From Employee to Entrepreneur 

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According to recent studies, roughly 550,000 Americans each month quit their jobs in pursuit of entrepreneurship. And why not? With dreams of flexible schedules, working from home and an income boost, entrepreneurship sounds pretty nice! And it is. But that’s not to say that financial freedom occurs overnight. It takes a plan to make that plunge successfully, and we’ve got your first few steps here.

 

Step 1: Evaluate

Making the move from salaried employee to small business owner is not a decision that should be taken lightly. So before you quit your day job, think about what’s motivating your future business venture. Are you eager to start because you have a passion that could be the answers to peoples’ problems? Or, do you hate the monotony of a 9-5? If you related more to the latter, entrepreneurship may not be the right route for you.

 

Step 2: Set Goals

No parent would ever hand a child a baseball glove and a pack of sunflower seeds, and push him in the direction of a ball field if he had no prior knowledge as to what the game is. How would he know what to do? What’s the point of the game? The idea is similar in business. If you don’t have both long and short-term business goals set, you and your employees will never know what’s being worked toward or if progress is being made. Luckily, this usually comes in the form of a business plan.

 

Step 3: Network

Whether you prefer, “There’s no ‘I’ in ‘team’,” “It takes two to tango,” or, “Two are better than one;” there’s no shortage of clichés to drive home this point– venturing out on your own doesn’t mean that you have to be on your own. Foster your network of experts and potential customers to continue to grow your business, then start expanding that inner circle. From industry events to community organizations, there are never too many people in an entrepreneur’s network.

 

Step 4: Finance

Generally, experts everywhere agree that the number one reason new businesses fail is quite simple– they run out of money. Using your business plan established in step 2, combined with your growing network we discussed in step 3, determine the amount of startup capital you need to get on your feet. Then, the rest is simple– contact Arkansas Capital!  With low down payments and over 6 decades of experience, we have several different types of loan products to fit your needs.

 

Step 5: Determine your Deadline

Now that you have a plan and you’ve secured financing, pull out your calendar because it’s time to set a resignation date! Though it may not be time to pack up your office just yet, having a plan in mind should help you be able to determine what is and is not feasible. And with Arkansas Capital on your side, you’ll have the lending expertise and support you need to promote yourself from employee to entrepreneur. 

Secrets to Managing Your Business Mistakes

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Whether you forgot to attach an important document on an email, you lost a client, or you allowed private user data to be shared with third parties (we’re looking at you, Zuckerberg); mistakes are inevitable. Sure, you may feel embarrassed or even ashamed, but with these insider secrets, you can turn your business kink into customer loyalty.

Keep Things in Perspective

Unless you’re a pilot, surgeon or President of the United States; any mistake that you make at work can likely be quickly corrected. So don’t sweat it! Take a deep breath, count to ten and keep things in perspective by not responding in a way that’s bigger than your blunder. As Psychology Today writer, Dr. Suzanne Gelb, puts it, “On the freeway of life, [your mistake] is a parking ticket, not a multiple car pile-up.”

Immediately Admit the Mistake

In work and in life, the true test of character comes out in chaos. After all, how you respond to messes and mistakes could convert a potential business loss into a loyalist. But first, you have to own up to it. Being as swift and concise as possible, start with supervisors and any parties involved, and explain your mistake honestly and thoroughly. Recognize where you went wrong, and explain how you’ll recover from the situation. Your boldness will show your team the importance of remedying problems.

Consider the Customer

Take a walk in your customer’s shoes, and consider what would exceed your expectations if roles were reversed. Yes, you should absolutely apologize, but then follow it up with a “wow” factor. Your customers should leave the experience feeling more than satisfied– they should be excited.

Actions Speak Louder than Words

It’s a cliché because it rings true. The best way to earn back people’s trust and admiration is to be consistent at delivering great work. Take necessary precautions to avoid your past mistakes, and in the meantime, do your very best. With a strong work ethic, any occasional “oops”-inducing issues will be quickly forgiven and forgotten.

