Financial Tip: Discusses private nonprofit lending organization that focuses on underserved and rural communities.
Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Craig Calafati. Executive Vice President and Director of Lending for Arkansas Capital Corporation, a private nonprofit lending organization. Key Highlights: 🏢 About Arkansas Capital Corporation Founded in 1957 by Governor Rockefeller to foster entrepreneurship and industrial growth in Arkansas. Focuses on underserved and rural communities, especially communities of color. Recently received an SPLC (Small Business Lending Company) license from the SBA, allowing them to lend nationwide. 💼 Services Offered Small Business Lending: Now expanding beyond Arkansas to surrounding SEC states. EB-5 Program: For immigrants investing in U.S. job-creating projects. New Market Tax Credits: For large-scale developments. Governor’s Cup: A Shark Tank-style pitch competition for college students. 💡 Business Advice & Lending Process Business Plan: Essential for loan approval. It should detail operations, challenges, and financial projections. Online Application: Full application available at capital.com, not just an inquiry form. Required Documents: Business plan, tax returns, bank statements, cost documents, resume, and more. Mentorship: They monitor applications and proactively reach out to assist applicants. 💳 Lines of Credit Recommended for small businesses to handle unexpected expenses. Especially critical for businesses with payroll or upfront costs like construction. 🏦 SBA Lending Clarification SBA does not lend money directly. SBA provides guarantees to approved lenders like Arkansas Capital, reducing lender risk. Programs discussed: 7(a) and 504, not PPP or disaster relief loans. 🧠 Key Takeaways Know exactly what you need and why before applying for a loan. A well-thought-out business plan is your roadmap and proof of preparedness. SBA-backed loans are not free money—they must be repaid. #SHMS #STRAW #BEST See omnystudio.com/listener for privacy information.