The Small Business Development Center at Southwest Virginia Community College provides our registered clients with a monthly newsletter to keep them informed of the latest funding opportunities, regulatory issues, and best business practices.
We would like to share our updates with you.
Please feel free to pass this information to others and let us know how we can be of service to you.
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To celebrate the collective impact and success SBDCs have across the nation and in local communities each year, America’s SBDCs are hosting the annual SBDC Day on March 16th. SBDC Day is a national movement to help share the small business success stories and notable impact SBDCs have fostered in communities nationwide.
As one of our amazing clients, we hope you will help promote us on March 16. We appreciate your support!
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The Economic Equity Fund by Virginia Community Capital (VCC) is a $10 million loan fund that provides low-cost financing for small business owners who are women and/or Black, Indigenous, or People of Color (BIPOC) and were disproportionately affected by the economic impact of the pandemic.
In addition to low-interest loans for eligible borrowers, resources have been allocated to provide free technical assistance and consulting for eligible small businesses and community-based partners.
This year, VCC secured additional grant funding to further support this program, and we are excited to extend its benefits to eligible borrowers throughout the Commonwealth.
Eligible uses include:
- Business acquisition
- Debt refinancing
- Equipment financing
- Owner-occupied real estate
- Working capital lines of credit
Eligible businesses will be:
- BIPOC- and/or women-owned
- Located in Virginia
- In operation for 18 months or longer
Eligible businesses are subject to and must be approved through VCC’s underwriting process.
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7 WAYS TO IMPROVE YOUR BUSINESS BY LEVERAGING DEBT |
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Debt has a bad reputation. If you’re thinking of high-interest credit cards and financing that exceeds your ability to pay, that kind of debt deserves the bad rap. However, as a business owner or entrepreneur, you’ll experience times when debt is necessary to take your business to the next level. We call this debt financing.
Understanding Debt Financing
Simply put, debt financing is borrowing money from an investor, bank, government entity, or another company in order to finance your current business needs. You’ll agree to repay the loan, plus interest, in a given timeframe.
How is debt financing beneficial to your business?
As a business owner, you take risks in order to grow your business. Debt financing is no different. If you evaluate the amount of risk as compared to the level of benefit you expect to see from the investment, you can make a well-informed decision about whether financing is right for you.
Here are a few key ways to improve your business by leveraging debt.
1. Maintain Business Ownership
The foremost advantage of this is that the ownership and control of your business remains yours (with the shareholders). Despite the necessary fees and interest, the lender does not gain control over how you run your business. And in a worst-case scenario in which you end up defaulting on the loan, only the collateral is taken and not your entire business.
2. Reduce Government Taxes
Debt financing is also a practical action to pursue as the government allows you to file for a tax deduction on the fees, interests, and other charges related to this type of financing. This means your business will not have a double tax payment for the same charges.
3. Provide a More Affordable Financing Option
As opposed to equity financing, wherein a portion of the business is sold off to the investors, debt financing simply focuses on settling the debt and its interests. Debt payment is the only obligation for the business, so you don’t have to fear reducing a portion of your business when the journey gets shaky.
4. Easy Access
Debt financing is relatively easy to obtain. Unlike taking on an investor, you don’t have to go through rigorous investor evaluation or serious negotiations to determine what percentage of the business will be owned by you and your investor. You simply apply for this kind of debt with its straightforward process and prepare to pay the principal and interest as your agreement dictates.
5. Build Credit History
As a business owner, acquiring good credit history will allow you to continue to access great credit options in the future. Managing the repayment of your financing loan will demonstrate your responsibility in handling your credit in a consistent and timely manner. Debt financing gives you the chance to strengthen your business credit, making it easier to apply and be granted financial backing as your company continues to grow.
6. Enable Good Planning
Settling your fees and interest with debt financing can be established through adequate planning. Because the amount you pay is fixed, you can project your expenses specifically month after month. Your business budget will be simpler, leaving you free to plan your other expenses.
