Bridge Street Development Corporation Launches Bedford-Stuyvesant Economic Development Technical Assistance Program (BEDTAP)

On Friday January 22nd, Bedford-Stuyvesant’s small business owners got a rare opportunity to meet with micro and specialty lenders who offered customized assistance for accessing capital as the first in a series of workshops presented by Bridge Street Development Corporation’s “Bedford Stuyvesant Economic Development Technical Assistance Program (BEDTAP)”.

In response to merchants who have expressed their frustration with limited resources for business growth beyond the day-to-day survival, BSDC developed the workshop series to quickly and effectively get small businesses in our community the help they need, particularly in this challenging economy. Rather than replicate existing programs offering more generic training for small business planning and development, the BEDTAP series offers customized solutions to specific hurdles merchants in our neighborhood face.

“Some issues are obvious,” says Ava Gabrielle, Economic Development Consultant to BSDC. “A restaurant owner’s oven is outdated and needs to be replaced. They don’t need long term strategic planning to expand their business, they need a loan to get a new oven.”

Sharon Solmon, Owner Mind Body & Soul & President Malcolm X Blvd Merchants Assoc. Hope McGarth, Owner of Brooklynite Gallery; Jared Hassan Foles, Owner World Easter Recordings

At Friday’s workshop, “When Dollars Make Sense: Capitalizing Your Business for Success”, BSDC brought together eight non-traditional lenders that take a grassroots approach to business lending and offer non-conventional financing of $5,000 - $15,000. “We are accustomed to finding creative solutions that meet the needs of small businesses in local communities,” said Paisley Demby “Our organization exists to serve these merchants.” Participating lenders at the workshop also included: SEEDCO, CAMBA, Bethex, Project Enterprise, Brooklyn Business Outreach, South Bronx Outreach, Carver and Business Center for New Americans.

“Each of the participating merchants are established business owners,” said Ms. Gabrielle. “These are not people in the idea stage of starting a business. They’ve been serving our community as thriving, stable businesses, and they need help getting to the next level in order to survive today’s economic challenges.” Sharon Solomon, owner of Mind, Body and Soul stated that “I walked away from this training with a sense of hope to grow and expand my business. It was a great opportunity for merchants to get linked with different lenders who can help them with capital to grow their businesses.”

Participants in Friday’s workshop also learned the nuts and bolts of preparing a competitive loan package to submit to the lenders who were present, and then met one-on-one with the lender representatives who were able to pre-screen and accept borrowers on the spot.

“BSDC is committed to assisting in the sustainability of our local businesses,” said Colette Gill-Pierre, BSDC’s Chief Operating Officer, “And connecting them with available resources through this workshop was a pivotal step in that direction.”

It’s not too late! While the workshops are designed as a series, building on each other to provide Merchants with timely information, owners of established businesses in Bedford-Stuyvesant can still sign up. The remaining workshops, to be held this spring, will focus on the following topics:

Making Friends with Your Uncle: Effective Tax Planning –This workshop will assist merchants with understanding the various business taxes, importance of accurately capturing income and the various types tax returns.

Planning to Succeed: Development of the Successful Business Plan – This workshop will cover the core concepts of what it means to be in business and formally tell your story in order to prepare an effective business plan.

Marketing to Sell: Developing a Sales Driven Marketing Plan- This workshop will assist merchants with strategies to understand their market and how to effectively reach their consumers. At this final workshop, participants will integrate what they’ve learned from the series into their business plans for 2011.

Be sure to check our website for exact dates and additional information: www.bsdcorp.org