Helping Small BuSineSSeS ReacH HigHeR

www.firststateloan.org | 302-652-6774 or 1-800-652-4779 p • 302-656-1272 f | 100 West 10th Street • Suite 1005 • Wilmington, DE 19801

Helping Small

BuSineSSeS

ReacH HigHeR

2 0 1 4 A n n u A l R e p o R t

FirstState_AR_final.indd 1-2 5/11/15 8:34 AM

First State Community Loan Fund’s mission is to educate,

empower and elevate business owners and entrepreneurs by augmenting technical expertise, increasing

access to capital and stimulating business growth throughout Delaware and southeastern Pennsylvania.

1

VanDEll Hampton, Jr. President & CEO

racHEl BalDiniVice PresidentDirector of Lending

SHEila Harrigan Portfolio Manager

pHylliS mccollumSenior Community Lending Officer

cHriStopHEr cHaplinCommunity Lending Officer

clinton tymESTechnical Assistance Coordinator

JESSica giBSonProgram DirectorWomen’s Business Center

DElorES lEE Program AssistantWomen’s Business Center

DEBoraH HarriSonFinance Manager

Will oWEnSImpact and Research Associate

Dear Friends:

as we look back at 2014, First State community loan Fund (clF) is proud to say that it was truly a successful year. to us, success is defined not only by the financial viability of our organization, but also by what we do for our clients. collectively, we have much to celebrate.

in 2014, we served nearly 200 new clients, approved more than $2 million in new loans and provided more than 1,100 hours of technical assistance to small businesses in Delaware and southeastern pennsylvania. What does this mean for our communities? the creation and retention of 193 jobs.

additionally, as a federally-certified community Development Financial institution, we remain committed to underserved populations within our service area. in fact, last year alone:

• Half of all loans made went to low-income borrowers

• nearly fifty percent of First State clF’s clients were minority business owners

• one in three loan recipients was a woman business owner

our commitment to women-owned businesses in particular was recognized by the u.S. Small Business administration, who, in September 2014, awarded First State clF the contract to host the state’s Women’s Business center (WBc). the WBc at First State clF began seeing clients and holding training events in January of 2015.

We have continued to evolve as an organization dedicated to small business growth and development, and, to that end, changed our mission statement to reflect that shift:

“First State CLF’s mission is to educate, empower and elevate business owners and entrepreneurs by augmenting technical expertise, increasing access to capital and stimulating business growth throughout Delaware and southeastern Pennsylvania.”

it is through your continued support and partnership that First State clF can fulfill this mission, helping small businesses in our region reach higher. i encourage you to spend some time reading the client profiles in this annual report, and you will see how our success is indeed their success.

Sincerely,

Vandell Hampton, Jr.president & cEoFirst State community loan Fund

M e s s a g e f r o M t h e P r e s i d e n t & C e o


First State Community Loan Fund’s mission is to educate,

empower and elevate business owners and entrepreneurs by augmenting technical expertise, increasing

access to capital and stimulating business growth throughout Delaware and southeastern Pennsylvania.

1

VanDEll Hampton, Jr. President & CEO

racHEl BalDiniVice PresidentDirector of Lending

SHEila Harrigan Portfolio Manager

pHylliS mccollumSenior Community Lending Officer

cHriStopHEr cHaplinCommunity Lending Officer

clinton tymESTechnical Assistance Coordinator

JESSica giBSonProgram DirectorWomen’s Business Center

DElorES lEE Program AssistantWomen’s Business Center

DEBoraH HarriSonFinance Manager

Will oWEnSImpact and Research Associate

Dear Friends:

as we look back at 2014, First State community loan Fund (clF) is proud to say that it was truly a successful year. to us, success is defined not only by the financial viability of our organization, but also by what we do for our clients. collectively, we have much to celebrate.

in 2014, we served nearly 200 new clients, approved more than $2 million in new loans and provided more than 1,100 hours of technical assistance to small businesses in Delaware and southeastern pennsylvania. What does this mean for our communities? the creation and retention of 193 jobs.

additionally, as a federally-certified community Development Financial institution, we remain committed to underserved populations within our service area. in fact, last year alone:

• Half of all loans made went to low-income borrowers

• nearly fifty percent of First State clF’s clients were minority business owners

• one in three loan recipients was a woman business owner

our commitment to women-owned businesses in particular was recognized by the u.S. Small Business administration, who, in September 2014, awarded First State clF the contract to host the state’s Women’s Business center (WBc). the WBc at First State clF began seeing clients and holding training events in January of 2015.

We have continued to evolve as an organization dedicated to small business growth and development, and, to that end, changed our mission statement to reflect that shift:

“First State CLF’s mission is to educate, empower and elevate business owners and entrepreneurs by augmenting technical expertise, increasing access to capital and stimulating business growth throughout Delaware and southeastern Pennsylvania.”

it is through your continued support and partnership that First State clF can fulfill this mission, helping small businesses in our region reach higher. i encourage you to spend some time reading the client profiles in this annual report, and you will see how our success is indeed their success.

