The San Diego and Imperial Small Business Development Center Regional Network (SDI-SBDC) announces the creation of the Slingshot Program. It is a Shark-tank style program designed to connect San Diego companies with the lending community. Traditional banks, non-traditional lenders, and angel investors will sit on a panel and provide feedback as businesses make a “pitch” for funds. Those who successfully incorporate feedback will get to pitch to a “real deal” panel.
The first information session of the inaugural Slingshot Program was held December 5 at the South County Regional Education Center (SCRED). The session was full and the prospective clients were ready to be the first ones to participate in this all-new program for business owners based in and around San Diego. The SDI-SBDC Regional Director, Aleta Wilson, provided an overview of the program. In addition to the business owners and entrepreneurs applying to participate, four lenders were also in attendance – two banks and two non-traditional lenders, CDC Small Business Finance and ACCION San Diego. It was a successful start to a pilot program said Elizabeth Arce, Slingshot’s Program Coordinator.
“It went really well,” she said. “It was very informative. Based on the evaluations, Aleta did a great job and the applicants got the information they needed. Even though we only began outreach about three weeks ago, the response was great.” The Slingshot Program is partially funded by the City of San Diego’s Small Business Enterprise program, the U.S. Small Business Administration, and Southwestern College. By meeting frequently with clients, the program’s business advisors will help them to prepare their financials and hone their pitch.
Slingshot is a two – three-month program. A second information session will be held in January. Preliminarily accepted candidates will be assigned to a senior business advisor, and set up a plan to prepare to pitch. Slingshot attendees work closely with their advisor and other as-needed experts to get ready. In addition to the feedback, preparation, and assistance, the clients will participate in the Dry Run Pitch and the Real Deal Pitch. Clients accepted into the program will receive services and workshops for free.
To apply to become a client, business owners interested in Slingshot should visit www.slingshot-sbdc.org.