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SBDC Offers Webinars for Start Ups and Established Businesses during Economic Disruption

from PA Small Business Development Center

Apr 09, 2020

This Saturday,  April 11th the PA Small Business Development Center (SBDC) is launching two new FREE webinars that will take place every other Saturday morning.  One targets people who are planning to start a business and will provide helpful content for understanding their credit score and how it impacts their ability to borrow.  The second targets established business owners, providing insight to established owners on 8 tips to maintain credit and how to negotiate terms with their lessor, suppliers and how to manage their cashflow during COVID-19.  The webinars will also be offered in Spanish on May 9th and June 20th.

From their experience during past economic disruptions SBDC knows that many people use their time on unemployment to develop their business model and wants those individuals to know how to leverage their credit to achieve their business goals.  For established businesses they should know that they are in a position to negotiate better terms during this disruption with their lessor, vendors and to ask for deferments on existing loans.

Descriptions of each program are below. They will be repeated every other weekend as long as demand continues.

Registration is necessary and can be accomplished at the following links for the first three dates:

https://pasbdc.ecenterdirect.com/events/26740    Startup Credit Webinar:  4/11 9:00 AM-10:00

https://pasbdc.ecenterdirect.com/events/26741    Established Business Credit Tool Kit: 4/11 10:30 AM-11:30

https://pasbdc.ecenterdirect.com/events/26742    Established Business Credit Tool Kit: 4/25 10:30 AM-11:30

https://pasbdc.ecenterdirect.com/events/26743    Startup Credit Webinar:  4/25 9:00 AM-10:00

https://pasbdc.ecenterdirect.com/events/26744   Startup Credit Webinar (Spanish) 5/9 9:00-10:00

https://pasbdc.ecenterdirect.com/events/26745    Established Business Credit Tool Kit Webinar (Spanish)  5/9 10:30 AM- 11:30

 

Startup Business Steps to Maintain and Enhance Your Credit Score During COVID

Like many you might see a business opportunity moving you to take steps to start a business or you might find yourself in a situation where you now have the time needed to research a potential business startup. Regardless of your situation, maintaining and enhancing your credit score will strengthen your ability to secure the funding that you might need to start your business. This webinar is designed to provide information that will help you:

  • Learn how to read a credit report and interpret the results
  • Understand the different credit rating agencies credit score methodology and to resolve incorrect items on your credit report
  • Understand which factors impact a credit score and the significance of each factor
  • Debunk some of the myths about credit scores
  • Understand steps that you can take to resolve credit card debt, judgements and medical bills
  • Understand how to measure the real cost of credit by learning how to calculate your APR
  • Learn how to avoid scams from predatory lenders
  • Gain insight about managing your cashflow and credit during a short term household income disruption
  • Learn how banks and SBA use credit to make decisions about business financing
  • Learn about the no-cost SBA resources available to help you open your business

 

Business Owners Credit Survival Toolbox for Maintaining Credit During COVID

As a business owner you depend on access to cashflow to keep your doors open. This webinar is specifically designed for business owners who need insight about how to manage cashflow for your business and household so that you maintain your credit score during COVID. SBA uses personal score as a first step to determine a business approval for a loan. Learn what you steps you can take during COVID to keep your business positioned for SBA and bank financing. You will learn:

  • How SBA and commercial banks use credit to determine eligibility for the EIDL or CAREs funding
  • How to monitor and interpret your credit report
  • How to negotiate with suppliers for terms
  • How to talk with your banker for a deferment on existing loans
  • If you are leasing property how do you talk with the lessor for rent flexibility during COVID
  • Learn how to evaluate the real cost of borrowing with different terms (APR, closing fees, personal guarantees, HELOCs)
  • Predatory lenders and credit card scams
  • Learn about the SBA no-cost resources available to help you overcome the COVID economic disruption

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