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SBDC Success Story: Kelly's Koffee

Posted on August 12, 2014 at 10:37 AM
Tags: Southwest MN, small businesses

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After Kelly Brinkmeyer decided to sell Kelly’s Koffee to pursue other opportunities, Keith and Rhonda Yochem made a life-changing decision to buy the business. 

Although they had no experience in restaurants, the Yochems were confident they could learn and carry on the Kelly’s Koffee tradition.

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SBDC Success Story: Lush Lola's LLC

Posted on August 05, 2014 at 1:52 PM
Tags: small businesses

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In the middle of a farming business bankruptcy, Shannon and Jim Malzahn sought the help of the West Central Small Business Development Center to salvage the one part of their business that was working—prepared food.

Never in their wildest dreams did the Malzahns ever consider where this new venture would take them. 

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The Bottom Line on Loan Agreements

Posted on July 28, 2014 at 12:36 PM
Tags: small businesses

Loan Documentation

And you thought the hard part was over. 

It's been a nerve-racking month or so, but you've survived the financial inquisition, the scrutinizing of your character and competence, and you've managed to convince the bank that you're a safe enough bet to merit a business loan.

Hurraaaaay! While you're sending out for champagne and confetti, you may be wondering what happens next.

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Some Loan Insights You Can Bank On

Posted on July 16, 2014 at 4:06 PM
Tags: small businesses

Bank vault doorIf you’re getting ready to talk to a banker about a business loan, it helps to understand the major factors lenders consider in deciding whether the vault door opens or stays locked -- and whether you’ll leave the bank happy or disappointed.

But before we cover how a bank evaluates your loan application, it’s worth touching on why they’ll subject your request to such intense scrutiny.

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Business Finance Questions You Should Ask Yourself

Posted on June 27, 2014 at 3:44 PM
Tags: small businesses

Should I Borrow?After shaking the guts out of your piggy bank and hitting up friends and family for some extra dough (See Business Finance: A Matter of Life and Debt), you've decided that you want some more financial muscle behind your business.

That means a visit to your friendly (you hope) banker.

But before you even think of approaching a lender about a business loan, there are some pretty important questions you should ask yourself.

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Business Finance: A Matter of Life and Debt

Posted on June 16, 2014 at 5:43 PM
Tags: small businesses

Help YourselfSo, you've come to terms with the fact that there's no one out there with a briefcase full of bucks just waiting for the chance to finance your new business out of the goodness of their hearts. (See Bigfoot, Small Business Grants, and Other Myths).

Nuts!  So much for Plan A.

But how -- and where, exactly -- are you supposed to find the money you need to get your business up, running and turning a profit? That's probably the most common question ever posed by would-be entrepreneurs everywhere.

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Coming to Terms with the Language of Business

Posted on June 11, 2014 at 9:31 AM
Tags: small businesses

Business TerminologyThe world of business and finance has a language all its own, hundreds and hundreds of terms, some of them so arcane that no small business owner would ever need to understand them. 

Case in point: "Accreting Principal Swap." Go on, look it up, if you dare. But pop a couple of Advil first. It's a headache in 100 words. 

Still, there are some definitions and concepts that every aspiring entrepreneur should understand. Don't know your P&L from your ROI? If it's all alphabet soup to you, here are some basic terms to get you started. In alphabetical order, of course.

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Small-Biz Advocates and Consultants Play a Crucial Role

Posted on May 16, 2014 at 1:26 PM
Tags: small businesses

RescueThere's nothing worse than feeling alone and helpless, cast adrift on a sea of trouble.

And there's nothing better than, just when you think you're about to be swamped by the next wave, having someone toss a life ring and you're saved. Wheeeeew! 

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Hats Off to the Dreamers, Risk-Takers, Go-Getters & Achievers

Posted on May 15, 2014 at 1:36 PM
Tags: small businesses

Minnesota Business Success StoriesIt just wouldn't be right if we let National Small Business Week wind down without a nod to companies that are making some really good things happen for themselves and their communities.

Minnesota has more than half a million small businesses. Owners make big commitments and take big risks. They work long hours and face long odds. And they succeed like crazy. Here are just a few stories from our Small Business Development Centers

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Small Businesses Success Takes Partners

Posted on May 14, 2014 at 2:04 PM
Tags: small businesses

handshakeSuccess doesn't come easy when you start your own business. It takes talent, drive, guts and more than a dash of plain, old luck. 

It also helps to have some rock-solid partners in your corner. 

As we celebrate National Small Business Week, it's important to recognize that Minnesota’s small businesses don’t go it alone (or they don't have to, anyway).

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