Fundamentals of Business Finance: Part 2 – The Balance Sheet

Have you ever been asked “How much is your business worth?” and not known what to say? Have you heard of a Balance Sheet but don’t know what it is, what it does, or what it’s “balanced?” 

The course below will cover the basics of one of the three most important financial documents in business, the Balance Sheet. You’ll learn: 

  1. How to read a Balance Sheet, and its three primary components: Assets, Liabilities, and Equity.
  2. What steps to take to prepare a simple Balance Sheet, so you know what your business is worth.
  3. You’ll learn about simple tools (paper, pencil, and calculator) and cloud-based solutions.

 

This class was developed by CIC staff who combine expertise in finance, banking, and education. In our approach, we strive to make the materials accessible to all audiences. We hope you enjoy it!

The Balance Sheet

Original Air Date: Thursday, May 28, 2020.  

CLICK HERE to view all the resource materials shared in this course. 

Fundamentals of Business Finance: The Profit & Loss Statement

Have you ever been asked “How profitable is your business?” and not known what to say?  Have you ever tried seeking funding for your business and come to a dead end when you were asked for your “P&L”? 

The course below covers the basics of one of the three most important financial documents in businessthe Profit & Loss Statement (or “P&L”).  You’ll learn: 

  1. How to read a P&L from top to bottom 
  2. How to organize your information into a P&L   
  3. The role of the P&L in seeking financing (e.g. a loan, investor, etc.) 

This class was developed by CIC staff who combine expertise in finance, banking, and education. In our approach, we strive to make the materials accessible to all audiences. We hope you enjoy it!

The Profit & Loss Statement

Original Air Date: Thursday, May 21, 2020.  

CLICK HERE to view all the resource materials shared in this course. 

COVID-19 Emergency Loan- Eclipse Clinical Research

“We are forever grateful to CIC for helping during these unprecedented times. Thanks to CIC we were able to pay all of our employees while waiting for PPP and EIDL loans to process. I’d like to send a special thank you to Brian from the Loan Team who was wonderful to work with and kept us updated through every step of the process” Felice Anderson, President ​

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COVID-19 Emergency Loan- Kinetic Arts Tucson

​”I’m really grateful for the loan and the part the loan played in helping me survive this pandemic. Not only survive, but thrive! We are not just a dance studio. We work really hard to support artists and marginalized people. Closing was not an option. I fought really hard to get the resources to stay open. We reopen June 1st and thanks to the assistance from CIC, we made it and we will be back….. better than ever!” Breanna Mirae, Owner Kinetic Arts Tucson​

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COVID-19 Emergency Loan- Film Creations

“CIC came through with some funding which gave us some breathing room, and just knowing there were local people who were willing to help me get through this incredibly challenging time was a real validation.” Rick Rose, Founder and CEO, Film Creations, Ltd.​

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COVID-19 Emergency Loan- 5 Points Market

“Emergency funding from CIC gave us a chance to breathe for just a moment and decide which direction we should go with 5 Points at the onset of the pandemic. The emergency loan ensured we could afford payroll and keep our staff insured while we formulated a plan to navigate this crisis and keep our community safe and healthy.” Brian Haskins, Owner 5 Points

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Kiva Loan Success Story- Just Churros

“As I remember beginning this process, I never have imagined the love and support I would get and feel by the end! Thank you all so much, for you lending hands and hearts. I will end up a Kiva Lender for sure. ” Ricky Pintor, Owner Just Churros​

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PPP vs. Unemployment Expert Panel Webinar

Resources for Business Owners:

During the COVID-19 closures, many Tucson business owners are using emergency funds for their businesses such as  Paycheck Protection Program (PPP), EIDL, and more. Many of their employees are also receiving unemployment. Unfortunately, this puts business owners and their employees in a situation where their incentives are misaligned, making it more difficult to get back to normal.

One business owner shared — “My employees are receiving unemployment which is more than I was paying them previously. How do I go about getting them back so I can satisfy my Paycheck Protection Program loan?” 

On Thursday, May 7, Aaron Eden, CIC Chief Innovation Officer, led an interactive session with local experts to discuss loan logistics, legal compliance and how to navigate employee retention during the COVID-19 Pandemic.  

From upper left corner, clockwise:

Aaron Eden, Chief Innovation Officer at CIC; Ellen Kirton, Director Pima Community College Small Business Development CenterTim Medcoff, Managing Partner, Farhang & MedcoffChris Galy, Chief People Officer, Couchbase