 West Marlborough Street, Newport

Offers the latest fashion trends for men and women at an affordable price.

The flagship store is located in Narragansett. 

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Get Ready for a Night Out

Spa Thayer

9 Pier Market Pl, Narragansett, RI

Spa Thayer will have a special on gift certificates: buy one gift certificate and get one 50% off any combination of services.

Don’t forget to book yourself and appointment this Saturday to freshen up after a long holiday weekend, and enjoy 10% off in spa credit.  

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Grab Yourself a Treat

Sweenor’s Chocolates

21 Charles St., Wakefield, RI 

Get some retail therapy at Sweenor’s Chocolates and take home a treat for yourself, and your loved ones - but mostly yourself.

Choose from their assorted boxed chocolates, fudges, and sugar-free candies.

Photo: Sweenor's Chocolates

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Improve Your Space

Mello’s Farm and Flowers Center 

444 Boyds Ln., Portsmouth, RI

Grab some fresh blooms this holiday from Mello’s Farm and Flowers Center.

The family owned and operated business also offers poinsettias, trees, and wreaths to decorate your home with this holiday.

Photo: Mello's Farm and Flowers Center

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Out With the Old

Second Helpings

32 Gooding Avenue, Bristol, RI

Replace some gently used items around your home and get money back to replace them at Second Helpings.

The consignment shop also has plenty of furniture and stylish home goods to revitalize your space.

Photo: Second Helpings

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Gear Up

Second Time Around Sports

328 Atwood Ave - Cranston RI 

Second Time Around Sports has plenty of new and gently used sports gear for the athlete in your family.

They also offer special deals on ski and snowboard goods in store - perfect for winter sports during their race to black Friday event which extends all weekend. 

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Solve a Problem

Bad Dog Tools

24 Broadcommon Rd., Bristol, RI

Bad Dog Tools’ staff can help you find the right tools for the job.

Replace your old drill bits, saw mills and more so you can get back to work on your home improvement project. 

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Don't Forget Fido

Pet Foods Plus

30 Gooding Ave., Bristol, RI 

Pet Foods Plus has a wealth of accessories and new foods and treats to keep your pets happy this winter.

Don’t forget your best friend while out on your holiday shopping spree!

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Grab a Drink

The Eddy

95 Eddy St, Providence, RI 

The Eddy is one of the coolest places to grab a cocktail before you make your rounds for the weekend.

Enjoy a signature creation like their “Orange Julius Caesar”, “Solera Flare” or “Up All Night…” cocktails made fresh and don’t forget to grab a bar snack!

Photo: The Eddy

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Enjoy Local Atmosphere

 Aurora

276 Westminster St., Providence, RI

Aurora features live music, great drinks, and an even better atmosphere. A great way to spend Small Business Saturday. 

 

Photo: Aurora

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Enjoy a Show

Avon Cinema 

260 Thayer St, Providence, RI

The Avon Cinema will be playing new independent and foreign films in an intimate atmosphere. 

Find out what’s playing soon and don’t forget your popcorn!

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Buy Cool Memorabilia

The Time Capsule 

537 Pontiac Ave, Cranston

Comics, records, toys, video games and more, The Time Capsule in Cranston is a great place for holiday shopping during Small Business Saturday. 

The Time Capsule opens at 11 a.m. on Saturday. 

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Bar Hop

The Dorrance

60 Dorrance St, Providence, RI 

The Dorrance has an ever-changing cocktail menu and is just a stone’s throw away from other bars like G Pub, Circe, and Congress.

The Dorrance is the perfect spot to start the night right and grab some seriously tasty bar food like their Rhody Calamari, and Duck Confit and Pumpkin. 

Photo: The Dorrance

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Grab A Late Night Snack

Local 121

121 Washington St., Providence, RI

Grab some dessert after a long day of shopping and a night of festivities at Local 121.

Choose from their créme brûlée or homemade ice cream and sorbet collections.

Photo: Local 121

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Pick up New Music

Olympic Records 

580 Wickenden St, Providence

Need some new music to listen to? Maybe you want to go back in time and pick up some oldies but goodies. 

Olympic Records has everything that you are looking for. 
 

 
 

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