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How SBA Can Help Your Business

How SBA Can Help Your Business. Why Go Into Business?. Make money Have fun Be your own boss Prestige of owning your own firm Leave a legacy for your family. Cruel Facts of Entrepreneurial Life. 70% survive for 2 years About 50% make it 5 years Failures are due to lack of : Funding

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How SBA Can Help Your Business

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  1. How SBA Can Help Your Business

  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

  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

  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.

  5. SBA’s “Three Cs” • To Virginia’s small businesses we provide: • Sources for Counseling • Access to Capital • Government Contractingand Business Development Solutions

  6. Access to capital

  7. SBA Lending Process $ $ $

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

  9. SBA Loan Types

  10. Capital – Results & Trends

  11. Counseling sources

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

  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…

  14. Gov’t contracting &business development

  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.

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

  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

  19. Historically Underutilized Business Zone (HUBZone)

  20. Service Disabled Veteran Owned (SDVO)

  21. Women-Owned Small Business Program (WOSB)

  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. Lead Business Opportunity Specialist Richmond District Office Email: john.veal@sba.gov Phone: (804)771-2400 ext 116

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