Travelers Institute and Federal Reserve Bank of Dallas Co-Host
Panel Discussion to Consider Solutions to Entrepreneurial Challenges
DALLAS--(BUSINESS WIRE)--
The Travelers
Institute, the public policy division of The Travelers Companies,
Inc. (NYSE: TRV),
today convened regional leaders of the U.S. Small Business
Administration (SBA), the U.S. Department of Commerce/Minority Business
Development Agency and local small business lenders to address
challenges facing small business owners and to identify solutions.
Co-hosted by the Federal Reserve Bank of Dallas, the symposium, “Small
Business, Big Opportunity,” featured a discussion about the business
environment in Texas, which is ranked third in the nation for
business-friendliness by the Small Business and Entrepreneurship
Council. Panelists identified barriers to funding, while offering tips
for obtaining small business loans, risk management and business
continuity planning.
“As one of the largest insurers of small businesses with a national
network of independent agents, many of whom are also small business
owners, we recognize the importance of entrepreneurs as a critical
economic driver,” said Joan Woodward, Travelers Executive Vice President
of Public Policy and head of the Travelers Institute. “By facilitating
discussion among the Federal Reserve Bank of Dallas, lenders, government
leaders and small business owners, we hope to raise awareness of the
most pressing issues facing entrepreneurs in order to help identify
solutions.”
Alfreda B. Norman, Dallas Fed Vice President of Community Development,
agreed and noted, “The Federal Reserve Bank of Dallas has been engaging
lenders and others that support entrepreneurs to better understand the
issues faced by small businesses and the network that supports them.
This event allowed us to facilitate discussion and share a variety of
tools that promote entrepreneurship.”
Woodward moderated the panel, which featured Dallas small business
leaders, including:
- Herbert Austin, District Director for Dallas/Fort Worth, Small
Business Administration
- Raymond Cervantes, Acting Regional Director, U.S. Dept. of
Commerce/Minority Business Development Agency
- Victor Elmore, CEO & President, Texas Mezzanine Fund, Inc.
- Ana Hernandez, Vice President, Commercial Banking, BB&T, and President
of the Hispanic Bankers Association of Texas
- Alfreda B. Norman, Vice President of Community Development, Federal
Reserve Bank of Dallas
- D'Ann Petersen, Business Economist, Federal Reserve Bank of Dallas
- Elizabeth Sobel-Blum, Community Development Research Associate,
Federal Reserve Bank of Dallas
At the event, panelists offered resources and tools that are available
to help small business owners navigate daily challenges. Norman
discussed the role of her bank’s Small
Business and Entrepreneurship Resource Center, a clearinghouse of
information on current trends and tools from public, private and
nonprofit organizations. Additionally, Herbert Austin, the SBA’s
District Director for Dallas/Fort Worth, highlighted that Small
Business Development Centers and SCORE Chapters are available for
small business owners to use. The SBA district office works with 314
participating lenders to provide access to capital to the small business
community.
In addition, panelists touched on other business challenges, including
risk management, business continuity planning, regulatory requirements,
and other issues that impact small business growth and job creation.
Bill Cox, Vice President of the Carey Cox Company, a North Texas-based
commercial real estate brokerage firm, shared his success story and
noted how he overcame business challenges along the way.
“Our company has more than doubled its employee count in the last year
because we’ve embraced smart growth. But along the way, we also faced
significant challenges,” said Cox. “It’s forums like the Travelers
Institute’s symposium that helps business owners share their story with
other entrepreneurs and allow us to gather new expert tips that can be
easily applied to our businesses every day.”
The Dallas-Fort Worth symposium is the fifth small business forum the
Travelers Institute has held this year, in addition to Morristown, N.J.,
Atlanta, Los Angeles and San Francisco. The Travelers Institute has
hosted events in conjunction with the Latino Coalition, Small Business
California and other business advocacy groups. Earlier this year, the
company released a white
paper, “Small Business, Big Opportunity,” outlining its principles
for advocacy.
As part of its efforts to help small businesses achieve success,
Travelers helped promote Small Business Saturday®, a day to support the
local businesses that create jobs, boost the economy and preserve
neighborhoods around the country. For more information, visit www.travelers.com/ShopSmallBusiness.
About the Travelers Institute
The Travelers Institute, the
public policy division of The Travelers Companies, Inc., engages in
discussion and analysis of public policy topics of importance to the
insurance marketplace and the financial services industry. The Travelers
Institute draws upon the industry expertise of Travelers' senior
management and the technical expertise of many of Travelers'
underwriters, risk managers and other experts to provide information and
analysis to public policy makers and regulators. Travelers is a leading
provider of property casualty insurance for auto, home
and business.
For more information, visit www.travelers.com.
Travelers
Ashley Maagero
860-277-2954
Source: The Travelers Companies, Inc.