"I want to buy the property next door to my business. What's the best way to finance the purchase? "

"My accounting system hasn't been updated since I got a computer. What kind of software should I buy?"

"I've got a great idea for a new business. Where can I get money to start it up?"

The Birmingham Business Resource Center has the answer to these and many other questions about how to improve your business.

Whether you're a seasoned small business owner ready to grow, or just starting out with a dream and determination, the Birmingham Business Resource Center is your one stop solution.

We offer small business finance and related technical assistance which is sponsored by the City of Birmingham and area banks.

The Birmingham Business Resource Center (BBRC) is a unique, 501(c)4 Small Business Development Agency that serves as a “One Stop Shop” for loans as well as management and technical assistance for small business enterprises.

The BBRC provides a convenient location and a trained, experienced staff to assist entrepreneurs with business management resources and gaining access to capital.

The BBRC provides assistance in all stages of business development, from the start-up phase to commercial expansion.

The BBRC has participated in the origination of over $100 million in loans to small businesses since 1996.

The Center also facilitates FastTrac® entrepreneurial training courses developed by the renowned Kauffman Foundation and Center staff also organized, planned and implemented the A.G. Gaston Economic Empowerment Conference for the past three years.

BBRC services are provided in the City of Birmingham, Alabama, Jefferson County and extend to the entire State of Alabama through the SBA 504 program.

The City of Birmingham is the BBRC’s chief sponsor and supporter along with FoundationCapital(formerly Birmingham City Wide Local Development Company).

The BBRC’s staff is comprised of professionals with over 70 years experience in the areas of finance, credit counseling, loan origination, loan servicing and providing technical assistance to small business owners.

What is an SBA Community Express Loan?
The Community Express Pilot Loan Program is a collaborative effort between the SBA and the National Community Reinvestment Coalition (NCRC) and its member organizations. Under the pilot, designated lenders are authorized to implement an SBAExpress-like loan to increase SBA lending to pre-designated geographic areas generally comprising Low and Moderate Income Areas and to women, monitories, and veterans. The program also includes a technical assistance component.

Who is Eligible?

• Minorities
• Women
• Veterans
• Businesses within low to moderate income areas

How it Works

The Community Express Program targets new and existing small businesses

• Loan Amounts from $5,000 to $50,000
• Unsecured
• Typically 7 – 10 year terms
• Funds can be used for working capital for the business
• No prepayment penalty
• Start-up businesses can apply
• All industries are considered
• Utilizes Fair Isaac Credit Score System which evaluates credit score of applicant and industry data
• Loan payments are automatically drafted from business account

Interest Rate
Prime + 4.75% adjusted quarterly

How can we Help?
The Birmingham Business Resource Center can package the loan and present the entire project to participating lenders and to the Small Business Administration for approval. For assistance or more information, contact the BBRC at 250-6380.

What is an SBA 504 Certified Development Company Loan Program?
The 504 Certified Development Company Program provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings.

Who is Eligible?
To be eligible, the business must be operated for profit and fall within the size standards set by the SBA. Under the 504 Program, the business qualifies as small if it does not have a tangible net worth in excess of $7 million and does not have an average net income in excess of $2.5 million after taxes for the preceding two years. Loans cannot be made to businesses engaged in speculation or investment in rental real estate.

How it Works

• A 504 project includes a loan secured with a senior lien from a private-sector lender covering up to 50 percent of the project cost, a loan secured with a junior lien from the CDC (backed by a 100% SBA-guaranteed debenture) covering up to 40% of the cost, and a contribution of at least 10% equity from the small business being helped.
• Maximum SBA debenture is $1,500,000 for meeting the job creation criteria or a community development goal.
• Maximum SBA debenture is $2 million for meeting a public policy goal and up to $4 million for a manufacturer.
• Maturities of 10 and 20 years are available.
• Fees total approximately three percent (3%) of the debenture and may be financed with the loan.
• A business must create or retain one job for every $50,000 provided by the SBA.

Interest Rate
Interest rates on 504 loans are pegged to an increment above the current market rate for five-year and 10-year U.S. Treasury issues.

How can the Funds be used?
Proceeds from 504 loans must be used for fixed asset projects such as: purchasing land and improvements, including existing buildings, grading, street improvements, utilities, parking lots and landscaping; construction of new facilities, or modernizing, renovating or converting existing facilities; or purchasing long-term machinery and equipment. The 504 Program cannot be used for working capital or inventory, consolidating or repaying debt, or refinancing.

How can we Help?
The Birmingham Business Resource Center can package the loan and present the entire project of the Small Business Administration for approval. For assistance or more information, contact the BBRC at 250-6380.

Who is Eligible?
These funds are available to any small for-profit corporation, partnership or proprietorship located in the City of Birmingham.

How it Works
The EDA loan subordinates its position on collateral to the commercial lender to attract private financing.

• The EDA requires at least $2 of private funds to every $1 of public loan proceeds.
• The minimum loan is $25,000 and the maximum is $350,000 per business concern.
• The RLF will provide a maximum of 33 1/3% of total project funds.
• The borrower must provide a minimum of 10% of the project cost in equity.

Interest Rate

• The interest rate is negotiated but will reflect the collateral coverage, credit risk and term of the loan.
• The interest rate is expected to vary between 60-90% of the rate for private financing.

Job Generation

• One job must be created or retained per $20,000 in RLF funds.
• Small Businesses must comply with the EPA, Fair Labor Standards Act, Flood Insurance Act, Architectural Barriers Act, Equal Employment Opportunities Regulations and Federal Civil Rights Compliance for minorities and handicapped persons.

How can we Help?
The Birmingham Business Resource Center can package the loan and present the entire project to the EDA Loan Committee for approval. For assistance or more information, contact the BBRC at 250-6380.

What is FastTrac?
FastTrac is a comprehensive educational program that provides entrepreneurs with business insights, leadership skills and professional networking connections so that the participants are prepared to create a new business or expand an existing enterprise.

What are the FastTrac programs?
FastTrac NewVenture is a program designed for aspiring entrepreneurs or start-ups. The course covers

• Personal and business criteria
• Market research
• Financial documents
• Financing a new venture
• Feasibility study on the business idea

FastTrac Growth Venture is designed for existing small business owners, providing information on

• Strategic planning
• Legal issues
• Market research and analysis
• Financial documents
• Cash flow management
• Financing methods
• Growth strategies

What makes the FastTrac program unique?
FastTrac classes offer

• Solid business content
• Access to the bigger business community
• Knowledgeable business instructors
• Peers experiencing similar business challenges
• Business advisors, such as bankers, CPAs, and marketing experts
• Collaborative learning and encouragement
• Strategic thinking about the business

Participants learn to work on the business, rather than just in it.

Administrators for the program are Robert Dickerson, Jr., and Tim Clay, instructors include BBRC staff members: Lisa Cooper, LaTanya Jordan, Accounting & Business Consultants, Inc. staff members: Deryk & Ann Ferrier, and Logistical Solutions staff members: Lonnie Thomas and Cliff McCarroll along with Duanna Pang-Dokland of Igniting Possibilities. For more info, please call (205)250-6380.