Barbara Thompson-Bailey is a business development officer with the Jacksonville Economic Development Company (JEDCO). She started June 11.
WHAT IS HER ROLE THERE?
“I was hired to start relationships in the real estate industry since they are usually the first point of contact for buyers who might want to expand a business, relocate, or start up a new business. The buyer would first contact his real estate broker or banker to see what’s out there. The bottom line is we want to get to the small business owners to let them know this type of loan is available.”
WHAT IS JEDCO?
JEDCO is a not-for-profit lending group that bridges the gap between a small business owner’s equity and the amount available to borrow through conventional financing. JEDCO can lend up to $1 million or 40 percent of the total loan amount, whichever comes first. They charge one and one-half percent of the amount they lend to cover administrative fees and costs.
HOW DOES THIS HELP A SMALL BUSINESS?
“Typically, a bank will only lend up to 75-80 percent of what the borrower wants and they have to come up with the other 25 percent or so in cash.” With JEDCO contributing up to 40 percent, including soft costs for items such as surveys and attorney’s fees, the borrower has to put down only 10 percent of the project cost.
“We’re partners with the bank. The bank only has a 50 percent risk in the loan versus 75 so they can do longer terms and a lower rate.”
WHAT IS HER NICHE?
“My target is the commercial real estate people. They are usually the first point of contact for [a professional who is relocating or] a franchise coming into town. They [small business owners] are going to want to find land or renovate a building.”
IS THIS A LARGE MARKET?
“The SBA [Small Business Administration] considers a small business to have a net worth under $7 million and net profit after taxes of less than $2.5 million. Research shows that is about 98 percent of the businesses in Jacksonville.”
HOW LONG DOES THE PROCESS TAKE?
30-45 days is the standard to be approved for funds after the complete package has been received.
BORN
Chester, Pa.
EDUCATION
Thompson-Bailey obtained an associate’s degree from Brevard Community College and attended the University of Miami until she married her first husband.
WHAT BROUGHT HER TO FLORIDA?
“My brother had asthma so my family moved to Miami. This was during the Cuban Missile Crisis. I can still remember the air raid drills, which was hysterical. They told you to get under your desk and cover your head — like that was going to help if they’re going to drop a bomb. In the fifth grade, my stepfather got a job at NASA so I got to experience that whole era of landing on the moon when everyone was so focused on that [space exploration] and it was so exciting. We would camp on the river with hundreds of thousands of other people to watch the shuttles go up.”
ANOTHER NON-NUCLEAR FAMILY
Keith Bailey, her second husband, resides with her and her two children, Justin and Brenna, in Mandarin.
WHERE ELSE HAS SHE WORKED?
For more than seven years, Thompson-Bailey was the senior manager of products and marketing for the Hamilton Collection. Previously, she was employed by the Construction Industry Licensing Board for the State of Florida and by Holmberg, a commercial construction company. In one of her first ventures in Jacksonville, an interior design business, she coordinated colors for a major home builder and sold limited-edition lithographic prints.
INTERWOVEN ASPECTS
“All of these things come into play with what I do now. With my artistic background, I can use different marketing techniques. With my sales background, I can keep their attention during a presentation and teaching them about the 504 loan. Dealing with commercial construction, I dealt with the banks, the percentages and the draws against the contracted amount.”
HOBBIES
Thompson-Bailey enjoys entertaining, shopping for antiques, decorating, cooking, composing scrapbooks and refinishing furniture. She likes to murder mysteries, self-help and nutrition books and spiritual/inspirational novels. She recently became a member of the National Association of Industrial and Office Properties.
— by Monica Tsai