NATIONAL MINORITY BUSINESS COUNCIL
FOR IMMEDIATE RELEASE
April 28, 2016
John F Robinson
National Minority Business Council (NMBC) Procurement Luncheon Offers D & B Insights on Credit Worthiness – Peaks and Pitfalls
New York, NY – The National Minority Business Council’s (NMBC) April presentation, “Leveraging Your Business Credit File,” the latest event in the nonprofit organization’s annual series of Procurement Opportunity luncheons, featured keynote speaker, Amber Colley, business credit expert with Dun & Bradstreet. Colley offered an in-depth exploration of the ‘why’s’ and ‘how’s’ of doing business with D & B to help startups and established businesses fully understand the role of credit worthiness and how to both protect their businesses and enable them to grow. The luncheon was held at BNY Mellon’s 101 Barclay St. offices in Manhattan.
NMBC President and CEO John F. Robinson noted that “The NMBC is dedicated to offering valuable insights to business owners which includes advising them of pitfalls to avoid and peaks to aspire to – credit worthiness clearly relates to both ends of the spectrum.”
Benjamin Jones, NMBC’s chairman of the board of directors and president of Lightning Supply Co., noted that “Fully understanding the financial component is key to building a business.” He introduced Amber Colley as “an industry resource and expert on how a business image and credit history tie into a company’s credit worthiness and credibility and, consequently, its growth.”
Colley told an audience comprised primarily of MBEs and WBEs (minority and women business enterprises) that she is passionate about working as a “small business advocate to help business owners grow their business and fuel our economy.”
Explaining that Dun & Bradstreet’s purpose is to mitigate risk by predicting the likelihood of distress, she explored a variety of topics including credit scores and ratings calculated to arrive at a delinquency predictor score; the value of obtaining a D & B D-U-N-S number to yield a more robust credit profile – a requirement of many Fortune 500 companies and banks; Credit Signal, a free D & B service which monitors credit; and a Paydex score which offers performance information on payment history.
A positive credit report can foster increased sales and loan opportunities; higher lines of credit; improved finance rates and terms; better cash flow – cash is king; and greater ability to access capital, win bids, and negotiate terms. In every way, opportunities are heightened.
Urging all to be proactive, not reactive and to be sure to evaluate the credit risk of business partners to keep the supply chain healthy and maintain a positive cash flow, Colley concluded by encouraging engagement with D & B. “We’re here to help,” she said.
Participants found the topic compelling and the networking extremely helpful.
Adjua Mantebea, owner/CEO, A Delight Production, said, “I’m getting a world of knowledge in a short time.”
Betty Brano, president, Brano Design, came for the “opportunity to meet people from different business backgrounds who share common goals and are open to exchanging ideas in a supportive, non-competitive setting.”
Jill Johnson, CEO, Workshop in Business Opportunities (WIBO), said, “Events like this are so important for owners to network with each other and take the business to the next level. This is a wonderful organization to help business owners gain access to opportunity.”
Sophia Samuel, president, Crescens Inc., IT staffing, gained “some interesting and valuable insights into the workings of Dun and Bradstreet “ and “learned quite a few good business practices and of other person’s experiences at the luncheon. ”
Roxanne Brown, president, Alpha & Omega Stone, said, “Since attending the luncheon I’ve already implemented specific points with three vendors I work with.”
The NMBC has been serving the minority, women and veteran-owned business community for over four decades through direct services in the areas of procurement, education and training, advocacy, global business services and financial resources. It is a not-for-profit organization meeting the needs of the Small Business Community domestically and globally since 1972.
For further information about NMBC please call 347-289-7620, email email@example.com or visit the NMBC.org website.
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Caption: L-R – NMBC Chairman of the Board Benjamin Jones, president of Lightning Supply; Amber Colley, business credit expert, Dun & Bradstreet; NMBC President and CEO John F. Robinson at the National Minority Business Council’s Procurement Luncheon in April.