Three SAIL Loan recipients (from left): Lorena Siminovich of Petit Collage, Nansee Kim-Parker of Tokyomoto andYaron Milgrom of Local Mission Market.
As we said in our latest newsletter, we feel so lucky to be surrounded by such a talented and dynamic network. This week I spoke with Desi Stark, the Senior Vice President of Small Business Banking at Bank of America, who is also a PCV Advisor and a member of our SAIL loan committee. Desi’s entrepreneurial background and her passion for small business make her an incredible asset to the economic development community here in San Francisco, and we were so inspired after speaking with her. Read more about Desi Stark and how she’s helping to create a more vibrant small business community in the Bay Area.
You have experience in opening a small business. Can you tell us a little more about that?
I know firsthand that starting and sustaining a business is one of the hardest things someone can do. When I was 22 I started a logistics and transportation business and successfully sold it after nine years and 100+ employees.
How would PCV have changed your experience as a small business owner?
When I first started out, I had little to no credit and little credibility, and it took me a long time to build my business to the point of exit. If I had known PCV I am certain that I would have reached profitability earlier.
Not only does the PCV SAIL loan fund offer loans for small businesses that might not be ready for a bank loan, but they also lend a helping hand through the advising aspect of the SAIL lending program. When you’re forging down the path of a small business owner, that helping hand gives you the courage, confidence and know-how that you need to succeed.
As a member of the SAIL loan committee, and also as a small business banker, what do you look for in an application?
When looking at a loan application, we’ll of course look at the financials, but we also look at the human side of the company. Is there a strong leadership team? Are there resources to support growth? These types of things are indicators that the company will not only pay back the loan but ultimately succeed.
SAIL loans fill the gap in the market before a small business can get a loan from a bank. What advantage will SAIL loan recipients have when they are ready for the next step?
Starting with a SAIL loan would give a company so much credibility. Of course it demonstrates responsibility and profitability, but it also shows that you have worked with a financial advisor and know your business well.
We love the idea of working with banks like Bank of America to create a supportive network for small businesses in the Bay Area.
So do we! The Bay Area really is a microcosm and such a unique space for small businesses. They have support at all levels, from start-up to acquisition. Bank of America sees PCV as a tremendous asset to the community because you really understand the Bay Area and what it means to be a small business owner. Working together, we create a web of support for businesses of all sizes. Once those entrepreneurs are ready for a bank loan, they have the same kind of support from institutions like Bank of America. Last year alone we made $9 billion worth of loans to small businesses. We understand how important small businesses are for a strong economy and are doing our part to grow the space.
Working together with partners like Bank of America ensures that businesses of all sizes have the funding and support that they need to grow and create jobs, crating an economically vibrant Bay Area. We thank Desi and Bank of America for their ongoing support and willingness to sit down with us for this interview! Want to learn more about PCV’s SAIL Loan Fund? Check out www.pacificcommunityventures.org/SAIL today and see if you qualify!