Call the Pros

The truth is, there’s nothing you can do to stop problems from popping up. Your response though? That’s in your control. And if you ever have any questions, don’t be afraid to call on professional help. Our staff at Arkansas Capital has provided lending expertise and support to Arkansas businesses for over six decades, so no matter what your inquiry is, we have the information to help.

Learning Leadership

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If you invited the world’s most successful CEOs to dinner, you would find yourself sitting at the table with a diverse group of people with different personalities, backgrounds and approaches to running their businesses. By the time dessert was being served, you would fully recognize that extraordinary business success comes in all shapes and sizes, and our uniqueness as people directs us to a certain type of leadership style. No one style is necessarily better than the other. But by identifying and better understanding your style, you can become a stronger and more successful leader. That’s where we come in. Read through our top six leadership styles to discover where your strengths lie, and what you can improve upon.

Transformational Leadership

Transformational leaders, in the most simple terms, are innovators. They’re managers that recognize the need to continually try new ideas, and they plan to be that role model of transformation for their entire team. Constantly challenging the status quo to find ways to “be better,” these highly motivational leaders have an eye for spotting what is and isn’t working, but can also be intimidating to those who aren’t as excited about change.

Pace Setter Leadership

You’ll recognize pace setters as the Bill Gates and Elon Musks of the world. They set sprinting paces from the very beginning, and both their company and their industries follow. Although these high-energy visionaries pride themselves on staying at least two steps ahead of competitors and motivating their subordinates to do the same, pace setters’ employees often report a higher “burn out” rate.

Charismatic Leadership

Joining the ranks of Oprah and Barack Obama, charismatic leaders ooze charm, and are often those that people naturally gravitate towards. Because of their charisma, these encouraging leaders naturally inspire employees and build long-lasting business relationships. Although they may be prone to miss some finer details of projects, they’re at their best when working with a team.

Laissez-Faire Leadership

This “hands-off” attitude of leadership is a risky one, but one that has worked well for multibillionaires Warren Buffet and Richard Branson. Laissez-Faire leaders take on more of a mentoring role, delegating work objectives and decision-making to employees, but providing general direction and guidance when requested. This style of leadership is ideal for creative industries or an office of self-motivators, but if accountability isn’t set early on, productivity can quickly diminish.

Coaching Leadership

Contrary to the Laissez-Faire leaders, those who fall in this category tend to take a “hands on” approach to leadership, focusing on identifying and developing strengths their employees possess. Coaching leaders naturally create well-trained successors and a strong bond with employees, but have to carefully toe the line between “teaching” and “micromanaging.”

Authoritative Leadership

These visionary leaders set clear standards and goals, and then step back to allow their teams to reach them. Providing fair and constructive feedback as needed, authoritative leaders thrive in high-stress situations and are known for inspiring enthusiastic and confident teams, but can also result in fearful or underdeveloped employees.

Arkansas Capital has provided lending expertise and support to local businesses for over 60 years, so no matter your leadership style (or combination of styles), we’re here to help! We offer the funding services and industry expertise your business needs to help launch or grow.

Clichés: The Good, The Bad & The Real

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Whether you hate them, love them or love to hate them; one fact is true– clichés wouldn’t have become cliché if they didn’t resonate. Sure, you still need to “think outside of the box,” but not all clichés are eye-roll-worthy. Take a look at our top favorite ones that we think should be reintroduced to the workplace… and those that should never be used again.

The GOOD:

“There’s no ‘I’ in team.”

Entrepreneurs tend to prefer to do things on their own (they wouldn’t have opened their own business if they didn’t), but it’s important to remember this straight-forward saying. Running a business takes a lot of moving parts, and if business owners want to be successful and maintain their sanity, hiring a team made up of passionate employees is imperative.

“The customer is always right.”

Of course, the customer is not always “right,” but in reality, that’s not the important takeaway with this popular phrase. Instead, use this general concept to face any business issues that arise. Every problem that a customer presents is a chance for your company to address it, make the customer happier and let them feel “righted.”

THE BAD:

“If you want the job done right, you have to do it yourself.”

