Miami, Florida - ACCESS Miami will host a free webinar on Thursday August 7, 2008 from 10:00 a.m. to 11:00 am for Miami small business owners to learn about financing options. The webinar, an open access online seminar, is part of Mayor Manny Diaz’ and the City of Miami’s ongoing financial education and small business support programming.  Participants will learn about the range of financing products available to them as well as costs and risks associated with some non-regulated financing products.

Recent events in the housing and credit markets have caused banks to tighten their business lending criteria. The result has been less credit opportunities for small businesses and an explosion in merchant cash advances, a predatory lending scheme on the rise across the country.  

“Economic conditions across the United States have left many small businesses struggling to access the capital they need to stay afloat,” said Mayor Diaz.  “Predatory lending practices threaten the livelihoods of thousands of small businesses and micro enterprises, including the thousands based in Miami, and ACCESS Miami is dedicated to offering educational support to our entrepreneurs.”

Merchant cash advances with annual percentage rates of 150-200% are threatening the viability of small and family-run businesses on Main Street America. Mayor Diaz, President of the U.S. Conference of Mayors, recently joined the nation’s mayors in passing a resolution at the organization’s Annual Meeting calling for small business education on predatory and payday lending.

During this special webinar, small business expert and founder of On Deck Capital, Mitch Jacobs will explain the range of available alternative small business financing alternatives and provide advice on how to evaluate lenders and avoid predatory products.

On Deck Capital serves small businesses that do not fit traditional bank loan criteria.

Additional information and advice will be provided during the webinar on Aug 7, at 10:00 a.m. EST.  Businesses can register for the webinar at www.miamigov.com/economicdevelopment. 

WHAT:  ACCESS Miami to Offer Free Webminar: Access to Capital

WHEN:  Thursday, August 7, 2008, 10:00 – 11:00 a.m.

INFO:  Businesses can register for the webinar at www.miamigov.com/economicdevelopment.