CFSB Introduces Capital Coaching
New program announced during “Steps to Business Success” webinar
October 25, 2023
This morning, more than 30 local entrepreneurs and small business hopefuls attended the Steps to Business Success webinar, where CDFI Friendly South Bend introduced our newest program, Capital Coaching.
Together, the webinar and the Capital Coaching program will help new business owners start their businesses strong, and maximize their chances of being approved for financing.
Webinar recorded October 25, 2023.
Core Steps to Business Success
The webinar began with a presentation by Alan Steele, Regional Director for the North Central Indiana Small Business Development Center. Steele shared several core steps a business should take to be considered for financing – what CDFI Friendly South Bend calls becoming “capital ready.”
The first step? Formalizing the business. Creating a business entity with the Indiana Secretary of State is generally required to open a business banking account and protect the entrepreneur’s personal assets from business liabilities.
Other steps Steele discussed included:
obtaining an EIN (Employer Identification Number) from the IRS,
registering to collect sales tax (at Indiana DOR) and withhold employment taxes (at Indiana DWD),
establishing a bookkeeping system,
creating financial documents, and
establishing banking relationships.
To be capital ready, a business must not only have a well-defined business model and a robust financial strategy, the entrepreneur must also have a solid understanding of how potential lenders or investors will view the business when considering an application for funding.
Understanding that application process and what lenders are looking for is where many entrepreneurs can use a helping hand.
Capital Coaching
Later in the webinar, Sam Centellas, CDFI Friendly South Bend’s executive director, announced the organization’s newest program.
The Capital Coaching program, launched with funding support from the Indiana Economic Development Corporation, will pair a small business owner with a Capital Coach to clarify the lending application process.
Coaches will work one-on-one with the business owner to gauge their ‘capital readiness’ and recommend educational resources to help the business owner avoid common pitfalls, helping them prepare the strongest possible application.
The program’s goal is to increase the number of small business owners in North Central Indiana whose funding applications are successful, and who have the financial know-how to drive future growth.
Apply for a Capital Coach
Are you an entrepreneur who has completed the core steps, ready to be matched with a Capital Coach? If so, please fill out our online Capital Coaching Application.
Helpful Links
Did you miss the webinar? See the replay video above, and visit these links for more information on the Steps to Success:
Create a business entity with the Indiana Secretary of State
Obtain an EIN (Employer Identification Number) from the IRS
Register to collect sales tax at Indiana DOR
Register to withhold employment taxes at Indiana DWD
Learn more about what it means to be “capital ready” from Communities Unlimited.
Let’s Connect
Are you…
…a small business owner unsure where to start?
…part of a small business support organization who can support this program?
…at a financial institution interested in partnering with us?
Let us know, our job is making connections. Contact us.
