Presenting at Utah Micro Enterprise Loan Fund

Yesterday I presented to the Board at Utah Micro Enterprise Loan Fund. I won’t know until later today if I secured the $10,000 to help with product development for Sweet & Charming, but it was a great experience. Typically micro-loans are for people having trouble getting traditional financing. However, because of my zip code in Utah, I am only able to get $10,000 whereas, if I was out of Utah County I could get up to $25,000, this is due to where their lenders are located and what they allocate for the fund. I was disappointed about that because I had to do the same amount of work as those in Salt Lake, but can only get less than half, if they agree that I qualify. I hope they change their criteria for giving out funding soon.

The loan is 13%, so that isn’t the best, but it is good because it is relatively quick and you can apply for an SBA later of if you get angel funding later you can pay it off. It does cost $50 to apply and you are required to have a business plan and cash flow statement.

Here is how the presentation went:

  • They allow you about 5 minutes to tell about your business (they discouraged presentations with powerpoints and didn’t want me to show my commercial either)
  • Q&A for 10 minutes or so about the execution of my business model, whether or not I will be able to have success, what other funding resources I’ve tried, my product development, and my ability to make it work

The great thing, is that if I get this funding, then I can use it to help me get funding with CEDO, as they match up to $40k any funding you get elsewhere with their 7% revolving loan fund. So, to me, if I get the $10k, I really have $20k!

I’ll let you know the results, but no matter, my new favorite lyrics are, “It’s ok, because I have a Million Dreams to Go”
images.jpg Today’s Magic Wand: If Angel Investors or “Friends and Family Money” isn’t working out, just keep plugging along and keep knocking on doors, like microloan funds, eventually you will get the funding you need. And I’ll be singing right along with you, “…because You’ve Got A Friend” (another one of my favorite songs).

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