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How small businesses and entrepreneurs can prepare to apply for a loan and what lenders need are among the topics of this week’s FREE webinar presented by the Small Business Development Center at CSU Bakersfield.
Host and SBDC director Kelly Bearden is joined by Penny Garton, senior loan officer with CDC Small Business Finance. Garton provides information on the 5 Cs of credit, what lenders evaluate, cash flow projections, income statements, and more.
Garton is a 33-year veteran of commercial lending, underwriting and customer service. She provides financing to small businesses throughout the Central Valley.
Bearden begins the webinar with a look at the economy, a small business update of current local and regional issues, and more.
This marks the 328th episode of the weekly “Webinar Wednesday” business series that provides news and information helpful to employers and business owners.
The CSU Bakersfield SBDC provides free one-on-one consulting to help small business owners. New and existing businesses can sign up to meet with a business consultant at no cost by clicking here!
TIMESTAMPS - The bold blue link below is a direct link to when Penny Garton begins her presentation on Access to Capital for Businesses & Entrepreneurs and How You Can Prepare to Apply
00:00 Intro
00:36 What’s up today November 20, 2024
02:58 Poll Question #1: “How much funding do I need for my business?”
05:40 Poll Question #2: “What is your business outlook for 2025?”
07:21 Beneficial Ownership Information https://www.fincen.gov/boi
10:04 Capital Corridor – Disaster update on the Park and Borel Fires
11:29 Eligibility: Who Can Apply for an SBA Disaster Loan? https://lending.sba.gov/
11:52 SBA Disaster Loan Limits
13:35 Economic Corner
15:58 SBDC free membership has its privileges!
16:25 SBDC tools to help your business succeed
17:35 Kelly introduces Penny Garton, senior loan officer with CDC Small Business Finance
19:20 Today’s Topics
20:05 Various Lending Institutions
27:30 What is a CDC?
28:27 How to Prepare for Your Loan Request
30:29 What do lenders need to evaluate your request?
35:11 What 20-percent-plus Ownership will also need to provide
38:05 What Do Lenders Evaluate?
38:17 Credit https://www.annualcreditreport.com/index.action
39:32 Cash Flow
40:05 If Collateral Is Needed
40:29 Capital 41:55 Conditions
43:19 Projection Based Loans – website Penny recommends for information: https://www.investopedia.com/articles/stocks/07/top-line-projection.asp
45:44 Income Statement Template Example
46:14 Need Help with Projections?
46:57 Success Stories - Deals funded by Penny Garton in past 12 months
48:27 Frequently Asked Questions: How long does it take to get approved for a small business loan?
48:40 Frequently Asked Questions: What are the fees associated with a small business loan?
49:03 Frequently Asked Questions: What happens if my payments can no longer be made?
49:53 Frequently Asked Questions: What are common restrictions around business expenses that loan proceeds cannot cover?
50:40 Kelly rejoins Penny for discussion and Questions and Answers with webinar attendees
