New event series will help entrepreneurs access financing to grow their small businesses
Access to capital is a major challenge for small business owners. Without adequate funding or access to reasonable loans, small businesses can’t grow and thrive – or even get off the ground in many cases. To help ensure entrepreneurs secure the funding they need to be successful, Small Business Majority has partnered with the VEDC in Los Angeles County to launch a new program providing access to capital education to small business owners.
The program consists of free in-person seminars, workshops and webinars that small business owners can attend to learn more about financing options and connect with business counselors, financial advisors and other small business financing experts. The workshops will also include information for women and minority-owned businesses about the unique issues they face when accessing capital.
“One of the biggest challenges facing small business owners and entrepreneurs has been and continues to be the inability to access sufficient credit and capital,” said Rhea Aguinaldo, Small Business Majority’s Manager of Entrepreneurship. “For entrepreneurs, getting a loan could mean the difference between success and failure, whether it’s used for renovation, purchasing equipment or working capital. Securing funding might feel like an uphill battle, but the truth is there are more funding options than ever before. This new partnership and events series will help entrepreneurs understand these funding options and provide them the tools they need to make the best decisions for their small business.”
Access to capital has been an increasingly difficult issue for small businesses over the last few years, as many banks have eliminated lower value loans most often utilized by small businesses. Big banks approve just 2 out of 10 small business loan requests. In fact, Small Business Majority’s polling found 90 percent of small business owners identify access to capital as an area of top concern. The VEDC program should be a valuable resource to small businesses struggling with access to capital.
To learn more about access to capital options for small businesses, entrepreneurs can visit Small Business Majority’s new online resource portal, which provides an overview of potential funding options for small businesses, including the U.S. Small Business Administration’s loan programs, community banks and credit unions, microloans, crowdfunding and alternative online lenders. The resource portal also provides information on how to connect with reputable agencies and organizations that can help entrepreneurs navigate access to capital.
Access to capital is crucial to ensuring small businesses have the resources they need to thrive and grow. Programs like our partnership with the VEDC will help ensure they have the resources to do that, and that’s good for our economy and for our communities. The first workshop will be held on Monday, November 16, 2015, at the VEDC headquarters located at 5121 Van Nuys Blvd. 2nd floor in Sherman Oaks, CA 91403. Small business owners can register here: http://a2c-vedc-sbm.eventbrite.com.