WV District Office Update
Women Entrepreneurs Vital to Economic Recovery
BY:
SBA Mid-Atlantic Regional Administrator John Fleming
The U.S. Small Business Administration (SBA) joins the rest of the nation in celebrating Women’s History Month. Our Cabinet level agency is committed to supporting women through entrepreneurship, not just because it is the right thing to do, but because we
understand the vital role women play in strengthening our local and national economies.
Women are creating new jobs and opportunities across the country. According to the National Association of Women Business Owners, nearly 12 million businesses are owned by women, generating $1.7 trillion in sales, and employing over 9 million people, representing
one of the fastest growing sectors of our economy.
Still, women continue to face challenges and obstacles when starting and growing a business. A recent
study by the SBA’s Office of Advocacy showed women-owned firms are overrepresented in industries related to domestic services, which tend to have low growth potential. Access to capital remains a significant issue for all business owners from underrepresented
populations, which includes women.
SBA engages women entrepreneurs through more than 100 Women’s Business Centers nationwide, which assist them in starting and growing small businesses. These centers provide a full range of services for entrepreneurs at all stages of planning, implementation,
and growth.
For those interested in contracting with the federal government, the Women-Owned Business Certification helps equalize the procurement process for women business owners, as the government limits competition for certain contracts to businesses certified as women-owned.
This initiative compliments SBA’s 8(a) program to assist socially and economically disadvantaged business owners in accessing federal contracts. Additionally, the SBA recently kicked off its
Community Navigators program to strengthen outreach to underserved businesses by partnering with organizations with deep roots in those communities.
At the SBA, our role is to support all entrepreneurs to start, scale-up, and recover from today’s challenges. For more information on SBA’s programs and services please visit
www.sba.gov.
The U.S. Small Business Administration (SBA) is reminding businesses of all sizes, private nonprofit organizations, homeowners, and renters in Virginia of the April 4 deadline to apply for physical damage disaster loans. Anyone in the declared counties with
damages from the severe storms and flooding on Aug. 30-31, 2021, should apply for the low-interest disaster loan program.
“Waiting to file an SBA application could cause unnecessary delays in receiving disaster assistance, and survivors may miss the application deadline. Submitting the loan application is an essential part of the disaster recovery process,” said Kem Fleming, director
of SBA Field Operations Center East.
The declaration covers Buchanan County, Virginia, and the adjacent counties of Dickenson, Russell and Tazewell in Virginia; Pike in Kentucky; and
McDowell and Mingo in West Virginia.
Interest rates are as low as 2.855 percent for businesses, 2 percent for nonprofit organizations, and 1.563 percent for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial
condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA declaration # 17332.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services),
or by emailing DisasterCustomerService@sba.gov.
Loan applications may be downloaded at sba.gov/disaster Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is April 4, 2022. The deadline to return economic injury applications is Nov. 2, 2022.
Credited with the greatest year of job growth in American history, 7.4 million jobs have now been created under the Biden-Harris Administration, including in the small business economy
Administrator
Isabella Casillas Guzman, head of the U.S.
Small Business Administration (SBA) and the voice for America’s 32.5 million small businesses in President Biden’s Cabinet, issued today the following statement after the release of strong jobs data showing 678,000 jobs were added in the last
month and unemployment down to remarkably low levels at 3.8 percent:
“Today’s jobs report confirms what we’ve seen on the ground in cities and towns across the country – our economy, under President Biden’s leadership, is back on track, and America’s small businesses, our nation’s job creators, are helping to lead the way. Thanks
to the American Rescue Plan and the President’s comprehensive vaccination strategy, businesses and schools are open and more Americans are safely returning to work. This is especially critical for our small businesses that need a strong workforce to reopen
and ready their businesses to thrive.
“As the Biden-Harris Administration focuses on Building a Better America, we are working every day to ensure we have a level playing field for our small business owners so we can strengthen supply chains and open doors of opportunity so they can keep doing
what they do best – creating good paying jobs and powering the strongest economic growth our nation has ever seen.
“The SBA is also focused on rebuilding our manufacturing sector and strengthening our supply chains to help make our companies more competitive. That is why I’m especially enthused by the robust development we’ve seen in the manufacturing area, including the
creation of over 36,000 manufacturing jobs in February alone, bringing us to more than 423,000 manufacturing jobs created since President Biden took office – and more than any administration since 1994.
