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Roanoke Taxes in Business Workshop Resource Presentation, August 4, 2010
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Roanoke Taxes in Business Workshop Resource Presentation, August 4, 2010

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The City of Roanoke will co-sponsor the event "Taxes in Business Workshop: Learn the What, When and Why." The workshop was targeted to business owners to help participants understand local and......

The City of Roanoke will co-sponsor the event "Taxes in Business Workshop: Learn the What, When and Why." The workshop was targeted to business owners to help participants understand local and state tax responsibilities. Presenters outlined various business tax requirements and their purpose, the impact of delinquent taxes on a business, and basic business principals to help manage a business more efficiently. Participants also had a chance to meet one-on-one with tax and business advisers. Sandy Ratliff with the Virginia Department of Business Assistance outlined the resources available to small business owners within Virginia.

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  • 1. Roanoke Taxes in Business Workshop: Learn the What, When & Why
    August 4, 2010
  • 2. Business Resources in Virginia
    Sandy Ratliff, Business Services Manager
    Virginia Department of Business Assistance
    276-676-3768
    sandy.ratliff@vdba.virginia.gov
    www.vdba.virginia.gov
    www.vastartup.org
  • 3. Small Business in Virginia
    • Small Businesses constitute 97% of all Virginia businesses.
    • 4. Small Businesses create over 60-80% of all new jobs.  
    • 5. Small Businesses account for half of the Commonwealth of Virginia’s contribution to the U.S. Gross Domestic Product - a whopping $160 billion.
    Virginia is for Business Lovers
  • 6. Virginia is for Business Lovers
    Virginia ranked #1 state for business by Forbes.com last four years.
    Ranked #1 most business friendly state by Pollina Corporate Real Estate, Inc. last two years.
    Named #1 best states for business by CNBC.
    Virginia among top 10 list of states friendly to small business.
  • 7. The Virginia Department of Business Assistance
    VDBA supports economic development in the Commonwealth by working with new and existing businesses to provide business and economic development communities with:
    workforce incentives
    financing
    business information and counseling
    state procurement assistance
    educational opportunities
    www.vdba.virginia.gov
  • 8. Business Information Services
    To help businesses get started and to grow.
    Formation Assistance
    • Virginia Business Information Center (VBIC) 1-866-248-8814
    • 9. Bridges the 26 state agencies, over 110 regulatory programs and over 300 forms that may touch a Virginia business
    • 10. Virginia Central Business Portal (www.business.virginia.gov)
    • 11. Covers registration, taxation, licensing
    • 12. Interactive business plan available online at www.vdba.virginia.gov or www.vastartup.org
    • 13. 5 Step process to a business plan
  • Growing Your $ales - State
    • Governor’s Executive Order 33
    • 14. $5 billion market - State
    • 15. Access to buyers from 171 state agencies
    • 16. Additional $5 billion from local governments
    • 17. 575 localities using eVA system.
    • 18. Small Business Goal – 40%
    • 19. Over 41,490 registered suppliers
    • 20. Over 13,065 participating buyers
    Ask VBIC = 866-248-8814
  • 21. Examples of Purchasing:
    Instant Ice Tea
    01/01/2009 – 12/31/2009 = $23,455.71 - 46 PO’s
    Novelty – Specialty Advertising Products
    01/01/2009 – 12/31/2009 = $152,905.34 - 152 PO’s
    Grounds Maintenance: Mowing, Edging, Plant (Not Tree) Trimming, etc.
    01/01/2009 – 12/31/2009 = $14,566,567.94 - 1150 PO’s
    Tires and Tubes, Passenger Vehicles
    01/01/2009 – 12/31/2009 = $72,103.64 - 7 PO’s
    Concessions, Catering, Vending: Mobile and Stationary
    01/01/2009 – 12/31/2009 = $6,187,712.31- 11,757 PO’s
    Building Maintenance
    01/01/2009 – 12/31/2009 = $90,611,650.85 - 9285 PO’s
    Earth Moving Equipment Rental
    01/01/2009 – 12/31/2009 = $8,573,333.24 -621 PO’s
    Cleaning Services, Steam & Pressure
    01/01/2009 – 12/31/2009 = $3,358,694.55- 303 PO’s
  • 22. One–on-One Counseling Sessions
    Need Based:
    Accessing New Markets/Sales Growth
    Tailored Sales Development Solutions
    Financing Resources
    Social Media for Your Business
    To schedule an appointment, contact:
    Sandy Ratliff, Business Services Manager
    276-676-3768
    Email: sandy.ratliff@vdba.virginia.gov
    Upcoming Sessions:
    August 31 – Vinton Chamber of Commerce
    September 30 – Roanoke County Administration
    December 1 – Roanoke County Administration
  • 23. Entrepreneur Workshops
    • Entrepreneur Express – Targeted to start-up and existing business owners.
    • 24. Social Media Workshops – Why and how to connect for business.
    • 25. Upcoming Events =
    • 26. August 5 – Vinton Chamber
    • 27. August 12 – Clifton Forge
    • 28. October 8 - Roanoke
    • 29. Adventure Tourism Workshops – October 19, Daleville, VA
    • 30. Details and registration info available at www.vastartup.org
  • Virginia JobsInvestment Program
    • Workforce recruiting and training
    • 31. Create minimum 25 net new jobs within 12 months and capital investment of at least $1,000,000
    • 32. Minimum entry-level wage of $10.00/hr required. Only full-time jobs are eligible.
    • 33. Small business workforce recruiting and training
    • 34. 250 employees or less, hiring at least 5 new full time employees within 12 months of operation and capital investment of at least $100,000
    • 35. Minimum entry-level wage of $10.00/hr required. Only full-time jobs are eligible.
    • 36. Retraining
    • 37. Small businesses that are retooling and installing new technologies
    • 38. Company must retrain minimum 10 full-time employees.
  • Financing Programs
    6 different direct and indirect loan programs
    Economic Development Loan fund, Private Activity bonds, loan guaranty program, Capital Access program, Child Care Financing program, Minority loan program
    Generally, you access these programs through your local bank- BB&T, Cardinal, M&T, Adams, Business Bank & Va Commerce
  • 39. The VSBFA ……
    • Not below market rates
    • 40. Not a grant- analyze cash flow and collateral
    VSBFA can help you grow by extending you credit
    Scott Parson- VSBFA Director, 804-371-8256
  • 41. “If you always do what you’ve always done, You will always get what you’ve always got!”
  • 42. Lets Connect:
    Sandy Ratliff
    The Virginia Department of Business Assistance
    276-676-3768
    sandy.ratliff@vdba.virginia.gov
    Online:
    Twitter: http://twitter.com/sandyratliffFacebook: http://www.facebook.com/sandy.ratliff
    LinkedIn - http://www.linkedin.com/in/sandyratliff
  • 43. ??QUESTIONS??