Deborah Harris found herself at a crossroads when her husband, the founder of Pioneer Machine Technologies in Madison Heights, passed away suddenly in 2019. Determined to continue his legacy, Deborah stepped into the world of precision and custom machining. “I had no experience in this industry,” she admits, “Actually, I had never even stepped foot in this business.”
Miguel Atkinson, an experienced tool and die maker from Flint, knows firsthand that it’s one thing to work for someone else — and it’s another to be your own boss. He had always wanted to own his own shop, so when the shop owners he had worked for for several years decided to retire, Miguel decided to acquire the business. He realized, however, that he needed counsel to secure the capital needed to do so. Miguel reached out to the Flint & Genesee Economic Alliance, who referred him to the Michigan SBDC where he met Senior Business Consultant Harry Blecker.
Roy Steinberg’s golf apparel business was in full swing in Albany, Georgia, but his business needed additional cash flow to increase inventory and meet demand. With guidance from the University of Georgia Small Business Development Center, Steinberg was able to develop a strong financial plan to refinance existing loans and improve cash flow. His hard work paid off—sales for his business, Steinberg Sportswear, have tripled.
When Army veteran Dennis Guy returned to the Mt. Oliver neighborhood of Pittsburgh, Pennsylvania, he felt a renewed call to serve—this time through storytelling. When his local fire department faced permanent closure due to a lack of volunteers, Dennis stepped in. Leveraging his background in video production and marketing, he created a compelling recruitment campaign that brought in new volunteers and kept the department’s doors open.
That successful campaign didn’t just help his community—it sparked a business idea. Dennis and his wife, Samantha, launched First Sip Studios, a multimedia marketing agency dedicated to helping startups, nonprofits, and local communities share their stories with impact.
You know the old saying, “You have to spend money to make money.” Growth takes capital, and for a lot of small businesses, that extra cash is going to come in some form of debt.
If the very thought of taking out a loan to finance growth makes you shudder, you’re not alone. A lot of small business owners avoid debt like the plague, and when they do seek financing, it is usually in dire circumstances.
Which is actually part of the problem. If your only experience with debt is emergencies, chances are your perspective on debt is negative. (more…)