“Small businesses are a critical part of the American story. As small businesses continue to recover, pivot, and grow, we’re committed to helping all our entrepreneurs access the resources and capital they need to succeed. I look forward to continuing to work
with President Biden and the rest of the Biden-Harris Administration to keep small businesses at the heart of our economic comeback and do all we can to help lower the costs of goods for our small business owners and their families so that every American can
benefit from this historic growth.”
Q&A
with SBA
-
Thursday’s at 12 pm EASTERN
Choosing the Best Legal Structure
You need to register your business at the federal level. The most important decision will be choosing the best legal structure. You can do this yourself! We examine the advantages and disadvantages of each legal form and how it impacts your personal
liability, taxes, and costs. We’ll also walk you through the business registration process at the federal level and give you information on state-required business registrations.
Veteran Business Access to Federal Surplus Property
Veteran-owned small businesses (VOSB) can access federally owned personal property no longer in use through the General Services Administration’s (GSA) Federal Surplus Personal Property Donation Program. The National Association for State Agencies
for Surplus Property (NASASP) has been working with the U.S. Small Business Administration and U.S. General Services Administration to finalize program operations and requirements. West Virginia Surplus Property Manager Elizabeth Cooper explains this important
national, veteran-based opportunity.
Covid-19
EIDL Funds:
How You Can and Cannot Use
You finally received your COVID-19 Economic Injury Disaster Loan. So, what now? How can you use the money? Let us walk you through a review of the eligible
uses of EIDL funds, how to make payments, and how to free up collateral.
Programs & Services of the SBA
The SBA offers a variety of business services to assist new and existing small businesses. Explore the services offered by the SBA and our resource partners – all at no cost! Join us to learn about the products
and services available in the areas of: SBA loans, consulting services, federal contracting, disaster assistance, and more. Open to all interested in starting or growing a business. Join us and learn MORE about the SBA!
Financing Friday – Financing Your Business
– Brought to you by SBA
Worried about lack of capital? Confused on where to get started?
Don’t worry –
we have you covered.
Join us as we
discuss
funding options available for your business,
from different SBA Loan Guarantees, Microloans, and other sources of funding for your business. Let us walk you through your real-world
options, sharing what works and how.
Proving Your Business Idea Works
Several elements must come together for your business idea to be sustainable, including market demand, the size of your target market, and the strength of your competitors. We’ll do a deep dive into each
of these. We’ll also explore psychological factors that influence how customers buy.
Marketing (How to get the biggest bang for your buck!)
With so many marketing services out there, which one is the biggest bang for your business? Having a marketing strategy is key to helping your business remain competitive and survive. We’ll provide an overview
of what digital marketing means and how it’s possible to begin online marketing and get the biggest bang for your buck.
We will also explore the best practices for increasing engagement and conversion along with how to get set up for success.
Getting Registered into the System for Awards Management (SAM.gov)
The West Virginia Women’s Business Center is hosting a valuable webinar on the System for Awards Management (SAM.gov). Join us as Melissa Loder (SBA’s West Virginia District Office) and Sommer Straight (RCAC
Procurement Technical Assistance Center – PTAC) guide you through how to register for your SAM.gov account. They will also provide tips, FAQs, and directions on where to get additional assistance, as well as answer questions you may have.
Business Plans That Get Funded
Honestly, not having a good business plan can be the thing that stands between you and your business dream. Getting a fundable business plan can be as simple as 1-2-3 when you know what lenders are looking
for. We’ll take you through each section of the business plan and highlight what’s most important and how you can get free, professional help with your plan.
Customer Service is King
A 5% increase in customer retention can lead to a profit increase by 25%!
Providing a customer focused business is key to business success, it can make the difference between gaining, retaining, or losing a customer.
Let us break down some ways to help your business develop and maintain positive relationships with your customers, while continuing to grow your customer base.
Getting SBA Woman Owned Small Business (WOSB) Certified
The federal government’s goal is to award 5% of all federal government dollars to Woman Owned Small Businesses (WOSB) each year. Find out how your Woman Owned Small Business can register on SBA’s new, free,
online portal. Join the WV Women’s Business Center and Melissa Loder, SBA’s Senior Area Business Opportunity Specialist, to learn about SBA’s latest FAQs, certification
options table, infographic, and beta.certify.sba.gov WOSB
certification changes, and the new application process. There will be Q&A at the end of the presentation.
Is something missing you would like to see? Email us at wvinfo@sba.gov.
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