Smyth Entrepreneur Express #4 Presentation, March 18, 2010


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The Virginia Department of Business Assistance partnered with the Smyth County Chamber of Commerce and Smyth County Economic Development to present an Entrepreneur Express Workshop targeted to new and existing small businesses within the region. Other agencies presenting with the Virginia Department of Business Assistance included the Virginia Tourism Corporation, SCORE, Small Business Development Center, People Inc. Financial Services, Wachovia Bank and Virginia Economic Bridges.

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Smyth Entrepreneur Express #4 Presentation, March 18, 2010

  1. 1. Marion, VA  March 18, 2010
  2. 2. Are you sure?
  3. 3. What Do These Entrepreneurs Have in Common? Confidence? Competitiveness?
  4. 4. An Idea? Drive? Identified Market Need?
  5. 5. A Plan of Action? Willing to take Risks?
  6. 6. Focused? Goal & Objective? A successful enterprise
  7. 7. Remember as a start-up your place in the food chain
  8. 8. Small Business in  Virginia Small Businesses constitute  99% of all Virginia businesses.  Small Businesses create over  60‐80% of all new jobs.  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
  9. 9. Virginia is for Business Lovers • Virginia ranked #1 state for business by 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 is for Business Lovers Ask VBIC = 866‐ 248‐8814
  10. 10. How to Start and Operate  A Business
  11. 11. Who is the SBDC • Small Business Development Center • VSBDC Mission – To foster small business success and grow Virginia’s economy • Vision – To be the small business resource of first choice in Virginia Where business comes to talk business.
  12. 12. How the SBDC can Benefit you Through one-on-one Counselling, the SBDC can help you with… • Management Skills • Business Information • Business Planning • Productivity Improvement • Workshops • Networking Assistance • Loan application • Source of business financing • Financial Analysis • Marketing • Permits, Licenses and taxes Where business comes to talk business.
  13. 13. Business Planning & Strategy • 6 FORMS OF BUSINESS • Entity pros/cons • Taxes & Liabilities & Termination • Consider talking to an accountant/attorney before you decide. • Team of advisors Where business comes to talk business.
  14. 14. Why do I need a Business Plan • To seek financing from a bank, private investor, venture capitalists or angels • To provide you with a management tool • Forces you to take an objective view of your ideas • Serves as the road map to your objective Where business comes to talk business.
  15. 15. What goes into a Business Plan • Cover Letter • Statement of Purpose, Executive Summary or Request for Financing • Table of Contents (optional) • History of the Company • Business Summary • Definition of Products and/or Services • Industry and Competitor Analysis • Market Analysis • Marketing and Sales Strategies • Organization and Management • Operational Plan • Financial Statements and Pro Forma Projections • Capitalization/Equity/Debt Structures Where business comes to talk business.
  16. 16. Business Licence & Registration (7-Steps) • One - Determine entity • Two - State Corporation Commission • Three - IRS Forms - EIN • Four - Unemployment taxes – Va Employment Commission • Five - Registration – Va Dept. of taxation • Six - Local license/tax with local commissioner of the Revenue/Town Administrator • Seven - Other State Agencies for Licenses/Permits for professionals Where business comes to talk business.
