SBDC Launches Credit to Capital Initiative to Support Local Entrepreneurs

New and aspiring business owners can explore how to build strong credit and prepare for financing through Credit to Capital, a new program by the Small Business Development Center (SBDC) Southern Region at the College of Southern Maryland (CSM). 

Credit to Capital is open to residents and businesses in Calvert, Charles, and St. Mary’s counties. Participants learn about personal and business credit, reports, and factors that affect credit scores.  

SBDC Program Assistant Antonia Davis said the program gives new and aspiring business owners an opportunity to work with consultants as they prepare to grow their business. 

“It helps business owners who may be using their personal credit but want to learn more about getting business credit,” Davis said. “Once you want to expand, you go to a lender and give them all the numbers, your credit may not be there. This helps you build up your credit so you can go back to them and say, I have all these wonderful numbers and the credit to match it.”  

Credit to Capital was introduced during the SBDC Speed Lending event last week. Held annually for nearly a decade, the event gives participants four minutes to pitch their businesses to lenders, explore financing options, and find out what they may qualify for. Business Consultant Bill Hitte said the event helps prepare entrepreneurs to be successful in seeking funding, whether they are just getting started or looking to expand.  

“Whether they are in business or not, the entrepreneurs can get insight from lenders in a quick, short, fashion to be able to talk to as many lenders as they can,” Hitte said. “You really have to be able to say what you’re doing, and these kinds of events can really help you be able to do that.” 

Speed Lending attendees had the opportunity to complete the first of Credit to Capital's three phases, which includes a presentation covering credit scores and reports, credit laws, consumer rights, and how personal credit can affect a business. The second phase is self-guided virtual instruction on why credit matters, what lenders look for, and how to analyze credit reports. In phase three, participants receive one-one-one consulting to assess their readiness and to guide them through the process of securing financing. Those who complete the program receive a certificate acknowledging their credit literacy.  

James Vasquez, director of SBDC Southern Region, shared how this information helps future business owners build a strong financial foundation and make connections as they work to grow the Southern Maryland economy.  

“Access to capital remains one of the biggest challenges for entrepreneurs, and our goal is to help business owners become better prepared to navigate that process successfully,” Vasquez said. “Programs like these create a stronger pathway from preparation to funding.” 

Lamont Downs is one of the program attendees seeking information and support for financing. Downs owns an acquisition firm and recently purchased Village Cleaners in Calvert County. He said the event has been a great resource as he looks to purchase a third dry cleaner and a centralized plant to service each location.  

“Jumping into acquiring these businesses was a learning curve,” Downs said. “Having support or a team to coach us through how to be successful, sustain in business, and how to get funding or expand is a necessity.”  

The Credit to Capital program will host workshops throughout the tri-county area in the coming months, giving business owners an opportunity to complete the first phase of the program. Interested entrepreneurs can find more information about the program and how to register on the SBDC website.