The focus of this event was to highlight veterans lending initiatives in Texas, with a panel discussion on access to capital for veterans and available resources for veteran entrepreneurs.
Capital CDC borrower, Kids 'R' Kids #7 is owned by James and Tracy Reece. After serving in the U.S. Army for over two decades, James and his wife Tracy, acquired the local branch of a Kids 'R' Kids franchise using the SBA 504 Loan Program and the VetLoan Advantage incentive. Capital CDC's VetLoan Advantage offer is for all 504 loans to businesses with veteran ownership over 49%, or those businesses whose spouse is an eligible veteran, Capital CDC will waive 0.5% of the processing fee up to a $12,500 maximum savings.
The SBA 504 and the savings from VetLoan Advantage allowed them to acquire the existing business and continue to provide longstanding childcare for the community and sustain the employment for the existing 29 employees.
"The VetLoan Advantage program has been hugely successful and we will continue to partner with NADCO to promote small business lending that supports our nation's heroes in achieving their entrepreneurial goals,” said Harry Leach, Capital CDC Business Development Director. Capital CDC has engaged with four veteran small business owners since May 2013, providing over $1,320,000 in loans through the VetLoan Advantage initiative.
"Small business growth creates jobs and strengthens communities," said Mark Winchester, SBA Houston District Director. "Our goal is to provide small business owners with the information, tools, and capital to succeed. The SBA 504 and other SBA loan programs are helping Texans thrive. This Veterans Day we celebrate the success of James and Tracy Reece and we thank them for their contributions to the families in The Woodlands, as well as for their service to our country."
Capital CDC would like to thank the following attendees for speaking and providing valuable information for veterans seeking to start their own business:
• Representative Steve Toth, Texas State House Of Representatives
• Mark Winchester, Houston SBA District Director
• Carl Salazar, Director of City of Houston Office of Veterans Affairs
• Green Bank, Bill Ridgway, Commercial Lender
• Tim Scarborough, Procurement Advisor, University of Houston PTAC
• Heather McNelis, Representative, National Association of Development Companies
For more information, check out the article that The Houston Chronicle wrote on the event here.