SBA business update – part 3 (free webchats)

SBASBA Webchats

Many people don’t know that the SBA has experts on various small business topics make themselves available to talk and answer questions on the internet.  The next one is tomorrow and deals with how to reduce taxes for small business.  In addition, the transcripts of previous sessions are kept online.  Here the most recent:

Cash Flow Management” – 9/30/2010 – Julie Brander, Past Chapter Chair, SCORE New Haven
Health Care and Small Business” – 8/12/2010 – John Tuzynski, Chief of Employment Tax, IRS
Disaster Preparedness for Business Owners: An Inside View” – 6/24/2010 – Genma Holmes, Small Business Owner, Holmes Pest Control
Small Business Start-Up — Ask the Expert” – 4/22/2010 – Barry McKinley, SCORE Counselor
Orange County Chapter 114
Contracting Opportunities & Surety Bonds“- 3/4/2010 – Karen Hontz, Director of Government Contracting; Pam Swilling, Program Review Analyst, Office of Surety Guarantees at the U. S. Small Business Administration
Small Business Exports & Access to Credit” – 1/28/2010 – Richard Ginsburg and Patrick Tunison, Office of International Trade, U.S. Small Business Administration

Tomorrow’s Webchat – Year-End Tax Planning for Small Business Owners

SBA’s Web Chat to Focus on Year-End Tax Planning for Small Business Owners

Thursday, December 9, 2010, from 1:00 p.m. to 2:00 p.m., ET

WASHINGTON – It is not too late for business owners to reduce their 2010 tax bills and plan ahead for 2011.  The U.S. Small Business Administration’s December web chat will focus on tax preparation for small business owners.  Participants can get useful year-end tax tips and information, and learn more about tax deductions and credits that can help to reduce their taxes.

WHO: Edward S. Karl, vice president of Taxation for the American Institute of Certified Public Accountants (AICPA), will host the December web chat on “Year-end Tax Essentials for Small Business Owners.”  Chat participants can get valuable information on how to prepare now with useful tax savings tips and mistakes to avoid.  Karl will answer questions on how to get the most out of year-end tax planning.

WHAT:           SBA’s web chat series provides small business owners with an opportunity to discuss relevant business issues online with experts, industry leaders and successful entrepreneurs.  Chat participants have direct, real-time access to the web chats via questions they submit online in advance, and during the live session.

WHEN:           December 9, 2010, at 1:00 p.m. ET

Karl will answer questions for one hour.

HOW: Participants can join the live web chat by going online to www.sba.gov, and clicking “Online Business Chat.”  Web chat participants may also post questions before the December 9th chat by visiting http://web.sba.gov/livemeeting/chat.

To review archives of past web chats, visit online at http://www.sba.gov/tools/monthlywebchat/index.html.

SBA business programs update – part 2 (notes)

SBAThis is the second post in a series.  Will Bowdish, a Lending Officer with the US Small Business Administration, made a presentation to investors in Springfield and Clark County’s economic development (through the CIC) as well as the CIC board.

Here are some of the more interesting comments he made (read yesterday’s post and/or review the SBA programs to get more information on the programs):

• The 7a program can guarantee (starting on 1/1/2011) 85% up to $150,000 and 75% over that.

• Two of the “delegated” products of the SBA are the Preferred Lender and SBA Express programs.  With the Preferred Lender program, you have to use the SBA forms and follow the SBA rules, but you have the authority to approve the loan subject to final SBA approval.  With the SBA Express program, which came out about 10 years ago, you can use your own approval system (as long as you document it in the file).  For banks like Huntington and PNC, when encountering a business loan under $100,000, would include the ability to do the program through the credit card application.  The SBA Express is a 50% guarantee up to a maximum of $1 million, which will drop back to $350,000 next year unless the current policy is extended.

• The Community Express program is not likely to continue.

• The Patriot Express program is for vets and their families and can provide a guarantee of up to 85%, for up to $500,000.

• For the 504 program, the federal government requires that the deal cannot be done conventionally.  Oftentimes, though, there is a collateral shortfall that makes a private bank unwilling to do the deal without some help.

• Refinancing is now possible, if it is a total refinance.

