CreativeCapital - Tulsa Economic Development Corporation

2007
ANNUAL REPORT
CreativeCapital
Progressive Lending for Promising Businesses.
CreativeCapital
907 S. Detroit Ave., Ste. 1001, Tulsa, OK 74120
918.585.8332 FA X 918.585.2473
tulsaedc.com
LETTER FROM THE PRESIDENT
“If you always do what you’ve always done, you’ll always
be what you’ve always been.” We don’t know who said it,
but we like what it says about not settling for the status
quo. Because at TEDC, we don’t.
Last year our refusal to “do what we’ve always done”
drove increases in loan dollars facilitated, businesses
served and new jobs created.
LOAN
Programs
Our shared commitment to doing more led to a partnership
with Bank of Oklahoma to create a $500,000 loan fund
at TEDC Creative Capital in 2007, increasing the ability
of both organizations to assist Oklahoma entrepreneurs.
Our non-traditional lending
programs help entrepreneurs
start or expand a company.
Our determination (and our clients’) not to “be what
we’ve always been” prompted implementation of a
new entrepreneurship educational program in 2007,
called FastTrac®.
A practical, hands-on business development curriculum,
FastTrac helps existing and aspiring entrepreneurs to
hone their skills in creating, managing and growing a
successful business.
SBA 504 LOAN
SBA 7(a) LOAN
In 2008, we look forward to opening the doors to even
more funding, training and programs, thanks in part to
our recent certification as a Community Development
Financial Institution.
Because for us, for our clients, for our community, doing
more to be more is what small business is all about.
Jeff Walderich,
President
FLEXBIZ LOAN
MICRO LOAN
In partnership with the
SBA, provides loans up to
$35,000 to small businesses
in 34 Oklahoma counties.
Proceeds may be used for
most business purposes
except real estate acquisition.
Created through a
partnership with the city
of Tulsa. Proceeds can be
used for most business
purposes. Job creation and
retention are major eligibility
requirements. Up to $75,000
is available per loan before
private lender participation
is required.
Available for most business
purposes including
acquisition of fixed assets,
new construction, furniture
and fixtures, supplies,
inventory, working capital,
debt refinancing, accounts
receivable or purchase of
business operations. Made
by a commercial lender,
with a 75 percent to
85 percent SBA guaranty
up to $2 million.
In partnership with
commercial lenders, provides
loans for land and building
acquisition, construction,
renovation, machinery,
equipment and reasonable
contingencies. The borrower
contributes 10 to 20 percent,
the bank funds at least 50
percent, and TEDC Creative
Capital funds up to 40 percent
($4 million) with long term,
low fixed interest rates
through SBA-guaranteed
debentures.
Awards
Bank of Oklahoma
Partner of the year
Since 2004, BOK Senior Vice President
Paula Bryant-Ellis has overseen the bank’s
investment of $49 million in Oklahoma
economic development. Last year, $500,000
of that was entrusted to TEDC Creative Capital
to fund start-ups and small business expansion.
“Somebody might have a vision for
something, but they’re not ready for the
traditional mainstream of banking,” explains
Paula. ”Partnering with TEDC Creative Capital
opens up a door of opportunity—for job
creation, job retention, building equity.”
“When we work with organizations like TEDC
Creative Capital, we’re building that dream of
entrepreneurship … and it is very rewarding.”
— PAULA BRYANT ELLIS
Community Development Banking Group
Tim Johnson
SMALL BUSINESS OF THE YEAR
Tim purchased his 47-year-old fastener distributorship
in May 2001, just as the economy came undone.
Within two years, revenue declined 42 percent.
A loan from TEDC Creative Capital gave Tim breathing
room to get Elderco back on track … and then some,
with a record year in 2006. “They understand the real
needs of a small business,” he says. “They’ll certainly
be a part of anything I do down the road.”
“It’s very satisfying to feel like the people
who know small business recognize the work
you put into it.”
— TIM JOHNSON
Owner, Elderco, Inc.
Paula Bryant-Ellis
Senior Vice President,
Manager
AJ McKean
Vice President,
Investment Manager
Steve Bradshaw
Senior Executive Vice
President
Community
Development
Banking Group
Community
Development
Banking Group
Consumer & Wealth
Management
Division
Josefine Olmos
Micro Enterprise of the year
Josefine was just 20 when her boss decided to sell his tax
business in 2003, but wise enough to seize an opportunity.
She and her husband put up their savings, along with financing
from a mentor until her TEDC Creative Capital loan closed.
Her business thriving, Josefine will pay off her loan in 2008.
“I was lucky that TEDC Creative Capital believed in my
business plan and me,” she says. “They were supportive
from day one.”
“This whole thing … TEDC, everything … has been a
blessing to my life. This is the American dream for me.”
