I’m not Jerry Maguire, but Show Me the Money!
Show Me the Money event from ACCION USA on Vimeo.
by Amelie Busch
Business owners didn’t actually see dollar bills flying around at the ‘Show Me the Money’ event in June, but they did learn some great tools to see more of them in the future. ACCION USA and Citigroup hosted the event at LaGuardia College in Queens, NY, to respond to the economic uncertainty and lack of credit in the current financial crisis. The event was a big hit with its seven panelists and more than 70 attendees! Many came for the same reason: advice on building credit. Here’s what we learned from the panelists:
- The rules of credit
Florence Julliard of the East River Development Alliance mentioned three key strategies: always pay your bills on time, keep your credit card balances low, and be judicious about how often you apply for a loan. - Start your business with your own savings
Brian Gurski of the LaGuardia Small Business Development Center spoke to the types of initial funding of the top 100 start-up businesses: 74% used their own personal savings! - Keep your cash flow positive
Matt Norton of Citigroup stressed the importance of keeping your cash flow and ‘the bottom line’ positive. - Starting the loan process
Elizabeth Bueno of ACCION USA told us what we’ll need to apply for a loan: three months of bank statements, two years of tax returns, a business certificate, and a separate accounting of business and personal expenses. - ACCION USA’s loans
ACCION USA lends to microentrepreneurs for both personal and business loans. These loans range in size between $500 and $50,000.
At the end of the day, microentrepreneurs networked with panelists and other small business owners. The event was a great success, and many attendees soon contacted ACCION USA loan consultants to start the process of getting a loan. Our financial education events often open doors for many small businesses who thought a loan was out of their reach, by giving them the tools and contacts they need. Join us next time at one of ACCION USA’s upcoming events!
Amelie Busch is serving as the Kiva Coordinator Intern for ACCION USA during Summer 2010.
Tags: Citi, Financial Education, kiva, workshops