Sincerely,

Vandell Hampton, Jr.president & cEoFirst State community loan Fund

M e s s a g e f r o M t h e P r e s i d e n t & C e o


moving a moving company ahead.

the way Vernon gibson looks at it, “We don’t move furniture. We move people’s lives.” it’s a sentiment that

drives how he treats his customers and how he looks at his business. His perspective came from working for

others. He worked for a franchise moving company and always felt there was a disconnect between the client

and the company. When he created his own company, he wanted to bring a family feel to the table.

Vernon’s focus is to make his clients feel comfortable, like a part of the family. “it’s why we only do flat rate moving versus charging by the hour,” he says. “i always thought it was unfair for a customer to pay more because we couldn’t get it done right in a reasonable amount of time.” g & g moving has six employees, including Vernon’s wife, Jessica, who came into the business in 2013.

the game changer for Vernon—and the reason he sought out First State community loan Fund (clF)—came from a comment his daughter made when they were on vacation. “She looked outside and said: ‘Daddy, there’s your truck.’” it was a yellow penske truck. “i realized because we rented those trucks so much, she thought it was ours.” it was at that moment that Vernon decided something needed to change. He started looking into what he was spending to rent trucks and was flabbergasted. “When i saw the number, i thought, ‘Wow! i could own two or three trucks for what i’m spending to rent.’”

at first, Vernon went to banks without much luck. He provided profit and loss statements, his deposits and business tax returns, and it was all to no avail. When he met with First State clF, things turned around. “they give guys like me a chance to actually do something,” Vernon comments.

Vernon believes First State clF treats people differently, by looking at his business as a whole and recommending ways for him to do things better. “the funding they provided is allowing me to take my business to the next level.”

With the money he borrowed, Vernon acquired his first moving truck in January. Before the loan from First State clF, the business was spending $50,000 a year to rent trucks. Vernon sees advantages beyond the obvious ones. “it’s been awesome—like a moving billboard. We have our logo on the truck, people see it and they share it on Facebook. it’s raising awareness and people are calling us because of it.”

if Vernon gets his way, g & g moving will grow smartly. He wants to hire the right people at the right time and grow his business his way, building on a quality reputation and not just chasing every dollar. in 2015, the business will have three trucks on the road and in the future, there are plans to affiliate with a large moving company, which would open up a worldwide network.

g & g’s customers include large corporations, small businesses, and individual home owners. Headquartered in newark, Delaware, the company can be found on the web at www.gandgmoving.com.

Vernon loves what he does. “i took this on as a summer job while i was going to college,” comments Vernon. “i always say, ‘i didn’t choose moving, moving chose me.’”

g & g M o v i n g

Vernon Gibson—owner, g & g Moving

“They give guys like me a chance to actually do something.”

2 3


moving a moving company ahead.

the way Vernon gibson looks at it, “We don’t move furniture. We move people’s lives.” it’s a sentiment that

drives how he treats his customers and how he looks at his business. His perspective came from working for

others. He worked for a franchise moving company and always felt there was a disconnect between the client

and the company. When he created his own company, he wanted to bring a family feel to the table.

Vernon’s focus is to make his clients feel comfortable, like a part of the family. “it’s why we only do flat rate moving versus charging by the hour,” he says. “i always thought it was unfair for a customer to pay more because we couldn’t get it done right in a reasonable amount of time.” g & g moving has six employees, including Vernon’s wife, Jessica, who came into the business in 2013.

the game changer for Vernon—and the reason he sought out First State community loan Fund (clF)—came from a comment his daughter made when they were on vacation. “She looked outside and said: ‘Daddy, there’s your truck.’” it was a yellow penske truck. “i realized because we rented those trucks so much, she thought it was ours.” it was at that moment that Vernon decided something needed to change. He started looking into what he was spending to rent trucks and was flabbergasted. “When i saw the number, i thought, ‘Wow! i could own two or three trucks for what i’m spending to rent.’”

at first, Vernon went to banks without much luck. He provided profit and loss statements, his deposits and business tax returns, and it was all to no avail. When he met with First State clF, things turned around. “they give guys like me a chance to actually do something,” Vernon comments.

Vernon believes First State clF treats people differently, by looking at his business as a whole and recommending ways for him to do things better. “the funding they provided is allowing me to take my business to the next level.”

With the money he borrowed, Vernon acquired his first moving truck in January. Before the loan from First State clF, the business was spending $50,000 a year to rent trucks. Vernon sees advantages beyond the obvious ones. “it’s been awesome—like a moving billboard. We have our logo on the truck, people see it and they share it on Facebook. it’s raising awareness and people are calling us because of it.”

if Vernon gets his way, g & g moving will grow smartly. He wants to hire the right people at the right time and grow his business his way, building on a quality reputation and not just chasing every dollar. in 2015, the business will have three trucks on the road and in the future, there are plans to affiliate with a large moving company, which would open up a worldwide network.

g & g’s customers include large corporations, small businesses, and individual home owners. Headquartered in newark, Delaware, the company can be found on the web at www.gandgmoving.com.

