New and aspiring business owners across Southern Maryland now have a new resource for building the credit history lenders look for, through Credit to Capital, a program launched by the Small Business Development Center (SBDC) Southern Region at the College of Southern Maryland (CSM).
The program is open to residents and businesses in Calvert, Charles and St. Mary’s counties and walks participants through personal and business credit reports, credit scores, and the factors that affect them.
Credit: College of Southern Maryland
“It helps business owners who may be using their personal credit but want to learn more about getting business credit,” said SBDC Program Assistant Antonia Davis. “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.”
Born out of an annual pitch event
Credit to Capital was introduced during the SBDC’s Speed Lending event last week, an event the center has held annually for nearly a decade. At Speed Lending, entrepreneurs get four minutes each to pitch their businesses directly to lenders, explore financing options and find out what they might qualify for.
Business Consultant Bill Hitte said the event helps prepare entrepreneurs — whether they’re just starting out or already running a business looking to expand — to make their case to lenders efficiently.
“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.”
How the three-phase program works
Speed Lending attendees got a head start by completing the first of Credit to Capital’s three phases on the spot: a presentation covering credit scores and reports, credit laws, consumer rights, and how personal credit affects a business.
The second phase is self-guided virtual instruction covering why credit matters, what lenders actually look for, and how to analyze a credit report. In the third phase, participants get one-on-one consulting to assess their readiness and get guided through the financing process itself. Those who finish the program earn a certificate acknowledging their credit literacy.
James Vasquez, director of the SBDC Southern Region, said the program is meant to address one of the most persistent obstacles small business owners face.
“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.”
A real-world test case
Lamont Downs, who owns an acquisition firm and recently purchased Village Cleaners in Calvert County, is one of the program’s early participants. Downs said the resources have helped as he works toward buying a third dry cleaner and a centralized plant to service all of his locations.
“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.”
Credit to Capital workshops will continue rolling out across the tri-county area in the coming months, giving more business owners the chance to complete the program’s first phase. Interested entrepreneurs can find more information and register through the SBDC’s Credit to Capital program page.