This cliché is the pessimistic cousin to the “There’s no ‘I’ in team,” phrase, and it’s the root of what causes many entrepreneurs to break or make poor business decisions. Instead of taking on every business task yourself, learn to delegate early on to promote better mental health.

“Ignorance is bliss.”

Sure, there are things you should ignore in your business (we’re looking at you, gossipers), but in order to scale, you have to know what is and isn’t working for your company. Don’t be blissfully unaware of advice that could benefit your business, how your clients feel or how your company is performing. In short, we combat this cliché with one that we think is more accurate– “Knowledge is power.”

THE REALITY:

No matter what niceties you choose to listen to, ignore or create for yourself, every business needs assistance. That’s why Arkansas Capital has provided our financing products and expertise to local businesses for over 60 years. If you’re looking to start a business or grow your existing one, contact us today.

2018 Governor’s Cup Winners Announced

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Here at Arkansas Capital, our main goal is to empower local entrepreneurs– those of every age. That’s why, in 2001, the idea of the Arkansas Governor’s Cup was formed.

This prestigious, statewide competition challenges college and universities’ best and brightest entrepreneurs to develop and present business plans. The reward? A real-world, rigorous startup experience and an opportunity to win part of the country’s largest cash prize pools for collegiate business plan competitions!

On April 18, with over 500 people in attendance, our awards luncheon was held at the Statehouse Convention Center. Representing more than 30 teams from Arkansas Tech University, Arkansas State University, Arkansas School for Math, Sciences & the Arts; Harding University, Henderson State University, Hendrix College, John Brown University, Ouachita Baptist University, University of Arkansas, University of Arkansas at Little Rock, University of Arkansas at Pine Bluff and University of Central Arkansas; the winners took away a cumulative $154,000 in cash prize awards provided by title sponsor, Delta Plastics.

The 2018 Governor’s Cup Award Recipients are:

Undergraduate Division Award:

Spiritum Solutions | Arkansas Governor's Cup

First Place: Spiritum Solutions, University of Arkansas at Little Rock– $25,000

Second Place: winterterm.com, Ouachita Baptist University– $15,000

Third Place: Monity, Harding University– $10,000

Graduate Division Award:

Spiritum Solutions | Arkansas Governor's Cup

First Place: Lapovations, University of Arkansas – $25,000

Second Place: UChooze Lunchbox, LLC, University of Arkansas– $15,000

Third Place: Ozark Microheater Systems, University of Arkansas– $10,000

Arkansas Farm Bureau Agriculture Division Award:

Connor Innovation Roveround | Arkansas Governor's Cup

First Place: Connor Innovation Roveround, University of Arkansas– $5,000

Second Place: SCAN AG, University of Arkansas– $3,000

Delta Plastics Innovation Division Award, Undergraduate Team Winner:

TiFix | Arkansas Governor's Cup

TiFix, Harding University– $5,000

Delta Plastics Innovation Division Award, Graduate Team Winner:

Ozark Microheater Systems| Arkansas Governor's Cup

Ozark Microheater Systems, University of Arkansas– $5,000

Elevator Pitch Award, Undergraduate Team Winner:

Spiritum Solutions | Arkansas Governor's Cup

Spiritum Solutions, University of Arkansas at Little Rock– $2,000

Elevator Pitch Award, Graduate Team Winner:

Lapovations | Arkansas Governor's Cup

Lapovations, University of Arkansas– $2,000

C. Sam Walls Entrepreneur Educator Award:

C. Sam Walls Entrepreneur Educator Award| Arkansas Capital Corporation

Dr. Chris Brune, Ouachita Baptist University– $2,500

Dr. Kenneth Olree, Harding University– $2,500

The Evolution of Entrepreneurship

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The pursuit of profit isn’t a new one, and from Marco Polo to Mark Zuckerberg, the world has seen many different faces attempt this venture. One common characteristic, though? Entrepreneurship. Take a look at what it looked like seven centuries ago, and how it has evolved since.

Adventure-preneur

Global business? That’s not a 21st century discovery. In fact, we have the early Renaissance entrepreneurs to thank for that. Craftsmen in the 1300s spent several years working as apprentices to learn their trade, make more money and therefore hold more power in civic affairs. When product demand eventually grew to be more than the average tradesman could provide, trade expanded into other countries, and the “adventure-preneur” was born.

