The Tennessee Small Business Development Center stands ready to help businesses cope with today’s tough economic times and tight credit market.

The agency offers counseling as well as assistance with loan applications to the Small Business Administration.

Mark Taylor, director of the office at the Renaissance Business Center, said the agency is receiving more calls than usual from established businesses and more inquiries from individuals interested in starting their own businesses.

“We lately have noticed a surge in interest in starting your own business,” Taylor said. “We’re attributing that to the fact it is tough getting a job so people are hustling looking to see what they can do to earn some money.”

The surge in interest began about six weeks ago, he said, and has been most evident at the monthly meetings the agency holds at the Benjamin L. Hooks Central Library. The 15 to 20 people who normally would come to the sessions now number 30 to 40, Taylor said.

The agency also offers workshops at its office at 555 Beale St. Sessions titled “Small Business Start-Ups” are scheduled for Dec. 6 and Dec. 17 from 10 a.m. to noon. A session on “Developing a Business Plan” is scheduled for Dec. 10 from 10 a.m. to noon.

Although it may be tough for a small business to obtain a loan through private markets, guaranteed loans through the Small Business Administration are still available.

Mark Taylor

“You can’t apply directly to the SBA,” Taylor said. “You always go through a bank for SBA-guaranteed loans. There’s still money there. Yes, there’s been some tightening on the credit issue, but not like there have been with other types of loans. For instance, the Community Express loan is a no-collateral loan, based pretty much entirely on your credit score. It is a SBA-guaranteed loan, so the credit requirements are not as strict as they would be if you just walked into your local bank.”

The loans are available for existing businesses as well as startup ventures. However, Taylor said the business owners he has talked to are “sort of hunkering down.”

“There’s a lot of worry out there,” he said.

The counseling that the staff offers is free.

“The strength of this particular branch is all of our counselors have actually owned and operated their own businesses,” Taylor said. “Three out of four of us have master’s degrees in business. We can help people in a variety of ways, both in whatever book knowledge they may need or technical type analysis or very practical advice. I think we’re a marvelous place to start if you have a question.”

However, the counselors don’t get in over their heads. A counselor may provide basic accounting advice, he said, but will recommend that a client go to a certified public accountant when appropriate.

Taylor believes a lot of business owners aren’t aware of the services the center offers.

“I was in business in Memphis for 25 years and never heard of it before I got a job here,” he said. “We’ve got six different agencies down here, some city, some state, some federal – all of them dedicated to trying to help small businesses.”