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Becoming Bankable Series: Preparing to Access Capital
July 13, 2021 @ 12:30 pm - July 15, 2021 @ 2:30 pm CDT
Session 1: Understanding and Improving Your Personal Financial Position | Tuesday, July 13 | 12:30p-2:30p
During this workshop, participants will learn what it means to become bankable and how the personal finances of the entrepreneur are connected to the business. This session includes a deep dive into the components of a personal financial statement and why it is such a critical part of the funding package for small businesses.
Attendees will also examine the debt to income ratio versus the debt service coverage, as well as, one’s personal credit score versus the business’ credit score. This interactive session will also allow participants to begin the process of developing their own personal and business budgets to form the foundation of their financial statements.
Session 2: Examining Your Business’ Financial State and Needs for Growth | Wednesday, July 14 | 12:30p-2:30p
During this session, participants gain insights into how to get their business finances in order including ensuring that your balance sheet, income statement, and statement of cash flows are accurate. Attendees will receive tips on accounting systems, banking, equity needs and other important aspects of becoming bankable.
Participants will also learn how to examine the financial needs of their business, how to convey funding needs through a strategic business plan, and how to make the case for the estimated repayment plan.
Session 3: Action Planning for Becoming Bankable and the Funding Package | Thursday, July 15 | 12:30p-2:30p
The final session of the series will focus on assisting participants in developing a plan of action for improving their financial position over the next 6-12 months and provides participants with final guidance on developing a funding package.
This session will also cover best practices in finalizing a loan package, obtaining support, and how to prepare for follow up questions. Common mistakes and items overlooked will be revealed so that participants know what to avoid.