Tuesday, February 26, 2019

small business plan

small business plan

Business Digest: Small Business Center helps write business plans - Santa Cruz Sentinel

Posted: 26 Feb 2019 06:01 AM PST


Small business center teaches how to write business plans

The Small Business Development Center will host at business plan seminar, "Build Your Business: Writing Your Best Business Plan" from 9:30 a.m. to 12:30 p.m. March 5 at Cabrillo College, 6500 Soquel Drive, Room 314. The seminar, led my small business consultant Keith Holtaway, will teach about starting or expanding a business, marketing basics, strategic plans, financing and more. Cost: $35. Advanced registration is required. Register by calling 831-479-6136 or visit  santacruzsbdc.org/calendar. All counseling services the SBDC provides are confidential and free of charge.

To view previous business digest items, visit santacruzsentinel.com/tag/business-digest/. Send your business news items to eingalls@santacruzsentinel.com or call 831-706-3253.

Small business owners can get help through new Gainesville program - News Chief

Posted: 24 Feb 2019 03:36 PM PST

The city of Gainesville has partnered with Community Bank & Trust of Florida to offer a loan program designed to help small business owners create jobs, grow businesses and strengthen the economy.

The opportunity has arrived for small businesses within Gainesville city limits to get help financing the growth of their ventures.

The city of Gainesville Department of Doing has partnered with Community Bank & Trust of Florida to offer the Opportunity Loan Program, which is designed to help small business owners create jobs, grow their businesses and strengthen the local economy.

Administered by Community Bank and Trust, the loans given by the bank will be backed by $80,000 deposited in the bank Feb. 13 by the city of Gainesville, said Erik Bredfeldt, director of economic development with the city.

The city money serves as a "loan-loss reserve" in case businesses fail to repay the loans, something the city and bank hopes never happen, Bredfeldt said.

"That money doesn't get touched otherwise," Bredfeldt said.

Besides being located within Gainesville city limits, other program requirements include having a business license issued by the state of Florida, proof of completion of participating in an entrepreneurial or other small business capacity training with a mentor, and having a three-year business plan, Bredfeldt said.

The mentoring aspect of the program is significant because the mentors help the businesses getting the loans understand the fundamentals of how to succeed in business, Bredfeldt said.

"They provide the capacity building component of the program," Bredfeldt said.

Capacity building involves developing organizational and management skills that increase the chances of a business succeeding.

The authorized mentors in the program include:

• America's Small Business Development Center of Florida, an arm of the federal Small Business Administration that offers free business consulting and low-cost business training.

• Gainesville Entrepreneurship and Adversity Program, a joint project between the University of Florida Warrington School of Business and the city of Gainesville that is structured to expose its participants to the entrepreneurial journey, issues with bookkeeping, marketing, operations and getting resources. It serves community members and small-business owners suffering from adverse economic, physical or related circumstances.

• Innovation Hub, a UF business incubator that offers help to startup companies.

• Santa Fe College's Center for Innovation and Economic Development, whose mission is to foster innovation and economic development by adding value and providing enrichment to individuals and organizations within the business community.

• SCORE North Central Florida, a network of volunteer business mentors who provide free answers to business questions.

• Working Food, a nonprofit organization that works to cultivate and sustain a resilient local food community in North Central Florida through collaboration, economic opportunity, education and seed stewardship.

John Roberts, vice president of commercial banking with Community Bank & Trust of Florida, said borrowers will need to provide a business plan that includes projections that indicate their ability to repay the loan, show their plan will create new jobs and that the proposed business is filling a need within the community.

The loans are for $5,000 to $10,000 and are for businesses that "run the gamut," Bredfeldt said.

The mentors can play a big role in vouching for how probable the chances are for a business to be successful because of the relationship they developed with the business, Bredfeldt added.

A recommendation from a mentor weighs a lot with the bank, and mentors can play a role in helping the bank resolve repayment problems if they arise, he said.

The interest rates on the loans will be the fixed prime rate plus 2 percent, Bredfeldt said.

Roberts said Community Bank & Trust of Florida is excited about the possibilities the program has to have in impact on the community.

