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Wytheville, VA 
    April 29, 2010




                     Are you sure?
What Do
    These
Entrepreneurs
   Have in
 Common?


                  Confidence?
                Competitiveness?




  An Idea?

   Drive?



                  Identified
                 Market Need?
A Plan
      of
    Action?




                     Willing to take
                         Risks?




   Focused?

Goal & Objective?




                    A successful
                     enterprise
Remember as a start-up
your place in the food chain
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




 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 is for Business Lovers




                     Ask VBIC = 866‐
                     248‐8814
How to Start and Operate 
       A Business




How to Start and Operate A
        Business
                           Our Team
                      Dr. Dallas Garrett-SBDC Director
         Bernie Deck-Carroll County Business Development Director
                Mandy Archer-SBDC Administrative Assistant
                       Sandy West-Financial Analyst
Kenneth McFadyen-BRCEDA Entrepreneurial and Business Development Director
Who is the SBDC

• Small Business Development Center
• VSBDC Mission – To Improve new and existing
  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.




                       SBDC’s Goals
• Assist clients to create and retain jobs
• Increase client’s revenue and
  profitability
• Increase capital investments and
  efficiency in client business
• Increase business success rate and
• Continue as a recognized contributor to
  Virginia’s economic development


                Where business comes to talk business.
How the SBDC can Benefit you
Through one-on-one Counseling, the SBDC can help you
  with the following processes…
• Discuss your Ideas in a confidential setting-There are no bad or
  silly idea-Some ideas need a little adjusting
• Help you understand the Business Planning process and provide
  whatever assistance you need to complete your plan
• Guide you through the process providing help along the way
• Help you determine realistic financial projections and provide
  marketing ideas
• Suggest workshops that you might attend to help you start your
  business off right
• Suggest format for your plan to help you secure funding
• Help you complete the loan application
• Provide sources of business financing
• Arrange meetings with funding sources at Crossroads
• Help you improve your credit report, when necessary and help
  with Permits, Licenses and taxes
          When you are successful we all benefit
                                       Where business comes to talk business.




         Business Planning & Strategy
•    Help with Business Structure
•    Explain pros/cons of different structures
•    Taxes, Liabilities & Termination
•    Consider talking to an accountant/attorney before
     you decide.
•    Suggest banking, accounting and bookkeeping
     practices that will help your business




                   Where business comes to talk business.
Why do I need a Business Plan
• A good plan will allow us to provide funding
  contacts from a variety of sources including
  banks, private lending institutions, private
  investors, venture capitalists and angel
  Investors
• Provide you with a management tool for your
  business
• A Business Plan Forces you to take an
  objective view of your ideas
• A Business Plan serves as the road map to
  your objective

                  Where business comes to talk business.




What goes into a Business Plan
•   Attractive Cover and Cover Letter
•   Table of Contents
•   Executive Summary and Capital Request
•   Description of Business, Projected Number of Employees
•   History of the Company if already in Business 2-3 years of
    Financials
•   Description of Products and/or Services
•   Who is Your Competition?
•   Market Analysis
•   Marketing and Sales Strategies
•   Organization and Management Structure and Experience of
    Key People
•   Floor Plan and Pictures of Facility
•   Financial Projections 3-5 Years, Financial Graphs
•   Resumes of Key Employees
•   Appropriate Attachments-Letters of Support-Recent orders
                                         Where business comes to talk business.
Business License & 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.




                           Pricing Structure
• We will help you determine realistic
  costs for your business operation, which
  will help you determine your pricing
  Structure
• Margin based
• Income based
• Competition Based
• Image Based
• Volume based
• Testing based
From “hypergrow your business” by Curtis Clinkinbeard

                          Where business comes to talk business.
Management Practices
•   Leadership/Team Building
•   HR Management
•   Quality Control Practices
•   Six Sigma
•   Lean Manufacturing
•   Lean Six Sigma
•   ISO /QS



                Where business comes to talk business.