  17. 17. VSBDC Offices New River Valley/ Radford University Tel: 831-6056 Mountain Empire Community College Tel:523-6529 Southwest Virginia Community College Tel; 964-7345 Virginia Highlands Community College Tel: 676-5615 Crossroads Center - Galax Tel: 276-236-0435
  18. 18. Turn to SCORE Mentors for Small Business Advice Steve Willinger
  19. 19. Seek Out SCORE Advisors TOPICS Small Business and Success About SCORE SCORE Services for You Resources for Your Business Looking Ahead Next Steps
  20. 20. Small Business and Success Q: How big a part of the economy is small business? A: Small businesses create jobs and fuel growth. There are more than 29.6 million small businesses nationwide. Small businesses represent 99.7 percent of all employers. Small businesses create 64 percent of new jobs. More than 625,000 new small businesses start each year. SBA Fact Sheet, Sept 2009
  21. 21. Small Business and Success Q: Why is mentoring important to you? A: Small business represents success on your own terms. Mentoring aids success Be your own boss Achieve your lifelong dream Create financial independence Mentoring increases your chances of starting* *Dr. Jianwen Liao, Illinois Institute of Technology
  22. 22. About SCORE SCORE is America’s free and confidential source of small business mentoring and coaching. SCORE is a nonprofit association of more than 12,400 business experts who volunteer as mentors. Local business workshops and seminars Face-to-face counseling through 364 offices Email counseling through the SCORE small business web site, Free and confidential business advice for entrepreneurs
  23. 23. About SCORE Q: How can a SCORE business mentor help? A: SCORE mentors give real-world advice that applies to your business. Practical advice Business planning assistance Problem-solving for business challenges Growth strategies for business opportunities Confidential sounding board for your ideas
  24. 24. About SCORE SCORE business mentors are volunteers. Volunteers who have achieved business success–and want to help you succeed in your business. Dedicated volunteers Confidential advice for your business Experienced business owners and executives Experts who’ve seen both economic highs and lows Pros with expertise in hundreds of disciplines
  25. 25. SCORE Services for You SCORE can help your business in many ways. Confidential business mentoring Long-term business coaching Face-to-face brainstorming sessions Online email advice available anytime Local workshops and seminars on business topics
  26. 26. SCORE Services for You SCORE services are available nationwide. More than 12,400 counselors nationwide More than 1,000 locations for mentoring Ask SCORE online advice at Local business workshops and seminars
  27. 27. Resources for Your Business Visit the SCORE Small Business Web Site: How-to Advice & Info Ask SCORE for business advice online Find SCORE to locate any chapter in the country 2,000 pages of content for small business owners How-to articles offer practical business tips
  28. 28. SCORE Resource: The SCORE Small Business Web Site also offers: Business Toolbox— Workshops, tips and tools for your business. Learning Center— Industry articles and expert insights.
  29. 29. Resources for Your Business SCORE Offers Free Resources for Your Business How to Really Start Your Own Business—a workbook available at your local SCORE chapter office. SCORE eNews—an email newsletter with small business news and how-to advice. SCORE Expert Answers—an email newsletter on leadership topics for entrepreneurs.
  30. 30. Looking Ahead to Mentoring Q: What can a mentor bring to the table? A: Information, ideas and advice to help you succeed. Wisdom gained from the “school of hard knocks” Independent, thoughtful advice specific to your business Perspective from years in the trenches of economic cycles
  31. 31. Looking Ahead to Your Success Entrepreneurial Success Factors A focused business plan Hard work, and plenty of it A quality product and/or service Good advice
  32. 32. Looking Ahead to Create Success Build Your Business Success Play to your strengths Identify areas to improve Learn and grow as a leader Add to your knowledge base Form a network of trusted advisors
  33. 33. Turn to SCORE 45 years of service to the small business community Award-winning business counseling and resources Resource partner with the U.S. Small Business Administration (SBA) Steve Willinger, Chapter Chair 423.989.4866
  34. 34. Growing Your  Business/Marketing  Strategies
  35. 35. Entrepreneur Express March 18, 2010 MARKETING & ADVERTISING For The Entrepreneur Steve Willinger Small Business Marketing Professional Social Media Strategist Bristol, TN
  36. 36. Today's Agenda • Marketing Today • Social Networking • Planning for Success • Advertising for the Small Business • Developing a Marketing Budget
  37. 37. A Few Facts • Advertising is struggling • Expectations are increasing • Competition is everywhere • Time is a scarcity • Technology has become an integral component
  38. 38. Marketing is. . . “Everything you do to place your product or service  in the hands of potential customers.” • Creating a customer • Keeping a customer
  39. 39. Social Networking?
