MEDA lending essentials course

Course Duration: 3 Hours (Half-Day Intensive)

Target Audience:

BIPOC entrepreneurs seeking to understand business lending, identify suitable funding opportunities, and grow their enterprises.

Course Objectives:

• Understand key business lending concepts and terminology.
• Identify different types of loans and lenders.
• Explore MEDA-specific loan products and how to qualify for them.
• Learn the essentials of loan applications and documentation.
• Develop strategies for effective loan utilization and repayment.

Course Outline

Introduction to Business Lending

Topics:

• Types of business loans (term loans, lines of credit, microloans, etc.).
• Key lending terminology (interest rates, amortization, collateral, etc.).
• Differences between traditional and non-traditional lenders (banks, CDFIs, credit unions).

Identifying Your Lending Needs

Topics:

• Determining how much funding you need.
• Matching loan types to business goals (startup capital, expansion, equipment purchase).
• Preparing a business plan and financial statements for loan applications.

**Module 3: MEDA-Specific Loan Products- Adrian Ruddock

Topics:

• Overview of MEDA’s mission and support for BIPOC entrepreneurs.
• Detailed breakdown of MEDA loan products
• Eligibility criteria and application process.
• Real-world examples.
• Q&A session

Module 4: The Loan Application Process

Topics:

• Step-by-step guide to applying for a loan.
• Key documents: financial statements, business plan, tax returns, personal credit report.
• Understanding the 5 Cs of credit (Character, Capacity, Capital, Collateral, and Conditions).

Module 5: Loan Management and Repayment Strategies

Topics:

• Effective use of loan funds for growth.
• Creating a repayment plan and managing cash flow.
• What to do if repayment challenges arise.
• Building a positive credit history for future borrowing.