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The University of Georgia Small Business Development Center (UGA SBDC), a Public Service and Outreach unit of the University of Georgia, the Georgia Department of Community Affairs, The City of Savannah, and the Small Business Assistance Corporation, will co-host a class to educate small business owners on the new State Small Business Credit Initiative (SSBCI) program. The event will take place on Thursday, October 19, 2023 from 9am -12pm at the UGA SBDC Savannah and Statesboro Coastal Georgia Center. The purpose of the workshop is to debunk common myths and misconceptions surrounding the financing of small businesses and to provide a comprehensive understanding of the realities entrepreneurs face.
Entrepreneurs know all too well that running a small business can get very expensive, and according to Zippia, “as a whole, only 48% of small businesses in the U.S. have their financing needs met.” The SSBCI program, which was originally established in 2010, proved successful in increasing access to capital for traditionally underserved small businesses and entrepreneurs. The new program is expected to build on this success and is designed to support small business’ access to capital. According to the U.S. Department of Treasury, the new model “is expected to catalyze up to $10 of private investment for every $1 of SSBCI capital funding, amplifying the effects of this funding and providing small business owners with the resources they need to sustainably grow and thrive.”
In addition to covering the SSBCI, the workshop will also discuss other various types of financing including: conventional bank loans, SBA-guaranteed loans, private equity, specialty lending programs and grant funding. The class will feature guided facilitation and active class participation to help participants understand the various funding avenues they can take and determine the advantages of disadvantages of each as they relate to their businesses.
The class will also help participants:
- Be able to analyze their business from a lender’s perspective
- Have a high-level understanding of how to create the BIG three financial statements as well as a Personal Financial Statement
- Have knowledge of the various specialty lending programs available through the State Small Business Credit Initiative
For more information and to register for this NO-COST class, visit https://ugasbdc.training/sav/smallbizfund