Business Smart Workshop Go Module

Transcription

1 Business Smart Workshop Go Module Business Smart is a business education series developed by GO Host Organization s Name July 30,

2 Business Smart Workshop 3 Modules READY SET GO 2

3 Today s Presenter Lori Allen Program Manager Center for Women & Enterprise 3

4 Go This module is the last of three modules to help you Go start or grow your small business The Go module is a resource guide and directs you to local resources available to assist you in starting or growing your small business 4

5 Ready to GO A Review In the READY Module, we discussed the need to READY 1. Determine your offering and market demand 2. Understand your competition 3. Determine your marketing strategy 4. Determine your start up costs 5. Meet your legal requirements 6. Prepare yourself financially 7. Develop your business plan 8. Get help 5

6 Small Business Administration SBA provides critical support and resources to help small business grow and create jobs. SBA s core operations are focused around the Three C s Capital: SBA guarantees support loans to small business that have challenges obtaining credit Contracting: SBA is charged with helping federal government meet goals of contracting to small businesses Counseling: SBAs entrepreneurial development programs provide counseling and training to entrepreneurs 6

7 Ready to Go to SBA SBA is the best source of free business information Visit your local SBA District Office Visit SBA s website at sba.gov There are several different learning topics on the SBA website: Starting and Managing written articles about specific topics Learning Center half hour videos about specific topics 7

8 Ready to Go SBA s website 8

9 Ready to Go Business Plan 9

10 Ready to Go More SBA Info 10

11 Ready to Go Find Local Resources Just enter your zip code and you will see a map with various local resources You can also find in person resources on SBA s website. 11

12 Ready to Go to BusinessUSA 12

13 Find Local Resources SBA is able to provide free and low cost, one-on-one business assistance through the many programs it supports across the nation. These programs are often called SBA s Resource Partners. You can typically find an SBA Resource Partner in almost every community. These include: SCORE Small Business Development Centers (SBDCs) Women s Business Centers (WBCs) Veteran s Business Outreach Centers (VBOCs) 13

14 to SCORE SCORE is a nonprofit association dedicated to helping small businesses get off the ground, grow and achieve their goals through education and mentorship. SCORE has a network of 11,000+ volunteer mentors SBA s funding support allows services to be offered at no charge or very little cost Visit to find mentors, additional articles, webinars, and other helpful information 14

15 SCORE Your local SCORE Chapter can be reached at: Merrimack Valley Small Business Center 88 Middle Street, 2nd Floor Lowell, MA Phone: (978)

16 to the SBDC SBDCs provide high quality one-on-one consulting, training and information resources to empower new and existing businesses. Funding support is provided by the SBA, to enable SBDCs to provide free, one-on-one, long-term professional business advice and low cost business training. Each SBDC offers relevant assistance in all aspects of small business management business planning, marketing assistance, financial management, loan packaging, exportimport assistance, etc. 16

17 SBDC Your local SBDC can be reached at: MSBDC at Clark University

18 to the WBC Women s Business Centers help women succeed in business by providing training, mentoring, business development and financing opportunities. WBCs are funded in part by the SBA, so their services are provided at no charge or at a very low cost. While services are not exclusively for women, WBCs seek to "level the playing field" for women entrepreneurs, who still face unique obstacles in the business world. 18

19 WBCs Contact your closest WBC Center for Women & Enterprise Westborough 19

20 VBOCs The Veterans Business Outreach Centers (VBOCs) provide entrepreneurial development services such as business training, counseling and mentoring, and referrals for eligible veterans owning or considering starting a small business. As a Resource Partner of the SBA, the services of the VBOCs are provided at no charge or at a very low cost There are 15 VBOCs, each covering several states 20

21 VBOCs Contact your closest VBOC New York State Veterans' Business Outreach Center Program 21

22 A Review In the Set Module, we discussed Sources of financing Five C s of Credit Contents of the Loan Application Avoiding Predatory Lending Credit Score 22

23 Financing You have your business plan written, have picked the type of business entity you will operate under and have a tax ID number. You are READY, and now you want to get SET to find financing so let s go over some small business loans. There are 3 main SBA sources of small business loans Microloans Community Advantage loans SBA 7(a) Small Business loans 23

24 Microloans Microloans are small loans with a maximum of $50,000, a term no longer than 6 years and an interest rate of about 8% to 13% Microloan lenders can be found on SBA s website See the bottom of the Microloan section of the SBA website for the pdf file Participating Intermediary Microlenders Report to find microloan lenders listed alphabetically by state 24

25 Community Advantage Community Advantage loans are special SBA guaranteed loans made by non-traditional lenders, Maximum loan size $250,000 Community Advantage lenders can be found on SBA s website at Community Advantage lenders offer business counseling and other assistance with their loans 25

26 SBA 7(a) loans SBA 7(a) loans are the most flexible loans available for business use The maximum is $5 million with a term that depends on the use of proceeds (10 years for business uses, 25 years for real estate) Find a lender by contacting your local SBA district office 26

27 SBA LINC 27

28 CDFl s There are other sources of business financing besides Microloans, Community Advantage loans, or SBA 7(a) loans Community Development Financial Institutions (CDFI) provide loans to small businesses May have specific targets like low-to-moderate census tracts or minority business owners Can be a Community Advantage lender and/or have their own loan fund Paperwork, rates and terms vary per organization 28

29 other loans There are other, non-bank types of financing available Crowdfunding Kickstarter Kiva Dealstruck Indiegogo Peer to Peer Lending Funding Circle Prosper Lending Club City or State governments often have loan funds, check their website to find out more 29

30 MicroLenders & Others Accion 30

31 YOU CAN GO! You have learned what it takes to get READY and put together a plan for your business You have learned what it takes to get SET and are educated about credit and being ready to borrow money You have the resources to look for help to start and run your small business you are ready to GO forward! 31

32 Stay in touch Lori Allen For any questions You can find me on Lori Allen Cosponsorship Authorization # SBA s participation in this cosponsored activity is not an endorsement of the views, opinions, products or services of any cosponsor or other person or entity. All SBA programs and services are extended to the public on a nondiscriminatory basis.--