  40. 40. Social Media
  41. 41. Marketing Plans • Anticipate future events • Define a direction • Create a blueprint
  42. 42. Marketing Plans “A written plan turns your marketing into  a planned investment rather than a hopeful risk”
  43. 43. A Good Plan… • Easy to understand • Clearly links objectives to strategies • Specific and measurable • Flexible • Provides for checkpoints
  44. 44. The Marketing Plan • Reality Check * Current economy * Understanding success factors * Challenges your company faces • Customer Analysis * Demographics, purchasing behaviors • Competitive Analysis * SWOT analysis, competitive changes, challenges
  45. 45. The Marketing Plan SMART Objectives • Specific • Measurable • Accurate • Realistic • Time‐based
  46. 46. The Marketing Plan • Strategies must be linked to the objectives • Well thought‐out strategies can provide discipline • Minimizes the tendency to react • Provides a benchmark for measuring success
  47. 47. 7 Step Marketing Plan 1. State the purpose of your marketing. 2. Define your target audience. 3. State customer benefits to emphasize. 4. List marketing objectives & strategies 5. Describe your market 6. Establish your budget. 7. Prepare an Action Calendar.
  48. 48. ADVERTISING is . . . The most “convenient” method of  communicating to your target audience the  benefit of purchasing your product or service.
  49. 49. Fact: Most people ignore advertising The key is to ensure that they take notice of  yours! HOW?
  50. 50. Make sure your company is Recognizable Location Regular advertising will build awareness Constant Focus on Sales and Marketing Community Involvement Public Relations Communication Customer Service 
  51. 51. Make sure your company is  Memorable
  52. 52. How Does Advertising Work? Advertising puts your company at the forefront of  people’s minds.   Advertising either stimulates a purchase or helps to  ensure that people know where to go when they do  decide to purchase.  Advertising also confirms a customer’s decision that  doing business with you was a good idea 
  53. 53. Branding
  54. 54. QUESTIONS ASKED . . . • What is it going to cost? • What methods would benefit my business  the most? • Meet with a professional
  55. 55. Advertising Budget Basics % of lifetime value of customer % of previous annual sales % of desired sales 8‐10% average retail (b2c) 4‐6% average wholesale (b2b) Marketing & Advertising = Customers
  56. 56. “It’s your turn for Comments and Questions” Steve Willinger Small Business Marketing Professional Social Media Strategist (423) 797‐0355
  57. 57. Tourism Business Development & Marketing Assistance Kitty Barker Development Specialist – Partnership Marketing Virginia Tourism Corporation 276-466-8772 (industry) (consumer)
  58. 58. • 19.2 billion in revenue • supported 210,620 jobs • provided $1.28 billion in state and local tax revenue  Impact of Tourism in VA ‐ 2008
  59. 59. • Advertising • Customer Service & Industry Relations • Electronic Marketing • Film Office • Marketing & Promotion • Public Relations • Research • Tourism Development • Others Virginia Tourism Corp. Services
  60. 60. • Wilderness Road Heritage Trail • Virginia Coal Heritage Trail • ‘Round the Mountain • Heartwood    • Spearhead Trails Development & Partnership Marketing 
  61. 61. • Planning Assistance • Marketing Guidance • Workshops Business Assistance
  62. 62. • Marketing Leverage Program Funding
  63. 63. •Canoe Rentals and Tours  •Fishing and Boating Rentals  •Bicycle Tours and Outfitters  •Adventure/Nature Camps Tourism Business Opportunities 
  64. 64. •Wineries/Vineyards •Corn Maze  •Pumpkin Patch  •Pick Your Own  •Animal Parks •Herb/Flower Farms  •Christmas Trees Farms Agri‐tourism
  65. 65. •Bed & Breakfast Inns  •Cabins and Cottages  •Lodges  •Campgrounds  •Horse Campgrounds  •Horse Stables/Barns  •House Boats •Green Lodging Unique Lodging Opportunities 
  66. 66. •Music/Theater Venues  •Artisan  Studios/Galleries  •Heritage Sites   •Tea Rooms  •Breweries/Pubs •Eclectic Restaurants  •Shopping  •Spas  Attractions
  67. 67. Caterers Cleaning Services  Food/Drink Distributors  Electricians Restaurant Equipment Plumbers  Security Systems  Pool Maintenance Convenient Stores  Lawn Care  Web Site Designers  Auto Repair Ad Agencies  Events Planners Travel Agencies  Florists Motorcoach Companies Linen Services  Car Rental Offices Ancillary Businesses