• With an SBA 504, the bank participant has to be willing to do at least ten years on a term.  The upfront origination fee will start back again beginning the first of the year.  It is 50 basis points, and the lenders need to be cognizant of this.  Regarding equity requirements, ten percent is not a hard, fixed requirement.  There are cases where 100% might be possible – an existing profitable manufacturer looking to buy new equipment, where an equity injection would require them to go get additional working capital.

• With 504 job requirements, this is an area that has  some flexibility.  The standard rule is one job for every $65,000 lent, unless it’s a manufacturer, and then it’s one job per $100,000. One example of an exception is the rural rule, which says that if the deal is taking place in a rural area, then you don’t need to worry about job creation.

• With respect to signing personally, the rule is still that anyone with over 20% ownership has to sign personally.  There was some discussion about to what extent you go after getting mortgages on the house – psychological benefit versus not collecting the full amount of the loan on the back end.

• Information required is spelled out in their “Form 4.”

• It was also stressed that the SBA closes when  the business has obtained their occupancy permit.  In other words, a bank using the program may need to have temporary financing in place before this can take place, say a 120-day note.

SBA business programs update – part 1 (Jobs Act 2010)

SBAWill Bowdish, a Lending Officer with the US Small Business Administration, made a presentation to investors in Springfield and Clark County’s economic development (through the CIC) as well as the CIC board.  Below is a copy of his PowerPoint presentation.  It was very instructive.

Tomorrow, I’ll share my notes from the meeting.

>> SBA Home Page

Holiday events in downtown Springfield

I received this from Center City Association this morning about events going on this holiday season in the downtown and thought I would share it.  Wish everyone a happy holiday season.  Downtown Springfield has a lot going on!

The annual Holiday In The City event was a huge success, with over 10,000 in attendance.  Read about our Christmas kick off event that takes place the  Saturday after Thanksgiving here.

Event: Location: Time:
SantaLand & Santa Claus

Bring your camera!

Heritage Center

117 S Fountain Avenue

Dec 4, 11 and 18 11:00 – 4:00 p.m.
Vintage Christmas Village

Walk through tour featuring animated window displays from Lord & Taylor And Marshall Fields

 

Former Meeks Building

36 N Fountain Avenue

Dec 4, 11 and 18 11:00 – 4:00 p.m.
The Living Christmas Tree

Live Orchestra, Choir, Drama & Special Lighting

Maiden Lane Church of God

www.maidenlane.org

December 4, 5, 8, 10, 11 & 12

 

Holiday Open House

Arts Interface Creative Group, The Springfield Museum of Art and Wittenberg University will host the 9th annual Holiday Open House at the Springfield Center for the Arts at Wittenberg University.

Springfield Center for the Arts at Wittenberg University

 

Saturday, Dec 4 11:00 – 3:00 p.m.
6th Annual Alternative Christmas Market

In Fellowship Hall

Covenant Presbyterian Church

www.springfieldcovenant.org

 

Sunday, Dec 5

9:00 – 1:00 p.m.

NightLights I – Cirque de la Symphonie

An exciting new production designed to bring the magic of cirque to the music hall.

Clark State PAC

www.springfieldsym.org

 

Saturday, Dec 4 7:00 p.m.
UMC Cookie Walk

While supplies last!  All cookies are entirely homemade from scratch.

High Street United Methodist

www.highstreetumc.com

 

Saturday, Dec 11

9:00 a.m.

Tillis Family Christmas

One of the most beloved families in country music joins us for one evening.

Clark State PAC

http://pac.clarkstate.edu

 

Saturday, Dec 11

8:00 p.m.

The Nutcracker Ballet

The 21st annual Springfield production of this holiday classic features a cast of over 150 local students, professional dancers, and community members.

Presented by the Ohio Performing Arts Institute at the Clark State PAC

http://pac.clarkstate.edu

 

Dec 17 and 18

8:00 p.m.

 

>> Center City Association

Upcoming export events and seminars

I received this information this morning from the U.S. Commercial Service and wanted to pass it along to the businesses in the area…

Below are upcoming U.S. Commercial Service initiatives designed to connect you to business opportunities around the world. Please scroll down to learn more about each opportunity.

