There is timely business news near the end of this celebration issue of our newsletter. As always, please scan the topics for important information that may relate to your business.
And the winners are...
Erika Mitchell of Sweet Art Emporium was the winner of the Fluvanna Pitch Competition on April 4. She was awarded the top prize, while runner-up Eric Agee of Agee's Catering took home second prize.
The Community Investment Collaborative awarded micro-grants to the three additional participants:- DuJuan Hearns of Hands on Home Solutions, Carolyn Herbert of Herbert's Wine Jelly, and Nina Monroe of The Elephantz Trunk.

The 5 business owners completed the CIC's Entrepreneur's Workshop and the CV SBDC's Founder's Series before entering the contest. The program was sponsored by the Fluvanna County Economic Development Authority and funded by a grant from the Charlottesville Area Community Foundation.
Tom Tom Festival is next week! See you there?!
Join us at Pitch Night or the Farmers Market!
Tom Tom Festival is back and is celebrating its 10th anniversary! We are thrilled to be collaborating with the Tom Tom Festival to host the 9th annual Crowdfunded Pitch Night and the Farmers Market & Entrepreneur Showcase. Join us on Thursday, April 21, 2022, at 6pm, at The CODE Building, as we cheer on CIC Alum who are competing at Pitch Night! Look out for the official graphic on Instagram to help your favorites spread the word. Aren’t able to make it? Catch us and CIC Alum at the Farmers Market & Entrepreneur Showcase on Saturday, April 23, 2022, from 8am to 12 noon where you can support local businesses and shop around for your produce needs!
Founder's Education Series
The Central Virginia SBDC offers a robust series for new founders and founders with growing businesses. This series helps founders prepare for launch with confidence or evaluate an existing business as a foundation for expansion or growth. 

We encourage taking the session in order to complete an optional Entrepreneurship Certificate. Sessions (5 core, 3 optional) average 90-120 minutes and are held during the day and evening hours throughout the year. Email [email protected] for details or check our calendar.
Session 1: Industry Trends, Your Customers, and Market Fit
Session 2: Pricing, Costs, and Launch Preparation
Session 3: Marketing, Sales, and Your Brand
Session 4: Business Models, Telling Your Story, and Risk Planning
Session 5: Money and Recordkeeping

Optional Sessions: Starting Your Business, Hiring Employees, and Pitch Deck Preparation
Featured Upcoming Events
Federal Government Contracting 101
online or at 300 Preston Avenue, Charlottesville
May 3 | 10:00 - 11:30 AM
Are you interested in Federal Government Contracting?
Join us and learn strategies and tips for securing federal business.

Join Lisa Wood, Director of the Virginia Procurement Technical Assistance Center (PTAC), for this informative presentation – a “must” for those who are considering the Federal Government contracting market and want to learn how to prepare for/navigate this huge potential market. This “beginners” class offers tips and tricks on how to win Federal business.

Industry Trends, Your Customers, and Market Fit
April 28 | 3:00 - 5:00 PM
Founder's Series session 1:
Is your business concept the right idea, at the right time for your industry? Are the features attractive to customers and do they care enough to change current spending habits?

In this workshop, we talk about industry knowledge, communication with target customers to optimize your product or service offering and honing in on the ideal market(s).

Mobile Apps: How to plan, execute, & launch
online or at 300 Preston Avenue, Charlottesville
May 10 | 12:00 - 1:00 PM
Does your business need a mobile app?

In this bootcamp you will learn if your small business will benefit from having a mobile app, and the steps to successfully deploy and market your app on the app stores.

Starting Your Business

Thinking about starting a small business?
Are you in business but aren't confident everything is in order?
This workshop is for you!

In this workshop, we review the steps for a successful start, the registrations and regulations, and the components of sound business planning, including financial projections. This workshop is offered twice monthly.

April 28 | 6:00 - 8:00 PM

May 10 | 3:00 - 5:00 PM
Access the CVSBDC Events Calendar and statewide training offerings
Tax Considerations
2021 Taxes – What you need to consider
2021 taxes may be more challenging with issues of how to address PPP and/or EIDL funds, employee retention tax credits (ERTC), state and local grant funds received, and the fact that the IRS and state tax processing entities remain behind in processing tax returns. A few things to discuss with your Certified Professional Accountant:

  • Discuss filing an extension to allow more time for all these issues to be resolved. This extension does not alleviate the need to pay estimated taxes but would provide more time to properly file.

  • If you received PPP and/or EIDL funds, make sure to have proper documentation regarding how funding pools were spent. Even though funding may be forgiven and/or tax exempt, the SBA reserves the right to obtain proof of how the funds were spent for up to 3 years. 

  • Investigate the ERTC to determine if you’re eligible for the credit - up to $7,000 per employee retained or hired during the pandemic. This program ended on 10/1/2020, but you can apply retroactively by filing an amended tax return.

Finally, make sure to have sufficient cash flow to handle additional tax liability if you had increased revenue and profit in 2021 vs 2020, as your estimated taxes could be higher than the year of COVID.  

If you have received funds for your business through crowdfunding, they may be taxable. Visit this crowdfunding IRS page to learn more.
Happening in the small business world
From the SBA
SBA Administrator Guzman Announces the Launch of Inaugural America’s Seed Fund Expo Competition for Small Businesses, Startups and Inventors, using SBIR Developed Technology
Biden-Harris Administration Expands SBA Pilot Program Targeting Access to Capital for Underserved Entrepreneurs
From the U.S. Commercial Service
From the Federal Trade Commission
Have you had trouble with Dun & Bradstreet posting false information about your business? Visit this Federal Trade Commission page regarding enforced action against D&B to correct errors.

Click here to see other ways that The Federal Trade Commission protects small businesses.
Happening in our community...
Entrepreneurs and Espresso
April 19 | 8:00 - 10:00 AM
In person: Irving Theater at the CODE Building, 225 W Water St

Get inspired
Meet fellow entrepreneurs
Share lessons learned

Matt Harmon, Harmon Wines
Damon DeVito, investor, founder & adjunct lecturer. Damon will be interviewing a panel of female student founders about what they've learned on their entrepreneurial journey.

THRiVE 2022
April 28 | 8:00 AM - 4:00 PM

Defense Affairs Committee (DAC) Full Meeting:
How the Defense Sector Impacts Your Bottom Line

Central Virginia Small Business Development Center | Visit our website
Charlottesville main office phone: 434-295-8198 | Culpeper direct phone: 540-727-0638
Culpeper office: 803 South Main Street, Culpeper, VA 22701