Business owners struggling to obtain credit – or preparing to seek loans – now have a place to turn for free advice. The R.I. Economic Development Corporation’s “Every Company Counts” program is launching “Financial Fridays,” which will offer a chance for business people to ask questions of Adam Quinlan, vice president at Coventry Credit Union. The sessions will be held the second Friday of every month at the EDC’s Providence office.
PBN: What form will these “Financial Fridays” take at Every Company Counts? Group meetings with small-business owners or one-on-one sitdowns?
QUINLAN: These will be one hour, one-on-one meetings with small-business owners to address their individual questions. I believe that this setting will allow business owners to feel more comfortable asking questions that relate specifically to their business and will enable me to take the time to address their unique situation.
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PBN: How much interest has there been so far?
QUINLAN: To date, I have appointments scheduled for both the January and February sessions. In addition, I have received very positive feedback from individuals in the business community who are aware of the program and thank us for our continuing efforts in reaching out to the business community.
PBN: What types of questions do you expect to face from the business owners?
QUINLAN: Most business owners are concerned with obtaining much-needed financing to survive the current economic downturn. Therefore, I expect that most questions will be focused on how to obtain conventional and [U.S. Small Business Administration] financing. Many are also trying to reduce operating expenses and a number of small business owners are using the slow periods to reposition their business models to adapt to industry changes. My background enables me to offer insight into various types of strategic business planning issues.
I will not be answering questions that expand outside my role at Coventry Credit Union, which includes areas such as legal advice, tax planning and other specialized disciplines. Every Company Counts (ECC) has a great referral network to assist business owners in reaching a wide variety of professionals.
PBN: Whose idea was the “Financial Fridays” and why do you think they are needed?
QUINLAN: A business meeting was held last November between myself, Elizabeth Perry (development account manager at ECC) and Sherri Lynn Carrera (manager of small-business services at ECC) to discuss this concept. We decided at that time that “Financial Fridays” was a good fit into their existing program (which includes other topics such as “Web Wednesdays”) and quickly determined that a strong need exists for this type of assistance.
Every Company Counts and Coventry Credit Union’s commercial services division share the goal of promoting success among small businesses in Rhode Island. By collaborating, we are able to combine resources and quickly reach out to as many small business owners as possible. More than 90 percent of our local economy is made up of small businesses. They need help right now and we are doing our best to reach out to them and provide as much help as possible.
PBN: What qualifies you to fill this role?
QUINLAN: Prior to joining Coventry Credit Union as vice president of commercial services, I owned and operated a local firm for several years that specialized in commercial financing. As a small business owner, I learned a number of valuable lessons on strategic planning and business operations.
I have also worked for Fortune 500 companies as a senior financial analyst and certified internal auditor, and I hold an MBA with a concentration in finance from Bryant University. This technical experience enables me to proficiently assist business owners with their financial analysis.
In addition, I have served as a consultant for the Rhode Island Small Business Development Center, where I have assisted small business owners in Rhode Island in overcoming various challenges.
To register or for information, visit www.everycompanycounts.com or call (401) 278-9154.