Colonial Expansion

Thanks to ship-building advancement, the first global company, the Dutch East India Company, got its start during this time period. With international travel now booming, merchants began readjusting their selling tactics by strategically setting up trading posts along trade routes to sell supplies to shipping crews. Because colonies didn’t rapidly show profit in these tactics, many English investors withdrew their capital, leaving the market less-competitive– and entrepreneurs more independent than ever (Cue the United States’ independence).

Industrial Revolution

The next evolutionary stage of entrepreneurship introduces the great innovators many of us so commonly know. Inventors such as Benjamin Franklin and Eli Whitney thrived during this era, but they weren’t the only ones in the market. Business owners could taste what success was like, and began rapidly working on inventions to increase productivity, scale manufacturing and reduce costs. And with wind-powered energy a hindrance of the past, they did just that. In fact, we can thank the inventors of this time period for the technology, transportation and communication that we have today.

20th Century

With global trade, electricity and communication now at most entrepreneurs’ fingertips, business in the 20th century was on the rise, with no end in sight. With mass communication now a viable option for marketing a business, 20th century business owners took advantage of it. Advertising spending went up to 45% of the United States’ income, and by 1910, $600 million was being invested into advertising for big businesses alone. For the first time ever, entrepreneurs had newspapers, television and radio as platforms to share their products with the world.

Today

Welcome to the Information Age! Gone are the days when computers fill an entire room. Personal computers are now the norm, and global marketplaces can be accessed with the click of a button. Geographic borders, that were once limitations, have been blurred, and most entrepreneurs can boast a “.com” at the end of their business name. Modern day business owners no longer just spend their time innovating new products and services, but instead, they manage employees and run new companies.

The Future

We may not be able to predict what entrepreneurship will look like in the future, or whose face will represent the next era, but we know one thing will remain the same– our team at Arkansas Capital will be here supporting entrepreneurs and growing local businesses in our state. Since 1957, our team has provided flexible financing products of over $1.5 billion in capital to help meet business owners’ needs. Contact us today to find out how you can be a part of history.

5 Steps to Being a Great Boss

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The worst thing about being a bad boss is less obvious than you might think. No, it’s not the feeling of conversations abruptly ending when you walk in a room. It’s not even the fact that you’re the only one not invited to parties. It’s that you can be a bad boss, and not even know it. It doesn’t stop there. Bad bosses don’t keep their negativity contained– that poor leadership spreads through employees, often resulting in low morale and even lower productivity. To fight back, take a look at our list of tips and tricks to help you be the best leader you can be– for your employees and your business.

Communicate Your Vision

More often than not, your employees show up to work each day wanting to do a good job, so help them with that! Be certain that your employees understand why they do what they do, and what’s expected of them. This not only engages them, but it also makes them feel more involved and motivated each day at work.

Allow Your Employees to Communicate

That being said, communication is a two way street! Empower your employees by maintaining a work environment where honest communication is not only accepted, but expected. This allows your staff to not feel like they have to handle stresses alone, and it allows for improvement of products, processes and procedures.

Build Trust

Without trust, your staff is more cooperating instead of collaborating. Build this bond by setting an example. Be honest and fair, through both negative and positive situations, and show that you’re a team player who can be relied upon. This not only builds trust, but also team-comradery.

Provide Feedback

In any leadership position, you should never underestimate the power of feedback. In fact, according to Globoforce, 81% of employees showed greater job satisfaction following recognition from their superior. This earned praise helps employees feel valued, confident and accomplished. The return? A more efficient, motivated workplace.

Encourage Happiness

There’s a fine line that separates good employees from great employees. In that line, you’ll find happiness. Whether your employees are flipping burgers, stationed at a computer or interfacing with guests, there’s always opportunity for fun and productivity. Maybe that opportunity is something as simple as verbal encouragement, or maybe it’s something less obvious like a lunchtime desk chair race. Whatever that looks like for your office, don’t allow it to be overlooked. Sometimes the smallest activities or actions are what makes an employee excited to come in to work each day. As a bonus? Chair races are great-team building exercises!

