Helping Your Prospective Businesses Get the Funding They Need. Connie Edwards

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1 Helping Your Prospective Businesses Get the Funding They Need Connie Edwards

2 Reminders

3 Connie Edwards Business Consultant Small Business Development Center Savannah, Georgia March 31, 2015

4 Bankers

5 Bankers!

6 How Do Bankers Think? Not a Business Partner Conservative and Skeptical Love Collateral Don t Like Risk Make Money By Lending

7 What Do Bankers Want? Certainty of Payment -Credit History -Historical Cash Flow -Projected Cash Flow -Other Sources of Cash

8 And Easy to Sell Loan Proposal -Good Solid Business Plan -Strong Management Team -Proper Documentation -Realistic Projections -Hard Facts, Not Vague -Reasonable Assumptions -Easy to Say Yes

9 And. Strong Collateral -What Is Strong? -How Is Collateral Valued? -Business Collateral -Personal Collateral -Cosigner -SBA

10 Lenders (and Borrower) Need to Know How Much Money Is Needed? How Will Funds Be Used? How & When Will Loan Be Repaid? How Much Does Borrower Have to Put Into the Deal? What If Something Goes Wrong?

11 Startup Businesses Consider All Aspects of Startup More Detail Needed in the Narrative No History (< 2 years) Must Justify Projections More Detailed Market Analysis Borrower s Knowledge and Experience

12 Existing Business Past History How Long? Changes to Be Made in the Business Financial Analysis of Current Need Assumptions Support Debt Less Narrative Needed than for Startup

13 Borrower Must Evaluate Themselves Direct Experience Business Education Business Skills Transferrable Skills Capital Credit Collateral

14 Business Plan Loan Proposal Part I Word, Excel Be Careful with Business Plan Software Narrative Executive Summary, Description of Business, Products/Services, Market Analysis, Competition, Location, Marketing Plan, Management/Operations/Personnel Financial Projections Supporting Documents

15 Loan Details Loan Proposal Part II Financing Needs, Collateral, Equity Injection Borrower s Financial Situation (Personal Financial Statement, Personal Tax Returns) Business Financial Situation (Income Statements, Balance Sheets, Cash Flow, Tax Returns) Details of Quotes, Agreements, Contracts, Appraisals Other Documentation Required

16 Narrative Executive Summary Description of the Business Products/Services Market Analysis Location Competition Marketing Plan Management/Operations/Personnel Supporting Documents Word Processing Software - Word

17 Projections Based on Borrower s Numbers Borrower Should Question Assumptions, Do What If s Monthly Projections Borrower Must Look at Timing Profit & Loss Projections Cash Flow Projections A/R, A/P, Inventory, Loan Payments, Fixed Assets, Shortages Spreadsheet Software such as Excel

18 Small Business Administration (SBA) Federal Program Needs Same Info As Banker Starting & Growing Businesses 7(a) Loan Program 504 Loan Program Microloan Program Other Resources

19 SOME SBA LOAN SOURCES Banks - Preferred Lenders Other Participating Banks Certified Development Companies (CDC s) Celtic Bank Get an SBA Resource Guide

20 Examples of Alternative Funding Sources Liquid Capital Accion Benetrends

21 Other Sources Home Equity Loans Life Insurance Credit Cards* Leasing Suppliers Customers Family & Friends Borrower s Savings

22 Outside Equity Venture Capital Firms Angel Investors Individual Group Crowd Funding Donation/Purchase Equity Family and Friends

23 Review of Handouts/Tools

24 Case Study

25 Connie Edwards Business Consultant Small Business Development Center Savannah, Georgia

26 Thank you! Please complete the session evaluation on the conference app before you leave the room.

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