Date: November 8, 2011
Mills Highlights New Loan Program to Help Manufacturers Grow, Create Jobs
U.S. Small Business Administration (SBA) Administrator Karen Gordon Mills came to Memphis on November 3 to announce the SBA's new CAPLines lending program − a revolving line of credit that helps small businesses meet their short-term and cyclical working capital needs. Mills was appointed by President Barack Obama and unanimously confirmed by the U.S. Senate as the 23rd administrator of the U.S. SBA. The agency reports that yearly it helps leverage nearly $100 billion in federal contracts to small businesses and supports free counseling and technical assistance to more than one million entrepreneurs.
Tennessee Small Business Development Center (TSBDC) at Southwest Director David Doyle arranged a tour of the center's client, Evaporcool, a local small green manufacturer and the site where Mills highlighted the new CAPLines lending program in Memphis. Local small manufacturers, like Evaporcool, can benefit from CAPLines to help them grow and create jobs in the Memphis area. "This new loan program, that's been streamlined for the banks, will make it easier for manufacturing companies to find the financing needed to get its products to market," said Doyle.
Evaporcool helps companies reduce their energy costs and maintenance costs while at the same time extend the life of their HVAC systems. Through their patented technologies, Evaporcool has brought the concept of evaporative cooling into the 21st century, creating the most efficient and technologically advanced pre-cooling system ever developed for commercial HVAC. This privately-owned company with 30 employees makes all their products in the local Memphis area.
"As businesses like this grow and find new customers, we need to do everything we can to make sure they have the working capital they need to scale up and create jobs. That's why I was proud to announce that SBA recently reengineered our CAPLines program. Banks are already starting to use it to put more capital in the hands of small businesses," said Mills.
She also indicated that last year Tennessee had a record year for the issuance of SBA loans and that Shelby County led the state in SBA loans.
Photo caption: U.S. SBA Administrator Karen Mills (Left) gets a hands-on demonstration from Evaporcool Director of Operations Rick Earles (far right) while touring the facility along with Evaporcool CEO Rhett Hailey (center).
Photo caption: David Doyle (left) and Administrator Mills discuss the significant role the TSBDC played in helping launch the green manufacturer, Evaporcool.
For more information contact: Brenda J. Rayner, (901) 333-4247, firstname.lastname@example.org, Farris Bldg., Room 1002, 5983 Macon Cove, Memphis, TN 38134