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Flagstar Supports Small Business Grants & Loans

Press Release

Flagstar Bank Launches Small Business Development Funding in Pontiac

Initial funding brings $500,000 to help small businesses

TROY, Mich., Sept. 25, 2017

Flagstar Bank today announced the first disbursement—$500,000—of its $2.5 million investment in small business development in Pontiac. This small business initiative is part of Flagstar’s five-year, $10 million commitment to help revitalize the city.

“We’re happy to have partnered with Flagstar to bring this $10 million commitment to Pontiac,” said Pontiac Mayor Deirdre Waterman. “Small businesses are the backbone of any economic revitalization, and this funding from Flagstar gives a welcome boost to our community.”

Flagstar’s initial disbursement of $500,000 will be leveraged through a partnership with CEED Lending, a Small Business Administration lender. Although the program will offer direct grants and loans, most of the disbursements are expected to be a combination of SBA loans and Flagstar grants to achieve maximum leverage. By blending grants with loans, Flagstar is able to add collateral and security to loan requests, thus making the loans more creditworthy, providing more capital to borrowers, and lowering the repayment amount.

“This kind of funding can be a lifeline for struggling businesses that need a little help to thrive,” said Beverly Meek, CRA director for Flagstar. “One small business in Pontiac has already been approved for a loan/grant combination in the pilot phase, and another is awaiting CEED loan approval.”

Meek said funding also will be used to support manufacturing in Pontiac, non-SBA loans, and grant opportunities identified by Pontiac Main Street Advisory Council.

“Everything we’re doing, we’re doing with input from the community,” Meek said. “It was the community who told us small businesses—especially micro-businesses—needed grant money to help them qualify for SBA loans. Zero percent loans and grants was what we heard from the community.

“Another thing the community wanted was a one-stop website where small businesses could find everything they needed to start and do business in Pontiac. And Flagstar responded with a $10,000 grant to build a web portal for the city.”

CEED Lending, an initiative of the Great Lakes Women’s Business Council, provides small business loans to start-up and existing enterprises in nine counties in Southeast Michigan. CEED is the lender for the SBA loans associated with the program.

“The partnership with Flagstar is a great opportunity to move the needle on small business lending in Pontiac,” said Michelle Richards, executive director of CEED Lending. “We’re looking for good things to happen in Pontiac with CEED’s expertise in SBA lending enhanced by small business grants from Flagstar.”

To apply, download appropriate application.

Monte Nagler Success Story

Monte Nagler of Monte Nagler Photography is among the top landscape photographers in America. A student of Ansel Adams, he is a member of the esteemed Camera Craftsmen of America. Monte's photographs, which have won numerous awards is included in many public and private collections including the Detroit Institute of Arts, the University of Michigan Museum of Art, the Dayton Art Institute, the Grand Rapids Art Museum, the Center for Creative Photography, The Brooklyn Museum, The State of Michigan, General Electric Corporation, BASF Corporation, Ford Motor Company, Chrysler, and General Motors. Galleries and agents throughout the country also represent his photography.

Who keeps track of the business side of Monte Nagler Photography? Monte’s partner in life and business, Michelle “Mickey” Nagler, president of Monte Nagler Photography. One of the reasons this husband and wife team is successful, is that they have a true respect for each other’s role in the company. Mickey handles the day to day operations, is instrumental in managing the relationships with the many agents and galleries. She is the driving force for the marketing and maintains their websites; www.montenagler.com and www.photosforhealing.com. Mickey also invested the time to get the business certified with Women’s Business Enterprise Council – Great Lakes for the Women’s Business Enterprise (WBE) certification and on the federal side of certification programs, Mickey on them on the GSA schedule contract and self-certified as EDWOSB with the SBA.

Though a large portion of Detroit-based business is now healthcare-based, it wasn't always that way. For years, black-and-white fine-art photography was the primary drive of Monte Nagler Photography, and it wasn't until they looked to expand their business that the healthcare industry presented itself.

Today, Monte Nagler Photos for Healing™ products provide a unique way to dramatically enhance the health care environment with the addition of exquisite photographic images. Over the course of 30 years as a professional fine art photographer, Monte Nagler has amassed a vast portfolio of images suitable for installation in the medical setting. The collection includes hundreds of landscapes, gardens and flowers, water scenes, seasonal views, recognizable landmarks, domestic and exotic architecture, and more. “The thought of my photography helping people get through a procedure or make it nice for the patient or their family was exciting to me,” he says. How do you market that?

Mickey reached out to Deb Loeser, CEED’s Women’s Business Center manager for help in developing new business and to promote that they are an ED WOSB and are on the GSA schedule. At first you would think that this photography business must takes pictures – right? Well, there was some confusion about the type of fine art photography that Monte Nagler Photography did. What was easy for Loeser to spot was that their marketing efforts were based on selling photography to people vs. what their biggest customers were buying – was the emotions that came out of how they incorporated their photography. Once Mickey got that she is helping her customers connect to their customers through their photography, it fueled a new capabilities statement, new pitch and confidence in a new marketing plan for Monte Nagler PhotosforHealing™. Mickey and Deb worked on strategies for her to develop leads at the 13th Annual Great Lakes Women’s Business Conference. That plan resulted in securing two projects right away and produced enough leads that it will take Mickey about four to six months to get through them. What a success!

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"I believe in what the GLWBC stands for. I have worked with small business for over 20 years and enjoy helping the community by empowering these small businesses that drive our economy."

Jackie Woodstock
SBA Sales Specialist
Michigan & Ohio, Citizens Bank

"I love working with and volunteering for the Great Lakes WBC, because I value and admire what the organization does for Women Business Enterprises. Great Lakes WBC passion to see both their constituents and Corporate members succeed is praiseworthy. I appreciate the opportunity that Great Lakes WBC has given me to connect and partner with such amazing women."

Tammi Hart
Purchasing Manager
Federal Mogul Corporation