Expanding your business can be difficult, especially if you don’t have the necessary funds. However, you can get funding through an SBA loan. We’re joined on today’s episode of the SBA Update by Allen Thomas, SBA Regional administrator, and David Dafoe, the CEO of Flavorman.
One of the nation’s foremost experts on flavor is David Dafoe, founder of Flavorman. Dafoe founded a business focusing on technical development after realizing the need for technological innovation in the beverage sector. Flavorman is a trend-setting force because of his dedication to establishing the best standards for research, quality, and customer assistance. Flavorman stands out in a cutthroat business thanks to its distinctive, team-based approach to client interactions.
Key Takeaways:
1. Dafoe secured building spaces for Flavorman by utilizing the Small Business Administration’s (SBA) 504 loan for the first 15 years of operation.
2. SBA commends Dafoe for his perseverance because it’s common for entrepreneurs to foster tunnel vision. David believes, “Dafoe is a shining example of how entrepreneurs don’t have to go it alone.”
3. SBA provides free training on connecting with investors, lenders, partners, and exceptional mentors for startups and even highly successful businesses.
4. The SBA’s Community Advantage Loan Program gives women, minorities, veterans, and underserved communities access to the resources they often lack.
5. The program also works with incarcerated people because they want to ensure that every one in three Americans achieves the American Dream. “Every American deserves the tools necessary to grow, scale, and manage their businesses.”
6. “It’s our job to amplify these available resources for SMBs to connect.” For example, due to the tremendous success of the community program, SBA intends to implement the program permanently to aid the funding gap.
7. The Community Advantage (CA) pilot program expires September 30, 2023. CA pilot lenders interested in transitioning to a Community Advantage Small Business Lending Company should contact SBA at caloans@sba.gov.
"When the economy gets tough, always look to SBA moving forward.” – Allen Thomas
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