Money Smart for Small Business Fourth Quarter Town Hall 2018

Coordinator: Welcome,
and thank you for standing by. All participants
will be able to listen only until the question
and answer portion. Today’s conference
is being recorded. If you have any objections,
you may disconnect at this time. I would now like to
turn the conference over to Ms. Lessie Evans. Miss, you may begin. Lessie Evans: Good afternoon,
and welcome to the 4th and last Money Smart for Small Business
Town Hall Meeting of 2018, and thank you, operator. So, my name is Lessie Evans.
I am the Community Affairs Chief at the Division of Depositor
and Consumer Protection at the Federal Deposit
Insurance Corporation. So, I’m responsible for leading
the great team of community affairs managers
and staff in Headquarters here at Washington DC.
and the field, where we educate, collaborate,
and connect stake holders, which includes you,
financial institutions and community organizations
that work on economic inclusion, to a host of resources
and tools, events and activities. So, usually, on our Money Smart
for Small Business Town Hall webinars, we have been used to
highlighting organizations using MSSB, and I’m going to use
the acronym MSSB now… and product development. However today, based upon
a request that we’ve gotten from the audience,
and that’s you all, we are highlighting SBA
and FDIC programs and efforts to support organizations
interested in knowing about and using and supporting
small businesses using MSSB. So, as you all know,
MSSB is a product cobranded by the US Small Business
Administration and FDIC. And SBA always joins us
in these town hall events. Today, we have Vicky Mundt. She’s Director of SBA’s Office
of Entrepreneurship Education here in Washington, DC. Vicky will welcome you
and provide an overview of the SBA’s approach
to promoting MSSB within their network. However, before Vicky starts,
I want to introduce you to Debi Hodes who is here
in Community Affairs on detail for several months. Paola Diaz is still here but is unavailable
for this webinar. Debi will be here to provide
a few reminders for us and to help us through
this wonderful webinar this afternoon. Following SBA’s presentation,
I will come back and Community Affairs
will provide a brief overview. We’ll take questions
after SBA’s presentation and then I’ll come back on and we’ll do a presentation
on FDIC. Each speaker will briefly
introduce themselves. So, here’s Debi. Debi Hodes: Welcome,
and hello, everyone. I’m Debi Hodes, and I am
supporting Community Affairs on their small business efforts. You’ll hear my voice
from time to time as I cue speakers. Before our guests join us, I would like to go over
three items. It’ll be a disclaimer,
a tutorial, and a reminder. So we’ll go ahead and start
with the disclaimer which says, as you can see, “Reference
to any specific organization does not constitute
an endorsement, a recommendation or a favoring by the FDIC or
the United States government.” Next, we will go ahead
to this slide here; I will kind of run over it for
you to see how to participate in this webinar in case
you have any questions. I’m going to ask
that you use the “Chat” and the question and answer
functions. I’m going to go ahead and
describe some different areas up toward the top. Throughout this, you’ll see
little numbers, on your screen, which is shown in Slide 5. You’ll have a model. This is a model
of our webinar platform. On the left side,
you can see the slides and on the right side, you can
see the various functions. The chat feature is marked
with the number 1 which is up on the left. You may ask questions
to the panelists as they come to mind
or during the designated times with the Q&A feature
which is at 2 on your screen. When using the chat
or Q&A functions, please be sure to hit “Send”
which is shown at 4 there. If you lose the slides, you can look for
a green and blue circle icon which we show at 5
in your taskbar or, reopen the webinar link. You have two options there. If you have
any technical difficulties joining the webinar platform,
please contact Joan Gustafson. Her email can be found
on Slide 2. Slides were emailed to all
registrants prior to the event. If you did not receive
the email, simply now,
go to the event website to the tab called
“Event Presentation” to download the slides. We will be referencing
slide numbers from time to time so it would be helpful. Next, I’m going to go over a few
reminders on this next slide. One thing we’d like to
remind you to do is to please join the Money Smart
for Small Business Alliance. You can find recordings
of prior MSSB town hall webinars and more Money Smart events
at Our website was redesigned,
so check it out, and let us know what you think. Hopefully, things
are easier to find now. One tip I’d like to pass on
is that for ease of use, we’d like to note that as you
land on the Money Smart page, you should look for the word
“Teach” which you can click in order to find Money Smart
for Small Business information. That will make it a lot easier
for you to navigate. You can also download
any MSSB module and the MSSB Train-the-Trainer
curriculum anytime from Thanks for the questions
that have already been submitted during the registration process. We’ve already addressed
some of them on a one-to-one basis,
and some will be answered at the designated
question and answer segments. We are monitoring your questions via the webinar platform
and by email. Please be reminded, finally, that all participant lines
are muted. And, that’s all
for the reminders. Lessie Evans: Okay. Vicky, I’m going to
turn the mic over to you. Vicky Mundt: Okay.
