{"id":629,"date":"2021-10-11T12:07:46","date_gmt":"2021-10-11T12:07:46","guid":{"rendered":"https:\/\/www.mysetaside.com\/newsevents\/?p=629"},"modified":"2021-10-11T12:10:48","modified_gmt":"2021-10-11T12:10:48","slug":"sba-wyoming-district-office-newsletter-oct-2021","status":"publish","type":"post","link":"https:\/\/www.mysetaside.com\/news-and-events\/sba-wyoming-district-office-newsletter-oct-2021\/","title":{"rendered":"SBA Wyoming District Office Newsletter \u2013 Oct. 2021"},"content":{"rendered":"\n
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\nLatest News from the Wyoming District Office <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/a>\n\n\n\n
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\nWyoming District Office  <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/td>\n<\/tr>\n

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\nOp-Ed: SBA continues to support small business growth in rural America<\/strong><\/h1>\n\n\n\n\n
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\nSince the onset of the COVID-19 pandemic, an increasing number of people have moved to rural America seeking to establish a livelihood fueled by entrepreneurship. In fact, according to the U.S. Census Bureau, in July 2020 alone more than 550,000 new businesses\n were established in rural areas nationwide – which is a 95 percent increase over the previous year.  The pandemic may have forever changed the way we all do business, but the one constant that has not changed is the U.S. Small Business Administration\u2019s (SBA)\n commitment to helping entrepreneurs access the resources they require to make their business dreams a reality.<\/p>\n

\nMuch of the agency\u2019s work nationwide over the last 18 months has been to help businesses survive the pandemic with programs such as the Paycheck Protection Program (PPP), Restaurant Revitalization Fund, COVID Economic Injury Disaster Loan program (EIDL), and\n Shuttered Venues Operator Grants. Many main street businesses, agricultural entities, and non-profit organizations in rural communities utilized these programs to retain employees and pay everyday expenses.<\/p>\n

\nTake Mountain Meadow Wool Mill in Buffalo, Wyoming, for example. In 2008, Karen Hostetler created a business that ballooned into the largest full-service spinning mill west of the Mississippi. Started in a community of under 5,000 people, Hostetler fashioned\n a footprint locally and nationally \u2013 creating jobs at home while exporting products across the world. The mill experienced COVID-19 related setbacks in 2020 with lost customers and business uncertainty. With help from the PPP, the owners were able to maintain\n their workforce and focus additional efforts on social media advertising.<\/p>\n

\nStories like this reverberate across rural America. More than 2.5 million rural small business owners took part in the PPP, and many are now working through the forgiveness process with local lenders. Businesses that received a PPP loan under $150,000, and\n have not yet submitted forgiveness applications, should check with their lender to see if they are eligible to use the SBA\u2019s new Direct Forgiveness Portal, a streamlined tool that can simplify the loan forgiveness process.<\/p>\n

\nMany entrepreneurs are also deciding that now is the time to start or expand their business but need help accessing capital. For these entrepreneurs, an SBA guaranteed loan might be the right fit. These are loans, made by SBA\u2019s extensive network of participating\n lenders, can be used to provide long- and short-term working capital, purchase equipment, machinery, or supplies, buy real estate, establish a new business, or expand an existing business, or refinance existing business debt.<\/p>\n

\nSmall business owners should know that the COVID EIDL Program can assist them with their cash flow challenges. This program remains available to small businesses, including agricultural businesses and nonprofit organizations, until December 31, 2021. Recently,\n the dollar limit on these loans was raised to $2 million.<\/p>\n

\nEntrepreneurs needing assistance with business counseling, preparing a business plan, and\/or creating financial projections should work with their local SBA resource partner such as a Small Business Development Center, Women\u2019s Business Center, Veterans Business\n Outreach Center, or local SCORE chapter. Most of these business development resources have locations within rural parts of your state.<\/p>\n

\nRegardless of your business\u2019 location or community size, the SBA remains steadfast in helping you secure the capital and training resources you need to strengthen your business. For further assistance, please connect with your local SBA district office or SBA\n Resource Partner by visiting \nwww.sba.gov<\/a> .<\/p>\n

