March 2015

Small Business Program Newsletter
Entrepreneur of the Month
Rick Waters
OMUNKY

There are a lot of cool T-shirts: those that glow, those with hometown pride, those better suited for the runway than the weekend. Basics are so yesterday. Nix the pretension but not the ease and the cause with super soft 100% cotton tees made in the USA, each sporting humorous takes on wild animals. Throw on one of twenty-something's Rick Waters OMUNKY limited-edition tees ($25), emblazoned with an adorable giraffe wearing sunglasses or bucks acting like a couple of bros out on the town to help raise money for WildAid, a non-profit that fights illegal poaching and sale of animal parts.  

 

A small business loan from Community Capital helped the business grow and put it on a path to success. 


Click here to read the full story on how Community Capital helped  the business on its way. Then visit the business' website here  and their Facebook page  here to see and order their cool made-in-the USA shirts while supporting a great cause!  

News to Use
Improving your credit score

Are you in the market for a small business loan or any other form of credit? One of the first things a potential lender will look at is your credit report and score.

A better score means better terms, potentially more offers of credit and ultimately a lower cost of borrowing.

 Here are five tips on improving your score:
 1. Know what's in your report!
Review your own report before applying for credit. You have the right to a free credit report once per year from all three credit agencies. To retrieve yours, go to www.annualcreditreport.com .  
Review the report carefully! Make sure all accounts are listed accurately. If you find errors or mistakes, contact the credit bureaus directly as well as the creditor whose information is incorrect.Circle back after a few weeks to confirm that the records have been corrected.

2. Keep your balances in check! Your balances on credit cards and other revolving debt (such as lines of credit) should ideally not exceed 30% of the available credit limit - i.e. if your credit limit is $900,  try not to use more than $300.

3. Make your payments on time! This is one of the most important factors affecting your credit score. Set yourself payment reminders or sign up for automatic bill pay wherever possible to avoid an unnecessary 'ding' on your report.

4. Be careful when closing credit cards - this can not only affect your available credit balance (see 2. above) but also the length of your credit history (if this was one of the first cards you ever opened), which is also a substantial factor in calculating your score.

5. Only apply for credit when you truly need it - having too many inquiries on your credit report can make you look 'desperate' for cash.

Building or repairing credit takes time - allow yourself enough time to get your credit in shape BEFORE you apply to a lender!
Upcoming events



GROW 2015

Mark your calendar for the 2015 GROW Conference - Westchester's premier conference for small businesses at all levels!

May 1, 2015
8am - 3pm
Gateway Center at Westchester Community College
Early Bird special until April 15th!

Come and benefit from a wide variety of workshops across all fields of interest to small business owners. From Legal to marketing, payroll and budgeting to social media and lending - there is sure to be something for everyone!




Opportunity is our mission.

Community Capital New York serves as an economic catalyst, providing business financing that transforms and strengthens the prosperity of our communities and the lives of the people who live in them.

Community Capital New York, a nonprofit alternative lender, is one of nearly 850 CDFIs certified by the Community Development Financial Institutions Fund of the U.S. Dept. of the Treasury, and one of the largest serving seven counties in the Hudson Valley. We provide loans that create quality jobs, revitalized Main Streets, good homes and tax revenues by leveraging financial, human and civic resources. Through flexible, innovative and responsible lending, we create environmentally and economically healthy communities and enable traditionally underserved people to become stakeholders in New York's economy.
Community Capital New York
Wells Fargo
SBA
Empire State Development
  914 747-8020| 914 747-2049| www.communitycapitalny.org