Vernon loves what he does. “i took this on as a summer job while i was going to college,” comments Vernon. “i always say, ‘i didn’t choose moving, moving chose me.’”

g & g M o v i n g

Vernon Gibson—owner, g & g Moving

“They give guys like me a chance to actually do something.”

2 3


Sandy and Frank Honess with Daisy and Dolly—owners, Ladybug Pest Management

helping work the bugs out.

Sandy Honess was a legal assistant and her husband, Frank, owned a construction business. Both had 20+ years of

experience in their respective occupations. and both were suddenly left to determine a new source for livelihood when

Frank’s business went under in 2006, and Sandy was laid off in 2010. She never would have guessed then how a pest

control business and two dogs named Daisy and Dolly would become the center of their professional lives.

after Frank’s business dissolved, he joined orkin. He learned about pest management—received excellent training in it—and loved it. But after years of owning and operating his own business, it was apparent that the corporate atmosphere of a large company was not the best fit for him. So in January of 2010, Frank started ladybug pest management, while Sandy still worked in the legal field. the following may, when Sandy was laid off, she jumped in and joined the business.

“although we provide the traditional pest management services, we specialize in bedbugs. it’s our niche,” says Sandy. Bedbugs are found not just in hotels, but in communal housing and homes. Since 2012, bedbug pest control has generated 40 percent of ladybug pest management’s gross revenue. “the market is there,” emphasizes Sandy.

Bedbugs are hitchhikers. part of what Sandy and Frank do is educate those in the hotel and property management business about what to look for. two of the most unique employees are their beagles—Daisy and Dolly—who literally sniff out the bedbugs and who have become the stars of their website, www.ladybugpm.com. “they’re Delmarva’s own. We travel with them to sites. they help us, help our customers to get in front of the problem,” explains Sandy.

Sandy feels she and her husband have been blessed to start the business when they did. Sandy did a lot of research before she found First State community loan Fund (clF) through the Small Business Development center in georgetown, Delaware. “looking for financing to help us out, we obtained our first loan from First State clF in 2011 for $25,000. We worked with wonderful people—in particular Sheila Harrigan,” comments

Sandy. in 2014, ladybug pest management refinanced the initial loan and received some additional funding for working capital.

But Sandy sees First State clF as a source of much more than financing. She participated in the Business Savers program, which matched her savings two-to-one. “i agreed to save $2,000 and at the end of the year, i received a check for $6,000, plus interest.” Sandy is also participating in the Digital compass project, a collaborative effort between the Small Business Development center and First State clF. Digital compass is a program that brings together promising small businesses and web/it vendors to develop high impact programs, using digital tools and analytics. the goal of the program is to help small businesses enter new markets and expand their services.

Sandy is elated to have these kinds of services available to her, particularly when it’s hard to know what course of action to take on her own. “We get bombarded with solicitations from many companies. it’s hard to know what to do. i know First State clF will help us find someone we can trust,” says Sandy.

ladybug pest management is headquartered in Delmar, Delaware. going into its sixth year in the business, Sandy feels they are finally gaining some momentum. “We want to be in the game for the long run. We love it. We love our customers.”

L a d y b u g P e s t M a n a g e M e n t

“I know First State Community Loan Fund will help us find someone we can trust.”

4 5


Judy McGrane and lynn McGrane—owners, Jootz, LLC

enhancing the art of growing a business.

“i was wearing a pillbox hat the year before Jackie Kennedy made them famous,” says lynn mcgrane. that

sums up the kind of household in which she and her sister, Judy, were raised. creativity blossomed. the

sisters and their mother were always ahead of the curve in trends. and Judy and lynn have continued

that tradition in their business—Jootz. now retired from a successful career as a general manager for both

Bloomingdale’s and Wanamaker’s, lynn has joined Judy—who is the artist of the enterprise—in what has

become a successful décor business.

the sisters handcraft Judy’s designs in their studio in Springfield, pennsylvania. there are two objets d’art that have become their most popular items sold, both retail and wholesale. Judy developed a unique process called reverse decoupage that is used to decorate glass giftware. the 22- to 26-step process involves applying the art and images to the reverse side of the glass bowl, vase or dish and then applying gold leaf.

their second hallmark product is the Queen Beez. considered a year-round ornament, the Queens are crafted using 4-inch glass balls that are imported from poland and then personalized with faces, trimmings and sometimes even a full body clothed in spectacular fashion. the Queen Beez have become such a hit with catalog retailers that there have been requests for custom versions. last year, nearly 200 limited-edition Queen Beez figures were crafted for one client.

as the business has flourished, so has their ability to meet demand. First State community loan Fund (clF) provided a loan to help them grow—they received that financing new year’s Eve last year. the sisters also employ eight part-time contract employees when they get too busy to handle the work themselves.

the possibilities look to be endless. “We have begun to specialize in certain niche markets—for example, sororities have Queen Beez customized with greek letters,” says lynn. they have also created Queen Beez for historical museums. “Judy did a mary todd lincoln Queen Bee and we sold that to the lincoln Summer cottage museum in Washington, Dc. We recently attended our first conference and look forward to doing more custom work for them,” says lynn.

there is huge potential with a new opportunity that could take the Queen Beez into mass production. thanks to First State clF’s connections and knowledge about small businesses, Judy and lynn are looking to bring an international manufacturing vendor into the picture. the sisters are hoping for exposure from a major client, such as QVc or macy’s, to bring that business opportunity into fruition.

