Small business financing, options for companies unable to get a loan, alternative sources of funding such as fintech and hard money, micro and credit score based loans are topics of this week’s free webinar with SBDC director Kelly Bearden.
Economist Mark Evans, emeritus professor from CSUB provides a federal budget update and reviews findings from a recent 2024 national survey of small businesses.
Kelly begins the webinar with requirements to apply for Employee Retention Credit amnesty, information on the Corporate Transparency Act, and other local and regional issues that impact small businesses.
This marks the 312th episode of the weekly “Webinar Wednesday” business series that provides news and information helpful to employers and business owners.
The CSU Bakersfield Small Business Development Center provides free one-on-one consulting to help small business owners.
New and existing businesses can sign up for assistance by clicking here!
TIMESTAMPS - Note: The bold blue link below is where Kelly Bearden begins presentation slides on Small Business Finance - Funding Options for Your Company
00:00 Intro
00:42 What’s up today March 13, 2024
03:00 Poll Question #1: “Which Kern County produced agricultural product has been least impacted by inflation?”
05:06 Kelly introduces Webinar Wednesday resident economist, Dr. Mark Evans
05:35 Dr. Evans begins his presentation: Federal Budget Update & Babson College’s Small Business Survey
06:05 Federal Budget Update 2023-2024 Fiscal Year
06:26 2023-2024 Budget Appropriations Update
07:11 “Elephants in the room”
08:21 Legislative Gridlock
08:54 Legislative gridlock in the House of Reps
14:48 Legislative gridlock in the Senate
16:18 Federal debt containment must focus on healthcare and Social Security
17:18 10,000 Small Businesses - Some Findings for Goldman Sachs’ 1,459 Survey Participants https://www.goldmansachs.com/citizenship/10000-small-businesses/US/infog...
18:02 Which year do you expect to be most profitable?
18:27 State of the Economy?
19:19 Hiring
19:53 Credit Conditions
20:59 Kelly rejoins Dr. Evans for discussion
21:18 Economic Corner
22:33 Economic Corner – How the Fed influences small business loans
23:19 Why ERC Amnesty & what you need to qualify for 80 percent – March 22 is deadline to apply: https://www.irs.gov/coronavirus/employee-retention-credit-voluntary-disc...
25:26 Corporate Transparency Act - Beneficial Ownership Information – https://www.fincen.gov/boi
29:19 Tools available through the SBDC
29:51 CSUB YouTube Channel
30:23 FREE Human Resources Hotline for Employers
32:52 Understanding the Underwriting Process
32:59 Current Planning Trends
33:35 Use of Funds
35:05 Lending Resources You Should Know
36:22 FREE Loan Calculator for Amortized Loan – Paying Back a Fixed Amount Periodically https://www.calculator.net/loan-calculator.html
37:43 First a Look Inside
38:27 Traditional Business Funding
42:55 Leveraging Debt or Equity Financing
43:40 Leveraging Accounts Receivables or 401k
44:41 Buying a Business with Zero Down
46:30 Buying a Business with Zero Down – Structure of the Deal
48:55 Strategic Partners
49:06 Equipment Leasing
49:25 Using Equity in Real Estate
49:39 Credit Cards
50:08 There is Money for Everyone
51:47 Can You Afford a Business Loan
52:35 Questions from webinar attendees