1) Webinar Series: Trade Winds 2011: “Mexico and The Americas”
2) Webinar: Explore your export opportunities in Central America
3) Event: Complying with U.S. Export Controls

4) Event: Trade Winds Forum – Mexico and the Americas
5) Event: Boost Your Sales by Connecting with Spanish Investors – ServiceSolutionsUSA

6) Commercial News USA Offers Free Portuguese Translation and 2-for-1 Special
7) Promote Your Products in 178 Countries Worldwide for $499

If you have any questions about these initiatives, please contact your local U.S. Commercial Service trade specialist. To find the trade specialist nearest you please visit http://www.buyusa.gov/home/us.html

Webinar Series: Trade Winds 2011: “Mexico and The Americas”
Venue: Your Computer
Dates: December 17, 2010 and January 17; February 17; March 17, 2011
Time: 11:00AM-12:15PM EST
Cost: $150 per company
Learn more: http://www.buyusa.gov/westvirginia/twws.html
Register: https://emenuapps.ita.doc.gov/ePublic/newWebinarRegistration.jsp?SmartCode=1Q2J

The Americas region is one of the fastest growing economic partners of the United States and many experts foresee this growth to continue over the next few years. U.S. businesses need to be prepared to take advantage of the benefits this growth is creating. This webinar series is a must-take opportunity for new and experienced exporters to gain knowledge of the export opportunities, financing options and best prospects in The Americas region as well as to understand and appreciate the cultural differences, economic conditions and technological capabilities of potential partners. For more information, please contact Diego.Gattesco@trade.gov.

Webinar: Explore your export opportunities in Central America
Venue:
Your Computer

Date: December 17, 2010
Time: 11:00am-12:15pm EST
Cost: $40 per company
Learn more/register: https://emenuapps.ita.doc.gov/ePublic/newWebinarRegistration.jsp?SmartCode=1Q2G

Central America is the 17th largest market worldwide for U.S. exports. The region enjoys relative stability, growing economies, proximity to the U.S., and adequate port infrastructure, all of which make these markets attractive for U.S. exports. Learn from key contacts at the U.S. Commercial Service Offices in the Region about the export opportunities, challenges and market entry strategies for U.S. firms in Central America markets. Also, participants will get details on our official U.S. Department of Commerce trade mission and business conference – Trade Winds Forum 2011 – The Americas. This webinar is part of our Trade Winds 2011 Webinar Series focusing on how to successfully do business throughout the western hemisphere region. For more information, please contact Diego.Gattesco@trade.gov.

Event: Complying with U.S. Export Controls
Venue: San Diego, California
Date: March 24 and 25, 2011
Learn more/register: http://www.buyusa.gov/sandiego

This two-day program is led by Department of Commerce Bureau of Industry Security professional counseling staff and provides an in-depth examination of the Export Administration Regulations (EAR). The program will cover the information exporters need to know to comply with U.S. export control requirements on commercial goods. The focus will be on what items and activities are subject to the EAR; steps to take to determine the export licensing requirements for your item; how to determine your export control classification number (ECCN); when you can export or re-export without applying for a license; export clearance procedures and record keeping requirements; Export Management Compliance Program (EMCP) concepts; and real life examples in applying this information. Presenters will conduct a number of “hands-on” exercises that will prepare you to apply the regulations to your own company’s export activities. This program is well suited for those who need a comprehensive understanding of their obligations under the EAR. For more information, please contact valerie.paz@trade.gov or kathy.l.kelly@trade.gov

Event: Trade Winds Forum – Mexico and the Americas
Venue:
Mexico City, Mexico

Date: April 6-12, 2011
Learn more/register: https://www.buyusa.gov/northcarolina/tradewindsmexico.html

As an official U.S. Department of Commerce conference and multi-sector trade mission, the Trade Winds Forum is your company’s connection to business opportunities in Mexico and the Americas. The Trade Winds Forum is the first step to tap into this $238 billion regional export market. Participating companies will enjoy: Admission to all conference sessions offering market intelligence and entry strategies; Customized business-to-business meetings with pre-screened companies in Mexico’s most industrialized cities – – Mexico City, Guadalajara & Monterrey; and Pre-arranged consultations with Commercial Attaché’s from across North, Central and South America. For more information, please contact Shannon.Christenbury@trade.gov

