Forum to Teach Businesses How to Obtain Financing

Many of Ventura County’s small- and medium-sized high-tech and defense businesses could use some additional funds to support sales growth. But many of these companies don’t know how to acquire it.

Those were the sentiments expressed in a survey distributed to that cluster of businesses by the Economic Development Corp. of Ventura County.

The organization, charged with helping to build commerce throughout the county and to find jobs for workers laid off by downsizing, will address these and other financial concerns Tuesday at its Capital Market Connection Forum. The EDC plans to make the financing program an annual event.

“A lot of companies are growing rapidly and want to go into new marketing or strengthen their current marketing,” said Joe McClure, loan officer for the business development group. “They just don’t really know how to ask for financial assistance or what to ask for.”

The forum will bring together business executives, bankers and representatives of public loan programs, including the U.S. Small Business Administration, the U.S. Dept. of Agriculture and the California Coastal Rural Development Corp.

“Over 60% of the firms looking for financial assistance never contacted a bank, and we want to find out why,” McClure said. “We’re going to try to lay out what the basics are for low-risk financing.”

The EDC distributed 750 surveys to county businesses and received nearly 200 responses. One-quarter of respondents, McClure said, were interested in acquiring lines of credit and few were interested in high-risk capital.

“We’re going to give answers to the cumulative needs of the community and have bankers address some of those needs,” McClure said. “We hope a lot of people will take the time out and find out what’s available.”

The forum will be held at the Lobster Trap restaurant at Channel Islands Harbor. Admission is $10, which includes breakfast and a financial resource directory. For reservations, call 384-1800, Ext. 21.