Since its inception in 1978, FSC First has focused on helping small businesses based in Prince George’s County to develop and achieve success, guiding business owners and entrepreneurs through a specialized financial program. Now, 46 years later, FSC offers more than 13 unique programs to those eager to enhance their skills and develop their businesses – either located within Prince George’s County or other parts of Maryland.
Generating more than $100 million in direct loans to small and minority-owned businesses in the county and having paved the way for an estimated 400 jobs in the local community, FSC First recently launched a new program, “Level Up,” which provides a unique opportunity for businesses owners as they pivot from the impact of the recent pandemic.
“We understand that there’s an unmet need to meet businesses where they are – whether that’s as a startup, emerging, existing or standing business,” said Dawn Medley, president and CEO of the organization, who assumed the helm at FSC First last year. “We have program elements included within our curriculum to help people grow their business and we’re particularly good at helping new business owners establish critical relationships. Our goal is to make sure they’re ready so that when they apply for a loan, their request will be accepted.”
The program, designed to support and empower small minority-owned businesses in the state of Maryland by providing access to capital, training, coaching, mentoring, networking and related professional services, targets businesses based in Prince George’s County and is available to entrepreneurs free of charge.
According to FSC First’s website, Level Up represents a collaborative effort involving a consortium of partners dedicated to equipping businesses with practical tools to help them succeed. By participating in this program, entrepreneurs can improve their skills and grow their businesses.
Medley, an African American woman originally from Brooklyn, New York, brings with her a wealth of knowledge in finance and the housing industry. She began her career in the medical field before transitioning to leadership positions with Fannie Mae – a leading provider of mortgage financing in the U.S. In her current role at FSC First, she shares her expertise to help entrepreneurs elevate their business acumen and thrive and noted the importance of fledgling entrepreneurs becoming more astute about the financial mechanics that lead to success.
“Some business owners are good at providing their service but lack the financial planning of the business – like what’s needed for a solid business plan,” she said. “Others may not have their taxes in order so we help them develop a backup plan that will help them remain afloat before they even need to apply for a loan. And then, while some are excellent at their craft, they need to be able to illustrate how they plan to expand their business within the market, particularly if they hope to persuade others to invest in their business.”
Forging a Way to Create New Opportunities
FSC First is offering ways for people to forge paths in life by creating opportunities for entrepreneurship.
“For a growing number of Americans, it’s more about quality of life. People are more willing to make sacrifices so they can become business owners – successful entrepreneurs,” the CEO explained.
Medley said inquiries from local businesses confirm that Level Up could be a game-changer for those hoping to go out on their own.
“For those on the fence, we try to accommodate all kinds of business schedules with sessions on weekends and others during evenings and the best thing about it – the courses are free,” Medley told The Informer. “In the past 12 months, we have assisted 2,200 businesses, held 90 events and matched 163 business owners with their own personal business coach.
The FSC First CEO told The Informer that “Level Up,” is also perfect for young and early entrepreneurs.
During the recent COVID-19 pandemic, Candace Randall-Bell, a former project analyst with the federal government who lives in Columbia, Maryland, turned her passion for candle making into Candles by Candy.
In 2019, she began making candles and introduced her products to customers at pop-up shops before stumbling upon a small shopping mall in Howard County, Savage Mill, which she said has the kind of artistic vibe that provided a perfect fit. She acknowledged how much she has learned and grown after reaching out to FSC First.
“I started out by purchasing a candle-making kit – more as a hobby – but never dreamed it would turn into a profitable business,” Randall-Bell said. “In my shop, we sell a variety of candles and also have tables set up for those who want to create their own. In some ways, it’s been a little frightening because being an entrepreneur is a whole new world.
“Thankfully, FSC First offered a workshop at my church last year which I attended. I’ve learned how to access capital, how to pitch my business and so much more. It’s been an unbelievably positive connection and I could immediately tell that they care about small and minority-owned businesses,” she said.
Medley noted that FSC First’s vast curriculum fits the needs of today’s novice business owners.
“Level Up is the kind of program that’s perfect for today’s young entrepreneurs – men and women, many of whom are in their 30s, who have decided that they don’t want to work for someone else for the rest of their lives,” Medley said. “I believe the mentality around work has changed since the pandemic.
“FSC First is also a community development financial institution and part of our mandate is to offer services free of charge to help improve and strengthen businesses, whether they ultimately qualify for a loan or not. Why? Because it’s a proven fact that when you have stronger businesses, you have stronger families and therefore, stronger communities.”
For more information, visit fscfirst.com.