Thank you, Lessie. I’m Vicky Mundt. Like she said, I’m the Director
of Entrepreneurship Education in the Office of
Entrepreneurial Development. I’ll begin by sharing with you
some of the key accomplishments that SBA did this year. This year, 2018, the agency
launched an initiative called SBA Reimagined. Through this initiative,
we looked at improving outreach to small business owners
and aspiring entrepreneurs who might want to know more about the services
that SBA provides. The new brand is our most
visible symbol of our reform. Administrator McMahon
made it her mission to visit all of
the 68 SBA district offices over the past year. During that time, she met with
small businesses in the area, had round tables, and her goal
was to make sure that SBA is no longer
the best kept secret. She just completed the 68th
district office yesterday. She was in Hawaii,
and she has been to all 50 states and to territories
as well that have offices and is spreading the word
about SBA. Some of our specific
accomplishments are SBA approved more than
66,000 loans in the 7(a) and 504
loan programs, $30 billion to small businesses
supporting over 600,000 jobs. Minority business owners
received a record $9.7 billion in combined 7(a) and 504
lending. SBA’s 7(a) lending program
for women-owned businesses grew in total dollar
and volume to $7.4 billion. Entrepreneurship
is a team effort and SBA ensures small business
owners don’t have to go alone. The SBA’s 68 district offices, as well as our
resource partners, mentor and train more than
one million entrepreneurs. We also announced,
this past spring, the federal government met the small business prime
contracting goal for 2017, awarding 23.9% of all government
contracts to small businesses. Part of this, 5% of those
federal contracting dollars go to small and disadvantaged
businesses. Five percent of federal
contracting dollars go to women-owned
small businesses. Three percent federal
contracting dollars go to the hub zone, and another 3%
of the contracting dollars to service disabled
veteran-owned businesses. Our other key point
is disasters. When a disaster strikes,
the SBA is there for you with affordable
and accessible loans to get your business, home,
and life back on track. From wildfires in California to hurricanes in Florence
and the Carolinas, and even Michael in Florida, declared disasters in 2018
upended many communities. Many parts of the country
continued to recover from unprecedented damage
of hurricanes Harvey, Irma, and Maria
during the previous year. SBA works with FEMA
and other federal agencies as well as partners
at the state and local levels to help make these areas’
economic recovery occur as expediently as possible. During 2018, SBA approved
more than 140,000 disaster loans for nearly $7 billion dollars. SBA works to ignite the change
and to spark action. We like to say we start, grow,
expand, and recover. Working with SBA, small business
owners and entrepreneurs are empowered to succeed
with access to capital, valuable resources,
business know-how, and the right expertise for each stage
of the business life cycle. We like to ask, where you are
in your business life cycle. What are you looking to achieve? Do you want your business to
start, grow, expand or recover? We have an extensive
resource partner network. When you need reliable advice
to start or grow your business, the SBA can connect you
with experts who understand the business
climate at a national level or in your specific region
or market. SBA’s resource partner network
helps to extend our reach to serve our nation’s
small business community beyond our district offices. Whether you need to create
successful business plans, get expert advice
on expanding your business, or train your team,
the SBA makes sure you’re never far
from the help that you need. You can find the resource
partner closest to you by using our local partners
search page, Now, I’m just going to highlight
our different resource partners. SCORE is the nation’s largest
network of volunteers. They’re expert business mentors
with more than 10,000 volunteers and over 300 chapters. SCORE volunteers
provide free mentoring to small business entrepreneurs on a wide range
of business topics, everything from how to write
a business plan, how to arrange funding
and manage cash flows, to how to develop
effective marketing and web-based retailing. Business owners
can access SCORE via free ongoing face-to-face
mentoring sessions or through our email
mentoring sessions. In addition to mentoring,
SCORE also offers free low-cost educational workshops
each year, both online and in person, designed to educate
entrepreneurs on every aspect of successful
small business ownership. Another resource partner is our small business
development center. There are 63 lead small business
development centers. We have one in every state. Texas has 4, California has 6,
and then we have 5 in the territories of
District Columbia, Guam, Puerto Rico, American Samoa,
and the US Virgin Islands with a network of more than
900 service locations. The SBDC program is designed to
deliver up-to-date counseling, training,
and technical assistance in all aspects of
small business management. SBDC’s services include,
but are not limited to, assisting small businesses
with financial, marketing, production, organization, engineering
and technical problems, and feasibility studies. SBDC’s economic development
