Sign Arkansas Banking RFP Fast

Industry sign banking arkansas rfp fast

so welcome to a EDC quick action loan program today's panelist is Bentley story and he's the director of the business development division at the Arkansas Economic Development Commission Bentley is a graduate of the Walton College of Business at the University of Arkansas with both a bachelor's science and business administration and a Master of Business Administration and he's also a native of Forrest City Arkansas take it away Bentley already Thank You Timothy and thanks to everyone that joined this afternoon I think both Timothy now were watching the governor's press conference right before we clicked in so I made a few people that they joined in will join in later but today I wanted to give you guys an overview of of the Commission brief introduction and what resources we have and that came online a couple of weeks ago as far as kovat 19 specific resources our agency we are a state agency we're part of the executive branch that means where we report to to the governor Mike Preston is our executive director of the economic development commission he came on board in 2015 last year when the governor was doing his reassessment of state agencies and taking the board's number of boards and commissions that directly reported to him from 40 to I believe down to 15 Mike was asked to be the Secretary of Commerce which puts our agency in a really good position to have somebody that's focused on economic development at the head of Commerce which includes several agencies such as Bank Department securities Department insurance Department and probably one you've seen in the news lately a department of workforce services they manage the unemployment insurance program so Mike is overseeing all of our programs that the agency has but also overseeing Department of Workforce Services and the implementation of the unemployment insurance programs which as as you all know have take has taken a you know a thousand percent increase into what they typically received so needless to say Mike's makes a bit of busy man and a quick update on unemployment insurance I know that's not what we're not talking about today but you know I know they are getting more guidance from the Department of Labor on the additional six hundred dollar increase in UI benefits and in addition the 1099 contract employees gig economy workers those should be up and running I believe I've heard in in the coming weeks so still trying to get that system built out and and get that ready for those employees that traditionally were not eligible for unemployment because no unemployment insurance was paid into it but now they will be eligible so moving on to a little bit about our agency will read the mission there but ultimately our our goal is how do we assist companies in creating jobs we do that with all the divisions listed below of course I'm with the business department division we we are essentially the sales team for the for the state of Arkansas we work with existing industries new industries recruiting new industries working with expanding industries assisting with financial incentives doing site site location assistance for them also being a single point of contact you know it's interesting our everyone in these divisions you see listed here their jobs have shifted where we say we are attracting higher paying jobs where that's still part of what we're doing all of our job descriptions have changed tremendously over the last three weeks so our team business and Community Development we have really turned into the business response team so if someone were to send in an email or a phone call to the information on to the links on our webpage you would get a call back for me about email back from somebody from our team and essentially we turned ourselves into loan officers as well and so I'll go into a little bit of that in a minute about the programs we have but everyone on the honor team has has really shifted gears we have actually sent some of the staff from our agency to the Department of Workforce Services to assist with the unemployment insurance call center so we are all shifting focuses to make sure that the current needs are being met first I'll jump into this is this is more of an awareness for you all not specifically for you know small businesses but I think it's good to get this information out there we have Community Development Block Grants that are federal funds that we receive from the federal government on an annual basis when when this and happen you may recall the governor announcing twelve million dollars of those funds would be allocated to two for Coe bid 19 resources so this is where it stands currently ten million of the 12 million that we had the governor allocated is really going to be designed for grants for rural hospitals nonprofit clinics and public County health units there are some federal restrictions around it you have to be in a population of 50,000 or less a community and they can be used for equipment supplies operating cost things like that we are awaiting an additional ten point eight million to be released that was announced in the Kerr's act that was approved a couple weeks ago I'm still waiting on HUD guidance but I anticipate that ten point eight will will be utilized to assist rural hospitals and clinics and health units as well so if you do know of anybody that is in a rural Hospital nonprofit clinic that needs assistance not put gene Nobles contact information here she is the she's the director of grants for our agency and she is is taking in all of those enquiries and understanding what the needs are and that sort of thing so this is more of just an FYI that feel free to pass this along and if you know of anyone that's in the police please pass class genes contact information to them the other two million of the 12 million as we have allocated for for businesses to assist and that can be those funds can be used for working capital or fixed assets but we want that to facilitate the continued operation of the facility that's our goal is to maintain assist companies to maintain their operations keep people on the payroll keep keep producing again this does have a requirement of has to be less than 50,000 populations so cities like Little Rock Fort Smith Jonesboro those cities actually receive direct allocations from the feds and we're prohibited from using those those funds in those communities but there's a low to moderate income requirement as well that the feds have us abide by which means 51% of the the positions held by a company have to be either low to moderate income these Community Development Block Grant funds come from Housing and Urban Development HUD so you know one of their goals is assisting a low to moderate income families so that's that's the reason for that restriction if if you are a company that you feel fits in that criteria if you know someone this is the contact information at the bottom I was I was referring to covet 19 dot business info at Arkansas ADC comm or five zero one six eight two one one to warn you know if somebody emails or calls they should get a response we're trying to keep the response time within within the day so trying to stay on top of those so could be confident that if somebody does reach out so that you will get a response from from somebody on our team or I've encouraged people to contact me directly my contact information is at the end of the presentation you may also recall the governor announced a 7 million dollars for the quick action loan program he and he originally committed four million dollars from the quick action fund that he manages that we actually utilized to provide incentives for for businesses creating jobs and then a few days later three million dollars was committed from the Attorney General's consumer education enforcement fund so which was really dedicated towards helping small businesses so so that three million dollars was set aside to provide loans for businesses that we our agency typically does not work with that would be those industries not in the primary sector so when you think about our agency we work in primary sectors may need manufacturing corporate headquarters transportation logistics distribution centers things like that we typically don't