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Frequently Asked
Questions You will find below answers to frequently asked questions on 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 guarantee and help get a loan?
A: The SBDC is not a guarantee. 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 workshops for prospective
business owners every other Monday evening at 6:00. Our consultants meet with clients to discuss issues
involved with starting and financing a small business.
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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 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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