research activities include international trade assistance,
technical assistance, procurement assistance,
venture capital formation, and rural development. Our 3rd resource partner,
women’s business centers. There are more than
100 women business centers throughout the US. They serve a wide diversity
of geographic areas, demographic populations,
and economic environments. Many centers offer
training and counseling in a number of languages
and dialects, helping reach
underserved markets with a variety of unique
and innovative programs. Each women’s business center
tailors its services to the needs of its
individual community. Each provides training
in finance, marketing, management,
and the Internet as well as offering access
to all of SBA’s financial and procurement assistance
programs. Now I’m just going to talk
a little bit about how SBA, some of our success stories
with the Money Smart. Here are three examples
of SBA’s resource partners using Money Smart. SCORE chapters are actively
involved in Money Smart Week to provide information on starting and financing
a business. Secondly, the Pathway Women’s
Business Center in Nashville, Tennessee started a Money Smart
for Small Business workshop that meets on Tuesday nights,
and participants are introduced to a different
topic in each session and provided an overview,
basic concepts and key points. Third, the State University
of New York-Syracuse uses a Money Smart
for Small Business as a resource tool to host
Lunch & Learn meet-ups to teach entrepreneurs
the financial basics of running a business. I did have one other example. We have an Asian Pacific
Islander women’s business center
in Los Angeles that provides Money Smart
for Small Business training in Chinese, Korean, Japanese,
Thai, and Filipino, if you can imagine all that. Our key takeaway here is that
SBA and FDIC work together and we will continue to advocate
financial education, develop strategic alliances
and most importantly, help entrepreneurs understand
financial planning concepts that will lead to successful
business venture. In closing,
SBA has many local resources that can help you
with your small business, whether it’s getting started or looking at strategies
to grow your business. Simply visit SBA’s website
at If anyone has
any specific questions, we can answer them now. Lessie: Thank you, Vicky.
We have one question. Debi Hodes: Thanks again, Vicky,
that was a great presentation. We have a question. Can you tell us
what programs are available for female active duty
service members who are in the process of
retiring or honorable discharge? We think the SBA has specific
lending goals for veterans and also as technical assistance
program called Boots to Business. We’ll let our SBA colleagues
take this question. Vicky Mundt: Well, thank you.
I can answer part of it. We have a specific Veterans
Business Outreach Center, VBOCs we call them. There are 22 of them that are located throughout
the United States. They have all the information
on all programs specific to veterans. We do, the Boots to Business
I’m familiar with, I’m really in entrepreneurial
development. We do counseling
and training and stuff. Boots to Business is part of
one of the counseling programs that’s offered
as military members transition out of the military. We partner with them, our small business
development centers, through a lot of
the actual teaching in coordination with the VBOCs
on helping them to transition in case they want to
open a new business as they transition
out of the military. As far as specific
lending programs, we don’t have them anymore. There were one or two
different ones. They’ve ended
but there are discounts that are available on paying
back a loan, if you will. The specifics of it,
I would really encourage you to actually go to one of
our VBOCs or find one of them. The easiest way to find them
is to go to our website and just type in DBOX
veterans outreach center. They’ll show where
the 22 of them are and how to get in touch
with them. Lessie Evans:
Thank you, Vicky. We will take questions
at the end. So, let me move forward
with introduction on our work in Community Affairs here
at FDIC. So… A little bit about
FDIC Community Affairs, we work throughout the country,
and today, we have three of our wonderful FDIC
Community Affairs specialists that will provide a sampling
of our work around the country. We have Community Affairs staff located in our six
regional offices, two area offices
in Memphis and Boston, and many, many field offices
around the country. There is at least
one specialist assigned to every state
and territory, and in some instances, we have
two or three people per state. Let me tell you a little bit
about FDIC’s Community Affairs program. We support the FDIC’s mission
of promoting stability and public confidence in
the nation’s financial system. We assist financial institutions
to develop strategies that are responsive
to the credit service and investment needs
of our communities. We help connect
financial institutions to the communities they serve
through various initiatives to move the unbanked
and underbanked consumers and small business owners into the mainstream
banking relationship. Financial education’s
the foundation of all the work we do. We help to promote
the widespread availability and effective use of safe
and affordable and sustainable products and services from
