Join the Women's Business Center of California and The Daily Transcript at the Financial Forum, Thursday, Feb. 17, from 8:30 a.m. to 1 p.m. The event, which will be held at the Spectrum Academic Center, 9388 Lightwave Ave., will feature a panel discussion moderated by Reo Carr, editor in chief of The Daily Transcript/San Diego Source. Registration is $20; call for more information, (619) 563-7118.
American small businesses set a record pace of borrowing to start and expand their companies over the first three months of the current fiscal year, securing backing from the U.S. Small Business Administration on 23 percent more loans than in the same period a year ago.
The U.S. Small Business Administration today announced a fiscal year 2006 budget request of $593 million that provides a record $22 billion in loan authority for the agency's flagship lending programs.
The Small Business Administration provides existing and prospective entrepreneurs with loans, management training and counseling, and government contract assistance. SBA San Diego District Office is at 550 West C St., Suite 550, in San Diego, and serves San Diego and Imperial counties. Hours are from 8 a.m. to 4:30 p.m., Monday through Friday. Visit www.sba.gov/ca/sandiego/staffing.html for SBA contact information.
Happy 2005! This article is for those seeking to "Thrive in 2005." For several of our clients, one goal is to evaluate and repair their credit profiles.
The SBA offers numerous loan programs to assist small businesses. It is important to note, however, that the SBA is primarily a guarantor of loans made by private and other institutions.
While poor management is cited most frequently as the reason businesses fail, inadequate or ill-timed financing is a close second. Whether you're starting a business or expanding one, sufficient ready capital is essential. But it is not enough to simply have sufficient financing; knowledge and planning are required to manage it well. These qualities ensure that entrepreneurs avoid common mistakes like securing the wrong type of financing, miscalculating the amount required or underestimating the cost of borrowing money.
When applying for a loan, you must prepare a written loan proposal. Make your best presentation in the initial loan proposal and application; you may not get a second opportunity.
Even though the SBA-qualifying standards are more flexible than other types of loans, lenders will generally ask for certain information before deciding to use an SBA loan program. Generally, a business will need the following documentation to evaluate your loan request:
For information and reservations: (619) 563-7118
You've decided to take the leap into the entrepreneurial world and turn your dream of owning your own business into reality. You've worked through many of the pros and cons, you've developed a business plan, now you need to find the capital. Many entrepreneurs finance their businesses with their own funds, family funds, credit cards advances or home equity. Often though, a bank loan is needed.
Time flies! This is the second Financial Forum given by the Women's Business Center of California (WBCC) in less than a year. Funded in the fall of 2003 with a U.S. Small Business co-operative partnership grant, the WBCC hit the ground running under the management of Carolyn Morrow, one of its founders and the Center's first director.
One of the first things entrepreneurs usually think of before starting their business is whether they can handle being in business for themselves. Can they motivate themselves enough to do what has to be done in order to succeed? Do they have what it takes to stand out above the competition? What if it doesn't work? The questions seem endless. Unfortunately, one of the first things entrepreneurs should be asking is frequently overlooked: Where will they get the money to fund their venture, and how will they get it?
Traditionally, a new year generates a huge list of resolutions that sometimes don't become reality. To avoid this self-defeating exercise, families in business would do well to cooperatively select perhaps four major goals for 2005, one for each quarter of the New Year. These goals should be specific, measurable, attainable, realistic and time-bound, or "SMART" goals.
The Women's Business Center of California's Financial Forum features guest speakers and discussion opportunities with banks and other financial firms regarding business loans and other financing options for small and women-owned businesses. The special section serves as the forum's program guide.