Judy handcrafted more than three thousand creations last year alone—you can see examples of their work at www.jootz.com. Both are loving the opportunity to do something they both love together.

J o o t z

As the business has flourished, so has their ability to meet demand. First State Community Loan Fund provided a loan to help them grow.

76


Judy McGrane and lynn McGrane—owners, Jootz, LLC

enhancing the art of growing a business.

“i was wearing a pillbox hat the year before Jackie Kennedy made them famous,” says lynn mcgrane. that

sums up the kind of household in which she and her sister, Judy, were raised. creativity blossomed. the

sisters and their mother were always ahead of the curve in trends. and Judy and lynn have continued

that tradition in their business—Jootz. now retired from a successful career as a general manager for both

Bloomingdale’s and Wanamaker’s, lynn has joined Judy—who is the artist of the enterprise—in what has

become a successful décor business.

the sisters handcraft Judy’s designs in their studio in Springfield, pennsylvania. there are two objets d’art that have become their most popular items sold, both retail and wholesale. Judy developed a unique process called reverse decoupage that is used to decorate glass giftware. the 22- to 26-step process involves applying the art and images to the reverse side of the glass bowl, vase or dish and then applying gold leaf.

their second hallmark product is the Queen Beez. considered a year-round ornament, the Queens are crafted using 4-inch glass balls that are imported from poland and then personalized with faces, trimmings and sometimes even a full body clothed in spectacular fashion. the Queen Beez have become such a hit with catalog retailers that there have been requests for custom versions. last year, nearly 200 limited-edition Queen Beez figures were crafted for one client.

as the business has flourished, so has their ability to meet demand. First State community loan Fund (clF) provided a loan to help them grow—they received that financing new year’s Eve last year. the sisters also employ eight part-time contract employees when they get too busy to handle the work themselves.

the possibilities look to be endless. “We have begun to specialize in certain niche markets—for example, sororities have Queen Beez customized with greek letters,” says lynn. they have also created Queen Beez for historical museums. “Judy did a mary todd lincoln Queen Bee and we sold that to the lincoln Summer cottage museum in Washington, Dc. We recently attended our first conference and look forward to doing more custom work for them,” says lynn.

there is huge potential with a new opportunity that could take the Queen Beez into mass production. thanks to First State clF’s connections and knowledge about small businesses, Judy and lynn are looking to bring an international manufacturing vendor into the picture. the sisters are hoping for exposure from a major client, such as QVc or macy’s, to bring that business opportunity into fruition.

Judy handcrafted more than three thousand creations last year alone—you can see examples of their work at www.jootz.com. Both are loving the opportunity to do something they both love together.

J o o t z

As the business has flourished, so has their ability to meet demand. First State Community Loan Fund provided a loan to help them grow.

76


Sandy and Frank Honess with Daisy and Dolly—owners, Ladybug Pest Management

helping work the bugs out.

Sandy Honess was a legal assistant and her husband, Frank, owned a construction business. Both had 20+ years of

experience in their respective occupations. and both were suddenly left to determine a new source for livelihood when

Frank’s business went under in 2006, and Sandy was laid off in 2010. She never would have guessed then how a pest

control business and two dogs named Daisy and Dolly would become the center of their professional lives.

after Frank’s business dissolved, he joined orkin. He learned about pest management—received excellent training in it—and loved it. But after years of owning and operating his own business, it was apparent that the corporate atmosphere of a large company was not the best fit for him. So in January of 2010, Frank started ladybug pest management, while Sandy still worked in the legal field. the following may, when Sandy was laid off, she jumped in and joined the business.

“although we provide the traditional pest management services, we specialize in bedbugs. it’s our niche,” says Sandy. Bedbugs are found not just in hotels, but in communal housing and homes. Since 2012, bedbug pest control has generated 40 percent of ladybug pest management’s gross revenue. “the market is there,” emphasizes Sandy.

Bedbugs are hitchhikers. part of what Sandy and Frank do is educate those in the hotel and property management business about what to look for. two of the most unique employees are their beagles—Daisy and Dolly—who literally sniff out the bedbugs and who have become the stars of their website, www.ladybugpm.com. “they’re Delmarva’s own. We travel with them to sites. they help us, help our customers to get in front of the problem,” explains Sandy.

Sandy feels she and her husband have been blessed to start the business when they did. Sandy did a lot of research before she found First State community loan Fund (clF) through the Small Business Development center in georgetown, Delaware. “looking for financing to help us out, we obtained our first loan from First State clF in 2011 for $25,000. We worked with wonderful people—in particular Sheila Harrigan,” comments

Sandy. in 2014, ladybug pest management refinanced the initial loan and received some additional funding for working capital.

