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Frequently Asked Questions
You will find below answers to frequently asked questions about the SBDC.
Questions
Answers
Q: How much do SBDC services cost?
A: Services are free, provided you comply with the definition of a small Business.
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Q: Does the SBDC lend money?
A: The SBDC is not a lender but it can help you get in touch with lenders familiar with your situation.
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Q: Can the SBDC be a guarantor and help get a loan?
A: The SBDC is not a guarantor. But it can help you create your business plan and loan application.
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Q: What is the first step I need to take to start my own business?
A: The Small Business Development Center offers frequent "How to Start a Small Business" workshops for prospective business owners on Monday evenings at 6:00 p.m. throughout the year. Check our Calendar for upcoming workshop dates. Our consultants also meet one-on-one with clients to discuss issues involved with starting and financing a small business. You may call for an appointment
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Q: Does the SBDC work with existing business owners?
A: Yes. The SBDC works with existing business owners by offering counseling in various areas from financing capital expansion to developing a company web site. The SBDC also sponsors a series of seminars designed to educate business owners on various topics.
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Q: What is the purpose of a business plan?
A: A business plan gives potential investors, lenders, and other parties a summary of the business that you plan to start. The business plan describes every facet of your business and is required by both commercial and nonprofit lenders. SBDC consultants work with qualified entrepreneurs to design business plans for loan application packages.
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Q: Can I receive government financing with poor credit?
A: For an applicant to receive SBA financing, you must first meet the credit requirements of your local lender. Only after these requirements are met is your application forwarded to the SBA. The SBDC uses financial analysis software to determine if new clients are likely to qualify for financing. For those clients that do not qualify, the SBDC offers counseling on alternative sources of financing.
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Q: Does the government offer special programs for minorities?
A: Yes. The SBA has both a Women's and a Minority Prequalification program. To qualify, the business must have at least 51% woman or minority ownership. The applicant must meet the SBA's qualifications for assistance.
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