Deric Mims
Business Planning and Financing

Small Business Planning and Financing expert Deric Mims runs SunTrust's Small Business Resource Center based in Washington, D.C. and brings with him over 20 years experience as a small business owner.

Best Practices Tips

According to best practices research by SunTrust, most businesses will only go as far as their cash flow will take them because over three quarters of owners “self finance” their business.  Many owners avoid outside investment and loans because they prize their independence and want to control their own destiny. Others are reluctant to take on new debt during challenging economic times.

Having a plan that outlines where you want to go with your business and how much capital you will need to realistically get there is important, regardless of your specific business goals, because:

• Businesses that have a plan on paper and communicate that plan to their employees and business partners are twice as likely to achieve their targeted goals as those that do not.
• Proactively planning for capital ensures success – the worst time to look for money is when you need it.

 “Sweat equity” is a great way to get a business off the ground. But the formula of “work hard and the money will come” will only get you so far.  If your business is over one year old, you need to start asking some questions about whether you need capital to get where you want to go, and what form of capital makes the most sense.

I regularly work with business owners to help them develop a capital plan that ensures they will have the capital they need to achieve success on their own terms. Here are some ways to get started:

Learn About SBA Loan Options That Can Help You Grow Your Business: SunTrust offers a range of non-traditional SBA financing options for you to consider.

Get help.  If you want to learn more about SBA loans, get our help with an SBA loan, or learn about other solutions to address your business challenges, you can contact one of our Business Banking Advisors Monday – Friday from 7:30 AM – 7:00 PM (EST) or on Saturdays from 8:00 AM – 6:00 PM (EST) by calling 877.370.5108.

Bio

Deric Mims is an established expert in Small Business Planning and Financing. Deric runs SunTrust's Small Business Resource Center based in Washington, D.C., and brings with him over 20 years experience as a small business owner.

Deric is dedicated to increasing access to capital for the business owner. He directs SunTrust's involvement with Federal, State and local technical assistance and loan programs for business, including the SBA. Mr. Mims also serves as Chairman of many loan and grant review committees throughout the greater Washington/Baltimore area.

Deric is also actively involved in advising and developing growing businesses. He is Chairman of the board of directors for the Community Business Partnership and is the Chairman of the RISE Program Advisory Board. He serves on the Advisory Boards of several local and regional business development organizations.

Mr. Mims has also served as an instructor and guest lecturer for the Small Business Development Centers at George Mason University and Howard University, where he is also a member of the Advisory Board. He has also lectured extensively to groups of entrepreneurs throughout the region. Mr. Mims is a graduate of George Washington University with a degree in Business Administration.

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