But Sandy sees First State clF as a source of much more than financing. She participated in the Business Savers program, which matched her savings two-to-one. “i agreed to save $2,000 and at the end of the year, i received a check for $6,000, plus interest.” Sandy is also participating in the Digital compass project, a collaborative effort between the Small Business Development center and First State clF. Digital compass is a program that brings together promising small businesses and web/it vendors to develop high impact programs, using digital tools and analytics. the goal of the program is to help small businesses enter new markets and expand their services.

Sandy is elated to have these kinds of services available to her, particularly when it’s hard to know what course of action to take on her own. “We get bombarded with solicitations from many companies. it’s hard to know what to do. i know First State clF will help us find someone we can trust,” says Sandy.

ladybug pest management is headquartered in Delmar, Delaware. going into its sixth year in the business, Sandy feels they are finally gaining some momentum. “We want to be in the game for the long run. We love it. We love our customers.”

L a d y b u g P e s t M a n a g e M e n t

“I know First State Community Loan Fund will help us find someone we can trust.”

4 5


Kim and troy Adams—owners, Mountain Consulting, inc.

engineering a bright future.

Kim adams credits her interest in engineering from an experience she had growing up. throughout elementary

and high school, she was in the Dupont-sponsored minority Engineer intensive training (mErit) program.

later, she attended both Delaware technical community college and the university of Delaware.

Kim started out in engineering, but changed directions to business management. Her first forays into the corporate world were in business, but she still had the engineering mindset that she wanted to nurture. then, in 2003, she and her husband, troy, a professional engineer, founded mountain consulting, inc. Kim handles the business side of the company, while troy focuses on the engineering side.

last September, mountain consulting learned about First State community loan Fund (clF) through a referral from Senator carper’s office, and they quickly started the process to get a small business loan. “it’s the first loan we ever had,” Kim says. at that time, the company was experiencing some growth and needed additional funding to get to the next level. the First State clF loan provided the funds that enabled mountain consulting to move to a better location, purchase much-needed equipment and consolidate debt.

this year, mountain consulting’s gross revenue in the first quarter equals that of their entire year in 2014. much of this growth can be attributed to the u.S. Small Business administration’s 8(a) certification program, which provides financial assistance to small, disadvantaged

businesses, and the HuBZone program, which revitalizes struggling communities by giving small businesses, located in designated commercial corridors, more access to federal government contracting opportunities.

given that edge, businesses like mountain consulting can grow, create jobs and turn whole communities around. mountain consulting currently has a contract at Dover air Force Base, which was a result of their HuBZone designation.

Kim believes the future holds a great deal of promise, and she would like to see mountain consulting become a top contender in civil engineering in the state in the next five years. “When we started this company, it was just us—we are truly homegrown. We hire from our community and give people who wouldn’t have the chance otherwise to learn this industry,” says Kim. She believes many african-americans don’t know engineering because they’ve never been exposed to it. “i feel we need to plant the seed,” she emphasizes. “We need to help others understand there are other places to work that can make your life better.”

mountain consulting is headquartered in Dover, Delaware and began providing engineering, land surveying and technical services to both public and private clients, as well as non-profit organizations, in 2003. Find them on the web at www.mountainconsultinginc.net. they are registered professional engineers in Delaware and maryland and have a network of professional land surveyors licensed throughout the mid-atlantic region.

M o u n ta i n C o n s u Lt i n g , i n C .

This year, Mountain Consulting’s gross revenue in the first quarter equals that of their entire year in 2014.

8 9


Kim and troy Adams—owners, Mountain Consulting, inc.

engineering a bright future.

Kim adams credits her interest in engineering from an experience she had growing up. throughout elementary

and high school, she was in the Dupont-sponsored minority Engineer intensive training (mErit) program.

later, she attended both Delaware technical community college and the university of Delaware.

Kim started out in engineering, but changed directions to business management. Her first forays into the corporate world were in business, but she still had the engineering mindset that she wanted to nurture. then, in 2003, she and her husband, troy, a professional engineer, founded mountain consulting, inc. Kim handles the business side of the company, while troy focuses on the engineering side.

last September, mountain consulting learned about First State community loan Fund (clF) through a referral from Senator carper’s office, and they quickly started the process to get a small business loan. “it’s the first loan we ever had,” Kim says. at that time, the company was experiencing some growth and needed additional funding to get to the next level. the First State clF loan provided the funds that enabled mountain consulting to move to a better location, purchase much-needed equipment and consolidate debt.

this year, mountain consulting’s gross revenue in the first quarter equals that of their entire year in 2014. much of this growth can be attributed to the u.S. Small Business administration’s 8(a) certification program, which provides financial assistance to small, disadvantaged

businesses, and the HuBZone program, which revitalizes struggling communities by giving small businesses, located in designated commercial corridors, more access to federal government contracting opportunities.

given that edge, businesses like mountain consulting can grow, create jobs and turn whole communities around. mountain consulting currently has a contract at Dover air Force Base, which was a result of their HuBZone designation.

