Becoming Bankable – Session 1: Understanding Your Financial Position
Join the Urban League of Louisiana for its signature “Becoming Bankable Series: Preparing to Access Capital”, March 7-9, 12:30pm-2:30pm! This series is sponsored by Louisiana Economic Development and the U.S. Economic Development Administration. For small businesses, there are certain indicators that are very telling as to whether or not obtaining a traditional business loan will be possible. These include the personal credit score of the owner, time in business, profitability, debt service coverage, and collateral. In considering these factors and others, it is imperative that entrepreneurs understand how to best position themselves to access capital and what they can be doing today to advance their business closer to becoming bankable. Session 1: Understanding and Improving Your Personal Financial Position | Tuesday, March 7 | 12:30p-2:30p During this session, participants will learn what it means to become bankable and how the personal finances of the entrepreneur are connected to the business. This session also 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 examine the debt to income ratio versus the debt service coverage, as well as, one’s personal credit score […]