\n(Amy Lea is the SBA\u2019s acting regional administrator and Wyoming District Director.  As district director she oversees all of the agency\u2019s programs and services across the state.)<\/em><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n

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\nOther Headlines<\/h1>\n\n\n\n
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\nOctober 1 is National Manufacturing Day<\/h2>\n

\nAdam Pauli was a middle school metal shop teacher in Douglas, Wyo. when he decided to partner with a fellow educator to create an entrepreneurial elective course designed to introduce students to the world of business. Pauli, a veteran of the Wyoming National\n Guard, says he always had an interest in small business and wanted to pass along that passion to his students.<\/p>\n

\n\u201cOver the course of the semester, we\u2019d help them develop a product and marketing strategy, and towards the end they\u2019d actually pitch the idea to local business owners,\u201d Pauli said. \u201cIt was a rewarding experience, but it got me thinking, \u2018maybe I should start\n practicing what I preach and start something for myself.\u2019\u201d<\/p>\n

\nIn 2018, Pauli started Symmetry Trailers, a fabrication shop where he builds custom off-road trailers for those interested in overlanding. Overlanding is type of self-reliant adventure travel that has taken the camping industry by storm; rigs are designed to\n allow the user to spend days, weeks or even months off-grid. They can feature solar panels, portable showers, roof-top tents, mobile kitchens and everything in-between.<\/p>\n

\nThe company has sold custom-built trailers for customers in California, Arizona, Colorado, Montana, Wyoming and even Connecticut. We’d like to wish Adam and all Wyoming manufacturers a happy Manufacturing Day. <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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\nWyoming SBDC Network Biz Tip<\/h2>\n

\nIt goes without saying that every business strives to build a professional team of employees to serve their customers. But not everyone sees the importance of building a team of professionals to serve the business. Let\u2019s talk about that.<\/p>\n

\nIt is rare to find a business owner or entrepreneur that is really good at all aspects of running the business. They are generally good at producing a product or delivering a service, sometimes they are competent at sales, but seldom are they good at both of\n those and managing the financial side of the business. It takes all three to have a successful business long-term and the sooner the owner recognizes their strengths and weaknesses, the better.<\/p>\n

\nBuild Your B.A.I.L. Team<\/strong><\/h3>\n

\nOne of my colleagues used the term building a B.A.I.L. team, and I like that acronym. It stands for Banker, Accountant, Insurance Agent, and Lawyer. Having a good team of these professionals is important as you establish and grow a business. As I work with\n clients I generally mention these professionals and their importance, so I wanted to share some thoughts here.<\/p>\n

\nBanker<\/h3>\n

\nAt some point in starting or growing a business, a bank plays an important role. This can simply be as a depository, but more often also as a lender to help finance some aspect of the business start-up or capital to purchase equipment, a building, vehicles,\n or fund working capital to allow a business to grow. Having a good relationship with a banker can speed up the process and improve your chances of getting a positive response to your request.<\/p>\n

\nAccountant<\/h3>\n

\nHaving a good accountant can help you make better management decisions by providing timely, accurate financial information as well as tax reporting. You may also want to think about having them take care of payroll to make sure it is done correctly.<\/p>\n

\nInsurance Agent<\/h3>\n

\nAppropriate insurance coverage is important to account for those unexpected events. It is one of those things we hate to pay for but don\u2019t dare be without. Having a good insurance agent on your team can be the difference between your business surviving an unforeseen\n event (think fire, cyber attack, or unexpected death of a partner) or being forced to close as a result.<\/p>\n

\nLawyer<\/h3>\n

\nAnd finally, a good lawyer can help you structure the business properly, protect the owners, write or review contracts with clients or vendors, and help structure an exit strategy when the time comes to sell or retire.<\/p>\n

\nThese professionals charge a fee for their services as well they should. After all, they are businesses too. And while it is sometimes hard to write that check, allowing these team members to do their job and help your business allows you more time to do what\n you do best, and probably sleep better at night.<\/p>\n