Kim believes the future holds a great deal of promise, and she would like to see mountain consulting become a top contender in civil engineering in the state in the next five years. “When we started this company, it was just us—we are truly homegrown. We hire from our community and give people who wouldn’t have the chance otherwise to learn this industry,” says Kim. She believes many african-americans don’t know engineering because they’ve never been exposed to it. “i feel we need to plant the seed,” she emphasizes. “We need to help others understand there are other places to work that can make your life better.”

mountain consulting is headquartered in Dover, Delaware and began providing engineering, land surveying and technical services to both public and private clients, as well as non-profit organizations, in 2003. Find them on the web at www.mountainconsultinginc.net. they are registered professional engineers in Delaware and maryland and have a network of professional land surveyors licensed throughout the mid-atlantic region.

M o u n ta i n C o n s u Lt i n g , i n C .

This year, Mountain Consulting’s gross revenue in the first quarter equals that of their entire year in 2014.

8 9


Jessica Gibson, WBC program Director, and clients

giving women what they need to succeed.

the Women’s Business center (WBc) at First State community loan Fund, located in the community Services

Building in downtown Wilmington, celebrated its grand opening January 21, 2015. in the first quarter alone,

the WBc met with 30 entrepreneurs and provided 95 hours of training and one-on-one counseling.

there is no doubt that this is an idea that has already captivated entrepreneurial women in Delaware. the services provided by the WBc are offered statewide and will include a business planning and success series, mentoring and networking opportunities and a professional speakers series, focused on emerging industries that have the ability to empower the lives of women.

the Women’s Business center is a united States Small Business administration (SBa) resource partner and one of a national network of nearly 100 educational centers. the WBc, designed to assist women in starting and growing small businesses, seeks to level the playing field for women entrepreneurs, who still face obstacles in business.

the funding for the program is provided by the SBa and host organization, First State community loan Fund (clF). this unique partnership between the organizations makes good sense, considering First State clF’s track record in working with women-owned businesses. Since 1992, fifty-five percent of all loans made by First State clF have gone to women-owned businesses.

according to Jessica carmona gibson, program Director of the WBc at First State clF, “Women have unique needs. number one

is work-life balance.” the WBc will identify resources women entrepreneurs can use to balance the many facets of their business and personal lives.

another key benefit of the WBc is to help women-owned businesses get certified for federal contracts with SBa programs like the procurement technical assistance center and the 8(a) certification program. “these programs are underutilized in Delaware,” says Jessica. “We have a very small percentage of women business owners involved in government contracting.”

part of the challenge is a lack of knowledge about these programs and how to access them. the WBc works with clients in a one- on-one setting, assisting them through the certification processes, which can be very laborious. it’s worth it, though, because the ability to bid on federal contracts actually increases the value of the business. those enterprises that are able to get through the certification process can now operate on a federal platform, both nationally and internationally—where opportunities are much greater.

the Women’s Business center at First State clF is committed to serving the community’s needs. “taking a pulse through periodic focus groups is part of the checks-and-balances we have put in place”, says gibson. “We want to honor those community dollars and show value specifically to help those identified needs and goals.”

that is what the Women’s Business center at First State clF takes seriously: giving women—and communities—the tools to succeed.

w o M e n ’ s b u s i n e s s C e n t e r

The WBC will identify resources women entrepreneurs can use to balance the many facets of their business and personal lives.

1110


Jessica Gibson, WBC program Director, and clients

giving women what they need to succeed.

the Women’s Business center (WBc) at First State community loan Fund, located in the community Services

Building in downtown Wilmington, celebrated its grand opening January 21, 2015. in the first quarter alone,

the WBc met with 30 entrepreneurs and provided 95 hours of training and one-on-one counseling.

there is no doubt that this is an idea that has already captivated entrepreneurial women in Delaware. the services provided by the WBc are offered statewide and will include a business planning and success series, mentoring and networking opportunities and a professional speakers series, focused on emerging industries that have the ability to empower the lives of women.

the Women’s Business center is a united States Small Business administration (SBa) resource partner and one of a national network of nearly 100 educational centers. the WBc, designed to assist women in starting and growing small businesses, seeks to level the playing field for women entrepreneurs, who still face obstacles in business.

the funding for the program is provided by the SBa and host organization, First State community loan Fund (clF). this unique partnership between the organizations makes good sense, considering First State clF’s track record in working with women-owned businesses. Since 1992, fifty-five percent of all loans made by First State clF have gone to women-owned businesses.

according to Jessica carmona gibson, program Director of the WBc at First State clF, “Women have unique needs. number one

is work-life balance.” the WBc will identify resources women entrepreneurs can use to balance the many facets of their business and personal lives.

another key benefit of the WBc is to help women-owned businesses get certified for federal contracts with SBa programs like the procurement technical assistance center and the 8(a) certification program. “these programs are underutilized in Delaware,” says Jessica. “We have a very small percentage of women business owners involved in government contracting.”

part of the challenge is a lack of knowledge about these programs and how to access them. the WBc works with clients in a one- on-one setting, assisting them through the certification processes, which can be very laborious. it’s worth it, though, because the ability to bid on federal contracts actually increases the value of the business. those enterprises that are able to get through the certification process can now operate on a federal platform, both nationally and internationally—where opportunities are much greater.

the Women’s Business center at First State clF is committed to serving the community’s needs. “taking a pulse through periodic focus groups is part of the checks-and-balances we have put in place”, says gibson. “We want to honor those community dollars and show value specifically to help those identified needs and goals.”

that is what the Women’s Business center at First State clF takes seriously: giving women—and communities—the tools to succeed.

w o M e n ’ s b u s i n e s s C e n t e r

The WBC will identify resources women entrepreneurs can use to balance the many facets of their business and personal lives.

