Learn 5 steps businesses can take to improve their funding success when small business development consultant Jay Thompson joins host and SBDC director, Kelly Bearden on this week’s free webinar. Key areas discussed include knowledge of funding options, maintaining accurate financial statements, how to create a strong business plan, and building strategic relationships.
Bearden begins the webinar with a look at the economy and an update on current local and regional business-related issues.
This marks the 355th episode of the “Webinar Wednesday” business series that provides news and information helpful to employers and business owners.
The CSU Bakersfield SBDC provides free one-on-one help to small business owners. New and existing businesses can go to https://csubsbdc.com/ for more information or to sign up to meet with a business advisor at no cost.
TIMESTAMPS
00:00 Intro
00:30 What’s up today August 20, 2025
05:49 Capital Corridor
07:03 Federal Reserve’s annual small business credit survey data on financing and credit products sought in prior 12 months – local compared to U.S.
09:08 Use of financial services providers
10:34 Top reasons for not applying for financing
12:04 Economic Corner – 5 strategies for navigating economic challenges
13:42 Average pay has not kept up with inflation – Kern County vs. California
15:11 Average Monthly Employment Change Kern County – Dec. 2024 through June 2025
17:54 CSUB SBDC YouTube Channel @csubsbdc
19:29 Kelly introduces small business consultant Jay Thompson
21:10 Jay Thompson begins to speak
22:08 Jay Thompson begins his presentation – Key #1: Preparation – Know your funding options – Understand lender and investor expectations – Organize legal and business documents
23:55 Key #2: Financial Clarity – Maintain accurate financial statements – Know your numbers: revenue, expenses, profit margins – Show positive cash flow and repayment ability
25:48 Key #3: Business Planning – Develop a strong business plan – Define your value proposition – Include realistic projections and assumptions
28:22 Key #4: Building Relationships – Network with lenders and investors – Leverage SBDC resources and mentors – Build credibility and trust
30:37 Key #5: Persistence – Expect obstacles and rejections – Learn from feedback and adjust – Stay committed to your funding goals
31:46 Case Examples
32:58 Resources for Success
35:01 Bonus Capital Corridor – 5 more keys to funding success
36:01 Is There Money for Everyone? 20 creative ways to fund and expand small businesses
37:48 Jay shares a Success Story about a client who started a mobile welding business and was turned down by a couple of lenders because he hadn’t been in business long enough
39:23 Kelly discusses Online lending sites and importance of getting APRs up front
41:26 Jay share a Success Story about a doctor who wanted to expand his practice and was turned down by a bank
43:32 Owner financing of sale of a business
50:27 Questions and answers with attendees