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Bastrop entrepreneurs learn business strategies at workshop

Bastrop-area entrepreneurs received tips for starting up and maintaining businesses during the Small Business Workshops and Luncheon held on May 1 at the Bastrop Convention and Exhibit Center.

The event, part of the national celebration of Small Business Week, was hosted by the Bastrop Economic Development Corporation and the Bastrop Chamber of Commerce. It featured a panel of five officers from lending and community development institutions and two experts on business start-up and maintenance.

The panel’s subject was “Small Business Access to Capital.” Panel members included Julia Dunn, PeopleFund chief financial officer; Rene Flores, Bastrop branch manager for Woodforest National Bank; Michael Moctezuma, BiGAUSTIN lending manager; Miguel De La Riva, LiftFund business development officer; and Rosa Rios Valdez, CEO of Business and Community Lenders of Texas.

Valdez said that while a good credit score is important for a business being considered for a loan, other factors such as a business’ net worth, indications of “whether you manage your business well” and having available business financial records that are “no older than 90 days” are crucial as well.

One audience member asked the panel to give their opinions on “the biggest mistake” that small businesses make when it comes to seeking loans.

Valdez replied, “Not knowing the real project cost,” which means loan applicants “haven’t done their homework” and are “not preparing far enough into the future.”

“We want to see you open a long time,” she said.

Read the full article at Statesman.com