SLCC conference offers help with financing for small businesses

SANDY — With the economy in flux, lots of Utah small-business owners are looking for a way to gain an edge and get their livelihoods moving forward despite the economic challenges they face. About 150 entrepreneurs and aspiring business owners hoped to find that edge at the "Financing Your Business" conference Thursday at the Miller Campus of Salt Lake Community College.

Artist Erich LeBaron of Salt Lake City, whose talents range from decorative house painting to one-of-a-kind murals, said he hoped to gain some insight on "the pulse of the economy" from the classes offered and how he could possibly grow his business.

"I just need to create some stronger strategic partnerships," he said. "I'm finding that more business ownerS are willing to do more cooperative enterprises … This kind of clarified and gave me some ideas on how to approach other businessmen."

The object of the conference was to provide information and education to business owners on financing as well as formally announcing the availability of federal stimulus funding for small businesses beginning June 15, according to Melanie Hall, marketing manager for the school of professional and economic development at the college.

The conference was hosted by the college's Salt Lake Small Business Development Center in conjunction with the Utah district office of the U.S. Small Business Administration and included a specific session detailing the rules and availability of stimulus money that can be accessed via SBA programs through local lenders, SBA deputy district director Steve Price said.

While the amount of SBA loan approvals in Utah is down 30 percent from last year, the state is still fairing better than most in terms of funding small businesses, he said.

"In Utah, we've not been completely recession-proof, but … access to capital is still alive and well. It's just a little harder to get," he said.

Price said that the stimulus program would allow qualifying businesses to obtain millions of dollars in loan guarantees, some with no upfront fees.

"That's the whole idea of the stimulus plan, to jump-start the economy and get the lenders moving, the borrowers moving, and get past this 'wait and see' attitude," he said. "There are so many opportunities out there now."

Price noted that most of the federal stimulus package is in the form of government contracts and the described the current economic climate as "a really good opportunity now for small businesses to get proactive and to get involved."

For more information, visit www.sba.org or www.slcc.edu/slsbdc.

E-mail: jlee@desnews.com