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| Startups on the Move
As we gear up for the holidays and usher in another New Year, St. Louis Enterprise Centers would like to thank and congratulate the new and growing businesses for making 2011 a year of growth and prosperity. In addition to welcoming the newest startups, we congratulate the businesses continuing their growth not only in the incubator but also for years to come!
Moving in & Moving Up
Go!Gyro!Go! LLC, a gourmet mobile food truck specializing in Greek and Mediterranean cuisine, is now based out of the Midtown Enterprise Center.
Through the installation of its Satellite Master Earth Station, Best Way Telecomm Corp. is making cellular communication possible within the Galapagos Islands and remote areas of the Ecuadorian Amazon Rainforest. Best Way is located in the West County Enterprise Center.
Dynalabs has seen sizeable growth in 2011, servicing new markets and morphing from an analytical lab to a quality assurance organization. This soon-to-be Midtown Enterprise Center graduate has over 20 full-time employees and 780 clients in just eight years.
Sledroc Construction, a carpentry and construction company, is proud to be certified as a Disadvantaged Business Enterprise (DBE) and Disadvantaged, Minority & Women Owned (DMBE) Business.
St. Louis Enterprise Centers welcome Cindy Delaney as the department's new administrative assistant. Cindy replaces Carol Nevins who accepted a position within the organization's Business Development Division.
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| The Center for Business Growth
A startup venture or small business is more likely to achieve significant and sustainable growth when supported by mentors with proven skills and experience. As the first if its kind business mentoring program, the Center for Business Growth provides effective, growth-oriented, management and tactical support to entrepreneurs in the St. Louis area by:
- Creating relevant, structured mentoring programs to help entrepreneurs identify, define and develop innovative approaches to product development, operations, marketing, customer management, finance, and accounting.
- Assembling teams of experienced, successful business people as volunteer mentors to provide tactical business mentoring to small businesses.
- Engaging foundations, individuals and commercial entities to form partnerships for the development of innovative business models and high-growth ventures.
The Center for Business Growth is a partnership between St. Louis County Economic Council and Venture Advisors, Inc. For more information on how you can participate, contact Lee Crockett at 314.775.8622.
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| The Top 5
Top five tips to keep in mind when applying for business financing:
- Banks weigh personal credit strongly
- Secondary sources of income are preferred
- Most business loans are collateralized
- Personal guarantees are typically required
- Provide a well thought out plan
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| Enterprise Center
Board of Directors
Arthur G. Baebler
Board President
Matthew E. Gieseking
Board Vice President
William R. Gilbert
Board Treasurer
Patrick M. Bannister St. Louis Development Corporation
Marc Braun
The Law Office of Marc W. Braun
George A. Brill Talisen Technologies
John G. Gatewood Northwestern Mutual
Jeffery H. Kass Polsinelli, Shughart PC Kraig G. Kreikemeier Kreikemeier Group, LLC
Judy Meador
Missouri Venture Forum
Joseph W. Mooney III Mooney Favazza, LLP
Richard M. Palank St. Louis County Economic Council
James Seitz Lindell Bank
Dr. Patricia A. Suess St. Louis Community College
Kevin Wilson Small Business Development Centers
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| Enterprise Centers Release Impact Numbers
Small businesses have one of the greatest impacts on job growth and make up the majority of local jobs and economic stimulus. As you can see, job and revenue growth are exactly what the small business owners are doing at St. Louis Enterprise Centers!
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| Remember This When Applying for Business Financing
While growth and expansion are the aspirations of many entrepreneurs, getting the financing to achieve those goals is not always easy. St. Louis County Economic Council's Business Finance guru and recent Seminar for Success presenter Steve Grelle suggests the following tips to consider when applying for business financing:
- Banks weigh personal credit strongly - Banks assume borrowers will manage their business finances similar to how they manage their personal credit. Paying bills on time weighs the strongest on your score, followed by the ratio of outstanding balances to available credit.
- Secondary income preferred - While not required, financial institutions prefer an outside source of income. Most banks include personal income in cash flow calculations, and in many cases it makes the difference between an approval or denial.
- Most business loans are collateralized - Banks minimize their risk by ensuring borrowers have "skin in the game." They normally look for 100 percent collateralization using a realistic liquidation value, which is discounted over the market value. This is typically 80-90 percent on real estate and 50-75 percent on equipment.
- You'll guarantee it - It is rare to get a small business loan without a personal guarantee. Financial institutions are not confident in an owner's ability to run and manage his business, if he is not confident enough to assume some of the risk.
- Provide a well thought out plan - You must have a plan to get financing. It should include financial projections, marketing plans, differentiators, sources and uses of funds, how the money will be spent, and what impact it will have.
Written by Steve Grelle, business development officer for St. Louis County Economic Council's Business Finance Division. He was a recent Seminar for Success presenter on this topic and can be reached at 314.615.7681 or sgrelle@slcec.com.
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St. Louis Enterprise Centers
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South County
Enterprise Center |
St. Louis Enterprise Centers provide office, production, warehouse, culinary, and lab space at five convenient locations: Midtown, South County, Wellston, West County, and the soon-to-be-open Helix Center
Did you know -
The South County incubator is located in the Community of Lemay and is the only Enterprise Center to offer retail space.
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