Small businesses are a powerhouse in the economy. In fact, according to the U.S. Small Business Administration, they account for 63 percent of net new private sector jobs, and 48.5 percent of private-sector employment.
In order to encourage small business generation and success, the U.S. Small Business Administration offers loan guarantees to financial institutions that offer small business loans.
Small business owners can learn how to tap into this great funding source at a SBA Loan Seminar, currently offered every other month at the Thurston County Chamber of Commerce.
Representatives from the Small Business Administration and a partner financial institution attend the seminar. “We get people from all stages in the process: Someone just thinking about starting a business, or someone interested in getting more familiar with the next steps, to a small business that has started asking around looking to get a loan. At the loan briefing workshops we try to get to know who is in the room and then we tailor the talk to those small business owners present,” said Melanie Norton, SBA Economic Development Specialist.
After attending the loan seminar, the next step for a small business owner is to put together the materials they’ll need when they present to a lender. Norton often encourages owners to get in touch with a counselor at a small business center before the loan pitch so that another expert takes a look at it. Once the financing package is ready, the SBA can help identify a lender that the small business owner should work with. “We want to find a good match between the business owner and the lender,” said Norton. “Our goal is to work with small business owners to make sure their business plan is set up and ready to go, but we also work with lenders to provide incentives and education to motivate them. We want small business to be successful.”
Learn more about the SBA loan guarantee program, financing alternatives, and what lenders are looking for at this lunchtime workshop. Feel free to bring your own lunch.