Learn 9 ways to fund your small business for owners who may not qualify for traditional financing avenues including various community funding options, creative funding strategies, and more on this week’s free webinar with SBDC director Kelly Bearden.
This marks the 381st 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
3:29 Poll #1 What is your ideal funding request?
– 50% seeking $500,000 or more | 25% between $150K–$500K | 25% between $25K–$150K
5:08 Poll #2 Biggest obstacles to obtaining capital
– 40% not sure where to find the best funding option
– 30% not enough revenue or income to qualify
– 20% loan qualification issues |
–10% need guidance on paperwork & planning
7:52 Capital Corridor
– SBA Patriot Pitch Competition
– $1 million prize pool; $400,000 grand prize; funded by Clover Inc.
15:30 Economic Corner
– Kickstarter & Job Creation
– Study commissioned by University of Indiana economist
– Kickstarter campaigns have supported creation of over 1 million jobs
– 58% of economic impact from campaign pledges; 40% from post-campaign activity
20:00 Case Study: Yosemite Climbing Museum Kickstarter Campaign https://www.kickstarter.com/projects/yosemitefilmfestival/yosemite-film-festival-and-storyteller-summit?utm_id=97758_v0_s00_e0_tv2_a1dennhb789txd&fbclid=IwY2xjawRfMEJleHRuA2FlbQIxMABicmlkETFzOTRpODZHODc3dUlUR3BBc3J0YwZhcHBfaWQQMjIyMDM5MTc4ODIwMDg5MgABHvb0gK2eQwxiTycFzKyBD1hQLk8aoTYYhlv9XeeLIWyd_CR17T1QQbCwPB-s_aem_a9SeA3NlJebLU69-f-W3Qg
– Goal: $15,000 | Raised: $21,509 from 175 backers
– Reward tiers ranged from supporter status to VIP film festival passes
– Pure donation option raised $501 from 7 backers
– Key lesson: if the funding goal isn’t met, no funds are received
24:15 Community #1 Customer & Crowdfunding Communities
– Platforms: Kickstarter, Indiegogo, GoFundMe, Patreon
– Options include pre-sales, membership drives & product launches
25:54 Community #2 Local Government Communities
– Kern Biz program: facade grants for rural Kern County businesses
– City of Bakersfield micro grants: $2,500–$5,000
– Opportunity Zones 2.0: larger investment opportunities coming
– CDBG Over the Counter grants: up to $3 million for businesses creating low-to-moderate income jobs
28:47 Community #3 – Educational Communities
– BC Launchpad: $2,500–$5,000 grants https://www.bakersfieldcollege.edu/community/launchpad/index.html
– CSUB Center for Entrepreneurship & Innovation (CEI): accelerator program with pitch prize finale https://www.csub.edu/bpa/center-entrepreneurship-cei/index.shtml
– Connections to venture capital & angel investors
30:24 Community #4 Industry Communities
– Strategic partnerships within key local industries: energy, agriculture, tourism
– Kern County focus: oil, renewables & ag innovation funding opportunities
– Inyo & Mono Counties: tourism-based partnerships
32:23 Community #5 Community Development Financial Institutions (CDFIs)
– Local CDFIs: Valley Strong Credit Union, Alta One Credit Union, Access Plus Capital https://www.valleystrong.com/
– Loan amounts typically under $500,000; requirements vary by lender
– Also covers SBIR grants & small business tech transfer (STTR) programs
34:31 Community #6 Veteran Communities
– Veteran-focused lenders (e.g., Veteran Launch based in the Bay Area) SBA Veteran Small Business Certification https://veterans.certify.sba.gov/
– Federal certifications for veteran-owned & service-disabled veteran businesses
– Government contracting as a revenue stream for veteran-owned businesses
– Military-affiliated angel investors supporting veterans & active military spouses
37:05 Community #7 Philanthropic Communities
– Kern Community Foundation: supports nonprofits with housing, stipends & economic development https://www.kernfoundation.org/
– Focus areas: workforce initiatives, rural development & community revitalization
38:57 Community #8 Fan & Brand Advocate Communities
– Identify your “zealot” customers: online brand advocates & referring partners
– Local fans as potential buyers, crowdfunding backers & business supporters
42:07 Community #9 Faith-Based Communities
– Congregations may offer micro loan funds, church business networks & community investment clubs
– Faith-based economic development programs & missions
43:11 Your Next Steps
– Individual next steps: identify which community funding sources fit your business
43:35 SBDC Tools & Resources
– Vertical IQ industry analysis tool
– Free AI consulting through CSUB SBDC student interns
– 330+ videos on CSUB SBDC YouTube channel | 550+ subscribers https://www.youtube.com/@csubsbdc