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September, 2012 
Small Business Program Newsletter 
Community Capital New York
What We Do:
Community Capital lends up to $50,000 to start-up and existing businesses that banks are unable to assist.

Communi
ty Capital is the Hudson Valley's small business lender of choice.  We offer timely personalized service, affordable rates and a community based approach.

We accept a broad range of credit scores and alternative types of collateral. Our technical assistance services are designed to help you succeed in business.

Meet with our staff in Hawthorne, New Windsor or Poughkeepsie! 

You need a supportive and experienced financial partner - Contact Community Capital today!

Simone Obermaier for more information and a loan application:  [email protected]
 or 914.747.8020 x 10
 
Small Business Permits and Licenses
In starting your business, online research is often one of the first steps to take to explore different options and requirements. One area that potential business owners need to keep in mind are the proper licenses and permits to open the type of business you envision. Here is a helpful site from the New York State Small Business Development Center, here is a link to OPAL - Online Permit Assistance and Licensing for New York State and here is information on federal permits and licensing requirements from the SBA.

Keep in mind that you don't need to pay anyone to do the specific filings for you, they are usually not that complicated, but in the interest of using your time where it can be most profitable, you might choose to hire help from a consultant or an attorney to get your paperwork in order.

Credit Tips for Business Owners
What is a credit score:  A number between 350 and 850 that indicates your creditworthiness to lenders.  The most commonly used credit score is the FICO score based on a formula developed by the Fair Issac Corporation. 

A good  FICO score can save you money personally and in your business.  Lenders, insurers, and landlords will use your score to assess risk and may offer you better rates the higher your FICO score.

How do I obtain my FICO score?  Many people purchase their TransUnion and Equifax FICO scores from www.myfico.com.  Obtain your Experian FICO score directly from Experian.

How do I get my credit report?  We all have the right to one free credit report per 12-month period from each of the three major credit agencies:  Equifax, Experian and TransUnion.  Get your free report at:  www.annualcreditreport.com
The Federal Trade Commission (FTC) warns about 'imposter' sites and recommends typing the link into your browser or accessing it via the FTC site (see below).

How do I correct errors on my credit report?  You can contact the credit agency or the company that has made the incorrect report to the credit agency.  When disputing an entry provide identifying information about yourself, specifics about the error and supporting documentation.

The Federal Trade Commission website provides information and sample letters for disputing credit information. Go to the Consumer Protection and then Consumer Information Tab on the FTC website.  Click here :FTC 
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ESD
Entrepreneur of the Month! 
The Terrace Club - Amie Cunningham  



When Amie Cunningham and her husband moved from Mamaroneck, they were immediately drawn to the charming restaurant nestled at edge of beautiful Lake Mahopac. Viewing the restaurant through the trained eye of a retailer for high end stores, Amie said, "I could tell that [the restaurant owners] were having trouble with long lines and two hour waits."

 

The local SCORE organization put Amie in touch with Community Capital New York when she looked for a loan to buy the restaurant. Knowing nothing about the restaurant business, Amie credits her good luck to sign on Chef Kenny Breiman, who formerly worked in the kitchen of Peter Kelly's X20 on the Yonkers' waterfront, and to her sweat equity working eighty hour weeks.

 

Three years later, The Terrace Club employs 28 full and part-time staff, many of whom are college students, during the summer season and retains ten full time staff during winter months. The restaurant recently purchased a boat for guests to cruise on the lake and get a closer view of the Frank Lloyd Wright designed residence that is situated directly across the lake from the restaurant. Seen from The Terrace Club's outdoor patio, the famous home, with its cantilevered terraces, seems to be floating over Lake Mahopac. The Yorktown Artists' Group, a collection of local artists, poets and musicians gather regularly at The Terrace Club, as well as professional groups such as the Professional Women of Putnam County.

 

Were there any intermediary steps between your SCORE referral and being approved for a loan from Community Capital?

It was a process. After several meetings and guidance from SCORE, I perfected my business plan. Then I met with Community Capital's small business loan officer and finally with the loan approval committee. I also received a personal loan and a business line of credit from two different banks to accumulate the capital needed. I shopped my business plan to several banks before receiving the loan and line of credit. I believe being a young woman made banks more skeptical to invest in me.

 

What is the best advice you received as you built your new business?

"Your customers ARE your business."

 

In hindsight, what do you wish you knew?

How hard it would be! How much I didn't know! How much money I needed!

 

Now that your family has grown to include a new baby daughter, how do you manage to balance work and parenting?

I have to say that timing was on my side. I'm now going into my fourth year owning The Terrace Club. I would not have been able to manage both [motherhood and management] if it had been my first or second year operating the restaurant. When I was pregnant, I worked the entire summer, our busiest season.  Our daughter was born in the winter when it's my slower season. Personality and attitude play a huge part as well. I'm not a lazy person and for the most part I am always pretty energetic and happy.

 

You say "I wouldn't be here without my customers from the community." How do you connect with your community outside of the restaurant?

We are a huge supporter of local community groups. We donate annually in gift cards to local sport teams, schools and other community organizations. We always participate in The Food and Wine Festival that benefits the Westchester/Putnam's Women's Group. We collect donations twice a year for our local "Friends of Karen" organization.

 

What's next for you and The Terrace Club?

We have to keep current to keep alive. So maintenance is always a priority. Not having a "corporate budget" means we do a lot of handy work ourselves after purchasing our supplies. We know it's important to show our customers that we are always trying to improve things, whether it is a fresh paint color or new cabinets for the bathrooms, because we care.

  

  The Terrace Club
825 South Lake Blvd
Mahopac, NY 10541

www.theterraceclubrestaurant.com  

 

(845) 621-5200

 

Martin's Corner
Can Customer Feedback help grow your business? 

An entrepreneur is by definition someone who follows his or her own business instincts. He or she charts their own course and trusts their choices. An entrepreneur is a calculated risk taker who believes in intelligent and educated judgement.

So what can such a person learn from the opinion of others, particularly his own customers?

If he is wise, a great deal!

A story about my own business experience:

In the early years I had established a modestly successful business and I was kind of proud of myself and thought I was pretty hot stuff. I trusted my own instincts and charted my own course. I didn't solicit advice from my customers nor did I pay much attention when it was offered.

After a few years I noticed that business was flat with volume not growing. At this point, I began to solicit advice from my clients as to how I could serve them better. I didn't adopt many of the suggestions that were given to me, because they weren't sustainable from a business standpoint. As an entrepreneur, it was still my decision to decide what would or wouldn't increase "profitable" business. I did however utilize many excellent suggestions from my customers that helped my business grow significantly by offering goods and services that I would have never dreamed of offering on my own.

Your loyal customers want you to flourish. They have an investment in your business. Everyone wants to feel that they have the good sense to do business with a successful operation.

Listen to your customers. Their feedback can transform your business, but be mindful that only you can decide what will add profitable volume.
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