We understand– being a boss is a tough job, and unfortunately, there’s no magic formula to make sure that you’re always being a good one. But with these tips, in combination with our 60 years of lending expertise to new and growing businesses, we’re confident that you don’t have anything to worry about. Contact us today!

How (Not) to Start Your Business

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From topics as wide as “Opening a Business” to as narrowly-niched as “How to Start a Coffee Shop in Arkansas,” information, advice and “how-tos” are not hard to come by. It’s the Information Age, after all! The only problem? You can start a business with a mile-long list detailing exactly what to do in the process, but if you don’t know what not to do, you’re still sunk. That’s where our team at Arkansas Capital comes in to help with our top six mistakes to avoid.

Skip Market Research

Encouragement from your friends and family is a wonderful thing. Although you’ll need that support on your business journey, no amount of grandparents’ accolades can compensate for not having a defined target audience. Instead, use the motivation from your friends and family as that– motivation, and continue to research as much as possible. Hold focus groups, survey strangers and take advantage of Census data to narrowly pinpoint exactly who you’re trying to reach, where you can find them and how they’ll react to your services.

Wait too Long to Hire

We understand. Money is tight, this startup is your baby, and “if you want a job done right, you have to do it yourself.” Unfortunately, this is exactly the mentality that can cause founders to break or make poor business decisions. Learn to delegate tasks early on to promote better mental health and prevent a poor hiring choice out of desperation.

Use the Cheapest Professionals

Set a realistic business budget, but also don’t be cheap. Just because someone has an additional acronym behind their name, doesn’t mean they’re the best in the business. Trust us when we say that spending $300 per hour on a top-notch professional is a worth-while investment if it avoids a $30,000 mistake. Remember– just because you can do it all, doesn’t mean that you should.

Stay Offline

Not having a website in 2017 is the equivalent of opening a business, but not hanging a sign on your door. Take advantage of that market research that we previously discussed, and use your website and social media tools to promote your company. Don’t make the assumption that your ideal customers will find you. Go out and find them.

Wait too Long to Seek Financing

Predicting the future may not be possible, but that doesn’t mean you can’t try! Create ongoing financial forecasts from day one, so you know exactly how much cash flow your business can anticipate during each stage of the game. This way, you’ll spot any potential money mishaps early enough to seek capital before you’re struggling to stay afloat.

Don’t Research Your Loan Provider

Remember– lenders should put money in your pocket, not take it out. Whether you’re looking to start a business or grow your existing one, contact us today for information

Year 1 of Entrepreneurship: Survival Secrets

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We have some tough news that you need to hear– starting a business is not like the movies. There are no bath tubs filled with hundred dollar bills to relax in, and you probably won’t wake up one morning to find that your business has skyrocketed to “viral status” online. Starting a business is hard work, and that’s why most entrepreneurs don’t last longer than a year. That’s where we step in. We’re here to let you in on the little-known survival secrets to help your business last past year 1, and hopefully, years 2+.

Know Your Goal

If you can’t articulate your goal, it’s time to stop where you are. And no, “making a ton of money” is not a goal. If you don’t have a set business goal that you work towards each day, you’ll give up. Why? Because you won’t know if you’re ever making progress. Set a SMART goal– one that is specific, measurable, achievable, relevant and timely, and let that goal be your mantra each day.

Believe in What You’re Doing

Have you ever watched “Shark Tank” and heard stories of wanna-be entrepreneurs working all night, pitching their ideas door-to-door each day, and following a strict ramen noodle diet in order to afford to launch their business? Outside of their unhealthy habits, these business people have one thing in common– they have an unshakeable faith that their business is important.

Get Organized

In this caffeine-fueled, adrenaline pumping stage so lovingly referred to as the “chaos year,” time seems to whir by. You’ve been rescheduling meetings with your business loan lender for two weeks, your printer is jammed and spraying black ink on your new carpet, and you can’t find the login information to your laptop anywhere! It’s time to get organized. It will take some work on the front end, but the relief it’ll bring to your business in the long-run is well worth it.

