A Workshop for Entrepreneurs

Business Basics Outlined at SBA Seminar

For anyone ever having a great business idea and wanted to start their own business, the Small Business Administration seminar at La Feria’s Bailey H. Dunlap Memorial Library was the place to be during the recent informational seminar. A good number of local businessmen and aspiring business owners heard the call and were present for the educational program.

The event was sponsored by the La Feria Chamber of Commerce and had the honor of being the first scheduled event for the public at the newly completed library expansion.

The workshop included presentations outlining the many services provided by the Small Business Development Center Network of the University of Texas and the U.S. Small Business Administration Agency.

The informational seminar was designed specifically for startups or existing small businesses. The presenters explained how to start, where to get free technical assistance and training, and an explanation of the government business loan programs. Topics covered included financing options and the requirements for starting a business.

Veronica Ortega, Economic Development Specialist with SBA discussed SBA’s 3-C’s: Free and confidential Counseling to help the entrepreneur decide how to best start a business; second, access to capital in the form of guaranteed loans through various preferred and participating lenders; and, third, contracting with the federal government. The presenter explained how opportunities open up through SBA’s 8(a) program.

Marcela Arredondo, Business Advisor with the UTPA-Small Business Development Center (SBDC) provided information on one-on-one counseling, developing a business plan for a successful business, finding the best sources for market research and specific training copics for up-and-coming, new businesses. She noted where new business developers especially need help is learning what licenses and permits are required, and what lenders look for in the application for a business loan. She stressed several factors that will determine whether the applicant qualifies for a loan; these are: (1) Collateral, (2) Character, (3) Capital, (4) Capacity, and (5) Conditions.

“These are the 5 C’s of Credit,” she said.

The U.S. Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise, to maintain and stengthen the overall economy of our nation and to help families and businesses recover from national disasters. This government agency is open 24/7 online at www.sba.gov.