Group touts loans to help west-side businesses

Deborah Wiggins’ 15-yearold son is getting hands-on training in a craft by making men’s neckties for his mom’s clothing business on Orlando’s west side.

Wiggins believes that kind of experience is just one key to economic success in the historically black, economically depressed neighborhoods, including Parramore, the area around Camping World Stadium and other areas west and north of Interstate 4.

She was among a group of west-side business owners who threw out ideas Tuesday in a meeting with leaders from the neighborhood and from the city. They were joined by former U.S. Senator Mel Martinez, now a regional chairman with JP Morgan Chase Bank.

“You need to teach a young man a craft or skill so they don’t go down the wrong road,” said Wiggins, founder of The Lady’s

Place, on Goldwyn Avenue near Orange Center Boulevard. She also said access to capital, including loans or investment, is important.

The idea for the meeting was to start a dialogue about how to lift the fortunes of people on the west side, rather than merely displace them with new development. That’s the goal of LIFT Orlando, a not-forprofit that has been working for several years to improve the neighborhood around Camping World Stadium.

Martinez also brought real financial help from the bank. JP Morgan Chase has donated $400,000 to LIFT Orlando to offer more microloans to businesses in the area, which is defined by the 32805 ZIP code. Microloans are less than $150,000 that are provided to entrepreneurs who sometimes don’t meet traditional banking requirements and are trying to start businesses.

Half the donated money will go to microloan provider Accion, which has an office at National Entrepreneur Center in Fashion Square Mall, to hire more loan consultants.

“We have no loan clients from this ZIP code now,” said Adriana Contreras, a consultant with Accion. “We will loan to any companies, with the exception of nonprofits, real estate investment companies, firearms sellers or adult entertainment.”

The need for more access to loans and capital was a common issue mentioned by business owners at the event. Wiggins said she hasn’t decided yet if she will apply for a microloan with Accion.

They met at Oley’s Kitchen and Smokehouse, 2700 Rio Grande Ave., about two miles south of the stadium. Oley’s is a regular breakfast spot for west-side community leaders, but the gathering Tuesday was a bit more formal. Oley’s owner, Karl Brown, praised LIFT Orlando’s efforts.

“It takes a lot of people to make a business successful,” Brown said. “I remember when police would warn tourists not to go west of I-4, and now they’ve built their headquarters there and a lot of other things there.”

Other needs business owners mentioned included:

Ability to compete for contracts from large companies, such as hospital systems or theme-park companies

Building an economic base of business in the area, not just accepting handouts or donations

Mentoring from experienced business people

Getting certified as a minority-owned business

Eddy Moratin, executive director of LIFT Orlando, said the microloans marked “the beginning of being much more able to help small businesses in the area.” LIFT has been focused more on improving housing in the area, replacing hundreds of vacant apartments near the stadium with a new, mixed-income development called Pendana at West Lakes.

Banks often require that a business be up and running for two years or more before they qualify for a loan. But Accion will loan to companies that are only six months old, Contreras said, and they consider business owners with a credit score below 600.

Accion also requires that microloan recipients haven’t filed for bankruptcy in a year, and that they haven’t been in foreclosure for at least two years. LIFT Orlando has been calling the neighborhood by a new name, West Lakes.

“If West Lakes is not an attractive place to start a business, then we will not be successful,” Moratin said.