Show me the money?

By Heather Gurewitz
Mendocino Women's Business Center Director

There has been a lot of buzz in the news lately about financing, SBA loans, non-profit intermediaries, and getting businesses the capital they need. Locally, a number of loan and alternative financing opportunities are available for local businesses looking to start, grow, and expand. From micro-loans to SBA 504 loans, there are a lot of opportunities. So, how do you decide what to pursue. Here are some basic guidelines to follow:


First off, this isn't "easy" money. Anyone looking to get even a micro-loan must demonstrate that they are financially responsible and will be able to pay back the loan. If it is an existing business, they should have three years of financial statements, showing good profit margins and ability to take on new debt. If it is a start-up business, they should have a well thought-out business plan with 2 years of financial projections with good back-up information to justify the numbers.

Most people assume the first step is to go to the potential lender, but if you don't know how much you need or how much you can pay back, you are wasting time (yours and theirs). Start with a business plan. Unless it is a personal loan and you are collateralizing personal assets with a commercial bank or credit union, your lender is going to require this, and you are wasting time trying to get money without it. Does this sound scary and intimidating? We can help.

Once you know how much you need, it's time to "go shopping." Getting a traditional commercial business loan right now is still a tough, but some alternative financers can't work on a package unless the loan has been turned down by a regular bank, so it may still be worth asking. Depending on where the funds are from, terms will vary greatly. For example, some Community Development Block Grant (CDBG) Program loans range at 2%-5% interest for a micro-loan, whereas an SBA Community Express loan is going to be at about 7% with traditional banks coming in around 8-9%. (these are examples not actual numbers). Also, the terms are different, as well as the processing time frame, and requirements. (Another reason you should visit with us first, we can help guide you through the programs that are out there so you can make an informed decision about which one to pursue.)

Special note: If you have or will start a business in the City of Fort Bragg, you may be able to take advantage of the City's CDBG MicroLoan program which offers loans up to $15,000 for start-up or expansion of existing businesses. The terms on this are variable, and the loan fund is designed to assist those with low or moderate income. For more information about this program contact Heather at 964-7571.

Now it's time to actually fill out the loan applications and start developing a relationship with the lender. If you can go to them organized and ready to answer questions and support your request, it is much more likely that they will want to lend you their money and consider you a lower risk (which usually means better terms).

If you are thinking about getting a small business loan, a West Company consultant can provide neutral and objective expertise to help guide you through the process and find the option that will build success in your business. Our consulting services are covered by our funders and there is no cost to our clients. Click here to get started!

High Speed Internet for Everyone!

By Hannah Alexander
Administrative Support

One of the things that makes Mendocino County a unique (difficult or wonderful, depending on the day) place to run a business is our very rural setting. While there are many advantages to doing business in Mendocino County, there are some disadvantages. One of them is access to high-speed internet, which many residents of Mendocino County lack. According to the Association for Enterprise Opportunity, 75% of businesses in Mendocino County are self-employed persons. As Heather pointed out in her last blog post, the digital marketing universe is steadily expanding. The same could be said of the digital banking universe, the digital researching universe, and the digital networking universe. Many of these opportunities are best realized over a high-speed internet connection, and this puts rural entrepreneurs trying to conduct their business over a dial-up connection at a significant disadvantage.


The Federal Communication Commission (FCC) is engaged in an effort to identify areas in the United States which either lack high-speed (broadband) internet access completely, or have limited and perhaps unreliable options for broadband access.

Here at West Company, we are very interested in seeing more access to broadband internet for rural areas, so we are encouraging people to send information to the FCC to help identify broadband “dead zones”.

They have even made it easy by offering a short form to fill out. You can respond via the website, also by email, fax or postal mail….

The universe is expanding...

by Heather Gurewitz

Mendocino Women's Business Center Director

They say that the universe is infinitely expanding, and while I'm not much of a science buff, I can tell you that the marketing universe is definitely following this trend. Facebook, blogs, and twitter; social media is now deeply ingrained into mainstream, but it is still changing and expanding. Between Smart Phones and easily affordable net books the digital world is dominating consumer behavior, including that of tourists.

Summer is just around the corner, and if you want to make the most of your summer sales, you don't just need to stock inventory, set new menus, or order  new sheets for the beds, but you need to make sure that you are digitally prepared for your visitors. Now, as I mentioned, the marketing universe is infinitely expanding, so how do you figure out how to spend your already limited time? After all, you have to order your inventory, hire your staff, prepare the bds, and run a business. Who has time to follow the let latest marketing avenues? Well, West Company of course. It's our job to stay on top of the tools available for small businesses, and if you have met with me regarding marketing, you know that I am all about spending as little as possible of your hard earned dollars on advertising when you can do it for free! So, of course I have a suggestion for how to make very good use of your limited time:

Join us for Zero-Budget Marketing! on Wednesday, March 16th from 5:30-7:30 pm in Fort Bragg. Learn how to unleash the power of free marketing tools on and off the web. This 2 hour workshop will give you the tools you need to successfully generate sales and create returning customers even if your marketing budget is zero! We will cover a range of marketing opportunities both on and off the web as well as looking at how to distinguish good marketing opportunities from bad investments. Register now, using our new easy and fast online registration!

Getting the word out with West Company!

by Heather Gurewitz
Women's Business Center Director

Beyond all the great things we do with clients (improving financial management, marketing, increasing sales, increasing profits, starting businesses, buying/selling businesses, hiring employees, etc.), there have been some really great things happening to promote our clients. Through our connections and partnerships we have been able to offer great exposure on a broader scale for some of our clients.

Just the the other day I received a call from the paper. They were getting ready to produce the annual "We Live and Work Here" insert and wanted to know who might be an interesting story. It was exciting to open the insert and see great promo pieces on the businesses that we recommended. 

We've also been working on some exciting media projects. In July, 2010 I had my first foray into the world of YouTube video stories about our clients and our work. My "guinea pig," Becky Ahmadi's story got picked up by the SBA who wrote a press release that was featured in the first business section of the year in the Fort Bragg Advocate News.

Most recently our regional lead office for the Small Business Development Center called to say they are doing promotional stories on SBDC client and asked for a recommendation for a unique business that has been successful with the services of SBDC. This resulted in a video shoot and soon to be promo video for Liquid Fusion Kayaking. Filming was great fun, and I even got to be a kayak movie star for a morning! Click here to see more pictures of the filming.

With the success of viral marketing and video stories like that of Penny Ice Creamery in Santa Cruz, the story of small getting big is an opportunity for "mom and pop" shops with a unique story. Do you have a good story to share and want to know how? Contact us for our no-cost-to-client aka free consulting services to find out how you can tell your success story.