🚀 Are you an entrepreneur in South Dakota? You need to know the “4 Cs of Credit!”

We recently sat down with Dr. Melissa Meidinger (SBDC) and Mark Nelson (GrowSD) for an in-depth look at how local businesses can secure funding and thrive in today’s economy. 📈

Whether you’re a startup or looking to expand, understanding these four pillars is the key to turning a “No” into a “YES”:

🔹 CAPACITY: Can your business actually repay the debt? Don’t just look at profit—focus on your cash flow and break-even point!

🔹 CHARACTER: Your credit score tells a story. “Life happens,” but having a plan to correct past hiccups is what lenders really want to see.

🔹 COLLATERAL: What assets can you pledge? Lenders prefer cash flow, but they need to know there’s a safety net.

🔹 CAPITAL: Do you have “skin in the game?” Most lenders look for a 20% injection of your own equity. 💰

Key Takeaway: Don’t spend all your personal cash before visiting the bank! Keep your reserves for the first 6–9 months of operation. 🛡️

Dr. Meidinger and Mark Nelson are here to help you through the SBDC and GrowSD. From cybersecurity training to QuickBooks help, the support doesn’t stop once your doors open!

Need help with your business plan? 📍 Visit the SBDC office on North 81 in Watertown. 📞 Reach out to GrowSD for lending opportunities.

#SmallBusinessSD #WatertownSD #Entrepreneurship #FinancialLiteracy #GrowSD #SBDC #SouthDakotaBusiness #BusinessFunding #The4CsOfCredit