Financial Support for TTCC Members
Financing is the most critical aspect of any small business success. The TTCC is embarking on a Finance Association with the local financial interests to provide greater access to credit through common processing, business owner education, financial planning and requirements assessment, that offers preferential treatment and potential discounts. This serves to mutually benefit local business and the financing interest members, who gain from a growing business environment.
Forming a Financial Association with banking, CPA, financial consultant, and a few business owners provides a forum for the associated TTCC members to meet the general needs of our business communities. As part of the TTCC EDC effort, the Association members become a leading voice and planning in any revitalization program.
The following objectives describe the expectations being addressed by the Association to serve our TTCC Members:
1. Provide funding assessment and planning to property/business owners to determine needs. This may include assisting in site selection, or determining business need for the community, given current businesses that may impact feasibility for success, which is a typical risk assessment for any funding source.
2. Address property owner needs to acquire property and related mortgage, as well as property improvements as part of the purchase, or separately, to include advisement on "Return-On-Investment" feasibility/risk assessment.
3. Business owners typically seek early development funding for start-up costs that cover: legal formulation/permit assistance, employee recruitment, equipment/inventory purchase, initial payroll until revenue is available, and business related interior/exterior construction.
4. Subsequent business financing may dictate additional lines of credit for business growing needs related to new purchase order/inventory demands, marketing and/or employee payroll. This could also include facillity expansion, equipment upgrades, or buyer pass due coverage, etc..
5. Consultation on financial matters is an on-going process served by the TTCC lending, CPAs, financial consultant members, to guide the owners on cash-flow, budgeting, taxes, and cost review, etc.
Tri-Town Chamber of Commerce (TTCC) of Boonton, Boonton Township and Mountain Lakes, PO Box 496, Boonton, NJ 07005
www.tritownchamber.com - www.facebook.com/tritowncofc/ - [email protected]