"At CBTFL, we feel that small businesses are the backbone of our community," he said. "Job creation starts with small businesses, which help a local community grow and prosper. We feel that by helping small business we are helping individuals and the community prosper."

To learn more, call the city at 334-5000 or find information and resources at www.cityofgainesville.org.

The SBDC at IWU is helping small business owners all over McLean County - CIproud.com

Posted: 26 Feb 2019 04:18 PM PST

MCLEAN COUNTY, Ill. - Small business owners in McLean County now have a leg up thanks to an event held by the Illinois Small Business Development Center of McLean County at Illinois Wesleyan University.

On Tuesday, the SBDC hosted an event to teach small business owners of the different incentives in their area. This is 1 of their 32 annual events geared toward helping small business owners thrive in their economy.

Four panelists representing different cities and towns in McLean County spoke of things like tax breaks in their respective areas and how business owners can learn to take advantage of them.

Organizers say this is just one of the many ways the SBDC is trying to help out the community.

"We assist in consultation and business plan writing," said SBDC Director Karen Bussone. "If it's an existing small business, maybe changing locations, figuring out where their issues are with their financial statements etc. Here's just a number of things small businesses need and we can provide those resources to help them." 

Bussone noted the meetings are open to everyone not just small business owners, so if you would like to attend one of them visit Illinois SBDC at IWU.

Indiana small business growth breaks records | Business - Batesville Herald Tribune

Posted: 26 Feb 2019 05:51 PM PST

Indiana Economic Development Corp. leaders announced a record-breaking year for small business growth with the Indiana Small Business Development Center and Indiana Procurement Technical Assistance Center helping launch 318 small businesses and secure $86.3 million in government contracts for Indiana businesses, respectively, in 2018.

Together, the Indiana SBDC and PTAC assisted small businesses in the creation of 1,554 new jobs.

"With more than 508,000 companies employing 1.2 million Hoosiers, small businesses play a critical role in maintaining long-term economic growth in Indiana and supporting good jobs in our communities," said IEDC President Elaine Bedel, a Batesville High School graduate. "As a state, we're excited to celebrate not only another record-breaking year for job creation, but also for small business growth in Indiana. Working hand-in-hand with the Indiana SBDC and Indiana PTAC networks, we'll continue to strengthen Indiana's entrepreneurial ecosystem and provide Hoosier innovators with the resources and expert counseling needed to help launch and grow their dream businesses."

Along with leading Indiana's economic development efforts, the IEDC, which recently celebrated a second consecutive, record-breaking year for new job commitments, works to support entrepreneurs and small businesses.

The Indiana SBDC offers a one-stop shop for entrepreneurs looking to start and grow a business, delivering no-cost expert guidance and resources ranging from business planning and valuation to export assistance and market research. Through its network of 10 regional offices across the state, the Indiana SBDC assisted in 318 new business starts and registered 2,266 new clients – the highest annual totals in the organization's history.

Moreover, of the new business starts, 41 percent are women owned, 19 percent are minority owned and 5 percent are veteran owned. Together in 2018, Indiana SBDC advisers helped entrepreneurs and small businesses create 1,265 new jobs (+20 percent from 2017) and generate $97.9 million of capital infusion (+9 percent from 2017). For every dollar spent on Indiana SBDC services, $21.88 was earned or returned in various forms of capital infusion to small businesses.

One highlight: In 2018, Heliponix, an Evansville-based agbioscience startup which developed and commercialized an indoor plant-growing system called a GroPod while its founders were at Purdue University, utilized the Southwest Indiana SBDC to prepare its business plan and financial projections along with a successful loan application through the Vectren Foundation loan program.

The Indiana PTAC helps Indiana businesses compete for and win federal, state and local contracts. With free one-on-one counseling, resources and training across its five regional offices, Indiana PTAC counselors registered 382 new clients (+15 percent from 2017) and helped secure 3,078 government contracts – which is an 805 percent increase from 2017. As a result of the $86.3 million (+174 percent from 2017) in government contracts awarded, Indiana businesses created 289 new Hoosier jobs (+36 percent from 2017).