— Josefine Olmos
Owner, La Tax Place
LOAN
Overview
CLIENTS
2 0 0 7 LOA N AC T I V I T Y
Loan Type
Amount
Micro
FlexBiz
7a
SBA 504
$
95,50044 Loans
$
681,694
$ 9,507,548
$ 11,576,710
TOTA L
Number of Loans
Loans
744 Loans
12
25
16
107 $ 21,861,452
Job Impact
684
60
Total Loan Activity
21,861,452
PORTFOLIO BALANCE AS OF 9.30.07
Loan Type
Balance
Number of Loans
Micro
FlexBiz
SBA 504
$
$
$
165,642
2,675,533
18,512,721
19
51
58
TOTA L
$ 21,353,896
128
Portfolio Balance
21,353,896
Advanced Fencing
After the Bell Game Center
Amazon Laundry
American Agri
American Beauty
Manufacturing
Angel Academy Early
Learning Center
Apertures
Authentic Restoration
Bella Crema Gelato
Best Electric & Hardware
Company
Biffle-Jones Lakeside Polaris
Big Red Fasteners
Body by Michael
Booster Feed Mill
Braden Shielding Systems
Broken Arrow Roller Sports
Bundles of Joy
Cartridge World
Charlie’s Chicken
Cherokee Hose & Supply
Choice Transport
Chromium Plating Company
Cimarron Claims Services
Citadel Technologies
Claremore Children’s Center
PARTNERS
BOARD OF DIRECTORS
Bill Lohrey
Treasurer
Lohrey & Associates, PLLC
Jeff Walderich
Cindy Baker
Cynthia Pogue Baker, PC
IdeaStudio Design Group
James Carrington
Cherokee Nation Businesses
President
Donnie Cox
Vice President
Summit Bank
Shanann Passley
Secretary Eller and Detrich
George Matson
BancFirst
STAFF
Rose Washington Rentie
Joyce McClellan
Tulsa Technical College
Executive Director
Marilyn Morris
F&M Bank & Trust Company
Tara D. Martin
Judith Diaz
Community Action Project
Kenneth Quigley
USDA Rural Development
Alan Hart
IBC Bank
George Matson
BancFirst
Casey Stowe
ONB Bank
Danny Williams
Arkansas Valley State Bank
rose@tulsaedc.com
Portfolio Manager
tara@tulsaedc.com
Peggy Prudom
Loan Manager
peggy@tulsaedc.com
Terrie Stoops
Administrative Assistant
terrie@tulsaedc.com
1st Bank Oklahoma
Adams & Associates
American Heritage Bank
American Indian Chamber
of Commerce
Arkansas Valley State Bank
Arvest Bank
AT&T Capital Corporation
BancFirst
Bank of America
Bank of Commerce
Bank of Oklahoma
Bank of the Lakes
Bank of the West
Bank of Union
Community Care College
Control Devices
Covenant Chiropractic Clinic
Coweta Carpet Center
D & J Distributors
Daemi Insurance Agency
Diversa-Graphics
Dr. Doo’s PWC Clinic
Dr. King Optometrist
El Supermercadito
Elderco
Fabrication Dynamics
Fadz Salon and Spa
Fanelli Brothers Trucking Co.
Farley Cleaners
FitTech
Four States Academy
of Cosmetology
Frontier Homes
Goode, Swift & Bundy
Green Country Aircraft
Gusher Wash
Hairtrend
Hampton Inn
Hasty-Bake
Heritage Press
Hill Manufacturing
Howard Johnson Hotel
Impressions in Stone
Integrative Medical Center
of Tulsa
International Meter Company
Interstate Inn
J & J Digging
Jazzy Kidz Boutique
K&R Machine
K.C. Auto
Keith Ward, Attorney at Law
Kids Castle Preschool & Daycare
Kirkwood Metal Services
Landmark Business Systems
Landmark Farm Stables
Laser Engineering & Fabrication
La Tax Place
Lebs On-Site Lube
Linx Engineering
LK Wells Martial Arts & Fitness
Lockhart Chiropractic Clinic
Mark Griffith Memorial
Funeral Homes
Mastercraft Tires
Math Workz
McKittrick Precast
MedSupport
MegaWatts Computers
Milestone Publishing
Mr. Klean Car Wash
New Frontier Hospice
Newfield Industries
NorthStar Technologies
Parsia dba CITGO
Pawsitively Perfect
Powerhouse Gym
Precision Heat Treating
Preston Long Agency
Productos Don Berna
Professional Cleaning Supply
Ramada Inn - Airport
Ramp Communications
RV Station
S&I Advisors
SPOT Consultants
Shoreline Boat and RV Repair
Solutions Salon
Spiffy’s Cleaners
Subway
Talking Drum Catering
Taylor Crane & Rigging
The Dance Pointe
The Law Office of Dwain Shaw
The Law Office
of Carlos L. Williams
Tomahawk Transport
Tulsa Biofuels
Tuo Bellaza
Ultimate Reefs
Unigus
Value Place
Vesica Piscis Chapel
Wade Sessom, DDS
Working Woman
Xposure Business Magazine
Bluestem Resources
Affiliated Group, LLC
Central National Bank
Chase
CIT Small Business
Lending Corporation
Citizens Bank of Oklahoma
Citizens Security Bank &
Trust Company
City of Tulsa
Commerce Bank
Exchange Bank
F&M Bank & Trust Company
Financial Consulting, Inc.
First Bank of Owasso
First BankCentre
First Fidelity Bank
First National Bank
of Muskogee
First United Bank
GE - Capital Solutions
Grand Bank
Greenwood Chamber
of Commerce
Home National Bank
IBC Bank
InvestLinc
Lehman Brothers Bank, FSB
M&I Bank, FSB
MidFirst Bank
Millennium Bank
NBC Bank
Oklahoma Small Business
Development Center
Oklahoma Manufacturing
Alliance
Oklahoma Black Chamber
ONB Bank
Peoples State Bank
RCB Bank
Regent Bank
SCORE
Security Bank
Summit Bank
Sunbelt
Triad Bank, NA
Tulsa Hispanic Chamber
of Commerce
Tulsa Metro Chamber
of Commerce
Tulsa National Bank
U.S. Department of Agriculture
U.S. Small Business
Administration
UMB Financial Corporation
Valley National Bank
Zions Bancorporation