Crossroads Business Development Success
• Clients-606

• Business Plans Completed 185

• Clients Funded-120

• Clients that did not need funding-28

• Funding to date-$40,133,833.00

• Jobs created or saved-652
VSBDC Offices
            Crossroads SBDC Office
              Tel: 276-236-0435
          Dgarrett@crossroadsva.org
         Longwood SBDC – Martinsville
       www.longwood.edu/sbdc    Tel: 276-632-4462
     Mountain Empire Community College
        www.me.vccs.edu/sbdc/    Tel:276-523-6529
     New River Valley/Radford University
        www.sbdc.radford.edu     Tel: 540-831-6056
       Roanoke Regional Small Business
            Development Center
  www.roanokechamber.org/            Tel: 540-983-0717
    Southwest Virginia Community College
 www.sw.vccs.edu/sbdc                    Tel: 276-964-7345
    Virginia Highlands Community College
        www.vhcc.edu/sbdc        Tel: 276-739-2474




Turn to SCORE Counselors for
   Small Business Advice
          Live Your Dream. SCORE Can Help.
Small Business and Leadership

           Live Your Dream. SCORE Can Help.

                Q: Why is small business so important to the
                   economy?
                A: Small businesses create jobs and fuel growth.

                   There are nearly 26,000,000 small businesses
                   nationwide.
                   Small businesses represent 99.7% of all employers.
                   Small businesses create 75% of new jobs.
                   About 672,000 new small businesses are formed
                   each year.




 Small Business and Leadership

           Live Your Dream. SCORE Can Help.

Q: Why is owning a business important to you?

A: Small business represents success on your own terms.

  Be your own boss.
  Bring a new idea to life.
  Achieve your lifelong dream.
  Create financial independence.
  Turn your hobby into a profitable business.
About SCORE

           Live Your Dream. SCORE Can Help.

  SCORE “Counselors to America’s Small Business” is a national
                  nonprofit association.
    “SCORE provides resources and expertise to maximize the
       success of existing and emerging small business”

 Workshops and Seminars
 Face-to-Face counseling
 Online counseling www.score.org
 Free and confidential business advice




                About SCORE

           Live Your Dream. SCORE Can Help.

Q: How can a SCORE business counselor help?

A: SCORE counselors give real-world advice
   that applies to your business.

  Practical advice
  Business planning
  Problem-solving
  Growth strategies
  Confidential sounding board
About SCORE

         Live Your Dream. SCORE Can Help.

SCORE business counselors 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




    SCORE Services for You

         Live Your Dream. SCORE Can Help.



Confidential business counseling
Long-term business mentoring
Face-to-face brainstorming sessions
Online email advice available anytime
Local workshops and seminars
SCORE Services for You

                      Live Your Dream. SCORE Can Help.




                                 More than 12,000 counselors nationwide
                                 Representing over 300,000 years of
                                 business experience
                                 More than 1,000 locations for counseling
                                 Ask SCORE online counseling at
                                 www.score.org




     SCORE Resource: www.score.org

                      Live Your Dream. SCORE Can Help.

The SCORE Small
Business Web Site
also offers:

Business Tools—
Workshops, tips and tools
for your business.

How To—Industry
articles and expert
insights.
Turn to SCORE

Live Your Dream. SCORE Can Help.




       Steve Willinger
           Bristol Chapter Chair
        steve@stevewillinger.com
  (423) 989-4866 www.bristolscore.org




      Growing Your 
Business/Marketing 
         Strategies
Entrepreneur Express
                March 18, 2010


    MARKETING & ADVERTISING
      For The Entrepreneur

                  Steve Willinger
         Small Business Marketing Professional
                Social Media Strategist
                       Bristol, TN




            Today's Agenda

•   Marketing Today
•   Social Networking
•   Planning for Success
•   Advertising for the Small Business
•   Developing a Marketing Budget
A Few Facts

   • Advertising is struggling
   • Expectations are increasing
   • Competition is everywhere
   • Time is a scarcity
   • Technology has become an integral component




             Marketing is. . .


“Everything you do to place your product or service 
       in the hands of potential customers.”

               • Creating a customer
               • Keeping a customer
Social Networking?




