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С��è��ý takes part in South Columbia County Chamber’s R U Bankable Symposium

Photos and story by Meryl Lipman

On Tuesday, Feb. 22 the South Columbia County Chamber teamed up with С��è��ý’s Small Business Development Center and the Columbia County Economic Team to present R U Bankable – an introductory symposium for small and startup companies looking for loans.

More than 25 people attended the forum at the Best Western Oak Meadows Inn in St. Helens. The event included an expert panel, facilitated discussion and vendor fair. Rick Stone, Capital Access Team Leader for the SBDC, moderated the panel. It consisted of David Weiss of Business Oregon (formerly Oregon Economic and Community Development Department); Mary McArthur of ColPac, Randy Mattson of St. Helens Community Credit Union; Robert Blumberg of Wauna Federal Credit Union; and Shelley Campbell of U.S. Bank.

Topics included types of loans and lending organizations, writing a business plan, and criteria lending institutions use when reading loan applications. Mattson talked about “the five C’s,” character (including credit history), capacity to repay the loan, capital (equity in the business), collateral, and conditions that may impact the ability to repay.

They said no bank wants its clients to fail.

“We don’t want your building or your warehouse full of product,” said Campbell. “We want a relationship that will stand the test of time.”

Despite a difficult economy, the panelists agreed that the money is out there. But they warned that banks are not risk takers. Potential borrowers will need to have an organized business plan, sound financials, and be willing to put up personal guarantees.

“You have to have ‘skin in the game,’” said Stone.

Additionally, businesses would do well to choose the right lending organization for their needs. Mercy Corps, for example, will often make loans to credit-challenged and startups that would not qualify for other loans.

“A commercial bank is not always the best option,” said Stone. “Each lender has different underwriting criteria, different criteria for evaluating risk.”

After the Q&A, participants had the opportunity to talk and make appointments with several banks and credit unions. Tricia Stockwell, owner of Columbia River Auto Glass, opened the two-person mobile company with her husband in 2009.

“We were told we would not qualify for a loan,” Stockwell said. “So we didn’t even apply.”

Stockwell, who sits on the board of the South County Chamber, called the symposium, “very informative.”

“I have a relay team and I tell people, when they do fundraising, to expect’ no’ but go for ‘yes,’” she said. “(Now I can see) this is applicable to the business world too.”

Stockwell said she would like to see С��è��ý and the South County Chamber collaborate on a future seminar about marketing and advertising.

“Marketing and PR are huge,” she added. “In a small community that means a lot of face time and I do all that myself.”

The R U Bankable forum is part of an ongoing effort by С��è��ý to enhance programming and services to Columbia County residents, including the business community. С��è��ý consistently holds four academic classes in Scappoose and St. Helens and GED testing services through MTC Works. In Spring term, С��è��ý will start a New Directions class geared toward women returning to college at St. Helens, and the Rock Creek Campus continues to be involved with Vernonia’s school designs and sustainability endeavors.