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Local Entrepreneurs Empowered at Red River Revel

Entrepreneurs share insights during Lunch-and-Learn sessions at the Red River Revel.

News Summary

During the Red River Revel Arts Festival, small business owners in Shreveport gathered for Lunch-and-Learn sessions. Expert panelists shared insights on navigating business challenges, emphasizing the importance of solid business plans and financial preparation. The Entrepreneurial Accelerator Program showcased its support for local startups, contributing significantly to funding and business development in the area. More sessions are planned to continue supporting the entrepreneurial community in Shreveport.

Small Business Owners Get a Boost at Red River Revel

Shreveport, Louisiana was buzzing with excitement as local entrepreneurs gathered for the recently held Lunch-and-Learn sessions during the Red River Revel Arts Festival. On October 1, 2024, a panel of experts shared their wealth of knowledge and insights with aspiring and existing small business owners, inspiring them to reach for success in their entrepreneurial journeys.

Expert Insights to Navigate Business Challenges

The panel was led by Liz Swaine, a seasoned business editor, who skillfully navigated the discussions. Among the speakers was Ken Hale, the president of BOM Bank, who stressed the importance of having a solid business plan and the right financial documentation when seeking loans. With his extensive experience in financing businesses, he also highlighted the potential accessibility of Small Business Administration loans, especially for those who find traditional bank loan requirements to be a bit stiff.

In the mix was Julie Gilley Milam, a senior financial analyst with the Entrepreneurial Accelerator Program (EAP). Julie emphasized that entrepreneurs should always aim to have at least 18 months of operating costs saved up to increase their chances of thriving rather than simply surviving in the competitive market.

Real Talk from Seasoned Entrepreneurs

Bob Thames, co-owner of Single Source Business Solutions, shared some real talk from his entrepreneurial journey. He advised that trying to take on every job can lead to missed opportunities. It’s essential for small business owners to find their niche and focus on what they do best to truly succeed.

Kalli Combs, a small business owner and media liaison for the Shreveport-Bossier African American Chamber of Commerce, also weighed in on the discussion. She highlighted the importance of surrounding oneself with a supportive team. Building relationships with a banker, CPA, attorney, and trustworthy advisors can be integral to a successful business strategy.

Building Connections for Sustainable Success

All the speakers were united in one belief: building connections and advocating for sustainable success is crucial for entrepreneurs. They encouraged attendees to foster relationships that will support their business endeavors, which can ultimately lead to greater opportunities and long-term growth.

Encouragement from the Entrepreneurial Accelerator Program

The Entrepreneurial Accelerator Program has played a significant role in supporting local startups. Over the past decade, it has engaged more than 1,700 small startup business owners through its “blue couch” sessions, where entrepreneurs can present their business ideas. The EAP is proud to have provided additional services to over 500 of these businesses, of which about 200 have received funding assistance. Impressively, the program has successfully channeled nearly $262 million in funding to entrepreneurial enterprises in North Louisiana.

Looking Ahead: More Sessions to Come

For those who missed this insightful session, there’s good news! The Shreveport-Bossier business community can look forward to more Lunch-and-Learn events. The next one is set to take place at 12:15 p.m. on Wednesday, right next to the train depot at the Red River Revel. This continues the series aimed at helping small business owners navigate the often-challenging world of entrepreneurship.

Supporting Emerging Businesses

In addition to the guidance provided by the panelists, there are initiatives like the Louisiana Small Business Credit Initiative that aim to support emerging businesses in the region. These resources are vital for those looking to break into the small business landscape in Shreveport and the surrounding areas.

As the Red River Revel Arts Festival continues to be a platform for art, culture, and community engagement, it’s also proving to be a wonderful resource for local entrepreneurs. With the combined efforts of all involved, the future appears bright for small businesses in Shreveport!