  Social Media
Marketing Plans

  • Anticipate future events
  • Define a direction
  • Create a blueprint




           Marketing Plans


“A written plan turns your marketing into 
          a planned investment
       rather than a hopeful risk”
A Good Plan…

• Easy to understand
• Clearly links objectives to strategies
• Specific and measurable
• Flexible
• Provides for checkpoints




       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
The Marketing Plan

              SMART Objectives
         •   Specific
         •   Measurable
         •   Accurate
         •   Realistic
         •   Time‐based




             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
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.




                 ADVERTISING is . . .


             The most “convenient” method of 
         communicating to your target audience the 
        benefit of purchasing your product or service.
Fact: Most people ignore advertising


     The key is to ensure that they take notice of 
                        yours!

                        HOW?




       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 
Make sure your company is 
                 Memorable




      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 
Branding




        QUESTIONS ASKED . . .


       • What is it going to cost?
• What methods would benefit my business 
              the most?
       • Meet with a professional
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




“It’s your turn for Comments and
             Questions”
         Steve Willinger
    Small Business Marketing Professional
            Social Media Strategist
                (423) 797‐0355
           smwillinger@gmail.com
              stevewillinger.com
       linkedin.com/in/stevewillinger
        facebook.com/stevewillinger
Tourism Business Development &
             Marketing Assistance
                   Randall A. Rose
    Development Specialist – Partnership Marketing
            Virginia Tourism Corporation
                          rrose@virginia.org
                             276‐322‐2044

                    www.vatc.org (industry)
                   www.virginia.org (consumer)




• 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
•   Advertising
•   Customer Service & Industry Relations
•   Electronic Marketing
•   Film Office
•   Marketing & Promotion
•   Public Relations
•   Research
•   Tourism Development
•   Others

Virginia Tourism Corp. Services
•   Wilderness Road Heritage Trail
•   Virginia Coal Heritage Trail
•   ‘Round the Mountain
•   Heartwood   
• Spearhead Trails


Development & Partnership 
       Marketing 
• Planning Assistance
• Marketing Guidance
• Workshops




Business Assistance




               • Marketing Leverage Program




Funding
•Canoe Rentals and Tours 
•Fishing and Boating Rentals 
•Bicycle Tours and Outfitters 
•Adventure/Nature Camps




 Tourism Business Opportunities 




  •Wineries/Vineyards
  •Corn Maze 
  •Pumpkin Patch 
  •Pick Your Own 
  •Animal Parks
  •Herb/Flower Farms 
  •Christmas Trees Farms




Agri‐tourism
Bed & Breakfast Inns 
 Cabins and Cottages 
 Lodges 
 Campgrounds 
 Horse Campgrounds 
 Horse Stables/Barns 
 House Boats
 Green Lodging




Unique Lodging Opportunities 




   Music/Theater Venues 
   Artisan  Studios/Galleries 
   Heritage Sites  
   Tea Rooms 
   Breweries/Pubs
   Eclectic Restaurants 
   Shopping 
   Spas 




Attractions
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 




      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
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




 Virginia’s Recent Ad Campaign 
Targeting Niches & Groups By Interest 
 •Traditional Music  (Crooked Road)
 • Cultural Heritage  (Coal Heritage Trail)
 • Anglers  (Fish Virginia First)
 •Outdoor Enthusiasts 
 •Weddings/Meetings/Group Tours




Marketing Tips




    Public 
   Relations




Marketing Tips
• Visit www.vatc.org & www.virginia.org
• 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




    Tourism Business Development &
          Marketing Assistance
                Randall A. Rose
 Development Specialist – Partnership Marketing
         Virginia Tourism Corporation
                        rrose@virginia.org
                           276‐322‐2044

                  www.vatc.org (industry)
                 www.virginia.org (consumer)
Financing & Managing 
                                 Resources




     Helpful Hints for
     Financing
     Your Business
      Scott Peak
      Market President




© 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.
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.
                                                                                         79




                                                              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.
                                                                                         80
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.
                                                                                         81




                                                          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.
                                                                                         82
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.
                                                                            83




                                            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.
                                                                            84
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.
                                                                        85




                                  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.
                                                                        86
Scott Peak
     Market President
     Wachovia Bank
       601 State St – 3rd Floor
       Bristol, VA 24201
       (276) 645 – 1230
       Scott.peak1@wachovia.com


© 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.