  68. 68. 6 Questions You Should Answer • What are we trying to accomplish? • Who is our target audience? • What message will move our audience? • What vehicle do we have to deliver the message? • What are our resources? • How do we measure our performance/success? Marketing Tips
  69. 69. Marketing Plans Change  • Because of business growth • Because of research • Because of economic factors • Because of technology (social media) • Because there is always change  Marketing Tips
  70. 70. Virginia’s Recent Ad Campaign 
  71. 71. Targeting Niches  • Traditional Music  (Crooked Road) • Cultural Heritage  (Coal Heritage Trail) • Anglers  (Fish Virginia First) •Outdoor Enthusiasts  •Weddings/Meetings/Group Tours Marketing Tips
  72. 72. Public  Relations Marketing Tips
  73. 73. • Visit & • Sign up for the Dashboard e‐newsletter • Attend at VTC Help Desk event • Establish relationships with all VTC divisions – tap into our services (i.e. marketing, advertising,  research, etc.) Learn More About VTC Services
  74. 74. Kitty Barker Development Specialist – Partnership Marketing Virginia Tourism Corporation 276-466-8772 (industry) (consumer)
  75. 75. Financing & Managing  Resources
  76. 76. Helpful Hints for Financing Your Business Scott Peak Market President © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.
  77. 77. Helpful Hint #1 Get Your Financial House In Order Obtain a copy of your personal credit report. • Check for any inaccuracies or mistakes. • Make certain that all accounts are current and there are no outstanding judgments or liens. • If there is any derogatory information, be proactive and prepare to explain the problems and why the problem is not likely to occur again. Gather personal and/or business records • For the past three years, including: • Tax returns, financial statements with schedules and attachments, and interim year-to-date financial statements. • Any other financial documents that might help a lender. • Neatly photocopy all of the documents and prepare them for your presentation. © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use. 80
  78. 78. Helpful Hint #2 Understand What Your Lender is looking for Be specific in what you are asking for • Know how much you need • Be prepared to support all costs with estimates, invoices, or contracts • Never tell a lender that you want to borrow as much money as possible. Primary source of repayment • Be able to demonstrate how you will pay back the loan • Debt Service Coverage = Earnings before Interest, Taxes, and Depreciation / Total Debt Service • Debt to Income= Debt service / Income available to service debt Secondary source of repayment (back up plan) • Be prepared to be able to demonstrate how your lender will be paid back if income falls short • Be prepared to have guarantors and possible collateral © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use. 81
  79. 79. Helpful Hint #3 Recognize Your Strengths And Weaknesses Bank underwriters are paid to identify risk • Business owners tend to be optimistic • Be prepared for scrutiny • Address your strengths and challenges realistically & honestly Most common weaknesses lenders find are: • Inability to demonstrate repayment ability • Insufficient collateral • Lack of management experience • Insufficient cash injection • Poor personal credit Don't get scared; just get prepared • Depending on the severity of any particular weakness, you can often overcome it if you are prepared with a particularly noteworthy and compensating strength. © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use. 82
  80. 80. Sources of Financing Credit Cards o Most expensive o Credit lines may be cut unexpectedly o Most risk Personal Savings o Lowest expense o Lowest risk o Do not use all of your savings for start up costs Bank financing o Low cost o Shorter term o Higher equity requirements Small Business Administration guaranteed loans o Low cost o Longer terms o Reduced equity requirements o Lower risk to partner Banks o Multiple plans to address real estate, equipment, and working capital needs Non-profit community lenders (People Inc, etc) © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use. 83
