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  • Show Me the Money

    Last Thursday, I attended the Small Business Forum: “Small Businesses Resources – Show Me the Money” hosted by Teresa Cheeks Wilson on behalf of the Memphis Branch of the St. Louis US Federal Reserve Bank in partnership with the Delta Boule to learn about critical funding to businesses in West Tennessee and throughout the State of Tennessee. LaTanya Channel, Director of the Small Business Administration's Tennessee District, moderated the panel discussion with area business and community development leaders. This webinar focused on access to capital, resources for small businesses, and how to leverage those resources during recovery. Provided below are key takeaways for the Forum.

    St. Louis Fed Small Business Forum-Small Businesses Resources-Notes

    What is one thing a small business owner should do to create a profitable business model?

    • “Become a member of a Credit Union that is intentional about lending to a Small Disadvantaged Business (SDB).”
    • “Commit to do one thing every day to make your business better.”
    • “Create a succession plan.”
      • Succession planning is a process for identifying and developing new leaders who can replace old leaders when they leave, retire or die.
      • It assists companies to identify their most suitable future leaders and managers.
      • Succession planning helps to eliminate the uncertainty or risks associated with expected and unexpected changes in leadership and top-level positions.
    • “Establish a banking relationship.”
    • “Focus on wealth building.”
    • “Pay yourself!”
    • “Reinvest in your business.”
    • “Think realistically.”

    How do you establish a banking relationship?

    • ”Identify financial institutions to establish a relationship.”
      • Consider a community development financial institution or community development finance institution - abbreviated in both cases to CDFI.
        • The CDFI is a financial institution that provides credit and financial services to underserved markets and populations like SDBs.
    • “Research the financial institutions’ credit appetite.” How does the bank decide on credit worthiness?
    • “Open an account.”
    • “Apply for a credit card.”
    • “Do the above at more than one financial institution.”
    • “When you want a loan, compete it across the financial institutions you bank with for the best terms.”

    Panelists from the following Memphis area business and community development leaders provided the above quoted responses:

    Communities Unlimited

    Epicenter Memphis

    Hope Credit Union

    Preserver Partners, LLC

    Deidre Thomas

    dthomas@hoskinscpas.com


    Deidre Thomas | 10/04/2021