The Trinity Valley SBDC Helps Entrepreneurs Get Started in Palestine, Texas
Friday, December 02, 2022
Starting a business can feel overwhelming, much like trying to find your way in the dark with nothing but a great idea and ambition. But you really don’t have to go it alone. The Trinity Valley Small Business Development Center (SBDC) is an excellent resource for entrepreneurs.
The Trinity Valley SBDC is a partnership program of the Trinity Valley Community College, the U.S. Small Business Administration (SBA), and the State of Texas, serving Anderson, Henderson, Kaufman, Rains, and Van Zandt counties. Expert professionals provide one-on-one counseling for business plan creation, marketing, management techniques, market research, accounting, strategic planning, funding options, and more. All services are confidential, no-cost, and available for start-ups and existing businesses in the retail, wholesale, manufacturing, and service industries. Webinars and workshops are also available.
It All Starts With a Business Plan
From the first phone call or visit, Trinity Valley SBDC personnel will help entrepreneurs make strategic business plans and create financial projections. According to Harvard Business Review, entrepreneurs who write formal business plans are 16% more likely to achieve viability than otherwise identical non-planning entrepreneurs.
Entrepreneurs can expect to receive a business plan template and access to much of the data needed for it. Trinity Valley SBDC can supply a free marketing analysis, a significant component of a business plan. Counseling proceeds step-by-step, instructing about financial forecasts and how to find the numbers and values needed to reach the point of “Yes! I have a business plan!”
Funding Options Through SBA
Short-term credit matters for day-to-day cash flow management, while longer-term credit is essential for capital investments. Yet the Federal Reserve reports that less than half of small businesses have their credit needs met. An entrepreneur working with Trinity Valley SBDC can swing the odds more in their favor with the completion of a loan application package. The goal is to allow entrepreneurs to get funding from multiple streams.
Trinity Valley SBDS will help entrepreneurs develop projections for a loan package, including producing documents such as pro forma income and expense statements, pro forma balance sheets, use of funds statements, deal structures, and revenue and cost assumptions. Help is also available for implementing proper accounting techniques and debt restructuring analysis.
Trinity Valley SBDC maintains relationships with lenders for both general commercial loans, as well as Small Business Administration (SBA) loans. Available SBA loans can be found here. The benefits of SBA-guaranteed loans include competitive terms, counseling and education, and unique benefits such as lower down payments, flexible overhead requirements, and no collateral needed for some loans.
How does Palestine Economic Development Corporation Help?
Once Trinity Valley SBDC assists with business plan development and loan procurement, Palestine Economic Development Corporation (PEDC) can help with property searches, demographic data, and labor pool data.
Governor’s Small Business Resource Portal
The Governor’s Small Business Resource Portal offers a substantial overview of Texas-specific resources, licensing and permitting information, and advice for entrepreneurs. Texas is a business-friendly state with a favorable regulatory climate that wants to see new businesses succeed. Check out the seven-step plan for starting a business in Texas.