  81. 81. Why NOW is the Best Time EVER to get a SBA Loan? More companies than ever are eligible Tangible net worth <$8.5MM Net profits <$3MM in each of last two years Transaction costs are at an all time low SBA has waived the guarantee fee – usually ~2 points Interest rates are at all time lows Congress is now acting to increase lending limits, waive fees, and bolster lending! © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use. 84
  82. 82. Advantages to SBA Loans Lower down payment Up to 90% financing on Owner Occupied Real Estate Up to 85% financing on Business Acquisition Up to 90% financing on Partner Buy Out Longer amortization 20 – 25 Year Term on Owner Occupied Real Estate 10 Year Term on Business Acquisition or Refinance Can lend with collateral shortfall SBA does not have specific LTV Must take “All available collateral” © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use. 85
  83. 83. Types of Deals Financed Acquisition of Owner Occupied Real Estate Financing available up to $9MM Refinance of Existing Debt Up to $2MM Must cut payments by 10% or more Business Acquisition Individual or corporate buyers Partner or Management Buy-Outs Loans up to $1.75MM Start Ups Require 30% equity © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use. 86
  84. 84. Why Wells Fargo SBA Lending Largest lender in United States Closed over $900MM in 2009 – three times nearest competitor Experienced Lenders and Underwriters Preferred SBA Lender Growing while others contract 2010 Goal - $1.2B It’s a marathon not a sprint We don’t sell our loans © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use. 87
  85. 85. Scott Peak Market President Wachovia Bank 601 State St – 3rd Floor Bristol, VA 24201 (276) 645 – 1230 © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.
  86. 86. People Incorporated Financial Services
  87. 87. • Chartered in 1964 as first rural  Community Action Agency in the  United States • Offer a diverse range of  development services and  programs throughout Western  Virginia
  88. 88. • BusinesStart • Training and Technical Assistance • Consumer Loan Program • IDA • Cars for Work • Ninth District Development Financing, Inc. • New Market Tax Credit Program
  89. 89. People Inc Financial Services • Promotes economic self‐sufficiency and a better  quality of life for the region’s citizens through small  business ownership, job creation, and asset  development. • Provides business training, technical assistance, and  makes business loans. • Partners with the local banking community and  focuses services on customers who may not be  eligible for bank financing.
  90. 90. BusinesStart • Classes are offered to assist in educating the  customer on Business Development. • Loans available up to $200,000 for start up or  existing businesses. • Continuing assistance to customers once the  business is up and running.
  91. 91. Training and Technical Assistance • Business Basics Workshop • Core Four  Business Planning Course • Customer Service Workshop with partner Virginia Tourism Cooperation • Social Media Workshop‐ You‐Link‐Twit‐Face with partners Virginia Dept of Business Assistance and  Virginia Tourism Corporation
  92. 92. Consumer Loan Program • Loans available up to $10,000 • Interest Rate = Prime + 5.0% • Terms up to 36 months • Credit problems understood • Loans must have collateral • Loans for: – Home Improvements – Car Repairs – Payoff Payday Loans – Bill Consolidation
  93. 93. IDA • Individual Development Account – special matched  savings designed to help working people develop  assets. • The money needs to be used for certain things: – Home Ownership – Secondary Education – Small Business Ownership • Service Areas: Counties of Buchanan, Dickenson,  Russell, Tazewell, and Washington and the City of  Bristol.
  94. 94. IDA Award • People Incorporated at the  Federal Reserve in Richmond   being awarded for having the  most graduates in the state.
  95. 95. Cars for Work • Transportation initiative offered to working  TANF eligible participants. • 0% interest rate, up to $3,000 for 24 months. • Service areas: Counties of Buchanan,  Dickenson, Russell, Lee, Wise, Scott, Tazewell,  and Washington and the Cities of Bristol and  Norton.
