Northern Initiatives, a nonprofit lender operating throughout Michigan, is offering free learning opportunities to help entrepreneurs and small business owners navigate the complexities of business loans and planning. These initiatives include a webinar on applying for business loans and a comprehensive business planning course. The goal is to equip participants with the knowledge and tools needed to secure financing and develop robust business plans, ultimately fostering economic growth and job creation in the region.
The “Applying for a Business Loan 101” webinar is scheduled for Tuesday and will be led by commercial lender Kellie Hoffman, who brings 25 years of experience in lending. The webinar aims to demystify the loan application process, providing valuable insights into what lenders look for and the types of financing available to small businesses. Hoffman will cover essential topics such as the loan process, required documentation, and reporting requirements.
Participants will learn about the different types of business loans, including term loans, lines of credit, and SBA loans. Hoffman will also discuss the importance of maintaining good credit and financial records, as these are critical factors that lenders consider when evaluating loan applications. By understanding these key elements, entrepreneurs can improve their chances of securing the funding they need to grow their businesses.
The webinar is designed to be interactive, allowing participants to ask questions and engage with the presenter. This format ensures that attendees can gain practical knowledge and address any specific concerns they may have about the loan application process. Registration for the webinar is available online, and interested individuals are encouraged to sign up early to secure their spot.
Business Planning Cohort
Starting on October 1, Northern Initiatives will launch a free business planning cohort open to all Upper Peninsula residents. The cohort will meet every Tuesday in October from 5:30 to 7:30 p.m. Eastern time. Led by Business Coach Jody Lindberg, the course is designed to help entrepreneurs at any stage of their business journey develop comprehensive and pitch-ready business plans.
The business planning cohort will cover a range of topics, including business financials, cash flow management, funding options, and startup costs. Participants will receive hands-on guidance in creating detailed business plans that outline their goals, strategies, and financial projections. These plans are essential for securing investment and guiding the growth of their businesses.
Lindberg emphasizes that the cohort is not only beneficial for startups but also for established businesses looking to expand or refine their operations. By participating in the cohort, entrepreneurs can gain valuable insights and feedback from peers and experts, helping them to strengthen their business strategies and achieve long-term success.
Supporting Small Business Growth
Northern Initiatives, a Community Development Financial Institution, is dedicated to supporting small business owners and entrepreneurs who create jobs in northern Michigan. Through its loan programs and business services, the organization aims to foster economic development and improve the quality of life in the communities it serves. The free course and webinar are part of Northern Initiatives’ broader efforts to provide accessible resources and support to local businesses.
By offering these educational opportunities, Northern Initiatives helps entrepreneurs overcome common barriers to business growth, such as lack of access to capital and insufficient planning. The organization’s commitment to empowering small business owners is evident in its comprehensive approach, which includes financial assistance, coaching, and training.
Looking ahead, Northern Initiatives plans to continue expanding its programs and services to reach more entrepreneurs and support the development of a vibrant and resilient local economy. By investing in the success of small businesses, the organization contributes to the overall prosperity and sustainability of the region.
