As Derek & Sophia Bates began seriously talking about their long-imagined dream of owning a bakery, a memory of a visit to the Great Harvest Bread Co. in Logan came back to them. They sent for an information packet and decided Great Harvest was a good fit.
Applying for small business financing can be time-consuming and frustrating. Research from the Federal Reserve Bank of New York shows the average small business owner spends more than half a standard work week (26 hours) researching and applying for financing.
Unfortunately, putting in that time and effort doesn’t always pay off. The Nav American Dream Gap Report survey found that 45% of small business owners whose applications for financing were declined said they were turned down more than once. And research from the 2014 Joint Small Business Credit Survey found that in the first half of 2013, a quarter of firms with employees and nearly a third (31%) of those without employees didn’t even bother to apply because they didn’t believe their applications would be approved.
While no one wants to be rejected when they apply for credit, small business owners are at a particular disadvantage because major consumer protection laws don’t always apply to entrepreneurs seeking financing for their ventures.
Here are three things that may come as a surprise when they apply: (more…)
Shoppers rely on small businesses to make their holidays special. From the perfect gift, to the best catering, consumers turn to the internet to connect with these local spots. To help businesses prepare, we’re teaming up with the U.S. Small Business Administration and partners across America to host a livestream event October 26th at 1:00pm ET to give small businesses the boost they need to reach more customers this #SmallBizSeason. Is your small business ready?
During the workshop, small businesses will learn how to create a free business listing on Google, optimize their website for mobile, advertise online, and more. There will be a Q&A at the end so be sure to submit your holiday questions using the hashtag #SmallBizSeason on Twitter. (more…)
The New Jersey SBDC at the Rutgers School of Business in Camden, New Jersey, has been conducting the “Boots to Business” Entrepreneurial Program at the Fort Dix/McGuire Air Force Base in Lakehurst, New Jersey for the past two years. Partnering with the Small Business Administration Office of Veterans Business Development, Americas SBDC and the New Jersey SBDC, the Rutgers Camden SBDC has lectured hundreds of returning soldiers seeking to start their own businesses.
“Boots to Business” enables military service members and their spouses to explore careers in business ownership and self-employment, by showing them how to apply their military skills to start and grow a business. It helps them evaluate the feasibility of their business concepts and connects them to SBDCs and other SBA resource partners. (more…)
By Hope Belli Tinney, Washington SBDC
When WWII-era buildings at the Port of Moses Lake, Washington needed work in 2013, Sonico, the aircraft parts repair and maintenance business leasing those buildings, was told it would have to depart.
The simplest solution was to move to the I-5 interstate corridor near SeaTac – for close access to the aerospace customer base and a variety of lease options. But Sonico didn’t want to withdraw – or remove 45 good-paying jobs – from the town that had been its home for more than 30 years.
The problem, said company president W.B. “Bill” Perdue, was there was nowhere in Moses Lake to relocate. New construction had been on the drawing board for years, he said, but he’d been stymied in his efforts to find financing for a state-of-the-art Federal Aviation Administration-certified facility.
It took more than three years to work through that problem and others, but Sonico finally began construction of their new 28,000-square-foot building this summer, thanks in part to business advising from the Washington Small Business Development Center (SBDC). (more…)