MEDA Lending Essentials Course- LIMITED SEATS

Schedule

Thu Jan 23 2025 at 10:00 am to 01:00 pm

UTC-06:00

Location

MEDA - Metropolitan Economic Development Association | Minneapolis, MN

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BIPOC entrepreneurs seeking to understand business lending, identify suitable funding opportunities, and grow their enterprises.
About this Event

Course Duration: 3 Hours (Half-Day Intensive)

Target Audience:

BIPOC entrepreneurs seeking to understand business lending, identify suitable funding opportunities, and grow their enterprises.

Course Objectives:

  • Understand key business lending concepts and terminology.
  • Identify different types of loans and lenders.
  • Explore MEDA-specific loan products and how to qualify for them.
  • Learn the essentials of loan applications and documentation.
  • Develop strategies for effective loan utilization and repayment.

Course Outline

Introduction to Business Lending

Duration: 30 minutes
Topics:

  • Types of business loans (term loans, lines of credit, microloans, etc.).
  • Key lending terminology (interest rates, amortization, collateral, etc.).
  • Differences between traditional and non-traditional lenders (banks, CDFIs, credit unions).

Identifying Your Lending Needs

Duration: 30 minutes
Topics:

  • Determining how much funding you need.
  • Matching loan types to business goals (startup capital, expansion, equipment purchase).
  • Preparing a business plan and financial statements for loan applications.

**Module 3: MEDA-Specific Loan Products- Adrian Ruddock

Duration: 1 hour
Topics:

  • Overview of MEDA’s mission and support for BIPOC entrepreneurs.
  • Detailed breakdown of MEDA loan products
  • Eligibility criteria and application process.
  • Real-world examples.
  • Q&A session

Module 4: The Loan Application Process

Duration: 30 minutes
Topics:

  • Step-by-step guide to applying for a loan.
  • Key documents: financial statements, business plan, tax returns, personal credit report.
  • Understanding the 5 Cs of credit (Character, Capacity, Capital, Collateral, and Conditions).

Module 5: Loan Management and Repayment Strategies

Duration: 30 minutes
Topics:

  • Effective use of loan funds for growth.
  • Creating a repayment plan and managing cash flow.
  • What to do if repayment challenges arise.
  • Building a positive credit history for future borrowing.

Course Materials:

  • Slides and handouts on loan types and MEDA products.
  • Sample loan application package.
  • Loan repayment calculator.
  • Resource guide for lenders and support services.

Additional Features:

  • Guest Speaker: Adrian for Module 3.
  • Interactive Activity: Mock loan application and review.
  • Networking Opportunity: Session wrap-up for peer discussion and connecting with MEDA representatives.
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Where is it happening?

MEDA - Metropolitan Economic Development Association, 1256 North Penn Avenue, Minneapolis, United States

Event Location & Nearby Stays:

Tickets

USD 0.00

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