It has only been accepting clients since the start of the year, but Foundations Bank’s Center for Business Growth in Pewaukee has already launched four new businesses, said Greg Kolton, president and chief executive officer of the bank.
"They’re in various stages of evolution now," he said. "They all started and built their business plans here, and three of them got their funding through us."
The center is designed to be a turn-key resource for businesses that are looking to expand or new start-up companies, Kolton said.
"This is something I’ve been thinking about for at least 15 to 20 years," he said. "The idea is to create an outcome solution for business owners where they can get things done in one place. We’re partnering with other business service providers. We’re not trying to outdo anyone else – this is to bring more resources to one place."
The center has two meeting rooms, two small work stations to craft business or marketing plans and a small resource library. One of the conference rooms has a smart board and a built-in projector for Power Point presentations.
Clients who use the Center for Business Growth also have access to two of the bank’s credit department employees, Kolton said.
"One of the differences in this center is that we have proactive staff supporting, counseling and consulting on-site for business plans, studies and serving their other needs," he said. "We have two full-time credit people that support the center and an outside consultant that does consulting two days a week here."
The computers in the work stations inside the Center for Business Growth are packed with software and provide access to specialized web sites that enable clients to research industries, scan demographics of geographic areas and learn about financing options to help start or expand their businesses.
The businesses and entrepreneurs that use the center need not be customers of Foundations Bank, Kolton said. Rates for using the center are $100 for the first hour and $50 for each additional hour.
The Center for Business Growth’s resource library also features information from more than 50 of its advisory partners – companies in more than 20 different categories, such as attorneys, accountants, insurance brokers, contractors and other business service providers. The idea, Kolton said, is to present a list of business service providers to the center’s customers if they do not have already those relationships.
The Center for Business Growth also has created connections with three local angel investors who specialize in manufacturing, construction and technology.
"We have a number of angel investors identified that are interested in funding startups," he said.
The center has been developed inside of Foundations Bank’s Pewaukee branch and headquarters. Kolton said the bank is already planning to expand the center.
"The goal is to turn this into a full-fledged business activity center, complete with video conferencing, research labs, on-site training, instruction and seminars," he said.
The Center for Business Growth will put on three business seminars per year, Kolton said. The first will be held Tuesday, April 29, at 5:30 p.m. in the bank’s lower level, and will discuss alternative sources of funding and holding commercial real estate.
For more information about the Center for Business Growth, call Lane Warner, Foundations Bank’s assistant vice president and manager of its credit department, at (262) 691-4130 or email cbg@foundationsbank.com. For more information about the Center for Business Growth, visit www.foundationsbank.com/businessservices/resources.jsp.
