U.S. Small Business Administration Programs & Services Add your notes here

SBA Services to Small Business: the 3 Cs Counseling and Training Capital Contracting with the US Government

COUNSELING & TRAINING

SBA and its partners: Here to Help Small Business Development Centers Free and Confidential Business Advising in locations throughout the U.S. Maine-- www.mainesbdc.org New Hampshire– www.nhsbdc.org Vermont– www.vtsbdc.org SCORE (Counselors to America’s Small Business) Free business mentoring at Chapters across U.S. Low, or no-cost classes Downloadable business plan templates, cash flow samples, etc. On-line Counseling Webinars on various topics http://www.score.org

Partners continued Women’s Business Centers Maine-- http://www.ceimaine.org/consulting/business- counseling-development/womens-business-center/southern- maine-womens-business-program/ New Hampshire-- www.cwbanh.com Vermont– http://www.cweonline.org/bAboutbOurWork/CWE- Vermont/tabid/288/Default.aspx

Veteran Business Outreach Center of New England In partnership with the U.S. Small Business Administration, VBOC equips veteran and active duty service members and their families with the resources to help them start and run their businesses.  VBOC of New England serves veterans in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont.   http://www.cweonline.org/bAboutbOurWork/VeteransBusinessOutreachCenter/tabid/350/Default.aspx

Online Resources – SBA website www.sba.gov or www.sba.gov/nh www.sba.gov/me or www.sba.gov/vt Easy access to info on major SBA programs (Counseling and Training, Loans & Grants, Contracting, etc) Enhanced search functionality “SBA Direct” – customized information based on business type, geography and other needs Free Online Training

CAPITAL ACCESS

What is Capital? In the simplest terms, Capital is the money needed to start and run a business. It can be in the form of cash loans, grants, and/or money that owners/investors give the company, or it can be in the form of ‘property’ that has a value to the business and can be sold if needed to create cash. Lack of capital is what can stop a business from continuing day-to-day operations or growing as needed.

If you are asking someone to provide your business with Capital, have these ready … For you personally: Credit score – Know what’s in your credit report Collateral list -What do you have of value that can be sold to pay back a loan if needed Your Personal Financial Statement - A detailed list of what you own, what you owe, and your household income vs. your household expenses For the business: A logical plan for the business Evidence that cash flow will support the business AND loan repayment. Proof that the numbers make sense. Owner investment

SBA may be able to help if you run into a snag with your loan request... Some of the reasons a lender would bring in the SBA for a guarantee: Risky Industry Inadequate owner investment Start-up or young company Inadequate collateral Longer repayment term required Lender has taken losses on similar loans Lender has a high number of similar loans

General components of SBA financing Full amortization – Loan is paid off at the end of the term (no balloon payment) Capped interest rates Terms to suit both use and business cash flow Guaranty fee on some programs Personal loan guaranties required- Also typically required by lenders

What’s next? Meet with a business advisor to help you determine the best capital plan for your business. Meet with an attorney and an accountant to make sure your ducks are in a row… Count your money and prepare your package. Meet with the appropriate capital group (lender, grantor, rich uncle).

with the Federal Government CONTRACTING with the Federal Government

Government Contracting The U.S. government is the world’s largest buyer of products and services. In 2015, it purchased over $400 billion dollars in products and services. Government-Wide Small Business Contracting Goals: 23 Percent To Small Businesses in general 5 Percent To Small Disadvantaged Businesses To Women Owned Small Businesses 3 Percent To HubZone Businesses To Service Disabled Veteran Owned Small Businesses

SBA’s Role & Goal in Government Contracting Ensuring small businesses receive a fair share of contracts through: Prime Contracting Subcontracting Protests and Appeals SBA Certification Programs Surety Bond Guaranty Program Workshops, matchmakers, and counseling by SBA district offices and resource partners

SBA Certification Programs

8(a) Business Development Certification Program Provides a broad scope of training and assistance to socially and economically disadvantaged firms. Must be in business for at least two years with a product or service that the federal government procures. HUBZone: (Historically Underutilized Business Zones) Provides federal contracting opportunities for qualified small businesses located in distressed census tract areas. Visit www.sba.gov/HUBZone for more information. 20

Women-Owned Small Business Federal Contracting Program Program allows contracting officers to set aside specific contracting opportunities for certified WOSBs, and will help federal agencies achieve the existing statutory goal that 5% of federal contracting dollars are awarded to WOSB’s. Specific Industrial and Commercial Sectors Some examples are: Residential building construction Building equipment and finishing contractors Motion picture and video industries Automotive repair and maintenance And many more… For more information, visit www.sba.gov/wosb

SBA’s Surety Bond Guarantee Program for Small Businesses

SBA provides the Surety company a guarantee of 80% or 90%, reducing the Surety’s liability for each bond. This allows the Surety to issue bonds to businesses that would not otherwise qualify: Start-ups and firms in business less than 3 years Firms with limited financial resources (cash, working capital, net worth) Firms with recent losses Firms with limited track record in prior completed job size Firms with no prior public works/bonded work experience Firms wishing to increase current bond limits Firms with some credit issues

Thank you! Bill Card, Economic Development Specialist (Maine) 207-622-8555 Email: William.card@sba.gov Rachael Roderick, Business Opportunity Specialist (NH) (603) 225-1603 Email:  Rachael.Roderick@SBA.gov Chris Herriman, Economic Development Specialist (VT) (802) 828-4422 ext. 206 Email: Chris.Herriman@sba.gov