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Let's Talk About Bankruptcy
A difficult topic, but one that is increasingly discussed following the pandemic is bankruptcy. Bankruptcy is never an easy choice, but may be necessary when facing the loss of customers with debt payments coming due that exceed the ability to repay. Why are we seeing more people making this choice? A few of the many reasons follow.
- Customers are choosing new options that better solve their needs as product and service offerings evolve at an increasingly fast pace.
- As we reported in a previous newsletter, there are fewer venture options for capital, so companies using equity capital must “succeed faster.”
- Some local and state funding options are tightening their grant and loan criteria as government officials demand proof that the money invested in small businesses improves job creation or tax base.
- Pandemic loan repayments are putting large debt burdens on small businesses that may not have gained enough cash flow for debt service coverage.
In 2019, Congress added Subchapter V to the Chapter 11 code to make the bankruptcy process more affordable and streamlined. An overview of bankruptcy options are found with the U.S. Department of Justice here.
A lawyer will be needed and SBDC consultants are available to help you get your financial documents in order.
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PPP Loans Can Still Be Forgiven!
SBA is currently offering defaulted Paycheck Protection Program (PPP) borrowers a goodwill exception period for those who have not applied for loan forgiveness. The deadline to apply is March 3, 2024. Learn more: https://www.sba.gov/pppforgiveness.
Attend a webinar on February 22nd or 29th to earn how to apply for loan forgiveness.
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Crowdfunded Pitch Night Applications are Open
Apply for a chance to pitch your business to a live audience on April 17th willing to pledge funds to their favorite contestant. It’s a three minute chance to share your vision with the community and inspire the crowd to action! Apply by March 10th.
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Shark Tank Auditions are Coming to Virginia!
Have you ever wanted to be on Shark Tank? Here's your chance! Casting auditions will be held in Portsmouth on April 12th. You must submit an application beforehand and be prepared to complete your pitch in one minute or less. Contact your SBDC business advisor to reach out pitch experts for help creating or critiquing a powerful pitch.
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Microloans for Farmers
Farmers can use USDA farm ownership microloans to buy and improve property. These microloans have helped farmers and ranchers with operating costs, such as feed, fertilizer, tools, fencing, equipment, and living expenses, as well as farmland and building purchases and soil and water conservation improvements.
To learn more about the microloan program, contact the USDA Service Center at 276-484-9394 or visit fsa.usda.gov/microloans.
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Small Business Grant
LegalZoom has partnered with the NBA, WNBA, and NBA G League to offer $3 million in grant funding and services to small business owners and emerging entrepreneurs. Small businesses that have been in operation for at least three months are eligible to apply for a $10,000 small business grant and/or up to $500 in LegalZoom products and services. Entrepreneurs who have yet to launch their business are eligible for up to $500 in LegalZoom products and services. Apply by September 13th, 2024.
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All programs of the Virginia SBDC are open to the public on a non-discriminatory basis. Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance. |
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Drop in on any class, or attend all 5 to work through your business health check! | |
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Are you an early-stage innovative entrepreneur?
Charlottesville Angel Network (CAN) and Virginia Small Business Development Center (VSBDC) have joined forces to help you polish your pitch presentation. Apply for an opportunity to practice your pitch and receive actionable feedback from accredited angel investors. Apply by February 29th for consideration to pitch on March 7th.
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Webinars from the Virginia SBDC Network | |
HAPPENING IN THE COMMUNITY | |
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Growing Your E-commerce Business Webinar Series
(Part 1) March 7 and (Part 2) March 26 | 10 AM - 11:15 AM
Virtual
Whether you are B2B or B2C, your company's website and online presence are some of your most important sales and marketing tools today. Learn about website analytics, SEO, shipping and fulfillment best practices.
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Grow Your Sales Through Trade
Feb 27 | 8 AM - 1 PM
In Person (Middletown, VA)
Explore financial and marketing best practices, considerations for protecting your business, and agritourism opportunities. This event is offered free of charge for aspiring and established agribusinesses and agricultural support partners.
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Food & Beverage Expo
March 27 | 9 AM - 4 PM
In Person (Richmond, VA)
The 2024 Virginia Food & Beverage Expo is the perfect place for retailers, wholesalers, distributors, food service representatives and those in search of private-label brands. Meet one-on-one with producers, select new items, and place orders right on the show floor. Register as an exhibitor to promote your products or attend for free.
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Nominate the best innovators, educators, entrepreneurs, and leaders for the
2024 CBIC Awards!
Do you know someone who is making a positive impact in the world through technology, business, or education? Do you think your team or company deserves recognition for its excellence and innovation?
If so, use this form to submit your nominations by midnight, March 1st.
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Central Virginia SBDC
Your Partners in Business:
Supporting Small Business - from Startups to International Expansion
Serving the City of Charlottesville and the Counties of Albemarle, Culpeper, Fluvanna,
Greene, Louisa, Madison, Nelson, Orange, Rappahannock.
Meet With Us
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