7. Presents Flexible Loan Options
Similar to any other type of loan, debt financing is also good because you have the option to decide whether you’re paying it in the short term or long term. Depending on your current business needs, the timeliness of settling your debt could be flexible. You and your lender can discuss the pros and cons of the different timelines available.
When is the right time to start debt financing?
Gaining adequate knowledge in this topic is a wise action as you nurture your business towards growth. Everybody wants growth and progress, no question on that. As you do your research, you’ll be able to decide if financing is the right decision for your business at this time.
Look for reliable information and trusted advisors. You can navigate your business path wisely when you are confident you have the backup you need.
Where do you go from here?
At the end of the day, exploring the options in debt financing for your business is up to you as a business owner.
Most importantly, do your due diligence to make an informed decision before you jump into any crucial financing decisions. If you want to learn more about business financing and other financial principles, reach out to us. We would be honored to help you on your journey.
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SBA ANNOUNCES 2022 WOMEN'S BUSINESS SUMMIT |
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The summit will consist of virtual panels, “Ask an Expert” workshops, and fireside chats to help women-owned small businesses build, scale, and grow. The event will be held in co-sponsorship with the Nasdaq Entrepreneurial Center.
Additional speakers and schedule details will be announced at a later date.
WHAT: SBA 2022 Women’s Business Summit
WHEN: March 28-30, 2022
WHO: Isabella Casillas Guzman, Administrator, U.S. Small Business Administration
Natalie Madeira Cofield, Assistant Administrator, Office of Women’s Business
Ownership, U.S. Small Business Administration
TBD, Nasdaq Entrepreneurial Center
Other speakers and notable business leaders TBA
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LEARNING OPPORTUNITIES THIS MONTH |
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The Southwest Virginia Higher Education Center, Abingdon, VA
March 11th, 2022 from 9:00 a.m. - 1:00 p.m.
The event will be held in celebration of Women's History Month and International Women's Day. The Symposium is held to celebrate and recognize women's contributions, value, and future in manufacturing. Further, the purpose is to promote the career opportunities women can pursue in the manufacturing industry.
The event will include a welcome and introduction of a keynote speaker and a panel. The panel, comprised of women who work in the manufacturing field from local companies, will be featured. These women will share how their career pathway began in manufacturing, job opportunities which are available to females today, the qualities that women possess that make them excel in manufacturing, wages, a typical day, and the technical skill requirements for today’s manufacturing jobs. The panelists will share their stories about how each of their careers progressed. Our target audience are female students at high school and community college level, as well as those women working in manufacturing. At the event, SVAM will also recognize the 2022 winner of the “Outstanding Woman in Manufacturing” Award.
Registration closes March 4th at 4:00 p.m.
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24th Annual Urgent Issues for Modern Employers Labor & Employment Law Seminar
Thursday, March 10th 8:00 a.m. – 4:30 p.m.
MeadowView Marriott, Kingsport, Tennessee
Seminar Topics:
- Cutting Edge of COVID Employment Law Issues
- Employment Law Update and What to Expect from the Biden Administration in 2022
- Your Burning HR and Employment Law Questions Answered: An Interactive Panel Session
- The New World of Reasonable Accommodations and Handling Employee Leave
- Social Media and Discovery in Litigation
- 10 Litigation Catastrophes Employers Can Avoid
- Virginia Employment Law Update
- Investigations: the Good, the Bad, and the Ugly
- Emerging Issues in Marijuana and the Workplace
- What to Do When OSHA and the DOL Come Knocking on Your Door
- Tennessee Workers’ Compensation
- Managing the Hybrid Workplace and Employee Discipline
Click here for more information and to register.
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EVENTACULAR:
Businesses, Towns, and Events Partnering for Profit
Thursday, March 10, 2022
2:00 PM EST
Local events are a mainstay of towns across the country. Especially now as we coax our customers through the path of the pandemic and try to re-accustom them to enjoying their downtowns as community gathering places and shopping destinations.
