By Dr. Tyra Oldham
In business, access to capital is vital. The Minority Business Accelerator (MBA) is developing and supporting midsize companies in the region and is working with PNC Bank to educate, support access to capital and increase Black wealth throughout the region. MBA's COO, Curtis Hollis, hosted the second event. The event outreached to MBE businesses to share the bank's resources with Alexandria Abell, PNC DEI representative, and Kathleen Pleasant, lead SBA representative for PNC.
On November 1st, an online event with the MBA and PNC presented the second event held online within the series focusing on the role, potential, and power of SBA financing. Kathleen Pleasant's mission is to share the value of the SBA Program within the region for PNC Bank. Pleasant spoke about the program's power for businesses seeking capital for the first time or larger companies expanding to increase assets.
Pleasant shared, "The SBA helps weaker balance sheets to mitigate the risk of lack of assets and down payment." She spoke of the SBA's three foundational loans:
SBA Guarantee Loan
SBA 7A for loans up to $5 million
SBA 504 supports fixed assets up to 90% and more
PNC is open to sharing the power of the SBA to assist businesses in gaining capital for their business.
Learn more about the waiving of fees until September of 2023. Contact the Minority Business Accelerator to learn more about how we assist developing MBE companies within our region in our partnership with PNC.