         People Incorporated Financial Services
• 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
•   BusinesStart
•   Training and Technical Assistance
•   Consumer Loan Program
•   Ninth District Development Financing, Inc.
•   New Market Tax Credit Program




      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.
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.




 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
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




                              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
• Visit our website: www.nddf.org
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.




                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
Contact Information
                      Becky Nave
          People Incorporated of Virginia
             1173 West Main Street
               Abingdon, VA 24210
              bnave@peopleinc.net
                 P: 276‐619‐2243


www.whatcanpeopledo.org




                    Questions?
Other Business 
                                      Resources
                        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




    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 
www.vdba.virginia.gov
uccess
     Formula for S
                         ion for decision 
     ‐ Critical informat
         making
                           plentiful 
      ‐ Well trained and
         workforce
                        pital structure
       ‐ Appropriate ca




                         Ask VBIC = 866‐
                         248‐8814




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
(www.business.virginia.gov)
      Covers registration, taxation, licensing
 Interactive Business Plan CD
      5 Step process to a business plan
  Entrepreneur Express Events
      250 Events – 8,000 Trained
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 http://www.virginia.gov/bos/index.html 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
                   vbic@vdba.virginia.gov




                           Ask VBIC = 866‐
                           248‐8814
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 44,994 registered 
                                              suppliers
                                              Over 13,065 participating 
                                              buyers


                         Ask VBIC = 866‐
                         248‐8814




• 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
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




             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 8,000 reached
                                  • www.vastartup.org
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




Social Media Workshops
You‐Link‐Twit‐Face




                                   Upcoming Events:
                                   •April 29 – Wytheville
                                   •May 18 – Galax
                                   •June 10 – Washington County
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.




   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.
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




   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.
   – http://www.doli.virginia.gov

• 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.

         http://www.vdacs.virginia.gov
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 ‐ http://www.vbia.org/




Business Incubator




                                               Commercial Kitchen
Light Manufacturing Space

                            Shared Amenities
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
     www.VirginiaBusiness.org
   – Virginia’s Linked Workforce Showcase – Designed to 
     create business partnerships yielding contracts between 
     SWVA and Northern Virginia by connecting companies in 
     specific industry sectors. 
      www.LinkedWorkforceShowcase.org




Starting and Growing a Business

• Business Formation Assistance
   –   Small Business Development Center Network = www.virginiasbdc.org
   –   SCORE = www.score.org
   –   Virginia Business Information Center = 866‐248‐8814
   –   Virginia Central Business Portal = www.business.virginia.gov
   –   Virginia Business Incubator Association = http://www.vbia.org/
Marketing Resources
•   SCORE = www.score.org
•   Virginia Tourism Corporation = www.vatc.org
•   Virginia Economic Bridge, Inc. = www.virginiabusiness.org
•   Virginia Department of Agriculture – Virginia’s Finest 
    Trademark = www.vdacs.virginia.gov




Financing Resources
• Virginia Small Business Financing Authority = 
  www.vdba.virginia.gov
• Small Business Development Center = 
  www.virginiasbdc.org
• Small Business Administration = www.sba.gov
• Local Economic Development Office or Chamber of 
  Commerce
“If you always do what you’ve
   always done, You will always
   get what you’ve always got!”




 Lets Connect:
                   Sandy Ratliff
    The Virginia Department of Business Assistance
                    276‐676‐3768
                     276‐ 676‐
            sandy.ratliff@vdba.virginia.gov

