Zions Bank Offers Spanish-Language Monthly Workshops for Latino Entrepreneurs

Zions Bank, the oldest financial institution in the state of Nevada, is a leader in small business lending and has been ranked the number 1 lender of U.S. Small Business Administration 7(a) loans in Utah for the past 26 years. Zions Bank’s Business Resource Centers in Utah and Idaho provide free counseling and resources for new or existing business owners.

Zions Bank is proud to offer monthly Spanish-language virtual workshops to help Latino entrepreneurs learn how to get the financing to launch or expand their business.

There has been a fast-growing number of Latino small-business owners in the state, as well as throughout the nation, over the past few years, but as detailed in a Stanford Graduate School of Business study, many struggle to scale their businesses because of financial hurdles.

The study found that Latino business owners often rely on informal financing and are frequently adverse to taking on debt, which means credit histories can be limited, in turn, leading to greater financial risk.

One of the two-hour monthly virtual workshops is called Inside Secrets to Funding Your Business (Secretos Internos para Financiar Su Negocio). In this workshop, Yrene Luque, Director of the Zions Utah Business Resource Center, discusses:

1. How to prepare a loan package, including a business plan and financial projections
2. How lenders determine a loan decision and what you can do about it
3. What investors look for when evaluating a deal
4. How to prepare, read and analyze your business financial statements

These are topics that can help entrepreneurs learn how to obtain funds for acquisitions, start-up, expansion and working capital. The session emphasizes financial statement analysis, projections, cash flow, and successfully presenting your request to a lender.

“We have all heard the expression it takes money to make money. This is true for small businesses in both startup and growth phases,” Luque says. “Entrepreneurs increase their chance of business success when they understand the type of funding options available.”

In another workshop, Credit Matters: Know Your Score and More (El Credito Importa: Conoce tu Puntuación y Más), participants can learn about how their credit score can affect the interest rates they are offered, if they will be considered for certain jobs, and if they can qualify for better auto insurance rates, etc.

Director Luque will discuss:

1. Different types of credit and the cost of credit
2. What goes into a credit score
3. Where to access your credit report
4. How to identify and dispute errors
5. When and why you might need a credit freeze
6. How financial institutions and others use credit data for decisions
7. Good habits you can begin today to improve your situation

Both workshops are highly valuable for Latino entrepreneurs, and are free of charge. They require you to register in advance to reserve a “virtual seat." You can register by emailing utresources@zionsbank.com or calling 801-844-7900.

You need Skype to attend. Once you are registered, a Skype link will be emailed to you.

If you are new to Skype, it is easy to use. It can be downloaded from Skype.com or on your tablet or mobile device from the Apple App Store or Google Play. A web browser-based version is also available here. If you use Microsoft Outlook, Skype is part of that package. Please let us know if you need help to set this up.

The workshops are monthly, so keep an eye on the Zions Utah Business Resource Center events calendar. New workshop topics are being added.

The next scheduled workshop is on September 8, Tuesday, from 11:00 am to 1:00 pm:

Credit Matters: Know Your Score and More (El Credito Importa: Conoce tu Puntuación y Más).

Sign up for the Zions Bank Business Resource Center newsletter here to keep up with details on upcoming events and read great content about starting and managing your small business.

Please take advantage of our Business Resource Center website at: https://brc.zionsbank.com/. A lot of new content is added monthly to help you.

Esperamos verte en los talleres.