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New York Funding Options for Small Businesses
Thursday, February 16th, 2017 | 10:00 AM to 2:00 PM
Small business owners may not know about all their funding options. This workshop provides a framework for making decisions about which type of funding fits your business situation and needs. It orients you to the gamut of ways to raise money for your business, from crowd funding, through alternative lenders, to conventional bank and other loans.
Your instructors will represent institutions that fund businesses at various stages of development. New small business owners will from profit from knowledge of self-funding, crowd funding and other money sources more receptive to newer start-ups. Growing and established business owners will learn about community lenders and conventional banks more willing to bankroll businesses with a longer track record.
At the end of this workshop, you will be able to:
- Compare self-funding, financing from friends and family, alternative institutional lenders, and alternative community lenders, and conventional bank lenders, including pros and cons of each
- Describe the factors funders evaluate in deciding to extend a loan (e.g., credit scores)
- Define “leverage” and its risk to you and the funder
- Calculate the real cost of new money to your business
- List the funding options for newer businesses
- Distinguish between alternative community lenders and conventional banks for more established businesses
- Outline the loan application requirements for traditional banks
- List the financing options appropriate to your own business and its development stage: new, growing or established
- Summarize ways to find the right lender for your situation
Beth Goldberg is District Director of US Small Business Administration’s New York District Office, covering 14 New York City area counties. These 14 NYC, Long Island and Lower Mid-Hudson counties include approximately 1.6 million small businesses with a $322.7 billion payroll.
10:00 am - 2:00 pm