Wednesday, October 14, 2015 from 8:00 AM to 1:30 PM (CDT)
CLICK HERE to register! More info below!!
The "biggest little city" is growing and changing, but what does that mean for small business owners? Austin is still a great place for small business, but it can be challenging to navigate our shifting economy, rapid development, and modernization. Join us this October to bulk up your #bizskills and learn how to put Austin's resources to work for your success.
Breakout sessions will focus on three main topics: financing, online development, and accounting. Sessions will be offered based on how many years you've been in business and sophistication of knowledge. We want to offer information that is relevant for everyone, and someone who has been in business for less than a year probably has needs very different from a ten year entrepreneurial veteran.
8:00-8:20 Registration and breakfast
8:20-9:00 Welcome/ Stress Relief Keynote
9:05-10:00 Financing breakout sessions
10:05-11:00 Online Readiness breakout sessions
11:05-12:00 Accounting breakout sessions
12:10-1:30 Keynote: State of Small Business in Central Texas
More Info about the Small Business Program:
WHAT IS THE AUSTIN FAMILY BUSINESS LOAN PROGRAM (FBLP)?
The Family Business Loan Program is a public-private partnership between the City of Austin, HUD, and participating private lenders to offer low-interest loans to qualified small businesses that are expanding and creating jobs.
WHERE DID FBLP COME FROM?
FBLP is a targeted economic initiative launched in May 24, 2012 by the City of Austin Economic Development Department.
The Family Business Loan Program’s mission is to enable existing local businesses to expand and create jobs, revitalize communities, increase the tax base of the City of Austin, and enhance the overall quality of life for Austin residents.
To accomplish that mission, the Family Business Loan Program has partnered with private lending institutions to leverage a private-public partnership that allows for greater flexibility on the type of eligible business-expansion projects.
WHY BORROW THROUGH FBLP?
The Family Business Loan Program offers advantages over traditional commercial financing:
Interest Rates: Interest rates on FBLP loans are significantly below regular market interest rates for a variety of business expansion projects
Low Equity Requirement: FBLP only requires a 10% equity injection from the borrower, eliminating a common barrier to conventional financing
WHO IS ELIGIBLE?
There are a few things you should know about the program before you decide whether it is right for you.
Small businesses must meet the following criteria to be considered for the program:
1.In operation for at least two years
2. Financial documentation must show successive profits for the previous two years
3. Tangible net worth of less than $15 million
4. After-tax profits less than $5 million (on average for the last two years)
5. Must be willing to locate project in the Austin Energy Service Area
6. Must commit to create one job for every $35,000 borrowed
Additional Housing and Urban Development (HUD) and Small Business Administration (SBA) guidelines for eligibility and underwriting criteria apply.
WHAT KINDS OF PROJECTS ARE ELIGIBLE?
Working capital financing (only considered in conjunction with the total project and will not be financed independently)
Renovation and new construction of commercial and industrial buildings
Acquisition of commercial and industrial land and buildings
Refinancing of existing debt to an independent institutional lender (as part of a new project creating new job opportunities)
** Loan funds cannot be used to reimburse costs incurred prior to completion of the HUD Environmental Review with the exception of project planning costs.
HOW TO APPLY?
If you think this is the right program for you or if you would like to get more information, call 512.978.2502 to set an appointment to discuss your project with a Loan Program Advisor. Our advisors will discuss in greater detail how the Family Business Loan Program can help you expand your business.
For frequent updates, visit the Facebook page of Austin NAACP President Nelson Linder!