Guest MINDSETTER™ Seth A. Goodall: LINC up With The SBA
Monday, May 18, 2015
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.
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.
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Grab a Snack
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.
Shop for Dad
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!
Shop for Someone Special
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
Shop for a Difficult Buy
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.
Grab Some Lunch
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
Even More Lunch!
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.
Participate in and Event
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.
Get Ready for a Night Out
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.
Grab Yourself a Treat
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
Improve Your Space
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
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.
Grab a Drink
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
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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