insured depository institutions that help people achieve
financial resilience and build wealth. We also seek to strengthen
access to financial services for small businesses by looking
for collaborative opportunities between insured
financial institutions, technical assistance providers,
and the FDIC. So, without further ado,
I want to introduce the three community affairs
specialists who will share their resources,
their opportunities, and you’ll just get a sampling
of what you will get from across the country. The three people
presenting today, first we’ll hear from
April Atkins, second will be Erwin Reeves, and third will be Carol Maria. They’re all from three different
parts of the country. April, I’m going to
turn it over to you. Thank you. April Atkins: Thank you, Lessie,
good afternoon, everyone. I’m April Atkins, a Community Affairs
specialist with the FDIC. My market assignment
is north and central Florida which includes the capital
as well as the Space Coast, Orlando, Tampa,
and rural markets in between. Prior to joining the FDIC, I worked for local government
non-profits in the community in the economic development
space. Since the launch of Money Smart
for Small Business, I’ve had the pleasure
of working with banks, local governments,
as well as small businesses and economic development
support organizations in connecting small businesses
to this amazing resource. I would like to point out
a few examples of how I’ve provided
technical assistance to organizations such as yours. First, a couple of years ago,
Paola Diaz and I presented Money Smart
for Small Business at America’s SBDC’s
national conference. After our presentation, I connected with SBDC in Florida
that expressed their desire to provide Money Smart for Small
Business in their market. The SBDC shared that they had
a number of challenges in providing
technical assistance in their rural click front. Their challenges included
petitioning volunteers to teach the material
as their staffing was limited as well as marketing the classes to small businesses and
entrepreneurs in their area. In my community affairs role,
I worked with the SBDC to arrange an information
and interest meeting. We invited local banks,
credit unions and economic development
organizations and we had several
attend the meeting. At this time, I provided
an overview of MSSB and discussed best practices
in delivering the material. Then, the SBDC discussed
their plan for providing the classes
to small businesses and solicited
the audience’s interest in teaching the content
as a partner of the SBDC. Next, we scheduled an MSFB
Train-the-Trainer session for the volunteers. In the training,
each module was discussed and a brief overview of other
Money Smart materials was provided
to assist instructors with additional resources in the event that they had
consumer related questions through small business owners. After the training session
and led by the SBDC, we created a course outline based on the rural market’s
needs. After over a year of planning,
the SBDC was able to launch their Money Smart for Small
Business training series with plans to provide
a graduation ceremony for participants. The second example
I’d like to mention is with a local government
and a bank. Shortly after Money Smart
for Small Business was launched, the city expressed an interest
in providing financial education to small businesses
interested in and participating in
contracting with the city. The city identified
a large bank as a partner. The bank then became a member of the Money Smart
for Small Business alliance and was able to connect
with Community Affairs to schedule
a Train-the-Trainer session for their lenders
and branch staff. After the Train-the-Trainer
session, I provided the bank
with assistance in developing a nine-month program
to provide the material. The city advertised the schedule
on their website for any interested
small business owners to register
and attend for free. Of note, the bank
was also involved with a local financial stability
campaign that is a member of
the Money Smart alliance and offers for
Money Smart for Adults a few times a month
in the community. Based on this existing
partnership, the bank was able to align the Money Smart
for Small Business classes with the Money Smart for Adults
offering that corresponded with consumer
content covering credit, credit report,
and budgeting. The last example
relates to disaster recovery and emergency preparedness. Over the last few years, Florida has experienced
a number of hurricanes. At statewide conferences,
events and workshops, I have provided information
on how to use the entire Money Smart suite,
Adult, Older Adult, Young People,
and Small Business, to assist consumers
and small businesses with disaster preparedness
and recovery. Here’s the entire suite
of Money Smart. As you can see, we have the materials
available for everyone. In addition to Money Smart
for Small Business, Money Smart products include
Instructor Led, such as our recently updated
Money Smart for Adults, and self-paced materials
for people of all ages. The materials are available
in multiple languages and, of note, Money Smart
for Young People includes two lessons
on youth entrepreneurship, starting a business,
and maintaining a business. As a reminder, you can customize
Money Smart materials to your needs,
and the people you serve. In fact, Money Smart
