It was an eclectic group of people ”“ men and women, young and not-so-young, white and Hispanic ”“ that gathered in the classroom at SUNY Ulster County Community College”™s (UCC) Ulster Avenue campus on a recent night to find out how to approach banks for a business loan.
Hosted by the Ulster County Chapter of SCORE, the volunteer arm of the U.S. Small Business Administration (SBA), the session was presented by three volunteers ”“ David Wright, vice president of business services, and Brenda Scott, business loan analyst, from the Mid-Hudson Valley Federal Credit Union, and Peter Riley, senior loan administration officer from Rondout Savings Bank. They touched on the importance of having a well-thought-out business plan, how credit, cash flow and collateral are weighed in the balance, and other essentials of what was in essence a “Banking 101” class.
Scattered among the audience were three older men who frequently interjected with a helpful hint or probing question. SCORE counselors Albert Karnath, John Grant and Stan Nitzky were obviously eager to pass on anything they”™d learn, and their good-natured, almost paternal interest in having the participants succeed in their attempts to raise funds was palpable.
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Labor of love
In a conversation a few days later with the men in their SCORE office, which is down the hall from the classroom in a space donated by UCC, it was obvious that for each, volunteering for SCORE is fascinating and challenging.
“It”™s probably the most interesting volunteer work I”™ve done,” said Grant, who was manager of engineering at Ametek-Rotron, a company in Woodstock, for 40 years before retiring five years ago. “You meet a wide range of people whose needs are complex. Sometimes you need to do research. And when they succeed, you really feel good.”
Grant said his prior experience handling budgets and engineering skills were valuable in aiding SCORE recipients put together a business plan. Other free consulting services the SCORE chapter”™s 22 members offer are financial analysis, marketing and advertising, administration, public relations, accounting, nonprofit management and Web design. The chapter also hosts an annual series of workshops, with the next one, scheduled for May 16, featuring presenter Eric Solomon, former senior vice president of Viacom, on solving sales problems and growing your business.
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The chapter has a shoestring cash budget of $3,000 (half of which consists of contributions from the SBA). It mostly relies on donations of money and equipment ”“ a laptop and projector, which will enable members to make presentations out in the community, are in the works from state Sen. William Larkin ”“ and the generosity and expertise of its volunteer counselors.
They represent a variety of backgrounds. Karnath was a management consultant for a large firm in Boston. He applies the business planning skills he once provided to corporations to individuals who have little capital but big ideas. Nitzky knows what it”™s like starting a business: He worked as an architect in the city for 20 years before moving up to the area and getting into the wholesale foods business, followed by a stint selling promotional gifts. “I learned to think on my feet,” he said. “If you try selling six products and four are doing nothing, you have to adjust.”
Also in the office was Alex Plonsky, a retired IBMer who managed product and business planning and is the veteran, having been with SCORE for 12 years, and Marvin Moskowitz, the newcomer, who signed up three months ago and had a prior career in international business and research physics.
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The currency of dreams
The individuals who e-mail or call the SCORE office seeking advice run the gamut. There”™s the former engineer with a large aircraft company who wants to start a business customizing autos. The chap who is manufacturing wine racks and selling them to order on the Internet. The artist who proposes creating ceiling paintings for dentists”™ offices. The 86-year-old who wants to launch a marina. A legally blind man seeking to solve a transportation problem so he can proceed with his own business in Ellenville. The SCORE counselors may be speaking in terms of balance sheets and ad budgets, quality control and distribution, but they are also dealing in the currency of dreams.
The need is great. “We”™re getting an increased load of clients. We really need to recruit more counselors,” said Grant. Ideally, new candidates would represent different areas of expertise, with Internet skills and proficiency in Spanish and other foreign languages particularly desirable.
Currently, the chapter works with about 250 clients a year, many of whom meet with a counselor multiple times. Slightly more than half are women, and 35 percent are people who are in business and seeking to expand their operations or better manage their cash flow, according to Karnath.
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