Posts

Get Over the Idea of Shortcuts Being a Bad Thing

/in /by

Panelist Nathalie Molina Nino, CEO of Brava Investments, at far right, advised “get over the idea of shortcuts being a bad thing”

“Get over the idea of shortcuts being a bad thing. Use them,” said Nathalie Molino Nino at a recent panel discussion for Hispanic women entrepreneurs, organized by Ventureneer and CoreWoman.  Nino, is the CEO of Brava Investments, and author of “Leapfrog” which Random House promises will provide “50 proven hacks to help women entrepreneurs take their business to the next level.”

“Leapfrog” is to be published this August but for those who can’t wait that long, Panelist Diana Franco highlighted one lead: the WE Fund Crowd program, a New York City initiative which provides no-interest loans to selected women entrepreneurs.

Panelist Deborah Rosado Shaw encouraged Hispanic women entrepreneurs to think about women-owned business certification (e.g.  WBENC) as a way to access resources who can open doors or give advice.  As she pointed out, “Why go down that path alone? You are going to learn many lessons, but why not start with theirs?”

To read more  of the material featured at the panel discussion see the 2017 study:  “Hispanic Women Entrepreneurship:  Understanding Diversity Among Hispanic Women Entrepreneurs,” written by Susana Martinez-Restrepo, PhD, CoreWoman and Geri Stengel, Ventureneer.

 

 

 

 

 

Here’s One Question Never to Ask When Seeking Funds

/in , /by

“If a banker asks how much money you want to borrow, and you respond ‘how much will you give me?’ you’ve just disqualified yourself,” Madeline Marquez, VP at the Business Initiative Corporate of New York, told an audience of 200 at the Javits Center, as part of a panel discussion on how start-ups should access capital for their business.   It shows you haven’t done your homework, you haven’t prepared, Ms. Marquez explained.   She advised audience members who may be seeking SBA-guaranteed loans to start by filling out the SBA form 912 for key management, and the SBA form 413 if you are checking out different banks.

Moderator Steve Cohen, SVP with Empire State Development, led off the panel discussion with a review of various New York State programs and resources to fund and support entrepreneurship.  Programs mentioned by Mr. Cohen included the following:

Ed Lynch, VP and Credit Relationship Manager for Flushing Bank said that loan seekers need to submit a business plan which should address the following:

  • Sources and Uses of Funds
  • What % equity will they put in to purchase equipment, working capital, real estate
  • How are they going to repay the loan
  • If an existing business, what is the company’s history
  • What is the past background of the principals, and why are they going into this particular line of business
  • Detailed description of the product/service
  • What is the revenue model, what is the customer base, and the demographics

Finally, Dan Vacarro, VP of the NY Business Development Corporation rounded out the panel, mentioning that he pays special attention when loan applicants are passionate about their business.

 

 

 

 

 

 

 

Entrepreneurship Down, and Skewed to Low Income Areas

/in , /by

SBA and Kauffman Foundation studies both indicate that entrepeneurship trended down in 2008.    Business starts were down 14% in the third quarter of 2008 versus the same period a year earlier, Brian Headd, an SBA economist told the WSJ online.   According to Robert Fairlie, a University of California, Santa Cruz, economist, working with the Kauffman Foundation, the number of low income potential new businesses, such as baby sitting and house-cleaning services, grew in 2008, while those with higher income potential did not, suggesting that new business starts were driven more by necessity than opportunity.  The recession is taking its toll: according to a Federal Reserve July survey of 53 lending officers, “more than one third reported tightening terms for small-business loans in the prior three months, while only one reported easing terms.”