Kristen Tackett is the business development officer for JEDCO, the Jacksonville Economic Development Company.
WHAT IS JEDCO?
“JEDCO was a City-run program for over 20 years and privatized in May 2002 to take advantage of the market. It is a non-profit Certified Development Company (CDC) who is licensed to make loans under the SBA (Small Business Administration) 504 loan program. There’s usually only one Certified Development Company per county. We are just Duval. The SBA guarantees the loan. We are the liaisons between the SBA and the borrower. The business owner will enjoy the benefits of a fixed, below-market interest rate with a 20-year term and a low down payment of only 10 percent. JEDCO also provides technical assistance; we don’t charge for that advice.”
WHAT IS HER ROLE?
Tackett assists small business owners who are seeking financing to expand or to purchase heavy machinery or equipment by arranging loans for them. Additionally, she educates and promotes JEDCO’s product to commercial lenders and business bankers locally. “What I do, and what JEDCO can offer, could mean gold to a small business owner looking to expand. If anyone is looking to buy, build or remodel commercial and/or industrial buildings with minimum investment, they need to know me.”
WHAT DEMOGRAPHIC DOES SHE SERVE?
“Any small business can benefit from our loan program, except non-profit organizations or lending institutions. The business must have a net worth of less than $7 million and after-tax profits of no more than $2.5 million to be eligible. This loan is only available through a CDC and that’s why it is important to call JEDCO first, even before calling your local bank.”
WHY WORK FOR JEDCO?
“Because, hands down, JEDCO offers one of the best loan programs available to the city’s small businesses. Business expansion means job creation and with that comes economic growth, development and diversification. I just like the feeling of that. This program was created by the government to help small businesses put the least amount of money down for an expansion. For the community as a whole, there’s job creation and an increase in the tax base.”
WHAT ADVICE WOULD SHE GIVE SMALL BUSINESS OWNERS?
“Well, I like to say, ‘You probably didn’t put 30 percent down on your house, so why would you for your business?’ If a bank makes a regular loan they will first require that a business owner put down 20-35 percent and they will only finance the remainder of the hard costs. Under this program, you can finance all your soft costs such as closing costs, environmental surveys, anything like that.”
WHAT IS HER
BIGGEST CHALLENGE?
“Misconception. When people think of the Small Business Administration, they think a lot of time, a lot of paperwork and a lot of red tape. They’re legitimate concerns but they’re not true. JEDCO serves as the representative and handles everything.”
HIGH VOLUME?
“We’re doing more loans than ever before due to our privatization. The reason is that when they were with the City, they had a staff but it was never consistent [because personnel was shifted around to different government agencies]. Meaning, loan production was never consistent. Now, we have a dedicated staff of five individuals and someone on the streets promoting the product. We’re starting to advertise. We have a mail campaign. We’re creating the awareness that was never there before. We’re also getting ready to tap into new markets.”
HOW IS JEDCO FUNDED?
“We earn a servicing fee of one-and-a-half percent of the loan. We’re a 501(3)(c) so we don’t get money from anybody.”
HOMETOWN
Madison, Wis.
WHAT BROUGHT
HER HERE?
“In 1990 I moved down here to be with my dad. My father loves the beach.”
FAMILY
“It’s small but we’re a close-knit group — my father and stepmother, my boyfriend Richard and my Persian cat, Merritt.”
RESIDENCE
Ponte Vedra Beach.
EDUCATION
Tackett earned a bachelor’s degree in marketing and management at the University of North FLorida. She is working on her master’s degree in business administration. “I have a 10-year plan. Within the next 10 years, I want to have more degrees. First, a master’s and then I have a couple of other interests that I would like to pursue. I don’t just want to know one thing. People change, careers change and I want to be diversified. Plus, I just like learning.”
WHERE ELSE HAS
SHE WORKED?
While in college, Tackett owned and operated her own custodial company, River City Cleaning. She interned at Northwestern Mutual Financial Network and also held positions at the MONY Group, PGA Tour, Lincoln Financial Advisors and Personnel Assessments, a psychological testing firm that specializes in personality profiling.
HER LEISURE ACTIVITIES?
“I like vacationing and fast cars.” Tackett and her boyfriend own Mustangs. Tackett also enjoys gardening, surfing the Internet and spending time with her family.
WHAT’S YOUR PET PEEVE?
“Anyone with a lack of motivation to make a difference.”
WORDS TO LIVE BY
Tackett recommends the self-help book “Why Good Girls Don’t Get Ahead but Gutsy Girls Do: 9 Secrets Every Working Woman Must Know.” Her favorite quote is by James Champy “Without ambition, no conquests are made, no lands are discovered, no business created. Ambition is the root of all achievement.”
— by Monica Chamness