America’s SBDC Blog

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Three Surprises When You Apply for a Small Business Loan

November 1, 2016

Applying for a loanApplying 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…)

‘Tis the Small Biz Season

October 25, 2016

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…)

NJ SBDC Serves Military Service Members and Spouses with “Boots to Business”

October 18, 2016

NJ SBDC "Boots to Business"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…)

SBDC Business Advising Saves Aerospace Jobs

October 11, 2016
Success Story: Washington State

By Hope Belli Tinney, Washington SBDC

SonicoWhen 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…)

Building a Business in Construction

October 3, 2016
Success Story: Missouri (A-Plus Contractors LLC)

Sanders at a job siteIt’s well after 5 p.m., but Will Sanders, owner and co-founder of A-Plus Contractors in Saint Charles, Missouri, a certified Minority Business Enterprise (MBE) and Disadvantaged Business Enterprise (DBE) specializing in dump truck work and heavy equipment hauling, excavation and power washing throughout the St. Louis area, is excited. But also a little tired.

“I am just a hard-working, ordinary guy,” he says of himself. “I am boots on the ground, boots in the office all day.”

Those boots are getting a lot of wear at Lambert Airport tearing out old concrete, hauling dirt and old concrete, laying new concrete and even planting trees as a subcontractor. And they’ll get even more on projects soon underway around Maline Creek, a small tributary of the Mississippi River on the northern edge of the City of St. Louis that’s suffered from severe erosion, and on the seven decades old, deteriorated Route 47 Missouri River Bridge, among other projects.

Sanders has almost a quarter century of industry experience, and he established the business in 2009. But the business didn’t really take off until 2014, when Sanders purchased his first dump truck.

That number has swelled to seven in just a year. He jokes he spends his lunch hour shopping for trucks. Sanders expects company revenues to be about $500,000 this year, significantly up from 2014.  (more…)