Break So You Don’t Break

Even those sharks we mentioned need to take breaks every now and then. Commit yourself to taking occasional breaks as much as you commit yourself to working hard. Not only will your health improve, but you might find that the “brain break” you’ve scheduled helps spur on new ideas.

Be Risky

You think it’s risky to start a business? Imagine if your business takes off, and you’re handling millions of dollars each day. Now that’s  risky! We don’t say this to undermine your initial step. We tell you this to explain that each and every day of being an entrepreneur is going to be risky. The secret is to embrace that risk and learn to look forward to it.

Don’t Do It Alone

No matter how strong your business plan is, you’re going to need some support along the way. Like we mentioned earlier, entrepreneurship is hard. Find a support system that encourages you, motivates you and keeps your pushing towards your goals. At Arkansas Capital, we’ve spent the last 60 years providing our expertise to new and growing businesses. Contact us today for lending support.

Youth Entrepreneurship Showcase Winners Announced

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Boone, Pulaski, and Van Buren County Students Top Winners at Youth Entrepreneurship Showcase (Y.E.S.) 5th – 8th Grade Business Plan Competition

“Sweet Feet,” “Mac Magic,” and “Sports Boards,” were named this afternoon as first place winners in the Arkansas Capital’s 12th annual “Y.E.S. for Arkansas” business plan competition for elementary, middle, and junior high school students.

The winners were announced this afternoon by Rush Deacon, CEO of Arkansas Capital, in an awards ceremony that followed “Y.E.S. for Arkansas Expo Day” at Park Plaza in Little Rock. Twenty-five teams from 15 Arkansas counties beat out 127 other teams to be invited to Expo Day for the opportunity to compete for cash and other prizes in four divisions, pitching their business ideas to judges and making their products or services available for sale to mall patrons.

The winners are:

Most Innovative Division:

  • Sweet Feet, Omaha School, Omaha – First Place
  • Mac Magic, Pinnacle View Middle School, Little Rock – Second Place
  • Sal de la Vida, Omaha School, Omaha – Third Place
  • Pape-R-Us, Forest Heights STEM Academy, Little Rock, – Fourth Place

Best Marketing Piece Division:

  • Mac Magic, Pinnacle View Middle School, Little Rock – First Place
  • JK’s Mystical Lights, Cutter Morning Star Elementary, Hot Springs – Second Place
  • The Giving Girls, Pangburn School District – Third Place
  • Dog Deli, Sheridan Intermediate School – Fourth Place

Best Retail Booth Division:

  • Sweet Feet, Omaha School, Omaha – First Place
  • The Natural State V.O.V. Bracelets, Lakeside Middle School, Second Place
  • JK’s Mystical Lights, Cutter Morning Star Elementary, Hot Springs – Third Place
  • Flower of Life Gourmet Chocolates, Omaha School, Omaha – Fourth Place

Best Business Plan Division:

  • Sports Boards, Southside Bee Branch School District, Bee Branch – First Place
  • Trendy T-Shirt Tribe, Cotter Public Schools, Cotter – Second Place
  • The Compact Case, Don Tyson School of Innovation, Springdale – Third Place
  • Sal de la Vida, Omaha School, Omaha – Fourth Place

In addition to winning cash prizes totaling more than $6,400, each team member received a commemorative medal and their schools were presented a 3-D-printed trophy, produced by the Innovation Hub in North Little Rock.

The Y.E.S. for Arkansas competition is managed by Arkansas Capital’s 501(c)(3) affiliate, the Arkansas Economic Acceleration Foundation (AEAF). AEAF’s mission is to nurture people and ideas to generate future Arkansas entrepreneurs.

Since AEAF launched Y.E.S. in 2006, 7,436 elementary, middle, and junior high students have been impacted by the competition by creating and submitting 2,210 business plans. Arkansas Capital has provided nearly $73,100 in cash prizes awards to teachers and students.

