- The Enterprise
- The Recorder
Business counselor Bill Hitte has been recognized as a member of the Maryland Small Business Development Center Million Dollar Club.
The recognition is designated for SBDC counselors who have assisted a client with a single transaction that results in obtaining financing of $1 million or more.
Hitte was recognized for facilitating more than $2.2 million in small business loan assistance for nine Southern Maryland firms in 2011 and for his overall dedication to serving small businesses.
This is the fourth year since the recognition level was initiated five years ago that Hitte has received the honor.
“Access to capital is a primary business concern and Mr. Hitte is an excellent professional business counselor with expertise in business finance”, Kelly Robertson-Slagle, regional director for the SBDC Southern Region, said in a news release. “This expertise clearly has helped many small business clients and has bolstered Southern Maryland’s small business development efforts.”
Hitte joined the SBDC in May 2000. He has a background in small business lending in Southern Maryland, having held key management positions in both large and small commercial banks for 20 years.
His “hands-on” management in a true small business a community bank has provided major insights including a knowledge base about financing options, loan structures, SBA loan programs, financial projections, business evaluations, marketing and management assistance, the release states.
“Loan commitments and projects which result in this Million Dollar Club award are not done in six months,” Hitte said in the release. “In fact, nearly all large projects take several years to get done, thus the ongoing interaction with the SBDC is a key resource. SBDC assistance includes guidance about overall planning for the project, financial projections, structuring the funding, project timelines and understanding what the owner/borrower needs to bring to the transaction, in both dollars and knowledge.”
Hitte cites among successful examples his efforts with Briscoe-Tonic Funeral Home, as they used the SBA 504 loan program.
“I worked with Kim [Briscoe-Tonic] and Tony [Tonic] for five years before they built and opened the Waldorf location in 2008, and another two years with them on the Mechanicsville facility purchase and renovation which just opened this January. Anyone looking to get involved in large projects like this needs to be well-informed. They need to write their own business plan so that they know what’s in it and be prepared to answer lender questions. I also feel that patience with these projects is a must, since lenders, investors, contractors and the like must all be on the same page to complete supporting documentation and decisions.”
Hitte has a bachelor’s in business administration and accounting from Salisbury University and is a graduate of the Graduate School of Retail Bank Management at the Darden School of Business of the University of Virginia.
The SBDC Southern Region is hosted by the College of Southern Maryland and is staffed with counselors who collaborate with local businesses leaders to determine the types of assistance small business owners would value most.
They provide confidential one-on-one counseling services at no charge and serve businesses at satellite locations in La Plata, Prince Frederick and Leonardtown.
Go to www.sbdchelp.com.