  96. 96. NDDF Ninth District Development Financing, Inc. • Loans for start up or expanding a tourism  related business. • Business must be located within the 9th congressional district of Virginia. • Interest rate = Prime Rate
  97. 97. New Market Tax Credit • The New Market Tax Credit Program (NMTC) is a community  development lending tool designed to stimulate the flow of  investment in underserved communities by creating new jobs  and accelerating economic revitalization. • The program was created as a part of the Community  Renewal Tax Relief Act of 2000 which encourages private  capital investment in low income communities by providing a  39 percent federal tax credit to investors. • The program is based on the idea that there are viable  business opportunities in low‐income communities and that a  federal tax credit would provide attractive incentive to  increase the flow of investment capital to such areas.
  98. 98. Funding Partners • Small Business Development (SBA) • Virginia Enterprise Initiative (VEI) • US Treasury • Virginia Tobacco Commission • Virginia Dept of Housing and Community  Development • Virginia Community Capital (VCC) • FAHE • Washington County • City of Bristol, Virginia
  99. 99. Contact Information Becky Nave People Incorporated of Virginia 1173 West Main Street Abingdon, VA 24210 P: 276‐619‐2243 C: 423‐571‐3212
  100. 100. Questions?
  101. 101. Other Business  Resources Sandy Ratliff, Business Services Manager Virginia Department of Business Assistance 276-676-3768
  102. 102. 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 • incubator counseling and • educational opportunities
  103. 103. Formula f o r S ucc e s s   ‐ Critical inform ation for decision making iful  ‐ Well  trained and plent workforce ture ‐ Approp riate capital struc Ask VBIC = 866‐ 248‐8814
  104. 104. Business Information Services To help businesses get started and to grow. Formation Assistance Virginia Business Information Center (VBIC) 1-866-248-8814 Bridges the 26 state agencies, over 100 programs and over  300 forms that may touch a Virginia business Virginia Central Business Portal ( Covers registration, taxation, licensing Interactive Business Plan CD 5 Step process to a business plan Entrepreneur Express Events 150 Events – 7,500 Trained
  105. 105. Virginia’s Business One Stop Are you starting a business? Virginia’s Business One Stop system can help Winner of the you determine your business formation requirements and can 2009 pre-fill your business registration forms. Governor's Technology Visit to  Awards access the Business One Stop System. Create a Business One Stop account. Answer a few brief questions about your business. Receive a list of action items and pre-filled business registration forms. Questions? Contact the Virginia Business Information Center 1-866-248-8814 (804) 371-0438
  106. 106. Ask VBIC = 866‐ 248‐8814
  107. 107. Growing Your $ales ‐ State Governor’s Executive Order 33 $5 billion market Access to buyers from 171 state  agencies Additional $5 billion from local  governments 575 localities using eVA system. Small Business Goal – 40% Over 41,490 registered  suppliers Over 13,065 participating  buyers Ask VBIC = 866‐ 248‐8814
  108. 108. • 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
  109. 109. 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:
  110. 110. Entrepreneur Workshops • Launched October 2006 • Partnership with Service  Providers and localities • Provide information on  available resources to start  and grow a business • Statewide Program • Free – ½ Day Session • Over 7,500 reached •
  111. 111. Growing Your $ales Workshops Business Sales Growth Program Market Research and Expansion Financing Growth Management     Partnered events for SWAM certification and  eVA registration Networking of businesses and decision‐ makers
  112. 112. Social Media Workshops You‐Link‐Twit‐Face Upcoming Events: • April 14 – Dickenson County •April 29 – Wytheville •May 18 – Galax •June 10 – Washington County
  113. 113. Virginia Jobs Investment Program • Workforce recruiting and training – Create minimum 25 net new jobs within 12 months and capital investment of at least $1,000,000 – Minimum entry-level wage of $10.00/hr required. Only full- time jobs are eligible. • Small business workforce recruiting and training – 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 – Minimum entry-level wage of $10.00/hr required. Only full- time jobs are eligible. • Retraining – Small businesses that are retooling and installing new technologies – Company must retrain minimum 10 full-time employees.