1110


2014-2015 board of direCtors

Jimmy Jarrell, Chair* tD Bank

Carrie W. Gray, Vice Chair* Wilmington renaissance corporation

Margo J. Reign, Treasurer* Delaware Small Business Development center

Terrence D. Barclift, Secretary* Bank of america

Sheila Harrigan, Assistant Secretary First State community loan Fund

Mark Brindle* m&t Bank

Thomas E. Hanson, Jr., Esq.* morris James llp

John M. Bonhomme Jp morgan chase

Executive Committee*

Richard E. Campbell citizens Bank

James A. Gise WSFS Bank

Anne Johnson Wilmington university

Jonathan Klass customers Bank

Lottie Lee DE Dept. Health & Social Services

Marc Pelletier Fulton Bank

Breck L. Robinson, PhD university of Delaware

Frank M. Salinger Salinger law Firm

Barbara J. Willis univest Bank and trust company

investors

artisans’ Bank

Bank of america

catholic Health initiatives

community Development Financial institution

Delaware Economic Development office (participant)

Deutsche Bank trust company Delaware

HSBc Bank, uSa, na

m&t Bank

ncall loan Fund (participant)

truFund Financial Services

Sisters of St. Frances of philadelphia

u.S. Small Business administration

uSDa, rural Development

WSFS Bank

first state CoMMunity Loan fundStatement of F inanc ia l Pos i t ion

Assets December 31

2014 2013

cash and cash equivalents $ 2,612,203 $ 2,658,861

investments 75,001 74,271

grants receivable 133 103,300

miscellaneous receivable 6,214 23,378

prepaid expenses 16,560 11,046

loans receivable, net of allowance for loan loss 4,489,842 3,474,838

Equity in investment-related party 271,550 273,818

Security deposits 1,427 1,427

property and equipment, net 8,956 11,193

total Assets $ 7,481,886 $ 6,632,132

LiAbiLities And net Assets

accounts payable 3,942 1,290

accrued expenses 2,824 -

compensated absences 21,080 24,330

loan guarantee, including accrued interest 25,048 25,023

loans payable $ 4,535,054 $ 3,961,449

total Liabilities $ 4,587,948 $ 4,012,092

Commitments

net Assets unrestricted $ 2,354,689 $ 2,090,934

temporary restricted 539,249 529,106

total net Assets $ 2,893,938 $ 2,620,040

total Liabilities and net Assets $ 7,481,886 $ 6,632,132

a snaPshot of our 2014 iMPaCt

179 New Clients

1,192 Hours of Business

Assistance

50% Of Small Business

Loans Went to Low-Income Borrowers

30% Of All Clients Were Women

44% Of All Clients

Were Minorities

193 Jobs That

Were Created or Retained

New Castle County, DE

Kent County, DE

Sussex County, DE

Delaware County, PA

Chester County, PA

Number of loaNs by couNty

loaN amouNts by couNty

$0

$1

$2

$4

2012 2013 2014

PORTFOLIO GROW TH (2012-2014)

$3

$5

In Millions0

250k

500k

750k

1,000,000

New Castle Kent Sussex DelawarePA

ChesterPA

COUNTY

AMOUNT COMMIT TED (DOLLARS)

$250,000 (12%)

$932,000 (45%)

$338,500 (16%)

$186,000 (9%)

$368,388 (18%)

Contributors

arsht-cannon Fund

artisans’ Bank

Bancorp Bank

Bank of america charitable Foundation

Bank of Delmarva

citi Foundation

citizens Bank Foundation

comenity Bank

customers Bank

DeWees investment consulting group


Discover Bank

HSBc Bank, uSa, n.a.

HSBc trust company, Delaware

Jp morgan chase Foundation

losco & marconi, p.a.

m&t Bank charitable Foundation

national penn Bank

opportunity Finance network

pnc Bank Foundation

rowland, Johnson & co., p.a.

Salinger law Firm

Santander Bank Foundation

tD Bank Foundation



city of Wilmington

WSFS Bank

Wells Fargo Foundation

individuaL Contributors

Daniel Betancourt

Jessica gibson

Vandell Hampton, Jr.