don't work in the services sector whether that's restaurants medical offices retail operations things like that but this program was designed to assist those companies we found that there was a real need for those businesses because those were the ones that were actually impacted initially so so we dedicated that three million dollars to provide loans up to twenty-five thousand dollars direct to companies for businesses that have between two and 50 non owner direct w2 employees businesses had to be currently in operation I will say the application for that program is currently closed we received over 700 applications in just five business days so you can do the math if we were to fund those loans at at full capacity at $25,000 apiece we wouldn't get anywhere near the applications received so so we have currently discontinued the the application for that how ever if people are interested in being notified if more resources do become available we're asking those to email us at that co vid 19 dot business info email address or feel free to call and and we can we can share information on how to how to get signed up how to get into the queue and be the first to to be notified should shed more resources be be made available of that 7 million the 4 million that I talked about earlier from the governor's quick action closing fund this program is still available those those funds have not been fully deployed so we are prioritizing those those on small and medium-sized companies there are no employment restrictions as in the other of the $25,000 program but you know we're looking for those companies that are in the supply chain of the essential goods and services so that's either healthcare food manufacturing we reviewed some and approved that are in a janitorial service a pretty significant operation where they actually clean hospitals office doctors offices but they also clean restaurants and business offices that have shuttered so you can imagine half of their business is really essential the problem is the other half of the business is taking a downturn so those are the some of the examples of the kind of businesses that I think where we're looking forward to prioritize for that so that's terms are flexible rates probably the majority of them are going to be 0% and up to a five year amortization you know we're looking probably around two but I think we would consider up to five and also deferred payments for that that loan as well and that can be up to $250,000 direct loan to companies but we are also asking banks to sign up and become a unauthorized but in lender with this program where we can leverage some of those funds and provide an 80% guarantee of the principal balance issued by that approvement lender and if you go to our website and i've got the link later you can actually see what banks are signed up to to participate in that so you know doing the quick math there will guarantee up to two hundred fifty thousand dollars which can be 80 percent of the loan meaning a company can go out and take a three hundred and twelve thousand five hundred dollar loan and we can provide an eighty percent guarantee on that so just leveraging some of the state resources for the guarantee we are looking at not just those companies in the healthcare and food manufacturing but companies in the primary industries as well such as headquarters things like that so you know I will say all of these programs that we that we put together actually came out prior to SBA's PPP program our program is coming out right as the e IDL the emergency disaster loan program was coming out I think is up to twenty-five thousand as well and so you know our programs are really meant to kind of be a bridge to more significant longer term financing probably through SBA and I know probably a lot of you on here read or heard some of the other webinars on SBA programs but you know those programs are still going to be the best resource our state funds are are limited we have what we have in the checkbook and once we write the check it's going you know the federal government is in a different situation where as their resources they've committed to this are pretty expensive so but anyone that is interested in this program or if you have a bank that is interested in participating feel free to contact us through the email and phone number below or they can contact me directly so the web hopefully evolve you'd Arkansas abc.com backslash kovat 19 that's where we're populating updates on all the programs as they become available also that's an easy way to get big email address and phone number there as well one last thing I'll I'll put it out there is we've gotten a lot of questions about suppliers wanting to provide PPE for the state for hospitals our liaison with with Arkansas Department of Emergency Management is a gentleman named Steve sparks and I put his email address in there also put the state emergency off center so I would I would encourage you if you have companies that want to supply with PPE or or medicines anything like that these are the best two contacts to help to help get in touch with the right folks and get that process going one other thing that that I didn't put in here that I want to want to address was we are getting a lot of questions about how do i how do I ensure my business is considered essential should we go into a more restrictive shelter-in-place type atmosphere in Arkansas you know our response is that those determinations are not being made at this point the anticipation is is and I'm true for the governor speak that's that's not where we're where we want to go but if you want to submit a letter feel free to email them to me directly and there's there's my contact information feel free to email those essential letters to me directly we are maintaining a lot of the letters that we have received on behalf of the governor's office that will get reviewed should we go into a more strict atmosphere but and you know in those letters I would recommend a little background on the company and as to information as to why you all feel you're essential some of some companies have federal contracts they're working on and they would like to you know include that in the letter so feel free to include any kind of federal designation that a company may have as far as as far as that's concerned with that you know I think that's pretty much what I had had prepared again these programs were designed prior to the rollout of SBA programs I have heard from we've heard from some bankers as of today that the PPP program they are getting comfortable with it they are loaning the money out they've approved funds and funds are flowing typically what I've heard is about a three to four day turnaround as far as getting the applications and processing them and getting the funds deployed so with that Timothy I will turn over you I want to do a Q&A I'm so I do want to thank everybody for attending today in addition to Bentley you can also reach the a SBTDC six eight three seven seven zero zero that rolls over to our customer service manager you can also find us on facebook which is always nice because you can actually ask questions on there that's being monitored by glen marine our communications person we're on twitter linkedin and as i mentioned a couple times we have a youtube channel just go to youtube and see you'll find this program as well as all the other webinars we've been doing with keeping the most current copies in the playlist and as I said everybody will receive a follow-up email tomorrow and we'll have a link to the YouTube recording a link to the slides I've got all the information Bentleys but throw on the screen with the phone numbers the grants and email addresses will include that anything outgoing email as well and just reminder for folks that may not be aware of who we are the Arkansas SBTDC is a partnership with the US Small Business Administration they fund a program in each of the 50 states and six territories you a Little Rock college business manage that program for A kansas and we partner with six additional universities with eight locations throughout the state I mean actually cover all 75 counties so if you need some help with something feel free to pick up the phone and give us a call this time we still don't have any