UHV SBDC workshop to examine loans for businesses
Small business owners looking for ways to finance real estate options are invited to a workshop hosted by the University of Houston-Victoria Small Business Development Center.
The Buy or Build It workshop will begin at 1:30 p.m. Wednesday in Room 110A in UHV University North, 3007 N. Ben Wilson St. Annie Hudspeth, a lender relations specialist from the Small Business Administration in San Antonio, will teach the free workshop.
“This workshop is a good starting point for those considering starting their own businesses or current business owners who want to look into financing their next step forward,” said Farhang Niroomand, dean of the UHV School of Business Administration. “No matter where a person is on the path toward starting or running a small business, the UHV SBDC is ready to help plan the next step and apply for loans.”
The workshop will focus on two types of loan guarantee programs offered by the SBA. The CDC/504 Loan Program is intended for use in brick-and-mortar financing, such as purchasing land, renovating or expanding a building, or purchasing equipment with an economic life of 10 years or more.
The 7(a) Loan Guaranty Program can be used for a wider range of needs, such as working capital, equipment purchasing, inventory, debt refinancing or other financing needs. A portion of the workshop will be presented by representatives from Capital Certified Development Co., a lender that offers both types of loans.
During the workshop, Hudspeth will explain the intended uses and differences between the loan programs and the application process. To apply for these loans, business owners must have good credit, a viable business and meet all the requirements for typical loan underwriting.
In addition, Hudspeth will explain how a lender can choose to request an SBA guarantee for a conventional loan. The SBA provides a guarantee of up to 85 percent of the 7(a) loan amount to take away some risk for lenders. This is helpful for high-risk businesses such as hotels, restaurants and start-ups.
Hudspeth also will introduce attendees to the SBA LINC tool, an online resource that helps entrepreneurs search for lenders. The tool is located on the SBA website at www.sba.gov/tools/linc.
To register for the workshop, contact the UHV SBDC at 361-485-4485, 877-895-7232 or firstname.lastname@example.org.
The UHV SBDC is part of a nationwide small business assistance program that serves the small business community in partnership with federal, state and local governments. The center offers business advising, training and technical assistance to existing and start-up businesses in an 11-county area.
The University of Houston-Victoria, located in the heart of the Coastal Bend region since 1973, offers courses leading to 70 bachelor’s, master’s and specialist degree programs and concentrations in the schools of Arts & Sciences; Business Administration; and Education, Health Professions & Human Development. UHV provides face-to-face classes at its Victoria campus, as well as an instructional site in Katy, and online classes that students can take from anywhere. UHV supports the American Association of State Colleges and Universities Opportunities for All initiative to increase awareness about state colleges and universities and the important role they have in providing a high-quality and accessible education to an increasingly diverse student population, as well as contributing to regional and state economic development.