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Frequently Asked Questions
A: BiGAUSTIN is a non-profit organization dedicated to providing training services, one-on-one assistance, and loans to individuals who want to achieve self-sufficiency by starting their own small business. BiGAUSTIN's education program includes classes designed for people who are interested in starting a small business, classes for individuals looking to improve their existing business, and seminars dealing with important topics such as credit management and effective marketing techniques. BiG also provides a range of loan services, which are specifically designed for people looking for an alternative to traditional bank loan programs. These loans offer a more flexible payment structure, competitive interest rates, and a wider lending range than is usually available for a starting entrepreneur. BiGAUSTIN was founded in 1992 by Jeannette Peten as a city-funded organization designed to help break down the barriers for people to start their own small business, particularly low to moderate income minorities. In 1995, BiGAUSTIN obtained its 501(c)(3) non-profit status, by 1996 had begun independent operations. Today, BiG obtains its funding from a variety of public and private sources, and is governed by a fully independent Board of Directors. BiGAUSTIN is the first and only combined source for effective entrepreneurship education and access to capital in Central Texas. Since its inception, BiGAUSTIN has served entrepreneurs in the Austin metropolitan area, focusing primarily on economically disadvantaged communities. We are also the only organization who is authorized by the U.S. Small Business Administration to provide lending services (SBA Micro-Loans) in 14 counties across Central Texas. There are several other micro-enterprise development organizations in Austin, but only BiGAUSTIN provides the type of ongoing, personalized training that have made our programs such a success. Our education models and loan services have helped over 1,351 small business entrepreneurs since 1995. On average, our training services help roughly 325 people per year, with enrollment growing yearly. BiGAUSTIN has also dispersed loan packages in excess of 1.5 million dollars and granted loans to over 100 individuals. Last year alone, BiGAUSTIN provided loans for 28 business owners. Our greatest impact to the community comes in the form of the economic development we provide. Through BiG, more small business owners gain access to markets, financial literacy, entrepreneurial and management skill development, as well as greater access to funding. As a result, their businesses succeed in creating jobs and increasing the tax base, as well as helping to keep money in Central Texas. In the past 4 years BiGAUSTIN has helped create 465 jobs, as well as sustained 246 existing jobs in the local economy. The BiGAUSTIN main office which houses most off our staff and our training facilities is located at 1050 E. 11th St. Suite 350 on the third floor. The lending office is located at 1101 Navasota, Suite 4 which is just down the street from our main office. You can also view detailed maps and specific driving directions from the direction you are coming - directions. What kind of training do we offer? BiGAUSTIN provides training courses and workshops to new or established entrepreneurs. We will take you through a step-by-step process to help you develop the business management skills necessary to grow. All classes are hands-on and highly participatory. If you're interested starting a business, come to "How to Start Your Business Now", a free seminar every Friday from 12-2. If you have a business idea, and are looking for comprehensive education to learn how to get your idea off the ground, we offer Smart Start (a FastTrac™ New Venture class), which will give you the tools to create a responsible and successful business model. For those already involved with an established business, there is Taking Financial Control of Your Business. We also offer a variety of one-time workshops for people in every stage of starting and running a business. These deal with important and relevant issues such as Marketing, HR Management, Legal issues, Bookkeeping, Credit Repair, and Supplier Management. For more information on any of the courses or workshops we offer, please call or email for more details. A schedule of all current classes is also available online. How do I sign up for workshops and classes? You can sign up online, call us at (512) 928-8010, or send an email to education@bigaustin.org. What kind of loans do we offer? BiGAUSTIN provides small businesses with "Smart Loans™." With BiG loans you get capital, support, and expertise to help your business grow. New businesses or businesses in operation less than a year may obtain up to $15,000. Established or growing businesses may qualify for up to $50,000 (Maximum of $35,000 if SBA Micro-Loan). See Funding Your Business for more information. A Smart Loan is one that works uniquely for your business. That means we won't under-fund or over-fund your business. If your business needs $15,000 minimum, then we won't approve a loan of less than that amount. On the other hand, if our mutual evaluation finds that the business needs an injection of $5,000 now, and you initially requested $8,000 with future planning in mind, then we don't want to saddle you with higher than necessary payments. Why should you get a loan from us? BiGAUSTIN's loan program is more flexible and attainable than conventional bank financing, because BiGAUSTIN looks at more than just numbers. Also, because we are a local non-profit organization, our loans traditionally come with a quicker loan decision, streamlined loan application process, competitive rates, as well as a more flexible repayment program. To determine if you pre-qualify, you can apply online, or download a pre-qualification application, and fax it to us at 512-926-2997, attention: Ligia Trevino. How long does it take to close a loan? We try to get back to applicants within 24 hours of receiving your loan pre-qualification application. If pre-qualified, we will guide you through the actual loan application process. A loan decision is typically made within 3 weeks of receipt of a completed loan application package. If granted a loan from BiGAUSTIN, you will receive a check 3-5 days after the decision is made. What can I do to help BiGAUSTIN? BiGAUSTIN's many endeavors would not be possible without the generous support of individuals, foundations and corporations. Financial contributions play a significant part in helping us meet the needs of the communities we serve and enable us to further our economic impact throughout Central Texas. We also need volunteers with experience in marketing, accounting, lending, business law, MIS, and management to assist our clients during class and on an individual basis. For more information about donating or volunteering with BiGAUSTIN, please contact BiGAUSTIN president Jeannette Peten at (512) 928-8010, ext. 107 or email jeannette@bigaustin.org. |
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