Event: Boost Your Sales by Connecting with Spanish Investors – ServiceSolutionsUSA
Venue: Online Directory for U.S. Service Firms and Economic Development Agencies
Date: Your firm featured online and at Invest in America events in Spain and the U.S.
Learn more/register: http://www.buyusa.gov/spain/en/usserviceinitiative.html

Spanish investment in the U.S. soared from $14 billion to $43 billion in just three years through 2009, making it the 10th largest investor country in the U.S. The online ServiceSolutionsUSA directory promotes the services of U.S.-based firms and economic development agencies to investors in Spain. This directory gives U.S. companies access and exposure to Spanish clients who seek US expertise in accounting, branding, banking, consulting, global logistics, trade finance, insurance, legal, regulatory, site selection, and other needs. The year-long basic membership fee is waived for companies that join before December 1, 2010. Key Spanish partners supporting this initiative include the Spanish government’s Institute of Foreign Trade, the Spanish Bio-tech Association, the Confederation of Employers and Industries of Spain – the largest business association in the country, and the American Chamber of Commerce in Spain.

Commercial News USA Offers Free Portuguese Translation and 2-for-1 Special
Commercial News USA, the official export promotion magazine of the U.S. Department of Commerce, offers exporters an inexpensive way to promote their products and services in 178 countries worldwide. Now, you can take advantage of a special offer: Buy two ads and get the third ad for free (Based on one-time rates. This does not include Showcase section). Moreover, you will receive a free listing ad in a Portuguese language special insert in the May-June 2011 issue. Commercial News USA reaches more than a quarter million buyers worldwide. Reserve your space in the next issue today. For more information, contact your U.S. Commercial Service trade specialist; call 1-800-581-8533, x 822, or visit http://www.thinkglobal.us, or send e-mail to advertise@thinkglobal.us.

Promote Your Products in 178 Countries Worldwide for $499
Commercial News USA, the official export promotion magazine of the U.S. Department of Commerce, offers exporters an affordable way to promote their products and services in 178 countries worldwide. Now, you can advertise in the USA Product Showcase section of the magazine for just $499. Commercial News USA reaches more than a quarter million buyers worldwide. Reserve your space in the next issue today. For more information, contact your U.S. Commercial Service trade specialist; or call 1-800-581-8533, x 822, or visit http://www.thinkglobal.us/499, or send e-mail to advertise@thinkglobal.us.

The U.S. Commercial Service – Your Global Business Partner. With offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce’s International Trade Administration uses its global Network and international resources to connect U.S companies with international buyers worldwide. If you have any questions about these initiatives, please contact your local U.S. Commercial Service trade specialist. To find the trade specialist nearest you please visit http://www.buyusa.gov/home/us.html .

Clark County receives FTZ designation

I received exciting news this morning from Angie Atwood at the Columbus Regional Airport Authority for Clark County and all its businesses.  I will be doing a couple of posts on the benefits of a Foreign Trade Zone (FTZ) and how it can help businesses save money and time.  We will also look to set up an event for our business community.

Good Monday morning,

On Friday the FTZ Board approved our Alternative Site Framework application!  Your county is now part of FTZ 138’s service area.  This means that any company in your county can receive FTZ designation within 30 days.

Now we would like to get the word out by making presentations in your area.  This could be a meeting set up for invited area companies either by individual county or multiple counties could team up.  We would also welcome making presentations to groups like the chamber, port authority, rotary, etc.  I will defer to you as the expert in your county about how best to proceed.

CRAA is here to support your economic development efforts by making the FTZ available as another tool to retain and attract businesses.

I look forward to working with you to bring the zone to companies in your county.

Angie Atwood

FTZ Marketing Coordinator

Columbus Regional Airport Authority

7161 Second Street

Columbus, OH 43217

614-409-3622

>> Copy of the official approval

>> Homepage of the FTZ #138

National Road Commons downtown park groundbreaking

Chamber President Mike McDorman and others speak last week at the groundbreaking of $2.5 million Phase I of the new National Road Commons park in downtown Springfield.