Mastering the P&L: Unlocking its Potential for Efficient Business Operations
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Funding for Your Small Business
Funding for Your Small Business
Sourcing funds for small business is a full-time job for business owners. During this session, participants will learn about the different types of funding options and requirements for small business owners. Businesses will have the opportunities to work with Chicanos Por La Causa and understand how to prepare for funding by leveraging the State Small Business Credit Initiatives Technical Assistance program (SSBCI TA).
Sourcing Funds for Small Business
This session emphasized that finding and securing funding is a strategic process that requires planning, patience, and preparation. Martin Mendoza, with Prestamos CDFI, shared invaluable insights on how small businesses can better position themselves for funding success. Key takeaways include:
- Your personal credit score often carries more weight than your business credit score due to personal guarantees tied to small business loans.
- Loan readiness matters—be clear on the amount you're requesting and have a specific, well-justified purpose.
- Avoid red flags such as disorganized documentation, unclear or inconsistent answers, and expressing distrust in the lending system.
- Present yourself professionally: Stay calm, be open to the process, and have your information well-organized and readily available.
- Understand the complexity of business lending—don’t compare it to simpler consumer loans like credit cards or auto loans.
By being proactive, transparent, and prepared, small business owners can greatly improve their chances of securing the funding they need.
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