What services are offered by the WBC of NC?
How do I finance a new business?
What will a bank look for to approve a business loan?
What grant funds are available for me as a woman to start my business?
Does the SBA offer loan products?
Can WBC write my business plan?
Why do I need a business plan?
What is minority certification?
Do I need a business license to run a business?
My credit is not good. Can I still get a loan?

What services are offered by the WBC of NC?

The Women’s Business Center of NC offers individualized counseling to existing and aspiring business owners, either in our office, located in downtown Durham, or by telephone.  We provide clients with resources & advice on starting a new business, or expanding an existing business.  Our counseling services are offered at no charge.

We also partner with community organizations like community college Small Business Centers and Chambers of Commerce, to provide workshops and seminars on various business and personal topics.  Check our ‘Calendar of Events’ link for an updated list of scheduled events.

How do I finance a new business?

The most common ways of financing a new business are:
•    Personal savings from the owner
•    Investment from friends & family
•    Bank loans

What will a bank look for to approve a business loan?

A lender or potential investor will want to see a written business plan which details the type of business that will be financed, and provides information on key topics like: the business’s management team, marketing strategy, market research & industry trends, and financial projections forecasting revenues and profits for the business.

Secondly, a bank wants to see that the business owner has made an investment into the business themselves.  Very few banks will finance 100% of the new venture; most want to see the owner invest some of their own savings or capital.  Generally, a lender expects the owner to contribute 20% to 30% of start-up costs.

Finally, a bank wants to see financial records of an existing business, usually 2-3 years of statements like tax returns, income statements and balance sheets.  For a brand new business with limited financial history, a lender will review the personal credit of the business owner.  Most banks want to see a personal credit score of 650 or higher.  Before submitting any application for bank financing, know your standing.  You can obtain your credit file once per year at no charge from annualcreditreport.com.  Be prepared (and not surprised).

What grant funds are available for me as a woman to start my business?

There are no grant programs for individuals who wish to start a for-profit business.  Beware of companies that offer to sell you a listing of foundations or government agencies that are able to fund a new business.  Most of these organizations charge high up-front fees, and deliver only limited information after the fees have been sent.

While some limited government funds are available, these grants are primarily awarded to non-profit organizations who offer a specific service the government may be requesting.  For more details about potential grant sources, visit www.grants.gov.

Does the SBA offer loan products?

The SBA works in partnership with local lenders to assist business owners in obtaining financing.  All lending decisions are ultimately made by the financial institution.

Can WBC write my business plan?

Although the WBC will not write a business plan, we do provide individual counseling and resources to clients when preparing business plans.  After the business plan is complete, we can read through the plan and offer constructive comments on the content of a business plan.  Courses are available to provide additional assistance in writing a business plan, including Planning the Entrepreneurial Venture (link here to Wake Tech Community College) and NC REAL (link here to Durham Tech’s Small Business Center)

Why do I need a business plan?

A written business plan is your plan for success.  A business plan will be required if you plan to pursue financing with a bank, and it proves helpful to any small business owner in planning a business venture.  A business plan provides the blueprint for your success.

What is minority certification?

Certification programs were designed to assist business owners that may have been overlooked in the past (ethnic minorities or females).  By certifying your business as woman-owned or minority-owned, you may be able to open doors for additional contract opportunities.

Various certifications are available through different agencies (local, state, federal government or private industry).  Contact the WBC for additional information and assistance in applying for certification programs.

Do I need a business license to run a business?

Business licenses are normally required before operating in your city or county.  Check with the Business License Information Office (BLIO) for requirements in your area (919) 807-2166

My credit is not good. Can I still get a loan?

The business owner’s personal credit does play a role in a bank’s lending decision.  Be familiar with your credit, and prepared to address any blemishes or obstacles that might prevent you from being approved for a loan.  Our office offers a personal credit review program at no charge.  We can review a copy of your credit report from each of the three major credit agencies and provide you with specific recommendations on improving any negative marks on your credit, or disputing any inaccuracies.  Contact our office to schedule an individual counseling session.