Financing Your Next Move (With a Line of Credit)

Most business owners go looking for a line of credit the month they need cash which is exactly the month a lender is least likely to say yes. This workshop flips that timing. However, we show you how to effectively apply if you are in a position of need. In addition, we have guest speakers from the SBA, and local banks to give you the scoop on their quick turnaround lines on credit and other products. Built for owners who have been in business at least one year and are generating revenue, this session walks through what a business line of credit actually is, how it differs from a term loan, why you need one, and what a lender is looking for when they open your file. You'll leave knowing the specific documents to gather, the numbers you'll be asked about, and a 30-day plan to get you money. We'll cover: • How a line of credit works — and when a term loan is the better tool • The criteria lenders use to approve or decline • Your document checklist • Featured lender options • Lower-barrier alternatives • Warning signs • How to use a line responsibly once you have one

Speaker(s): Presented by: Felicia Townsend Ivey, CBA, Business Consultant with the Ohio SBDC at Lorain County Community College. Guest speaker Raymond Graves, SBA Ohio District Office, Beth Gantz, M.Ed., CBA, Center Director.

Co-Sponsor(s):

A Zoom link will be sent

Fee: No Cost