Tim Hoerr, CEO of Serra Ventures, was a featured presenter at “Lending For Small Technology Businesses” on August 31, 2011. The presentation was held at EnterpriseWorks, located in the Research Park at the University of Illinois.
The workshop included an overview of loan options provided by Tim Hoerr from Serra Ventures from the entrepreneur’s perspective, describing SBA lending programs and how to approach a bank for a conventional loan. Kathy Larson, from the Champaign County Regional Planning Commission, provided an overview of their local business loan programs. These programs are designed to stimulate the growth, expansion and retention of businesses within Champaign County. The RPC’s economic development programs offer borrowers lower interest rates, long-term fixed rate financing, lower down payment requirements, and enhanced private lender risk. John Farrell, CEO of Illinois Ventures for Community Action (IVCA), provided information on their loan program that provides financing at interest rates far below the traditional rates available through a conventional lender. Jeff Troxell, commerical lending expert at Busey Bank, provided insights into how banks evaluate credit opportunities for start-up companies and requirements for collateral, processing of SBA loans, and their role in working with community lending programs.
To view Tim’s portion of the presentation, follow this link.