is not protected by copyright so you can use the materials
on your own or in combination
with other products. Thank you for your attention. I look forward to your questions
at the end of our Town Hall. Now I’ll turn it over to Erwin. Erwin Reeves:
Thank you, April. Good afternoon,
my name is Erwin Reeves. I’m a Community Affairs
specialist in the San Francisco region,
and I’ll be providing a brief overview
of the customization of Money Smart
for Small Business curriculum. In March of 2018,
so earlier this year, our office of Minority
and Women Inclusion requested that we present
a workshop at the National
RES 2018 Conference. This conference is put on by
and hosted by the National Center
for American Indian Enterprise. It’s a procurement conference that focuses on American Indian
small businesses, and really, it’s designed
to help those businesses prepare to be good
government contractors. After talking with our Office
of Minority and Women Inclusion and the host of the conference,
it was determined that the best module
that we could use to provide them with
the most depth, that being the attendees, was the financial management
for small businesses. As we continue
that conversation, it became clear to me
that we needed to expand on our use of the cash flow
management module. The challenge was that we needed
to cover a lot of material in a limited period of time. So what I did was,
essentially, take components of the financial management
for small business curriculum and combine it with
some of the components of our managing cash flow
module. As you can see from the agenda, any of these items
can be utilized to take up to an hour
for a workshop if you start
getting into the detail and working with the attendees related to the questions
that they have. Additionally, as you look
and see the bookkeeping module and the financial statement
line item, these recurring activities
happened within the curriculum, overall. And so, you can utilize
the material that we have for any of the modules
and integrate them together. And so, that’s what we did
in this particular instance, to utilize and optimize
both the visual appeal and the ability
to deliver the information in a fairly short
period of time. The first thing
that we wanted to do was make sure
that we allowed the attendees to understand what
the learning objectives would be and how they would get
benefits from this. I’m going to backtrack
just for a quick second. If you notice within
this curriculum in the agenda in a short period of time, I essentially ask
the attendees permission to allow me to rapidly go
through the first three items, and for them
to hold their questions until we reach the point
within the bookkeeping segment to start interfacing
with one another and expanding
on that discussion. As we moved through the benefits of the financial
management piece, we were able to spend time
talking about why they needed to make sure
that they were paying more attention
to their financial management; because as practitioners,
artisans, and small business owners, it’s imperative that they
actually have the ability to understand
what their business is and be able to explain it
to others. That includes understanding where and what
their profitability is and understanding
what their growth potential is. As we segue through
the workshop, we then started discussing
the importance of financial management as it relates to using
modern technology. Software is very important
from that standpoint because it allows
the small business owner to spend more time focusing
on developing business and not spending hours and hours
really trying to crank out vital financial information
by hand. After we made it
through that component, we actually spent time
and this is where the slide deck started to be shuffled,
was to actually incorporate some of the components from
the managing cash flow module in order to provide
sufficient visuals to encourage our conversation. As we started to expand,
as I indicated, I asked the attendees
to not really ask any questions at this point. You can see that this diagram
has a lot of moving parts, but this is an opportunity for
us to engage in good dialogue related to the activities
of their business and what bankers
are looking at, what potential investors
are looking at, and determining whether or not
they have the ability to manage their finances
sufficiently. It should be noted that there is a component
for cash flow management within the module
for financial management. It expands on the use
of the financial statements, but it also has components
around cash flow and those projections that are
needed to help determine what happens with
the business and finance. Finally,
we’re able to segue back into the actual primary
components of the module, and start emphasizing
the importance of the profit and loss
statement, and the use of the cash flow
statement to make decisions. As you can imagine,
at this particular point, the questions
are flying really fast and there is a lot of
opportunity for us to have a further discussion and really get down
into the weeds, so to speak, related to what
these entrepreneurs, these small business owners
need to have and maintain as they try to build
their businesses. We returned to the core
components of the module and then continued
our discussions from there. Finally,
we got to the last part. And I do want to emphasize
