Roundtable teaches small business financing 101

Most entrepreneurs have no shortage of ideas, but they often lack cash and the know-how needed to make a successful pitch for business financing.

The Michigan Small Business & Technology Development Center (MI-SBTDC, Region 5) office at Delta College is working to change that with an upcoming training session called TEAM SBA: The Truth About Loans -- A Financing Roundtable. The July 22 session will be held at Delta College from 9:30 a.m. To 12:30 p.m., and is free of charge.

Those who attend will learn the ins-and-outs of small business financing from Small Business Administration (SBA) representatives and area business bankers. The session also will cover how financial institutions evaluate loan applications, the underwriting criteria they use, and about what business owners can do to prepare before meeting with a potential lender.

The TEAM SBA roundtables give people an opportunity to talk directly to lenders and ask questions, says Christine Greve, regional director of the MI-SBTDC, Region 5.

"It really kind of breaks down the process," she says. "We're also pretty clear that they cannot expect everyone else to give them a business."

For this reason, the people who benefit most from the roundtables are those who are ready to make a serious commitment to seek financing for their businesses and who are prepared to invest some of their own money in their company, Greve says. Having a viable business plan and good credit also are critical to making a successful request for financing.

The Michigan Small Business & Technology Development Center -- a partner program of the U.S. Small Business Association -- provides one-on-one counseling, training sessions, and market research to new, existing, and expanding businesses.

The TEAM SBA roundtable session is free, but pre-registration is required.

Writer: Jenny Cromie
Source: The Michigan Small Business & Technology Development Center (Region 5), Christine Greve