Regina Fontalvo doesn’t know what kind of business she wants to start up, but
she knows she doesn’t want to be an accountant anymore.
The 27-year-old from Cranston is toying with the idea of opening a café or small clothing store, but like many people, she isn’t sure how to get started.
“I have some cousins that own businesses, and my brother runs a promotions company out in California, so I guess it’s in my blood,” she said.
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Fontalvo and people from all walks of life with the same glimmer of hope for owning a business take their first steps at one of the Small Business Administration Rhode Island District’s free workshops each week.
The SBA, which reports helping businesses like Ben & Jerry’s, Apple, Compaq, FedEx Corp. and Staples start out, holds free informational sessions in a small room of the Slade’s Ferry Business Center at 3280 Post Road in Warwick.
People go there to get information on how to finance a business, the different types of business loans, available tax credits, budgeting and other topics to avoid the possible pitfalls in financing a new business.
For many dreamers, the workshops are also a reality check.
“When you start a business, you have to have passion, because it’s not a 40-hour-a-week job,” business counselor John McCauley of SCORE, Counselors to America’s Small Businesses, told attendees.
“Many people go into business thinking they will do really well financially, but never put a pencil to it. You need to make sure if you are going to be working 80 hours a week at your restaurant, you wouldn’t be making more money working at a McDonald’s 20 hours a week. You are putting your assets at risk.”
The first step in getting a business loan is creating a business plan. McCauley explained generically how to develop a business plan, which was the topic of the April 15 morning seminar.
The workshop also covered the various types of loans, which can differ depending on the size of a business, sex, race or where the business will be located.
Some attendees already own businesses and attend to learn more about expanding or getting extra financing.
Linda Nadeau, who owns Sweet Water Home Consignment in Warwick, attended to learn how to get money for marketing and advertising to expand her shop.
“The micro loan they talked about would be perfect for me, because I really didn’t need that much money to start up this business in the first place,” she said.
Other workshops focus on administrative and legal issues, marketing and financing.
The SBA, a federal organization created to help entrepreneurs, has a library of reference books and computers available for people looking to start a business. Other resources, including counseling, is free. The 45 SCORE counselors affiliated with SBA will usually meet with people wherever it is most convenient for them.
Information about SBA workshops and access to its resources are available
by calling 401-455-8000, or online at www.sba.gov/ri.