  114. 114. Financing Programs • Direct Lending: In partnership with banks and  other lenders, we provide direct loans in economic  development transactions. We also provide direct  loans under specific programs designed to promote  environmental stewardship and assist licensed  daycare centers and family home providers.  • Indirect Lending: We provide loan guarantees or  other types of credit enhancements to commercial  banks in order to increase access to capital for  businesses.  • Conduit Financing: We are the statewide conduit  issuer of tax‐exempt industrial development bonds  for manufacturers and 501c3 organizations.
  115. 115. The VSBFA Does Not Give… • Grants • Loans or guaranties of loans without collateral • Loans or guaranties of loans without personal guaranties from all significant owners
  116. 116. OTHER AVAILABLE RESOURCES • Virginia Department of Labor – Apprenticeship Program – Combination of on‐the‐job training and classroom instruction. – Advantage of skilled workforce and reduced turnover. – • Virginia Department of Agriculture & Consumer Affairs – Virginia’s Finest Trademark = Marketing program that promotes foods and  foods products grown in Virginia. – Facilitates expansion of agricultural businesses.
  117. 117. OTHER AVAILABLE RESOURCES Virginia Business Incubator – 9 Available in Southwest Virginia – 30 Within Commonwealth – Business Incubator Benefits • Facility designed to assist businesses to become  established and sustainable • Benefits – Shared premises and business services – Business advice and mentoring assistance – More details ‐
  118. 118. Business Incubator Commercial Kitchen Light Manufacturing Space Shared Amenities
  119. 119. OTHER AVAILABLE RESOURCES Virginia Economic Bridge, Inc. – Non‐profit organization to promote the economic vitality of  SWVA and the Commonwealth. – Virginia’s Business Pipeline – Online searchable database  of more than 24,000 Virginia based companies, business to  business marketing & RFP resource – Virginia’s Linked Workforce Showcase – Designed to  create business partnerships yielding contracts between  SWVA and Northern Virginia by connecting companies in  specific industry sectors.
  120. 120. Starting and Growing a Business • Business Formation Assistance – Small Business Development Center Network = – SCORE = – Virginia Business Information Center = 866‐248‐8814 – Virginia Central Business Portal = – Virginia Business Incubator Association =
  121. 121. Marketing Resources • SCORE = • Virginia Tourism Corporation = • Virginia Economic Bridge, Inc. = • Virginia Department of Agriculture – Virginia’s Finest  Trademark =
  122. 122. Financing Resources • Virginia Small Business Financing Authority = • Small Business Development Center = • Small Business Administration = • Local Economic Development Office or Chamber of  Commerce
  123. 123. “If you always do what you’ve always done, You will always get what you’ve always got!”
  124. 124. Lets Connect: Sandy Ratliff The Virginia Department of Business Assistance 276‐676‐3768 Online: Twitter: Facebook: LinkedIn ‐
  125. 125. Survey Completions Please take a moment to complete our  survey!
  126. 126. CONTACTS • Sandy Ratliff, Virginia Department of Business Assistance  = 276‐676‐3768 or VBIC = 866‐248‐8814 • Steve Willinger, SCORE = 423‐989‐4866  • Tim Clontz, NRV SBDC = 540‐831‐6056 • Kitty Barker, Virginia Tourism Corporation = 276‐466‐ 4653 • Scott Peak, Wachovia Bank = 276‐645‐1230 • Carl Mitchell, Virginia Economic Bridge = 540‐ 731‐6800  • Sally Morgan, Smyth County Economic Development =  276‐ 783‐7000 , Ext. 206 • Kristin W. Untiedt‐Barnett, Smyth County Chamber of  Commerce = 276‐783‐3161