this has really been a very brief overview. We actually provide samples
of the financial statements and what they look like. That means a balance sheet. That means
a profit and loss statement in order to incorporate
that into the discussion. As we go back to the key points
to remember, all of these areas
build upon one another within the curriculum overall. You can find
similar discussions available from the record keeping module, from the managing cash flow
module, and from looking at how to
manage the financial statements. You can basically
build a workshop tailored to the audience
that you have based on their needs
and your desire to implement it into an existing program, or as a part of
a standalone program. That’s the overview
that we have for customizing Money Smart
for Small Business that we utilize here
in the San Francisco Region. Now, I’d like to pass the ball
to Carol Maria. Coordinator:
Carol, unable to hear you. Please hit your mute button. Carol Maria: Hello, everyone,
thanks, Erwin. I just wanted to start
with the fact that it’s an honor today
to speak to everyone about the successes
Community Affairs shares across the nation to work with
small business owners by modifying
the Money Smart suite and the Money Smart
for Small Business modules. My background is working
with CDFIs, CDBG loan funds, SBA revolving loan programs,
and women’s business centers. I joined the FDIC
about six years ago and have really had fun learning
how to use this tool to better incorporate
business technical assistance in our communities. As Community Affairs
Specialists, we often host roundtables,
forums, and other events that incorporate Money Smart
into the discussion or highlight
deployment strategy, community organizations and
banks work together on jointly. I’m going to share
three examples of how Money Smart for Small Business
was used as a way to improve the delivery
of programming by different partners. Our first success
was with an SBDC located in a rural community
in Wisconsin. They wanted to find a way
to improve the creditworthiness of businesses using their
business planning services while managing
their tracking obligations to find out
what volume of loans moved through
an SBA SBDC office. This small business development
center with our participation, invited several banks to
meetings to discuss this idea. They developed
a creditworthiness certification course using
Money Smart for Small Business and existing SBDC materials. As an added bonus, after the certification process
was rolled out, the volunteer bankers
added a component that offered businesses
mock interviews for loans. Banks later learned
that this interview process and the entire
development process was eligible for CRA reporting,
as most of them were small – intermediate small banks
in the region. It was a great learning process
where a range of professionals learned about best practices
in their sectors to increase the number
of small business owners knowing about or accessing
bank services to improve SBDC impacts. Our second success story
hails out of Wisconsin extension economic development
initiative that served five rural counties. After we got the extension
leadership to believe that Money Smart materials
were public domain and completely modifiable, we met with a range
of professionals surveying this rural region. Their goal was to increase
access to information on code compliance and resources
available in the community. This team independently combined
extension materials, MSSB materials,
and co-compliance resources for professionals wanting to get
out co-compliance information on a uniform basis
with a highly unique strategy addressing the technical
assistant needs in a diverse community. All of the participants reported
better city and county government relationships
and new relationships with businesses
wanting to open, grow, or locate in those rural areas. My final story results from
a longstanding relationship with community action programs. I reached out
to a women’s business center that’s sponsored by
one of Wisconsin’s larger community action programs
that offers a microloan program. I asked the women’s business
center director if she thought Money Smart
for Small Business Train-the-Trainer workshops
would be helpful. She offered to incorporate it into one of the community action
programs statewide efforts to build the professional skills
of the business lenders within their system. We presented Money Smart
Train-the-Trainer just for them. It was an interesting
all-day experience. From that, we know
several partnerships evolved in local communities. One of the more impactful was when this women’s
business center ended up partnering with
one of Wisconsin’s largest banks to offer the cash flow module
at various bank locations served by
the women’s business center. I’m proud of all the work
of my peers at the FDIC and within
my professional network. If you have any questions,
you can always give me a call. Now, I’ll pass this off to Debi. Lessie Evans: So, hi,
this is Lessie Evans. We’ll open now for questions. I want to thank
Vicky Mundt from SBA, as well as the team
from FDIC Community Affairs. You can, participants
can submit questions now to both SBA
and the Community Affairs. We have one question
that we’ll start with. I’m going to turn it over
to Debi to ask the question. Debi Hodes:
Okay, here it is. What are some strategies
