How SBA Can Help Your Business

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1 How SBA Can Help Your Business 1

2 Why Go Into Business? Make money Have fun Be your own boss Prestige of owning your own firm Leave a legacy for your family 2

3 Cruel Facts of Entrepreneurial Life 70% survive for 2 years About 50% make it 5 years Failures are due to lack of : Funding Business skills/planning Commitment 3

4 SBA Cares About Small Business Small Business is important to our Economy More than 94% of all businesses in the U.S. are classified as Small Businesses Generate more than 50% of non-farm GDP Employ half of all private sector employees Generated 60 80% of all new jobs in the last decade. 4

5 SBA s Three Cs To Virginia s small businesses we provide: 1. Sources for Counseling 2. Access to Capital 3. Government Contracting and Business Development Solutions 5

6 ACCESS TO CAPITAL 6

7 SBA Lending Process $ 7

8 SBA Financing SBA is a guarantor of loans made by banks and other institutions Up to 90% guarantees SBA does not offer grants to start or grow small businesses Lender list on sba.gov 8

9 SBA Loan Types 504 Loans 7(a) Loans Use this for: Fixed assets and related soft costs only Working capital, fixed assets, refinance (if 10% cash flow savings). Amounts: $5 million in many cases. $5 million maximum loan size. Guarantee: 90% on SBA portion 50% - 90% depending on specific loan Term: Eligibility: Interest Rate: Participants: 10 or 20 years only. Net worth below $15.0 million and net income for previous 2 years less than $5.0 million average (no sales or employee limitation) Fixed monthly by open market debenture sale on Wall Street. CDC, Lender, and the SBA. 25 years max fixed assets. 10 years max on working capital. Either on number of employees or annual sales (determined by industry). 2.75% above prime interest rate or and usually variable Funding comes from the Lender. SBA provides guaranty (up to 85%). Fees: 2.65%,. 0.5% of 1st Mortgage amount to SBA. 2% SBA guaranty fee on loan up to $150,000. Up to 3.75% on higher amounts. Economic Impact: One job per $65,000 of debenture. One job per $100,000 for small manufacturers. No requirement. 9

10 Capital Results & Trends Number of Loans Dollar Size of Loans 1 Full & Limitied Service Restaurants 1 Hotels & Motels 2 Child Day Care Services 2 Full & Limitied Service Restaurants 3 Hotels & Motels 3 Dentists 4 Dentists 4 Gas Stations with Convenience 5 Gas Stations with Convenience 5 Car Washes 6 Auto Repair 6 Child Day Care Services 7 Beauty Salon 7 Dry Cleaning 8 Convenience Stores 8 Convenience Stores 9 Fitness Centers 9 Machine Shops 10 Chiropracters 10 Auto Repair 10

11 COUNSELING SOURCES 11

12 Assistance Starting or Growing Starting: Developing a business plan Accessing resources Completing loan applications Growing: Solving Problems Making contacts Vetting growth plans 12

13 Virginia Resources SBA District Office in Richmond Resource Partners: SCORE (Service Corp of Retired Executives) Small Business Development Centers Women s Business Centers Veteran s Business Opportunity Centers Plus Extended Resources that aren t directly supported by the SBA 13

14 GOV T CONTRACTING & BUSINESS DEVELOPMENT 14

15 Small Business Advantage The world s largest buyer of goods and services. Over $425 billion a year. Federal agencies are required to establish small business contracting goals. Category Goal All Small Businesses 23% Women Owned Small Business 5% Disadvantaged (8a) Businesses 5% Service-Disabled Veteran Owned 3% HUBZone 3% 15

16 Certifications Formal SBA Certification Programs 8(a) Business Development Program HUBZone Program Self-certification Programs SDVO Small Business Program WOSB Program 16

17 Program Preference There is no order of precedence among the 8(a) BD, HUBZone, SDVO SBC or WOSB programs. SBA believes that Progress in fulfilling the various small business goals, as well as other factors such as the results of market research, programmatic needs specific to the procuring agency, anticipated award price, and the acquisition history, will be considered in making a decision as to which program to use for the acquisition.

18 8(a) Business Development Program Purpose: Eligibility: Type of Program: Type of Certification: Regulation: The purpose of the 8(a) BD program is to assist eligible small disadvantaged business concerns compete in the American economy through business development. A concern meets the basic requirements for admission to the 8(a) BD program if it is a small business which is unconditionally owned and controlled by one or more socially and economically disadvantaged individuals who are of good character and citizens of and residing in the United States, and which demonstrates potential for success. Business Development Program Formal 13CFR124.1

19 Historically Underutilized Business Zone (HUBZone) Purpose: Eligibility: Type of Program: Type of Certification: Regulation: The purpose of the HUBZone program is to provide federal contracting assistance for qualified SBCs located in historically underutilized business zones in an effort to increase employment opportunities, investment, and economic development in such areas. Its principal office must be located within a Historically Underutilized Business Zone, which includes lands considered Indian Country and military facilities closed by the Base Realignment and Closure Act and at least 35% of its employees must reside in a HUBZone. Contracting Program Formal 13CFR

20 Service Disabled Veteran Owned (SDVO) Purpose: Eligibility: Type of Program: Type of Certification: Regulation: To provide procuring agencies with the authority to set acquisitions aside for exclusive competition among service-disabled veteranowned small business concerns, as well as the authority to make sole source awards to service-disabled veteran-owned small business concerns. A concern must be at least 51% unconditionally and directly owned by one or more servicedisabled veterans who has a service-connected disability that has been determined by the Department of Veterans Affairs or Department of Defense Contracting Program Self-certification 13CFR125.8

21 Women-Owned Small Business Program (WOSB) Purpose: Eligibility: Type of Program: Type of Certification: Regulation: The Women-Owned Small Business (WOSB) Federal Contract program authorizes contracting officers to set aside certain federal contracts for eligible Women-owned small businesses (WOSBs) or Economically disadvantaged women-owned small businesses (EDWOSBs). The goal of the program is to expand federal contracting opportunities for women-owned small businesses. A firm must be at least 51% owned and controlled by one or more women, and primarily managed by one or more women. Contracting Program Self-certification 13CFR

22 Additional Notes To be certified in one of the special areas the following conditions apply: Firm must be a small business Business must be owned (at least 51%) by the individual in the requested special category. Business must be controlled by the individual in the requested special category. Ownership must be unconditional and direct. Owner must understand that certification does not equal to immediate success. Must continue to market the business.

23 John D. Veal, Jr. Supervisory Business Opportunity Specialist Richmond District Office Phone: (804)

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