Commercial Real Estate for Small Business Owners

3301 North Mulford Road,Rockford IL 61114

20 April, 2023

Description

This workshop will be at the RVC main Campus ERC Building, Room 2416. Workshop Outline: I. Introduction • Introduce the webinar topic: Commercial Real Estate for Small Business Owners• Briefly explain the purpose of the webinar• Introduce the commercial real estate broker who will be presenting• Give a brief overview of the topics that will be covered during the webinar II. Overview of Commercial Real Estate • Explain what commercial real estate is• Discuss the different types of commercial real estate• Explain the differences between owning and leasing commercial real estate• Highlight the benefits and drawbacks of each option III. Finding the Right Commercial Space • Discuss the importance of finding the right commercial space for your business• Explain the process of finding the right space, including how to conduct a search and what to look for• Discuss the importance of location, layout, and other factors that can impact your decision IV. Negotiating a Lease • Explain the process of negotiating a commercial lease in more detail• Discuss the different types of commercial leases, such as full-service, triple net, and modified gross leases, and how they differ from each other.• Discuss key terms to be aware of, such as rent escalations, common area maintenance fees, and security deposits• Offer tips for negotiating the best possible lease terms, including how to conduct research on comparable properties and how to leverage competing offers. V. Financing Commercial Real Estate • Discuss financing options for commercial real estate in more detail• Explain how to determine how much space you need and what you can afford• Discuss common financing options, such as conventional loans, SBA 7(a) loans, SBA 504 loans, and equipment financing, and the pros and cons of each option• Explain the qualifications and requirements for each loan type• Offer tips for preparing a loan application and maximizing your chances of getting approved VI. Q&A Session • Open up the floor for questions from participants• Answer questions and provide additional information as needed VII. Conclusion • Recap the key points covered during the webinar• Thank the presenter and the participants for their time• Provide additional resources for small business owners who want to learn more about commercial real estate. Presenters: Tracy Eastman. Commercial & Industrial Real Estate at Dickerson & Nieman Realtors. John Phelps. Executive Director at the Rockford Local Development Corp. Javier Plascencia. Sr. Small Business Relationship Manager at Midland Bank. Nate Jordan. Business Consultant at the Rockford SBDC