                       Online:
     Twitter: http://twitter.com/sandyratliff
               http://twitter.com/sandyratliff
Facebook: http://www.facebook.com/sandy.ratliff
            http://www.facebook.com/sandy.ratliff
LinkedIn - http://www.linkedin.com/in/sandyratliff
           http://www.linkedin.com/in/sandyratliff
YouTube - http://www.youtube.com/user/vastartup
Survey Completions
Please take a moment to complete our 
               survey!
CONTACTS
• Sandy Ratliff, Virginia Department of Business Assistance 
  = 276‐676‐3768 or VBIC = 866‐248‐8814
• Steve Willinger, SCORE = 423‐989‐4866 
• Dallas Garrett, Crossroads SBDC = 276‐730‐3019
• Randy Rose, Virginia Tourism Corporation = 276‐322‐
  2044
• Scott Peak, Wachovia Bank = 276‐645‐1230
• Becky Nave, People Inc. = 276‐619‐2243
• Carl Mitchell, Virginia Economic Bridge = 540‐ 731‐6800 
• Alan Hawthorne, Wythe Joint IDA= 276‐ 223‐3370
• Jennifer Jones, Wythe Bland Chamber of Commerce = 
  276‐223‐3365 

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Wythe EE#3 presentation, April 29, 2010