In addition to Y.E.S., AEAF also manages and produces the Y.E.S. for Arkansas 2.0 High School Business Plan Competition established in 2011, and the Donald W. Reynolds Governor’s Cup Collegiate Business Plan Competition, established in 2001.

Arkansas Capital is a certified financial development institution with five affiliate and subsidiary companies – Six Bridges Capital Corporation, Arkansas Capital Relending Corporation, AEAF, Heartland Renaissance Fund, and Pine State Regional Center.

Heartland Renaissance Q & A with Christa Clark

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Heartland Renaissance Q & A with Christa Clark

Arkansas Capital is proud to announce that its CDE, Heartland Renaissance Fund, LLC, has been awarded a $65 million allocation in New Markets Tax Credits to foster investment in businesses and economic activities in low income and underserved communities throughout Arkansas. This allocation is the second-largest amount Heartland has ever been awarded. To learn more about this momentous occasion, we enlisted Christa Clark, Vice President of Heartland Renaissance Fund, to answer a few questions about the allocation, and give some insight on what how this money will change Arkansas communities for the better.

Q: What was your process for receiving the allocation?

A: New Market allocations are awarded by the Dept. of Treasury’s Community Development Institutions Funds in a competitive process each year. Heartland staff spends several weeks completing the application and analyzing the impacts from our prior investments when submitting the application. The applications are reviewed by third parties and by U.S. Treasury staff and scored.  Historically, only about 28% of applicants are awarded allocation in a given year in this highly competitive process. We are always honored when we are selected, as there are always over 200 other CDEs in the applicant pool with us. We are especially thrilled this year that this is our fifth award of allocation.

Q: What areas of Arkansas has Heartland worked most with in the past? What areas do you foresee benefiting from these funds?

A: Heartland focuses almost exclusively on investing in Arkansas’ low-income communities throughout the state.  We focus on areas that are underserved by traditional financing sources and direct our investments in the projects that have the most community and economic impacts to that area. As with prior allocations, Heartland will make investments statewide with at least half of its transactions in rural areas.

Q: What industries typically see the most benefit from these allocations?

A: That is one of the benefits of a flexible lending product like New Markets Tax Credits – we can use the funds to finance a variety of projects.  We have financed a wide range of projects with New Markets, everything from educational facilities to non-profits and large rural manufacturing. We will continue to focus on our three core areas of education, health care, and economic development projects throughout the state.

Q: What has been one of your most rewarding experiences working with Heartland?

A: It is hard to narrow that down to one. We have so many projects that I have been blessed to work with that are improving their communities. There was one manufacturing project that we worked several months to bring to financial closing that was located in a town in the Arkansas Delta with very high unemployment and had several large employers that had closed down in recent years.  When the project was about to open, I was doing a site visit and the company brought in BBQ and we ate with the newly hired plant workers in the cafeteria. The plant manager stood and thanked me, and explained how grateful they all were that they had jobs again and were able to provide for their families.

Q: How have you seen Heartland’s work positively impact the underserved businesses, the communities of underserved businesses and the entire state? 

A: There have been so many benefits to underserved areas from our investments.  Our New Markets financing was used to build a state-of-the-art life skills and work training facility for disabled adults in northwest Arkansas.  We have seen hundreds of first generation students attend college for the first time. There has been thousands of quality jobs created in Arkansas’ manufacturing sector that are located in some of the most economically disadvantaged areas throughout the state. Our investments have enabled environmentally-sustainable products to be produced here in Arkansas and have revitalized Main Streets transforming once shuttered properties into vibrant city centers.We continue to see positive impacts for years after we close a transaction as these investments serve as catalysts for economic growth in these communities.

Why Students Should Be Taught Entrepreneurship

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arkansas entrepreneur In most fields, a lack of innovation usually results in a downward spiral of the entire industry, and the same is true of education. For too long, children have been taught their ABCs and 123s without enough education on how their knowledge will apply in the real world, and too many unique teens with different goals, talents and gifts have been forced down the same conventional path like it’s a one size fits all solution. While many things need to change to fix this problem, there’s one great place to start: teach entrepreneurship to students. Here’s why: [Read more…]