Sheila Harrigan

Deborah Harrison

mrs. John p. Kurth

Delores lee

phyllis mccollum

portfolio growth 2012–2014

Community DevelopmentMicro Loan

Business Growth

Affordable Housing

• Over $27 million in loans dispursed

• Over 1,100 commitments made

• Expanded into PA in 2011

• Awarded the Women’s Business Center contract from the SBA in 2014

how we Put delaware baCk to work in 2014: o u r h i s to r i C i M Pa C t s i n C e 1 9 9 2 :

1312


2014-2015 board of direCtors

Jimmy Jarrell, Chair* tD Bank

Carrie W. Gray, Vice Chair* Wilmington renaissance corporation

Margo J. Reign, Treasurer* Delaware Small Business Development center

Terrence D. Barclift, Secretary* Bank of america

Sheila Harrigan, Assistant Secretary First State community loan Fund

Mark Brindle* m&t Bank

Thomas E. Hanson, Jr., Esq.* morris James llp

John M. Bonhomme Jp morgan chase

Executive Committee*

Richard E. Campbell citizens Bank

James A. Gise WSFS Bank

Anne Johnson Wilmington university

Jonathan Klass customers Bank

Lottie Lee DE Dept. Health & Social Services

Marc Pelletier Fulton Bank

Breck L. Robinson, PhD university of Delaware

Frank M. Salinger Salinger law Firm

Barbara J. Willis univest Bank and trust company

investors

artisans’ Bank

Bank of america

catholic Health initiatives

community Development Financial institution

Delaware Economic Development office (participant)


HSBc Bank, uSa, na

m&t Bank

ncall loan Fund (participant)

truFund Financial Services

Sisters of St. Frances of philadelphia



WSFS Bank

first state CoMMunity Loan fundStatement of F inanc ia l Pos i t ion

Assets December 31

2014 2013

cash and cash equivalents $ 2,612,203 $ 2,658,861

investments 75,001 74,271

grants receivable 133 103,300

miscellaneous receivable 6,214 23,378

prepaid expenses 16,560 11,046

loans receivable, net of allowance for loan loss 4,489,842 3,474,838

Equity in investment-related party 271,550 273,818

Security deposits 1,427 1,427

property and equipment, net 8,956 11,193

total Assets $ 7,481,886 $ 6,632,132

LiAbiLities And net Assets

accounts payable 3,942 1,290

accrued expenses 2,824 -

compensated absences 21,080 24,330

loan guarantee, including accrued interest 25,048 25,023

loans payable $ 4,535,054 $ 3,961,449

total Liabilities $ 4,587,948 $ 4,012,092

Commitments

net Assets unrestricted $ 2,354,689 $ 2,090,934

temporary restricted 539,249 529,106

total net Assets $ 2,893,938 $ 2,620,040

total Liabilities and net Assets $ 7,481,886 $ 6,632,132

a snaPshot of our 2014 iMPaCt

179 New Clients

1,192 Hours of Business

Assistance

50% Of Small Business

Loans Went to Low-Income Borrowers

30% Of All Clients Were Women

44% Of All Clients

Were Minorities

193 Jobs That

Were Created or Retained

New Castle County, DE

Kent County, DE

Sussex County, DE

Delaware County, PA

Chester County, PA

Number of loaNs by couNty

loaN amouNts by couNty

$0

$1

$2

$4

2012 2013 2014

PORTFOLIO GROW TH (2012-2014)

$3

$5

In Millions0

250k

500k

750k

1,000,000

New Castle Kent Sussex DelawarePA

ChesterPA

COUNTY

AMOUNT COMMIT TED (DOLLARS)

$250,000 (12%)

$932,000 (45%)

$338,500 (16%)

$186,000 (9%)

$368,388 (18%)

Contributors

arsht-cannon Fund

artisans’ Bank

Bancorp Bank

Bank of america charitable Foundation

Bank of Delmarva

citi Foundation

citizens Bank Foundation

comenity Bank

customers Bank

DeWees investment consulting group


Discover Bank

HSBc Bank, uSa, n.a.

HSBc trust company, Delaware

Jp morgan chase Foundation

losco & marconi, p.a.

m&t Bank charitable Foundation

national penn Bank

opportunity Finance network

pnc Bank Foundation

rowland, Johnson & co., p.a.

Salinger law Firm

Santander Bank Foundation

tD Bank Foundation



city of Wilmington

WSFS Bank

Wells Fargo Foundation

individuaL Contributors

Daniel Betancourt

Jessica gibson

Vandell Hampton, Jr.

Sheila Harrigan

Deborah Harrison

mrs. John p. Kurth

Delores lee

phyllis mccollum

portfolio growth 2012–2014

Community DevelopmentMicro Loan

Business Growth

Affordable Housing

• Over $27 million in loans dispursed

• Over 1,100 commitments made

• Expanded into PA in 2011

• Awarded the Women’s Business Center contract from the SBA in 2014

how we Put delaware baCk to work in 2014: o u r h i s to r i C i M Pa C t s i n C e 1 9 9 2 :

1312


www.firststateloan.org | 302-652-6774 or 1-800-652-4779 p • 302-656-1272 f | 100 West 10th Street • Suite 1005 • Wilmington, DE 19801

Helping Small

BuSineSSeS

ReacH HigHeR

2 0 1 4 A n n u A l R e p o R t


Documents

Helping Small BuSineSSeS ReacH HigHeR