Financing Your Small Business & Covid19
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This document provides information on financing options for small businesses, including personal financing sources like credit cards and loans from friends/family, as well as business loans. It outlines sources such as term loans, lines of credit, government-assisted loans from the SBA and other agencies, and online/crowdfunding options. The document recommends creating a budget, determining funding needs, assessing creditworthiness, and developing a funding plan. It also provides tips for choosing a banker and details several in-state and online resources for small business loans.
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Financing Your Small Business & Covid19
- 1. FINANCING YOUR BUSINESS CHISA PENNIX-BROWN, MBA NC’S #1 SMALL BUSINESS FACILITATOR
- 2. WELCOME • TAKE NOTES • ENJOY! YOUR INSTRUCTOR CHISA PENNIX-BROWN, MBA • CEO OF LADY BIZNESS • NC’S #1 SMALL BUSINESS FACILITATOR SPONSORED BY SMALL BUSINESS CENTER NETWORK HI
- 3. FINANCING YOUR SMALL BUSINESS PERSONAL • CREDIT CARD • LIFE INSURANCE • 401K & IRA’S • SECOND MORTGAGE • FRIENDS & RELATIVES • CROWDFUNDING BUSINESS • TERM LOANS INSTALLMENT WITH EQUAL PAYMENTS • LINES OF CREDIT • SHORT-TERM & SEASONAL • GOVERNMENT ASSISTED • SBA • STATE & LOCAL AGENCIES • Crowd Funding
- 4. GOALS CREATE YOUR BUDGET 1 KNOW HOW MUCH YOU NEED 2 KNOW HOW MUCH YOU HAVE 3 ASSESS YOUR CREDIT 4 CREATE A FUNDING PLAN 5
- 5. 1. CHOOSING A BANKER IMPORTANCE TO YOU • CAPITAL • COLLATERAL • CAPACITY TO RE-PAY • CONDITIONS • CHARACTER • SIZE OF THE BANK • FAMILIARITY WITH YOUR “TYPE” OF BUSINESS • HOW THEY REACT TO YOUR PROBLEMS • ARE THEY HELPFUL • IS THERE GOOD CHEMISTRY? • ASK QUESTIONS IMPORTANCE TO YOU
- 6. 2. SBA LOANS WHAT CAN THE LOANS BE USED FOR? INVENTORY EQUIPMENT BUILDING • PATRIOT EXPRESS LOAN W. MAX $500K • SBA EXPRESS LOAN W. MAX $350K • COMMUNITY EXPRESS LOAN W. MAX $250K TURNAROUND TIME FOR APPROVAL IS 36 HOURS. YOU STILL NEED TO WORK W A COMMERCIAL BANK & THE SBA FOR THESE PROGRAMS. THE SBA GUARANTEES THE LOAN. EXPANSION EMPLOYEE PAY REGISTER AT SBA.GOV/LENDERMATCH
- 7. 3. ONLINE FUNDING OPTIONS • KIVA.ORG • ONDECK.COM • US.ACCION.ORG • TILTFORWARD.COM • KABBAGE.COM • FUNDINGCIRCLE.COM • FUNDATION.COM • SWIFTCAPITAL.COM • LENDINGCLUB.COM • FUNDBOX.COM • LENDIDO.COM • FUNDERA.COM • BOEFLY.COM CONSIDERATIONS WEBSITE BUSINESS EMAIL ADDRESS SOCIAL MEDIA PRESENCE EMAIL SUBSCRIBTION CROWD FUNDING • PHOTO • VIDEO • CONTENT
- 8. 3. LOAN CROWD FUNDING OPTIONS KIVA.ORG WEBSITE BUSINESS EMAIL SOCIAL MEDIA PRESENCE • PHOTO • VIDEO • CONTENT EMAIL SUBSCRIPTION
- 9. KIVA.ORG
- 10. 4. IN STATE RESOURCES Piedmont Business Capital 1451 S. Elm Eugene Street Greensboro, NC 27406 Tel: (336) 256-9350 PiedmontBusinessCapital.org Carolina Small Business Development Fund 3128 Highwoods Blvd. Raleigh, NC 27604 (919) 803-1437 CarolinaSmallBusiness.org Self Help Credit Union www.Self-Help.Org Women’s Business Center 114 W Parrish St, Durham, NC 27701 Tel: (919) 956-8889 Women’s Business Center 230 Hay Street Fayetteville, NC 28301 Tel: (866) 323-3377 Mountain Biz Works 153 S Lexington Ave, Asheville, NC 28801 Tel: (828) 253-2834 Women’s Business Center of NC 5800 Farringdon Place Raleigh, NC 27609 Tel: (919) 956-8889
- 11. 5. COVID 19 RESOURCES LADYBIZNESS.COM/COVID19 • CITY OF GREENSBORO • PIEDMONTBUSINESSCAPITAL.ORG • FACEBOOK • COVIDCAP.COM SBA COVID LOANS
- 12. THANK YOU! • FUTURE WORKSHOPS CAN BE FOUND AT SBC.GTCC.EDU • PLEASE LEAVE A 5 STAR REVIEW ON GOOGLE AND/OR FACEBOOK • FOLLOW ME AT @LADYBIZNESS
Editor's Notes
- QuickStarter has created an outline to help you get started on your presentation. Some slides include information here in the notes to provide additional topics for you to research. More key facts: Popular online courses: Inspiring Leadership through Emotional Intelligence (Case Western Reserve University), The business cycle (Khan Academy), Foundations of Business Strategy (University of Virginia), Leading Strategic Innovation in Organizations (Vanderbilt University), Introduction to Marketing (University of Pennsylvania), Supply Chain Management: A Learning Perspective (KAIST), Design Thinking for Business Innovation (University of Virginia), Business and its Environment: An Overview of Business and the Role of Finance in Business (edX), Taxes and Business Strategy (MIT), Asset Pricing, Part 1 (University of Chicago), Enterprise value (Khan Academy), Introduction to Corporate Finance (University of Pennsylvania), Economic Analysis for Business Decisions (MIT), Introduction to Finance (University of Michigan), Dynamic Leadership: Using Improvisation in Business (MIT), Integrating the Lean Enterprise (MIT), Healthcare Innovation and Entrepreneurship (Duke University), About University of Pennsylvania (), Gamification (University of Pennsylvania), Mathematical Methods for Quantitative Finance (University of Washington), Starting and staying in business with friends (Khan Academy), Harvard Business School Class Day 2014 (Khan Academy), Economy and Business in Modern China and India (MIT), Statistics for Business – I (Indian Institute of Management Bangalore), Special Seminar in Management The Nuts and Bolts of Business Plans (MIT), The Global Business of Sports (University of Pennsylvania), Turning a Hobby into a Bright Business (Khan Academy), Giles Shih Making an idea into a business (Khan Academy), About University of California, Irvine (), u.lab: Leading From the Emerging Future (Massachusetts Institute of Technology), Community-Owned Enterprise and Civic Participation (MIT), Globalization of Business Enterprise (IESE Business School), The Software Business (MIT), Academic and Business Writing (University of California, Berkeley), English for Doing Business in Asia - Speaking (Hong Kong University of Science and Technology), English for Doing Business in Asia - Writing (Hong Kong University of Science and Technology), Fundamentals of Project Planning and Management (University of Virginia), Business and Family (Khan Academy), Analyzing Global Trends for Business and Society (University of Pennsylvania), Managerial Accounting: Tools for Facilitating and Guiding Business Decisions (University of Illinois at Urbana–Champaign)