local governments can deploy to create partnerships
in providing MSSB? April Atkins: Hello,
this is April Atkins. I’m happy to respond
to this call and lean on my colleagues
to add more content. I think local governments can
look at their planning functions within economic development, as well as the community
development program, and a long-range plan
as it relates to economic development
in small business. From this framework
and through partnerships that are established
with local nonprofits that often receive funding
through those local governments, they can begin
to facilitate discussion on how best to provide services
to small businesses. As an example, in Florida, we have a number of
redevelopment agencies that are responsible
for tax increment financing. In this space,
they’re able to work with the other local government
departments as well as local community development
financial institutions to be able to provide
Money Smart for Small Business, as well as technical assistance
and lending programs to facilitate growth
in a redevelopment environment. Erwin Reeves:
This is Erwin Reeves. I agree with everything
that April said. In northern California, several cities have local
sourcing for contractors. Municipalities, in order to
prepare these small businesses to get accepted as contractors, can utilize Money Smart
for Small Business to make sure that they have
the infrastructure in place to meet the reporting
requirements of not just the general contractor
that they’ll be working with, but also the requirements
for the city so that they can
continue to update not only their business acumen
but also their business savvy related to their ability
to get that information out on time and accurate. That’s all my comments. Lessie Evans: Vicky, you want to
talk about the opportunities at the local level
with SCORE and SBDCs? Nathaniel Bishop:
Yes, this is Nathaniel. Vicky had to step out. In terms of partnerships
with resource partners, they tend to do
various outreach events not only with organizations
like local governments or state government,
but also partnerships with minority organizations,
women’s organizations, in order to spread the word
with Money Smart. One of the other things
that I wanted to point out too, in terms of another strategy
for local governments, is maybe partner with
the community colleges or one of the universities
in the area through their business schools. It gives us opportunities to work with some of
the students there, but also the professors, you can
kind of bridge that relationship and have some of the professors teach some of the Money Smart
courses as well or modules. So there are opportunities there
within the – what I’d call the schools
and the universities and the community colleges
as well. Lessie Evans: Thank you. I’m just going to introduce
Nathaniel Bishop. He’s with SBA. Those of you that have been
on previous town hall webinars probably remember Nathaniel. Thank you, Nathaniel.
We have one more question? Debi Hodes: We have
a question that just came in. What are the best sources
or agencies, et cetera, to recruit small business
startup participants for an MSSB workshop? Erwin Reeves:
Can you repeat that question one more time, please? Debi Hodes: Yes. What are
the best sources or agencies from which to recruit
small business startups… Lessie Evans:
I think the question is, how do I find people
for my training. I’m a technical assistance
provider and I’m seeking
small businesses to train. What are the best avenues to facilitate the use
of the training now that I have it
and I’m ready to train people? How can I find
the small businesses to train? Erwin Reeves: So… Carol Maria: Oh! Erwin,
did you want to take that? Erwin Reeves:
Go ahead. Go ahead. Carol Maria:
This is Carol Maria. We’ve had a couple different
trainers in Milwaukee that have used
some unique strategies. One has served multiple business
improvement districts, so they go to the leadership
of a local commercial corridor. Then they sometimes knock
door to door, they attend several meetings,
and they announce that they’re going to make
the training available at a local public library. The local public library also has a business services
division. They promote it to people
who come into the training rooms that they have available
to offer online services for researching different things
for small business owners. These two different women
have taken a really unique approach to getting down
at the very community level, if that might be helpful. Erwin Reeves: To add to that,
you might also want to try working with the local
Chamber of Commerce and figure out and build
a relationship with them if you’re in an area
that’s highly metropolitan. There may be a member
of the Chamber of Commerce that you can work with, and they’ll have a list
of their new members that are startups that might be potential
candidates for your workshops. April Atkins: This is April. I’ll add
that your existing bank partners can also provide
some assistance in this space. As an example,
with the rural SBDC that I had mentioned earlier
in my remarks, the participants,
the credit unions and the banks were like that offered
small business lending product, they were able to market
to their existing clients as well as entrepreneurs that
had approached them for loans that these training
opportunities were available. Debi Hodes: Okay, thank you. We do have another question.