  • 1. Wytheville, VA  April 29, 2010 Are you sure?
  • 2. What Do These Entrepreneurs Have in Common? Confidence? Competitiveness? An Idea? Drive? Identified Market Need?
  • 3. A Plan of Action? Willing to take Risks? Focused? Goal & Objective? A successful enterprise
  • 4. Remember as a start-up your place in the food chain
  • 5. 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 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 is for Business Lovers Ask VBIC = 866‐ 248‐8814
  • 6. How to Start and Operate  A Business How to Start and Operate A Business Our Team Dr. Dallas Garrett-SBDC Director Bernie Deck-Carroll County Business Development Director Mandy Archer-SBDC Administrative Assistant Sandy West-Financial Analyst Kenneth McFadyen-BRCEDA Entrepreneurial and Business Development Director
  • 7. Who is the SBDC • Small Business Development Center • VSBDC Mission – To Improve new and existing 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. SBDC’s Goals • Assist clients to create and retain jobs • Increase client’s revenue and profitability • Increase capital investments and efficiency in client business • Increase business success rate and • Continue as a recognized contributor to Virginia’s economic development Where business comes to talk business.
  • 8. How the SBDC can Benefit you Through one-on-one Counseling, the SBDC can help you with the following processes… • Discuss your Ideas in a confidential setting-There are no bad or silly idea-Some ideas need a little adjusting • Help you understand the Business Planning process and provide whatever assistance you need to complete your plan • Guide you through the process providing help along the way • Help you determine realistic financial projections and provide marketing ideas • Suggest workshops that you might attend to help you start your business off right • Suggest format for your plan to help you secure funding • Help you complete the loan application • Provide sources of business financing • Arrange meetings with funding sources at Crossroads • Help you improve your credit report, when necessary and help with Permits, Licenses and taxes When you are successful we all benefit Where business comes to talk business. Business Planning & Strategy • Help with Business Structure • Explain pros/cons of different structures • Taxes, Liabilities & Termination • Consider talking to an accountant/attorney before you decide. • Suggest banking, accounting and bookkeeping practices that will help your business Where business comes to talk business.
  • 9. Why do I need a Business Plan • A good plan will allow us to provide funding contacts from a variety of sources including banks, private lending institutions, private investors, venture capitalists and angel Investors • Provide you with a management tool for your business • A Business Plan Forces you to take an objective view of your ideas • A Business Plan serves as the road map to your objective Where business comes to talk business. What goes into a Business Plan • Attractive Cover and Cover Letter • Table of Contents • Executive Summary and Capital Request • Description of Business, Projected Number of Employees • History of the Company if already in Business 2-3 years of Financials • Description of Products and/or Services • Who is Your Competition? • Market Analysis • Marketing and Sales Strategies • Organization and Management Structure and Experience of Key People • Floor Plan and Pictures of Facility • Financial Projections 3-5 Years, Financial Graphs • Resumes of Key Employees • Appropriate Attachments-Letters of Support-Recent orders Where business comes to talk business.
  • 10. Business License & 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. Pricing Structure • We will help you determine realistic costs for your business operation, which will help you determine your pricing Structure • Margin based • Income based • Competition Based • Image Based • Volume based • Testing based From “hypergrow your business” by Curtis Clinkinbeard Where business comes to talk business.
  • 11. Management Practices • Leadership/Team Building • HR Management • Quality Control Practices • Six Sigma • Lean Manufacturing • Lean Six Sigma • ISO /QS Where business comes to talk business. Crossroads Business Development Success • Clients-606 • Business Plans Completed 185 • Clients Funded-120 • Clients that did not need funding-28 • Funding to date-$40,133,833.00 • Jobs created or saved-652
  • 12. VSBDC Offices Crossroads SBDC Office Tel: 276-236-0435 Dgarrett@crossroadsva.org Longwood SBDC – Martinsville www.longwood.edu/sbdc Tel: 276-632-4462 Mountain Empire Community College www.me.vccs.edu/sbdc/ Tel:276-523-6529 New River Valley/Radford University www.sbdc.radford.edu Tel: 540-831-6056 Roanoke Regional Small Business Development Center www.roanokechamber.org/ Tel: 540-983-0717 Southwest Virginia Community College www.sw.vccs.edu/sbdc Tel: 276-964-7345 Virginia Highlands Community College www.vhcc.edu/sbdc Tel: 276-739-2474 Turn to SCORE Counselors for Small Business Advice Live Your Dream. SCORE Can Help.
  • 13. Small Business and Leadership Live Your Dream. SCORE Can Help. Q: Why is small business so important to the economy? A: Small businesses create jobs and fuel growth. There are nearly 26,000,000 small businesses nationwide. Small businesses represent 99.7% of all employers. Small businesses create 75% of new jobs. About 672,000 new small businesses are formed each year. Small Business and Leadership Live Your Dream. SCORE Can Help. Q: Why is owning a business important to you? A: Small business represents success on your own terms. Be your own boss. Bring a new idea to life. Achieve your lifelong dream. Create financial independence. Turn your hobby into a profitable business.
