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National
The U.S. Department of Commerce's National Institute ofStandards and Technology is conducting a pilot program to improveaccess to capital for small and midsized manufacturers at four ofits Manufacturing Extension Partnership centers:
- New York City firms can turn to The New York IndustrialTechnology Assistance Corp., which has contracted with aninvestment banking firm to help companies identify financing goals,create a package to submit to funding sources, and shop the packagearound. They are also working to create a $15 million loan pool forcompanies seeking $100,000 to $500,000. Firms considering a mergeror acquisition can also get advice. For more information, call(212) 240-6920.
- Colorado, Kansas, Missouri and Wyoming companies benefitfrom Capital for Manufacturers. An affiliate of the Mid-AmericaManufacturing Technology Center in Overland Park, Kansas, thisgroup assists companies in finding and securing angel, venture,seed and mezzanine financing, as well as forging joint ventures.For more information, call (913) 649-4333.
- Michigan manufacturers get assistance from PathwayPartners Ltd., which is affiliated with the Michigan ManufacturingTechnology Center/Industrial Technology Institute. Pathway helpsfacilitate management buyouts, mergers and acquisitions, and aidsin helping entrepreneurs obtain growth capital. Pathway personnelwill also serve on advisory boards to help companies work throughmanagement problems. For details, call (313) 769-4491.
- Illinois firms in the six-county area surroundingChicago can look to the Chicago Manufacturing Center'sManufacturing Investment Network (MIN) to assist with mergers andacquisitions. MIN helps buyers and sellers assess theirbusinesses' value, prepare for investor presentations andnegotiate deals. The network can also help develop a list of buyersor sellers, and MIN representatives will handle the due diligencefinancial institutions require. Call (773) 265-2020.
Scholarships For High School Entrepreneurs
National
High school students who are in the 12th grade during the1996-97 school year and operate a business are eligible to enterthe sixth annual Johnson & Wales University NationalOutstanding High School Entrepreneur Contest.
The top 10 finalists will be flown to the Providence, RhodeIsland, university to present their business plans to the judges.The winner receives a renewable scholarship to Johnson & Wales,valued at $20,000 (spread over four years). Three otherscholarships will also be awarded. In addition, 10 entrants whosubmit the best plans for a business that is not yet operationalwill receive smaller scholarships.
The deadline for nominations is January 6, 1997. For moreinformation, call (800) 342-5598.
Innovative Mail Order Products Sought
National
The National Mail Order Association (NMOA) is looking for 500unique mail order products to feature in its inter-nationalnews-letter, Mail Order Digest. In addition, NMOA willfeature 50 of the 500 products (one from each state) on its Website for one year.
Open only to U.S. manufacturers, the contest will accept up tothree products from each company. Judging will be held early nextyear; December 31 is the deadline to enter. For information, call(612) 788-1673.
New Financing Programs Offered
New Jersey/California
Finding money to finance your small business is always achallenge, but a number of new programs have been created tosimplify the search.
- The New Jersey Development Authority and PrincetonCapital recently formed a partnership where the state willguarantee up to 50 percent of loans of $100,000 or less made by thefinance company to small businesses. The Statewide ReceivablesFinancing Program is open to all New Jersey small businesses but isconcentrating on minority- and women-owned firms. Loans are securedby receivables; companies must have contracts with the governmentor major corporations. For further details, call (609)292-1890.
- The Los Angeles Community Development Bank is now opento serve entrepreneurs in the economic-ally depressed Los AngelesEmpowerment Zone. Targeting primarily small and midsized companies,the bank offers a variety of funding options for businesses thatdon't meet traditional lending requirements.
Some loans are coupled with business and technical assistance.For more information, call (213) 759-7759.
Contact Sources
Capital for Manufacturers, Mid-America Manufacturing TechnologyCenter, 10561 Barkley, #600, Overland Park, KS 66212, mbirger@mamtec.com;
Chicago Manufacturing Center, Manufacturing Investment Network,3333 W. Arthington St., Chicago, IL 60624, (http://www.cmcusa.org);
Industrial Technology Assistance Corp., 253 Broadway, 3rd Fl.,New York, NY 10007;
Johnson & Wales University, 8 Abbott Park Pl., Providence,RI 02903, (http://www.jwu.edu);
National Mail Order Association, fax: (612) 788-1147, (http://www.nmoa.org);
New Jersey Development Authority, CN990, Trenton, NJ 08625;
Pathway Partners Ltd., 2901 Hubbard Rd., Ann Arbor, MI 48105,jdb@iti.org.
