Small Business Seeking Capital Funds?

FSC First Hosts Workshop To Help Businesses Get To The Next Level

By Tiffany Young 

If you invest it in, it will grow.

This statement will never get old for those businesses looking to expand. 

But most importantly it will resonate with those looking to gain capital funds for expansion. While some businesses are dealing with the financial effects of the pandemic, others are just trying to get a foot in the door as entrepreneurs. Both have challenges and yet there’s good news on the other side: Two financial organizations have teamed up to create a learning environment for small business owners seeking capital funds in Prince George’s County.

In partnership with Industrial Bank, FSC First is serving as the premiere lending company in the county to provide resources for existing businesses seeking to expand their businesses (with more product offerings which require additional office space, equipment and/or staff). 

For some businesses that means looking to get back into pre-pandemic flow. If the economic recovery from COVID-19 is muted some industries will take years to get back to normal. Many in those industries are small businesses, and their recovery may take even longer, if at all. At the start of the pandemic, Derek Griffis and his business associates at Fresh Start Restoration Services, Inc. were hit hard by the loss of a big contract because at the time, few if any  were thinking about restoration projects. 

FSC First held a special workshop for those seeking the resources and learning how to apply for capital funds. The workshop was held July 14. The grand opening was also served with a birthday party for CEO B. Doyle Mitchell, Jr. As a non-bank lender, FSC Bank is often considered to partner with banking institutions or in some cases to complete business transactions for small businesses. 

FSC First Bank is aware that capital funding can provide the lift many businesses need to reach that crucial new phase and go to the next level. 

“Access to capital is a goal all of the time, not just for an emergency, but ongoing,” said Dawn Medley, senior vice president, business financing programs & EDI fund manager at FSC Bank. In addition to accessing the money, Medley has encountered businesses who did not have friendly landlords and they had to relocate. FSC Bank stepped in to help those businesses find new locations as well as finding staffing resources.
FSC Bank coordinates more than 11 loan programs with more than $37 million to lend to businesses.
“Industrial Bank is part of FSC Bank’s lending bank pool, therefore we have a long standing relationship with them and it just made sense for us to host this special workshop during the grand opening of the Largo branch,” said Medley. In addition, Medley mentioned that Industrial always hopes some of the businesses in attendance opened accounts with Industrial, but it's not a requirement.
FSC Bank also hosts a popular program known as “Level Up.” It’s designed for new business owners to get the tools needed to be successful. “We also offer training and coaching within our “Level Up” program. We work with several county departments to help early startups to offer these services to grow their business,” said Roger Reynolds, marketing and outreach coordinator at FSC Bank.

Griffis, who runs Fresh Start Restoration Services, Inc. in Upper Marlboro, decided to attend the workshop for the information. He mentioned that before the pandemic, the county would host financial literacy programs all the time that he used to participate in. “I've been in business since 2015, and the pandemic hit us hard, but events like this will show us how to get the capital we need,” said Griffis.