  • 14. About SCORE Live Your Dream. SCORE Can Help. SCORE “Counselors to America’s Small Business” is a national nonprofit association. “SCORE provides resources and expertise to maximize the success of existing and emerging small business” Workshops and Seminars Face-to-Face counseling Online counseling www.score.org Free and confidential business advice About SCORE Live Your Dream. SCORE Can Help. Q: How can a SCORE business counselor help? A: SCORE counselors give real-world advice that applies to your business. Practical advice Business planning Problem-solving Growth strategies Confidential sounding board
  • 15. About SCORE Live Your Dream. SCORE Can Help. SCORE business counselors 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 SCORE Services for You Live Your Dream. SCORE Can Help. Confidential business counseling Long-term business mentoring Face-to-face brainstorming sessions Online email advice available anytime Local workshops and seminars
  • 16. SCORE Services for You Live Your Dream. SCORE Can Help. More than 12,000 counselors nationwide Representing over 300,000 years of business experience More than 1,000 locations for counseling Ask SCORE online counseling at www.score.org SCORE Resource: www.score.org Live Your Dream. SCORE Can Help. The SCORE Small Business Web Site also offers: Business Tools— Workshops, tips and tools for your business. How To—Industry articles and expert insights.
  • 17. Turn to SCORE Live Your Dream. SCORE Can Help. Steve Willinger Bristol Chapter Chair steve@stevewillinger.com (423) 989-4866 www.bristolscore.org Growing Your  Business/Marketing  Strategies
  • 18. Entrepreneur Express March 18, 2010 MARKETING & ADVERTISING For The Entrepreneur Steve Willinger Small Business Marketing Professional Social Media Strategist Bristol, TN Today's Agenda • Marketing Today • Social Networking • Planning for Success • Advertising for the Small Business • Developing a Marketing Budget
  • 19. A Few Facts • Advertising is struggling • Expectations are increasing • Competition is everywhere • Time is a scarcity • Technology has become an integral component Marketing is. . . “Everything you do to place your product or service  in the hands of potential customers.” • Creating a customer • Keeping a customer
  • 20. Social Networking? Social Media
  • 21. Marketing Plans • Anticipate future events • Define a direction • Create a blueprint Marketing Plans “A written plan turns your marketing into  a planned investment rather than a hopeful risk”
  • 22. A Good Plan… • Easy to understand • Clearly links objectives to strategies • Specific and measurable • Flexible • Provides for checkpoints 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
  • 23. The Marketing Plan SMART Objectives • Specific • Measurable • Accurate • Realistic • Time‐based 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
  • 24. 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. ADVERTISING is . . . The most “convenient” method of  communicating to your target audience the  benefit of purchasing your product or service.
  • 25. Fact: Most people ignore advertising The key is to ensure that they take notice of  yours! HOW? 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 
  • 26. Make sure your company is  Memorable 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 
  • 27. Branding QUESTIONS ASKED . . . • What is it going to cost? • What methods would benefit my business  the most? • Meet with a professional
  • 28. 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 “It’s your turn for Comments and Questions” Steve Willinger Small Business Marketing Professional Social Media Strategist (423) 797‐0355 smwillinger@gmail.com stevewillinger.com linkedin.com/in/stevewillinger facebook.com/stevewillinger
  • 29. Tourism Business Development & Marketing Assistance Randall A. Rose Development Specialist – Partnership Marketing Virginia Tourism Corporation rrose@virginia.org 276‐322‐2044 www.vatc.org (industry) www.virginia.org (consumer) • 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
  • 30. Advertising • Customer Service & Industry Relations • Electronic Marketing • Film Office • Marketing & Promotion • Public Relations • Research • Tourism Development • Others Virginia Tourism Corp. Services
  • 31. Wilderness Road Heritage Trail • Virginia Coal Heritage Trail • ‘Round the Mountain • Heartwood    • Spearhead Trails Development & Partnership  Marketing 
  • 32. • Planning Assistance • Marketing Guidance • Workshops Business Assistance • Marketing Leverage Program Funding
  • 33. •Canoe Rentals and Tours  •Fishing and Boating Rentals  •Bicycle Tours and Outfitters  •Adventure/Nature Camps Tourism Business Opportunities  •Wineries/Vineyards •Corn Maze  •Pumpkin Patch  •Pick Your Own  •Animal Parks •Herb/Flower Farms  •Christmas Trees Farms Agri‐tourism
  • 34. Bed & Breakfast Inns  Cabins and Cottages  Lodges  Campgrounds  Horse Campgrounds  Horse Stables/Barns  House Boats Green Lodging Unique Lodging Opportunities  Music/Theater Venues  Artisan  Studios/Galleries  Heritage Sites   Tea Rooms  Breweries/Pubs Eclectic Restaurants  Shopping  Spas  Attractions
  • 35. 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  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
  • 36. 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 Virginia’s Recent Ad Campaign 
  • 37. Targeting Niches & Groups By Interest  •Traditional Music  (Crooked Road) • Cultural Heritage  (Coal Heritage Trail) • Anglers  (Fish Virginia First) •Outdoor Enthusiasts  •Weddings/Meetings/Group Tours Marketing Tips Public  Relations Marketing Tips
  • 38. • Visit www.vatc.org & www.virginia.org • 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 Tourism Business Development & Marketing Assistance Randall A. Rose Development Specialist – Partnership Marketing Virginia Tourism Corporation rrose@virginia.org 276‐322‐2044 www.vatc.org (industry) www.virginia.org (consumer)