Our presenter, Marc Willson, Virginia SBDC, Small Town & Merchant Program will show how everyone can benefit from the extra exposure to new and current customers before, during and after events.
Learning Objectives:
- Best ways to maximize profits
- Effective ways to work together
- What to do before, during and after the event
- Best practices
- Success stories from other towns
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STAYING ABOVE BOARD: Regulatory Compliance for the Craft Beverage Producer
Wednesday, March 23, 2022
10:00 AM EST
The regulations involved in making, serving, and distributing alcohol are some of the most complex faced by small-scale manufacturers.
For producers, ensuring compliance can be confounding or arduous.
In this webinar, Virginia SBDC Craft Beverage Assistance Manager Chris Van Orden
will ask
Kevin Anderson, Vice President of Regulatory Affairs at Alcohol Consulting, about how to build a compliance plan and avoid the most common regulatory slip-ups at every stage of growth.
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EARLY EDUCATION BUSINESS PROGRAM
Tuesdays, March 22-June 7, 2022
12:00-2:00 PM EST
The Virginia Small Business Development Center Network is excited to bring the Early Education Business Program to your community. The nationally recognized program helps sustainable childcare businesses increase revenue and enrollment while stabilizing staffing. Virginia Childcare centers and preschools in your are invited to apply for this innovative 8-week training opportunity. This program provides childcare businesses with the necessary management and business tools to improve the profitability and sustainability of their child care business and the long-term relationships needed to support them as business owners. For more information, contact Lauren Small, program manager at lauren@earlyeducationbusiness.com or (757) 618-9218. Register Here.
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UNDERSTANDING INTELLECTUAL PROPERTY AND THE PATENT PROCESS
Thursday, March 24, 2022
2:00 PM EST
You had a big idea and you spent years and significant dollars to bring your business to life. But all of that innovation, time, and money won’t matter if a customer is tempted by a copycat product and buys it instead. Protecting your product and maintaining a competitive advantage is the basis for patent law. Join this webinar to learn the basics of Intellectual Property law and the complicated patent process. Real life examples will be used to demonstrate the value of getting it right the first time!
Learning Objectives:
- Understand the different types of Intellectual Property (IP)
- Identify the IP assets of their business
- Determine the next steps to protect their IP
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FUTURE PROOFING YOUR BUSINESS WITH BLOCKCHAIN
Thursday, March 24, 2022
2:00 PM EST
FOMO on blockchain for your business? We’ve got you covered. We demystify blockchain in this illustrative program that includes a Q&A session to answer your questions.
This session will cover:
- Introduction to Blockchain
- Blockchain vs. bitcoin - how are they different?
- How Blockchain can be used for Small Business
- Accepting cryptocurrency as a form of payment
- Use of smart contracts
- Using blockchain to raise capital
- Looking towards the future of Blockchain Technologies
- Moving towards cryptocurrency as national currency
- Industry Applications
- Safety and Privacy Concerns
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2022 Southwest Virginia Career Fair and Opportunity Showcase
Wednesday April 27th, 2022 from 9:00 a.m. - 12:00 p.m.
Southwest Virginia Community College King Community Center, Cedar Bluff, VA
Southwest Virginia Community College would like to invite you to participate in our Career Fair & Opportunity Showcase for 2022. You will have the opportunity to showcase your business and/or any positions you may be currently hiring to students, alumni, and the community. Thank you in advance for your support. We look forward to seeing you there!
Click here for more information.
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The Virginia SBDC Network is funded in part through a cooperative agreement with the U.S. Small Business Administration, George Mason University‐Mason Enterprise, local host institutions and GO VIRGINIA, a state‐ funded initiative administered by the Virginia Department of Housing and Community Development (DHCD). The Virginia SBDC is nationally accredited by America’s SBDC.
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