Funding Options for Your Small Business 

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

Moderator:

Beth Goldberg

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.

Before her appointment as SBA NY District Director, Ms. Goldberg has been a leader in the economic development field, which aims to encourage business and job creation through funding and other strategies. She founded Auric Ventures, Ltd. and was president of the Brooklyn Economic Development Corporation, which continues to be a model for economic development programs, including the New York City Economic Development Program.

Ms. Goldberg holds an MS in Social Work from Columbia University with a specialization in Industrial Social Welfare.

Presenters:

VEDC Tri-State Business Opportunity Fund
Monica Guevara

TruFund  Financial Services
Stephanie Thomas

LESPFCU (Lower East Side People’s Federal Credit Union)
Angel Garcia

NYBDC –  New York Business Development Corp.
Oseremi Adekoye

BOC – Business Outreach Center
Rene Cruz

SBA - Small Business Administration
Larry Pontillo