  • 39. Financing & Managing  Resources Helpful Hints for Financing Your Business Scott Peak Market President © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.
  • 40. 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. 79 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. 80
  • 41. 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. 81 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. 82
  • 42. 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. 83 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. 84
  • 43. 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. 85 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. 86
  • 44. Scott Peak Market President Wachovia Bank 601 State St – 3rd Floor Bristol, VA 24201 (276) 645 – 1230 Scott.peak1@wachovia.com © 2009 Wells Fargo Bank, N.A. All rights reserved. For public use. People Incorporated Financial Services
  • 45. • 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
  • 46. BusinesStart • Training and Technical Assistance • Consumer Loan Program • Ninth District Development Financing, Inc. • New Market Tax Credit Program 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.
  • 47. 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. 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
  • 48. 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 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 • Visit our website: www.nddf.org
  • 49. 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. 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
  • 50. Contact Information Becky Nave People Incorporated of Virginia 1173 West Main Street Abingdon, VA 24210 bnave@peopleinc.net P: 276‐619‐2243 www.whatcanpeopledo.org Questions?
  • 51. Other Business  Resources 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 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  www.vdba.virginia.gov
  • 52. uccess Formula for S ion for decision  ‐ Critical informat making  plentiful  ‐ Well trained and workforce pital structure ‐ Appropriate ca Ask VBIC = 866‐ 248‐8814 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 (www.business.virginia.gov) Covers registration, taxation, licensing Interactive Business Plan CD 5 Step process to a business plan Entrepreneur Express Events 250 Events – 8,000 Trained
  • 53. 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 http://www.virginia.gov/bos/index.html 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 vbic@vdba.virginia.gov Ask VBIC = 866‐ 248‐8814
  • 54. 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 44,994 registered  suppliers Over 13,065 participating  buyers Ask VBIC = 866‐ 248‐8814 • 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
  • 55. 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 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 8,000 reached • www.vastartup.org
  • 56. 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 Social Media Workshops You‐Link‐Twit‐Face Upcoming Events: •April 29 – Wytheville •May 18 – Galax •June 10 – Washington County
  • 57. 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. 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.
  • 58. 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 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. – http://www.doli.virginia.gov • 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. http://www.vdacs.virginia.gov
  • 59. 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 ‐ http://www.vbia.org/ Business Incubator Commercial Kitchen Light Manufacturing Space Shared Amenities
  • 60. 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 www.VirginiaBusiness.org – Virginia’s Linked Workforce Showcase – Designed to  create business partnerships yielding contracts between  SWVA and Northern Virginia by connecting companies in  specific industry sectors.  www.LinkedWorkforceShowcase.org Starting and Growing a Business • Business Formation Assistance – Small Business Development Center Network = www.virginiasbdc.org – SCORE = www.score.org – Virginia Business Information Center = 866‐248‐8814 – Virginia Central Business Portal = www.business.virginia.gov – Virginia Business Incubator Association = http://www.vbia.org/
  • 61. Marketing Resources • SCORE = www.score.org • Virginia Tourism Corporation = www.vatc.org • Virginia Economic Bridge, Inc. = www.virginiabusiness.org • Virginia Department of Agriculture – Virginia’s Finest  Trademark = www.vdacs.virginia.gov Financing Resources • Virginia Small Business Financing Authority =  www.vdba.virginia.gov • Small Business Development Center =  www.virginiasbdc.org • Small Business Administration = www.sba.gov • Local Economic Development Office or Chamber of  Commerce
  • 62. “If you always do what you’ve always done, You will always get what you’ve always got!” Lets Connect: Sandy Ratliff The Virginia Department of Business Assistance 276‐676‐3768 276‐ 676‐ sandy.ratliff@vdba.virginia.gov Online: Twitter: http://twitter.com/sandyratliff http://twitter.com/sandyratliff Facebook: http://www.facebook.com/sandy.ratliff http://www.facebook.com/sandy.ratliff LinkedIn - http://www.linkedin.com/in/sandyratliff http://www.linkedin.com/in/sandyratliff YouTube - http://www.youtube.com/user/vastartup
  • 64. CONTACTS • Sandy Ratliff, Virginia Department of Business Assistance  = 276‐676‐3768 or VBIC = 866‐248‐8814 • Steve Willinger, SCORE = 423‐989‐4866  • Dallas Garrett, Crossroads SBDC = 276‐730‐3019 • Randy Rose, Virginia Tourism Corporation = 276‐322‐ 2044 • Scott Peak, Wachovia Bank = 276‐645‐1230 • Becky Nave, People Inc. = 276‐619‐2243 • Carl Mitchell, Virginia Economic Bridge = 540‐ 731‐6800  • Alan Hawthorne, Wythe Joint IDA= 276‐ 223‐3370 • Jennifer Jones, Wythe Bland Chamber of Commerce =  276‐223‐3365