Small businesses are the fastest growing segment of the US economy, the New York economy and the Long Island economy. Thus, it stands to reason that, for professionals in the metropolitan area -whether accountant, attorney, real estate broker, banker or other-a concentration on small business clients can yield profitable results.

In particular, small businesses (as the largest segment of our business community) are the largest group of buyers and sellers of buildings in the area. With the rise in interest rates and the "peaking" of real estate prices, many entrepreneurs are now looking to lock into that piece of real estate. So, as professionals, now is an excellent opportunity to help small business clients with capital projects. Small business clients, however, have some unique characteristics when it comes to real estate. Typically, small business is closely held. And, typically, when a small business person is buying or selling a building for his/her business, it's the second most significant financial transaction he or she will ever enter into during a lifetime (second only to first home purchase and sale). As professionals hoping to gain and keep small business clients, we need to be sensitive to the importance of the transaction and treat the small business owner in a way which will win his/her loyalties.

One of the ways to court a small business buyer or seller is to bring resources to the table which will benefit his/her small business. In the case of a buyer, find the most attractive sources of financing- financing which will enable the small business concern to put down the least amount of money; financing which is fixed rate and long term. Small businesses need to keep their cash for working capital needs. They like the predictability of fixed rates (too many remember when the prime went up to 21%). And, they need to enhance their cash flow by keeping monthly mortgage payments down. Programs such as the SBA 504 subordinate mortgage loan program (which is low fixed rate, long term, and lets the small business put down just 10% of the total project) will accomplish these goals. Another key to getting the deal and gaining the loyalty of the small business buyer is to enable the deal- bring all the resources together for the buyer, don't make him/her wander the maze of resources alone.

In the case of small business sellers, it is often hard for them to let go of the building in which they started or grew their business. Make it easier for them by handling all the details, by helping them focus on their business. Bring programs to the table which will help their business grow and prosper-programs such as utility abatements, free consultants, free assistance to find and obtain government contracts. And, of course, help them find that next bigger space to grow their business!

Long Island and, indeed, all of New York State, have multiple resources to enable deals and help entrepreneurs be successful. Some of the most popular programs are those offered by the Long Island Partnership (for project coordination); Keyspan, LIPA and Con Ed for electric incentives, IDA's for real estate tax incentives, NYS for relocation , interest rate subsidies, and employee training; Long Island Development Corp./Greater New York Development Co. for low cost, low downpayment, low fixed rate second mortgage loans under SBA 504, etc.

Being a friend, helpmate, resource to small business gives professionals a competitive edge in gaining and keeping small businesses as clients. And, when it comes to industrial and commercial deals, small business is where it is at!

Roslyn D. Goldmacher is President/CEO of Long Island Development Corporation/Greater New York Development Co., a regional economic development organization providing loans and technical assistance to small businesses. She is an attorney and real estate broker. Roslyn can be reached at roz-goldmacher@lidc.org.