Firm Secures Startup Funding Assistance for Small Business

Business Plans Often Lacking

NORWICH, CT - MCB Associates, a Norwich based business planning and consulting firm, has announced its assistance to several new businesses in securing start-up financing. MCB specializes in small, owner-operated businesses in which the owner's primary goal is to earn a good income. Recent successes include a bridal shop in Portland, a country store in the Berkshires, and a diesel engine service business in Norwich.

Marge Blizard, the principal consultant, noted that many prospective start-ups have a good business idea and good credit, but also need a complete business plan to apply for loans. According to Blizard, "Many people may have the ability to start and run a good business, but still find writing a complete business plan an obstacle. This is where MCB Associates can make a difference."

In the case of Northeast Diesel Services of Norwich, the owner became deeply involved in starting the business before applying for financing. He hadn't taken the time to write a business plan along with his other responsibilities. MCB Associates was able to complete the business plan so the financing through Fleet Bank came in on schedule.

The High Country General Store in Tolland, MA needed a more complex business plan. Financing was needed for both the purchase of the building and start-up costs for the store. It was obtained through Lee (MA) Bank.. Lynne Swanson, chief accountant at MCB Associates, emphasized that the financial projections for each part of a business have to be realistic and complete. "The owner and the lender both want to know the business will succeed overall, and that each part of the business will contribute to the profitability of the whole."

The owners of the Wedding Dress LLC, in Portland, CT were looking for help in planning the business, finding financing and writing a business plan. MCB Associates helped with demographic market research and developing realistic sales projections. Marketing assistance was arranged from Portland Pride, the local downtown revitalization organization, and financing was obtained through GBT (now Banknorth).

Blizard notes that with many small businesses, the owners have personal as well as financial goals. MCB Associates believes that both are important elements in the ultimate success of the business and both should be considered in every business decision.