Lean on the Experts to Obtain a Bank Loan

Latino Press in MySWOffice, organized this seminar in which SBA, ACCU and SCORE guided how to access loans that are needed to start, grow, expand or recover your business.
At the offices of Latino Press, the first financing seminar for small businesses was held on May 10, 2023.
This meeting, which lasted approximately two hours, had the purpose of informing small business owners about how to obtain loans for their businesses with financial entities and backed by U.S. Small Business Administration, known as SBA.
SBA, which belongs to the government, is dependent on the US Department of Business and is concerned with strengthening millions of small businesses so that they can maintain and progress.
That is why SBA supports small businesses that do not meet the requirements of financial institutions.
SBA does not give credits, it only supports financial institutions to give them those credits.
The informative talk was led by Latifa Bradwell, U.S. SBA, Lender Relations Specialist, who mentioned important aspects to be able to access a loan.
SBA is a federal institution that helps you start, grow, expand or recover your business that together with SCORE advise you to access a bank loan, in this case with the Alliance Catholic Credit Union (ACCU).
Representative Doug Knapman, Michigan SCORE Director/SE MI Chapter Chair, is the one who runs this non-profit organization and who helps those who are starting a business, SCORE helps them keep all the documentation in order and prepare them for when the time comes to apply for a loan, it will be approved. This organization is very important for those who do not know the processes.
At this seminar were: Doug Knapman, Michigan SCORE Director/SE MI Chapter Chair, Dan Davidson, EVP/Chief Operations Officer ACCU, Gianmarco Samayoa, Commercial Relations Manager ACCU, Elias Gutiérrez, Director of Latino Press and owners of small and Midsize businesses in the Southwest Detroit area.
Among the topics covered, the 5 C's of credit were discussed: Character, Cash Flow, Collateral, Capitalization and Conditions, and how SBA loan programs can help you access financing.
The personal credit history that you have managed in recent years, the ability to repay your loans, how a lender can help you if your business fails, the importance of investing capital in your own business before applying for credit, and a SWOT study (Strengths, Weaknesses, Opportunities, and Threats) that your business presents, are aspects to consider when applying for a loan, all this, supported by documents that prove that you have the ability to direct and manage your finances, also supported by a business plan.
In summary, they should work with SCORE, those who are just starting out, those who started and do not understand how the documentation is kept, SCORE is an institution that supports small businesses and it is totally free, after an estimated time of 6 months SCORE has you prepared for you to go to a financial institution to request loans or lines of credit, if they do not give you the 100% you need, then the SBA comes in to support you and serve as a guarantee so that they give you the missing percentage.
If you need to know more about the programs and advice, you can consult www.sba.gov or call [phone]. If you are interested in contacting SCORE you can do so by sending an email to [e-mail] or call [phone] and to have direct contact about credits and bank loans at Alliance Credit Union, Rudy Pantoja Manager ACCU SW Detroit, 5459 Vernor Hwy. Detroit MI. [phone] or if you prefer, visit the web portal: www. allianceccu.com
At the end of the seminar, the attendees stayed to exchange ideas and information, and to enjoy the excellent Mexican gastronomy at the hands of Mary Ortiz, owner of Las Delicias Mexican Grill, for orders call 313-669-5856.
This event was sponsored by SBA, ACCU and COMCAST.