Making beautiful business connections quickly

If love can be found in 10 minutes, then it should be possible to find a business loan in about the same time.

Gloria Glowacki, director of operations at the state Small Business Development Center at Stony Brook University, figured if she packed a ballroom at the Hauppauge Sheraton Tuesday with 150 small-business owners, 18 lenders and a time limit on conversation, then perhaps potential borrowers and lenders could work on making something beautiful together.

"It's like speed dating for small-business owners," Glowacki said. "You're not going to do the deal today." But it could lead toward deals getting done down the road, she added.

Entrepreneurs loved it.

"This has been a wonderful program," said Tracy Harvey, 45, of Brentwood. She's trying to get a day care business off the ground and is looking for $30,000 to $50,000 to pay for an addition to her home to house the business.

She said she got a lot of valuable business advice, such as how to incorporate and put together a business plan. And she made contact with non-bank lenders whom she wouldn't have found otherwise.

"I didn't realize so much help was available," Harvey said.

Vendors were pleased to find themselves in demand, too. Richard Cassiano, president of Smithtown-based North American Resource Capital, advised a steady stream of eager business owners, many of whom may not have qualified for bank loans.

Many of the people he advised Tuesday were not ready to borrow, he said. But those who are qualified and prepared could find it easier now to get a loan than a year ago, he noted.

Commercial lending is up for the first time in two years, said John Madigan, a senior vice president at Citibank.

"People are looking to buy buildings, start up businesses. Some are looking to expand beyond the region," Madigan said. "There's a lot of expansion, especially with low-interest rates right now."

Nancy Triebwasser, president and chief executive of GNM Industries, said she hoped to find a way to expand her Commack company. It acts as a purchasing agent for foreign companies, but needs expensive certifications to attract bigger clients. Because her company has been in business less than a year, banks have been "totally reluctant" to deal with her, but she said Cassiano was encouraging.

Glowacki said she was thrilled with the turnout and will do similar events soon.

"It's people who are finally coming out of their caves," she said.