Sources of capital, Black Business Month, and Return to Earn cash match

Business News NOW

From the Central Virginia Small Business Development Center

August 17, 2021

Delta = Change

Resources to keep you pushing forward in the face of the Delta variant

Dear small business owners and supporters,

According to this weekend's Wall Street Journal, small business owner confidence dropped to its lowest level since Spring. Businesses have been making gains with "pandemic proofing" strategies and customer accepted price increases due to supply shortages and shipping delays. Now, a number of successfully reimagined businesses are losing revenue again as bookings are being cancelled and consumers retreat due to the delta variant.

We are hearing from many business owners asking for updates on grant programs and capital sources. Since our last newsletter, we do not have new information regarding state and federal programs. While we are optimistic for those that were in the Rebuild Virginia pipeline, we are not optimistic at this time about additional Restaurant Relief Funds. If your business is seeking capital, there are several options in this newsletter that may help.

-Your Central Virginia SBDC team

FUNDING OPPORTUNITIES

Some sources of capital that may be worth a second look follow. For other ideas please visit our Access to Capital page on cvsbdc.org or give us a call to talk.

- A microloan such as Community Investment Collaborative's microloan or the Small Business Administration's microloan program.

-SBA's 3.75% Economic Injury Disaster Loan.

- The Business Recovery Fund loan, from Community Investment Collaborative. Rates are between 3-5% with flexible payment terms up to $15,000. [If your business makes over $250k in revenue, you must be a CIC graduate to apply for this loan.]

-Last month we reported on the new flexibility in the SBA 504 Program and the 7(a) loan is also an option is traditional bank financing is not.

MEET WITH US

GRANT FUNDS TO HELP YOU HIRE

Virginia Career Works

Are labor shortages holding you back? Want a 1:1 match to create a winning hiring bonus for employees that get paid $15/hour or more? The Virginia Career Works Return to Earn program may be exactly what you need to bring in the talent and break through.

Business must have fewer than 100 employees
Reimbursable grant; matches up to $500 company offers as hiring bonus
Applies to employees hired after May 31, 2021 making $15/hour
Childcare businesses may be exempt from providing matching bonus
Businesses must be in Virginia

LEARN MORE

INTERNATIONAL BUSINESS UPDATE

Has the Shipper's Export Declaration form set sail?

If you've been doing business internationally, the export declaration was previously a critical form. But it's isn't what it once was. Read this article from Shipping Solutions to learn more.

READ THE ARTICLE

NOTE: We disagree with the author’s note that only the exporter should be filing the AES. A freight forwarder can do this for you and can be very valuable to those new to exporting.

BLACK BUSINESS MONTH RESOURCES

Central Virginia Black Business Expo

Registration for the 2021 Central Virginia Black Business Expo is underway. The Virginia Black Business Directory (VABBD) is excited to return to Fredericksburg, Virginia for its 2nd Annual Expo for a full weekend celebrating black excellence in our community. The experience will be filled with networking, opportunities for learning, sales & shopping, relationship building, and uplifting one another.

Featured Upcoming Events

Reach Customers Online with Google

August 18 | 10:30 - 11:30 AM

Reach Customers Online with Google

Learn how customers find your business online and how to promote your business using Search Engine Optimization (SEO) and Smart Campaigns in Google Ads.

Presented by Grow with Google speaker, Randi Penfil

Save the Date:

Quad County Business Summit & QuadTank Pitch Competition

October 20 | 8:30 AM - 12:30 PM

The 6th annual Quad County Business Summit will bring together businesses from the counties of Fluvanna, Greene, Louisa, Madison, Orange, and others from Central Virginia for a half-day of networking opportunities at the Pavilion on Lakeland Farm in beautiful Orange County. The Summit will also include a keynote speaker, local business owner panel discussion with Q&A.

Want to compete for the Annual QuadTank $5,000 prize? Watch for details for this exciting and fun winner-take-all pitch competition or visit qcbsummit.com.

Access the CVSBDC Events Calendar and statewide training offerings

This newsletter is sponsored by F&M Bank. Thank you for your support of our entrepreneurs.

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