\nThe Wyoming SBDC Network is on Your Team<\/strong><\/h3>\n

\nYour Wyoming SBDC Network advisor can help you think about these various services, which might be appropriate for your business, and formulate questions to ask prior to visiting with \u2018the team\u2019. We can help you structure a loan application, think about possible\n insurance coverages you might need, and ask other questions about what you are comfortable or competent to perform in-house versus what you might want to have a professional do for you.<\/p>\n

\nReach out to your Wyoming SBDC Network advisor today for no-cost, confidential assistance with your B.A.I.L. team, or other business related questions\n\nhere<\/a>.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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\nUpcoming Events<\/h1>\n

\nOct. 12: PTAC Lunch and Learn: Reading & Responding to Solicitations with Eric Weisman <\/h2>\n

\nYou\u2019ve found the perfect opportunity and are ready to win that contract. Don\u2019t make a rookie error by noncompliance with the instructions regarding how to submit your proposal. Join Eric Weisman, Small Business Specialist with the National Park Service, for\n a lively presentation on how to read and respond to Government solicitations. Register\n\nhere<\/a>.<\/p>\n

\nOct. 14: Tools of Engagement For Virtual Meetings (Presented by the Wyoming SBDC Network)<\/h2>\n

\nPresenter Bridget Manley will walk you through how to use common virtual tools to make your meetings more engaging and productive. You will discover strategies for identifying your virtual meeting goals and selecting the best tools to meet them. You will also\n explore best practices for using whiteboard during this free event. Register \nhere<\/a>.<\/p>\n

\nOct. 14: Trademark Basics for Small Business (Presented by the Wyoming Women’s Business Center)<\/strong>\n<\/h2>\n

\nEvery business owner knows the importance of standing out from your competitors. It takes hard work and dedication to develop a unique brand identity to position your business for success. In this webinar, you\u2019ll learn the importance of trademarks and how trademarks\n can protect your unique brand.
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\nIn this webinar on trademark basics, you\u2019ll learn the types of trademarks, the benefits of trademarks for small businesses, and other important considerations that businesses should be aware of before committing to a brand identity. Register\n\nhere.<\/a><\/p>\n

\nOct. 19: 7 Options to Access Money for your Small Business (Presented by the Wyoming Women’s Business Center)<\/strong>\n<\/h2>\n

\nWe all know that small businesses need money to start or expand and grow. How do you determine the best funding options for your business? In this webinar, you\u2019ll learn the top 7 funding sources available and what you need to consider for each. From bootstrapping\n to venture capital, this 30-minute webinar will explain the landscape of funding for small businesses in Wyoming and help you plan your next step! Register\n\nhere<\/a>.<\/p>\n

\nOct. 26: What You Need to Know about Government Audits (Presented by the Wyoming SBDC Network)<\/h2>\n

\nThis free webinar covers all types of audits, company financial policies and procedures, contracts and agreements, equipment logs; required reporting, audit alerts, etc. Register\n\nhere<\/a>.<\/p>\n\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/td>\n<\/tr>\n\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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\nLatest News from the Wyoming District Office <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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\nWyoming District Office  <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/td>\n<\/tr>\n

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\nOp-Ed: SBA continues to support small business growth in rural America<\/strong><\/h1>\n\n\n\n
\"Photo<\/p>\n

\nSince the onset of the COVID-19 pandemic, an increasing number of people have moved to rural America seeking to establish a livelihood fueled by entrepreneurship. In fact, according to the U.S. Census Bureau, in July 2020 alone more than 550,000 new businesses
\n were established in rural areas nationwide – which is a 95 percent increase over the previous year.  The pandemic may have forever changed the way we all do business, but the one constant that has not changed is the U.S. Small Business Administration\u2019s (SBA)
\n commitment to helping entrepreneurs access the resources they require to make their business dreams a reality.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-629","post","type-post","status-publish","format-standard","hentry","category-news-events"],"_links":{"self":[{"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/posts\/629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/comments?post=629"}],"version-history":[{"count":4,"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/posts\/629\/revisions"}],"predecessor-version":[{"id":633,"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/posts\/629\/revisions\/633"}],"wp:attachment":[{"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/media?parent=629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/categories?post=629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mysetaside.com\/news-and-events\/wp-json\/wp\/v2\/tags?post=629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}