Killeen Daily Herald - August 10, 2003
Helping the Little People: BiG Austin aids small businesses
By Jenifer Putnam
Herald Staff Writer
A month ago, CMSC Building and Maintenance Inc. outbid other contractors for a maintenance building at the Lampasas Golf Course.
But without bonding, CMSC< a small, woman-owned business, couldn't qualify for the contract. Government contracting entities often require contractors to have large sums of money in the bank in case a job is left incomplete or otherwise unsatisfactory.
When CMSC opened, Jeanice Robinson put her savings into buying four acres and building her office. As a new business owner, Robinson wasn't aware how lack of capital would inhibit her business's growth.
Robinson tried to secure loans with local banks and through the Small Business Administration but it wasn't until she heard about BiG Austin at the Texas Workforce Center that she was able to qualify for the loan she needed.
"BiG Austin was the only lender of many who actually came through for our company," Robinson said. "We hope to continue our success and growth with their help."
Business Investment Growth of Austin is an SBA-certified microlending non-profit agency. The agency specializes in lending to those with limited or nonexistent credit as a result of poverty, minority or gender status. The Killeen Economic Development Corp. approved $2,400 in October to bring BIG counselors to the Business Resource Center each month.
After securing a loan a few weeks ago through BiG, Robinson said she can now bid jobs up to $100,000. CMSC, which opened in November 1999, works in a 100-mile radius and is awaiting bid results for a Temple housing project. The company has six full-time workers and six contract workers.
"As you can see, BiG AUSTIN can be a BIG help for customers of the Central Texas Business Resource Center," said BRC Director Marcus Carr. "This is why the Business Resource Center has partnered with the Greater Killeen Chamber of Commerce to bring the BiG Austin Loan Program services to the Greater Killeen area."
Since December, BiG representatives have made monthly trips to Killeen to work with local business owners and enterprising entrepreneurs. Carr said the initial consultation is free.
The agency provides a range of financial products to qualified borrowers. Without a business plan, start-up businesses can receive up to $2,500. The agency prefers at least three months of sales. With a business plan, clients operating for less than 12 months can apply for up to $15,000 in loans. Businesses that have operated for more than a year and filed their first tax returns can apply for up to $35,000.
The agency also offers research and development loans of up to $1,000 for business research, market testing, product development and experimentation and business credit lines of up to $35,000 for seasonal increases in inventory, labor and materials and daily operating needs such as accounts receivable, contracts and more.
Besides loans, BiG provides business training and support such as follow-up technical assistance.
For more information, visit www.centexbrc.org or www.bigaustin.org or call 200-2001 or (512) 928-8010.