Capital Coaching program recognized by Indiana Economic Development Corp.
CDFI Friendly South Bend invited to share the program at inaugural ESO summit
CDFI Friendly South Bend’s Capital Coaching program was recently recognized by the Indiana Economic Development Corporation (IEDC) at its inaugural Entrepreneur Support Organization (ESO) Summit.
Centellas speaks on the Access to Capital panel
Held November 21 at the Forum Event Center in Fishers, Indiana, the day-long event brought together 150 participants from all corners of the state. Participants were provided opportunities to network, share best practices, and learn from fellow supporters of Indiana's entrepreneurial ecosystem.
One highlight was a panel discussion on Access to Capital, where panelists shared action-oriented solutions to common business funding problems. CDFI Friendly South Bend’s executive director Sam Centellas was one of those panelists, invited to share more about the Capital Coaching program.
Capital Coaching
While speaking about his experience helping local entrepreneurs overcome barriers to capital, Centellas said it’s not enough to make more funding options available.
“We could lead them to nine different options. But if they didn't understand those options, it wasn't helpful to them and generally created more confusion,” Centellas told attendees.
Centellas described how the Capital Coaching program was created in response to feedback from entrepreneurs unfamiliar with the complexities of business finance.
“One of the things we saw many entrepreneurs lacked was not which CDFI to go to, or what's the best bank in town that I should have my money at, but understanding financial terms,” said Centellas. “So, what does amortization mean? And how does that impact your loan?”
CDFI Friendly South Bend’s Capital Coaching program helps translate those terms. The program pairs an entrepreneur with an expert mentor who provides an insider’s knowledge of the financing world to help the entrepreneur make smart financing choices and avoid common mistakes.
2024 IEDC Yearbook
The summit concluded with the launch of Entrepreneurship Indiana, IEDC’s 2024 Yearbook (PDF) showcasing 100 entrepreneurs and support organizations from across the state – including CDFI Friendly South Bend.
The Yearbook also featured three local entrepreneurial success stories: A Bite With Mee, Brain Lair Books, and Code Works. All were honored at the reception with a framed copy of their yearbook pages. More about the yearbook.
Interested in Capital Coaching?
Are you a small business owner who would like to be matched with a Capital Coach? Learn more about our Capital Coaching program, or contact us.