Together in 2018, 78 percent of the Indiana PTAC clients assisted were either women-owned, minority-owned, service-disabled veteran or veteran-owned businesses. For every dollar spent on the PTAC network, $110 was earned or returned in contract dollars awarded to small businesses.

One highlight: Pro Seal & Plastics, a Fort-Wayne based stocking distributor specializing in industrial sealing solutions, recently announced plans to invest $2.5 million to double the size of its facility in Allen County. The company is growing in part due to securing more than $500,000 in federal contracts in 2018, which were awarded with assistance from the Northeast Indiana PTAC. To fulfill the contracts, Pro Seal & Plastics has already added 12 new jobs and plans to expand further.

Indiana ranks first in the Midwest and top 10 in the nation for entrepreneur friendliness, according to the Small Business & Entrepreneurship Council in 2018, and received an A grade for ease of starting a business, reported Thumbtack last year.

UA Little Rock Students Take Second Place at Business Plan Competition - amppob.com

Posted: 26 Feb 2019 08:13 AM PST

UA Little Rock team and mentors

A team of business students from the University of Arkansas at Little Rock have won second place and a $3,000 prize at the international Ivey Business Plan Competition held Jan. 25-27 in Ontario, Canada, for their business plan for a device designed to help interventional cardiologists perform minimally invasive heart surgery with greater safety and efficiency.

The team is comprised of UA Little Rock students Noah Asher, senior finance and economics major, Abigail Resendiz, senior international business and management major, and Zach Cochran, senior economics major.

The group collaborated with Arkansas Cardiology Interventional Cardiologist Dr. Dwight Chrisman and Baptist Health Cardiovascular Intensive Care Unit Nurse Anna Helm to commercialize a medical device invented by Chrisman. The device, the "Speed-Torque," is a medical torque device used by surgeons in minimally invasive heart surgery, also known as interventional cardiology procedures.

The Ivey Business Plan Competition, sponsored by CIBC World Markets and IBK Capital Corp, allows student teams from across North America to compete for $40,000 in prizes as well as test their venture ideas with experienced entrepreneurs, meet potential investors, and raise funds.

"It was an extremely close competition with a lot of fantastic companies and entrepreneurs," said Asher. "We are of course disappointed with coming in second, but we are very happy with our performance and are excited to see how we do in competitions to come."

Asher is no stranger to success in business and entrepreneurship competitions. He was part of a team of UA Little Rock students who won the undergraduate division of the Arkansas Governor's Cup and a $25,000 prize last year for their business plan for Spritum Solutions, a mouth guard designed so that patients undergoing surgery or bronchoscope procedures do not damage their mouths by biting down on the tubes. Additionally, Asher received a $2,000 cash prize for winning the undergraduate elevator pitch competition.

He is confident that he a great team that will see many successes this year as the students are planning to compete in several more competitions, including the Arkansas Governor's Cup, Texas Christian University's Values and Ventures Competition, and the RICE Business Plan Competition in Texas.

"Between the clinical expertise Dr. Chrisman and Anna provide and the business skills and background of Abby and Zach, this is one of the strongest and most experienced teams I have ever had the privilege of working on," Asher said. "I'm very excited to see what the future holds for us."

The team's mentor, Martial Trigeaud, a UA Little Rock adjunct professor and business consultant at the Arkansas Small Business and Technology Development Center, said he was extremely proud of the team's performance.

"These are incredibly challenging competitions, so to even be invited to travel to Ivey to compete is a success," Trigeaud said. "I am very proud of what the team has accomplished, and I am waiting for the next business plan competition."

In the upper right photo, a team of business students (Zach Cochran, bottom left, Noah Asher,center, and Abigail Resendiz, bottom right) from UA Little Rock have won second place at the international Ivey Business Plan Competition. The students collaborated with Arkansas Cardiology Interventional Cardiologist Dr. Dwight Christman, back left, Baptist Health Cardiovascular Nurse Anna Helm, center left, and Martial Tregeaud, back right, to commercialize a medical device invented by Chrisman to help cardiologists perform heart surgery with greater safety and efficiency. Photo by Ben Krain.

READ MORE: Governor Forms Arkansas Innovation Council

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