We’ve gotten some good ones. This one is, what challenges
exist in rural markets that make providing small
business technical assistance difficult to provide? Carol Maria:
This is Carol Maria. Most of my partners
have been in rural markets. It’s really the distance
and time issue. More and more, we’re seeing
alternative delivery channels besides classrooms. They’re making webinars
available to people at evening hours, and then they’ll promise
follow-up meetings to discuss particular things that were discussed
during the webinar. So they do it
as a two-pronged approach. I’m just seeing more innovation
with technology and the delivery
of technical assistance. Nathaniel Bishop:
This is Nathaniel. I’ll just add on
to what Carol was saying. She’s absolutely right
about technology in some of the rural areas. I noticed some folks depend on,
if you want to be creative and have Google Hangouts
or Skype meetings, as well as another outlet,
to get the training across and present
some of this information. Like Carol said,
webinars are great. I know one point, working with
another organization, they would do what was called
tele-town halls. They would actually set up
conference calls and give out information
as well. So there’s various ways
to kind of get to the rural community
with technology. Debi Hodes: Okay.
Thank you, that’s great. We have one final question. What are a couple
of the benefits of banking community
organization partnerships? Carol Maria:
This is Carol Maria. I’ll take
the first stab at that. Often, small business owners
are not familiar with all of the services
available through banks. Often, when the bank partners
with the community organization to deliver technical assistance
in the classroom or on a one-to-one basis, the business owners
become much more familiar at asking bankers questions not only about
the bank products, but also about
the other products and ways to access things
in their marketplace that the bankers are aware of and they become mentors
over time. That’s what we saw
with the SBDC relationship was, as time progressed
in the certification program, the bankers became
much more involved in the success of the individual
owners of the businesses. Erwin Reeves: To add to that,
having bankers available to provide or to help facilitate
some of the workshops especially when you start
talking about the utilization of the type of accounts
that should be in place or preparing for
credit applications, those are great opportunities
for the small business owners to hear from the source
very much in the way that Carol just described
because that scenario changes. Instead of the small business
owner being intimidated by walking in the bank, the banker has now come, so to
speak, onto their territory. And so, it’s been neutralized
a little bit more and as they become
more comfortable and confident, that can translate
into higher success levels. The banker can help
obtain deposits even if that small business
is not ready for credit yet. They can start building
and working on that relationship in a similar fashion
that Carol spoke about. Lessie Evans:
We think that’s key, the relationship that the banker
has with the small business. It starts, oftentimes, with that conversation
in a training session. I think that we’re done
with the questions but feel free to send
other questions to us. We will respond. I’m going to turn it back over. Thank you, team,
thank you, Nathaniel at SBA, thank you, April, Erwin,
and Carol Maria, I appreciate it. I’m going to turn it back
over to Debi. Debi Hodes: Okay, yes.
Thank you very much. These were really useful, and I hope everybody will find
that it’s a great assistance to their work with MSSB. I have another – bit of news I’ll relay to you
on the next slide. One is a tip that I mentioned
a little bit earlier on about how to access when landing
on the FDIC Money Smart page that you see here. You should be sure to go
over to where the arrow is. We have an arrow that points to
the Teach icon on this slide. You’ll find that
after you go ahead and go to that Teach link,
you will find a subheading, Money Smart for Small Business, where you’ll find everything
you need to know about Money Smart
for Small Business. MSSB consists of 13 modules on topics about starting
or managing businesses available in
English and Spanish. Also, the FDIC and the SBA
make an effort to update the curricula
on an ongoing basis. Be sure to come back
and take a look. Since 2017, we’ve also been
working on updating the MSSB credit
and banking modules which have already been
field tested to ensure that they’re
responsive to the needs of intermediaries teaching
MSSB classes and their clients. We received very positive
feedback on our pilot module since spring 2018, and are working
to finalize adjustments and relaunch both modules
in Quarter 1 2019. Finally, please subscribe
to Money Smart news or join the Money Smart
alliance for small businesses to be the first to know about
these product developments. I want to thank you
and let you know that the recording
for this presentation should be available
within two to four weeks. We will email you a link
as soon as it is available. Please contact MSSB’s
national point of contact, Paola Diaz,
to share your experience or with any other questions
related to MSSB. Her contact information
is provided in this slide. Lessie. Lessie Evans:
Thank you very much. Again, thank you, Vicky Mundt,
and Nathaniel Bishop at SBA, and thanks to the team from
Community Affairs, April Atkins, Erwin Reeves,
Carol Maria; and Debi. Thank you, Debi,
she’s done a terrific job. Happy holidays, and have a wonderful
rest of the afternoon. Bye-bye. Debi Hodes: Operator,
you may end this event, please. Coordinator: Thank you
for your participation. You may disconnect at this time. Speakers, please stand by.

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