Volume 25 | October 2024

Your monthly news & updates

Upcoming Events, Industry News, and more!

SAVE THE DATE!

October Events:

HUBZone Certifications & Creating Capability Statements

October 2nd, 2024

9:00 AM-11:00 AM

Join us and Washington PTAC to learn how to get your business certified as a HubZone Business, and learn how to create a Capability Statement that will make your business stand out when applying for Government Contracts. Register here!

Quick Byte: Financial Statements

October 17th, 2024

10:00 AM

Tune in to our Facebook or YouTube pages to watch this short video and brief overview of balance sheets, income statements and cash flow statements

Small Business Requirements and Resources Workshop

October 16th, 2024

2:00 PM - 4:00 PM

Family Health Centers, 1003 Koala Dr,

Omak, WA 98841

Are you considering starting a business, or did you recently start one and still have a lot of questions?

Businesses can use the resources and information from this workshop to:

Save unwarranted penalties
Teach best practices
Bottom line cost-saving programs
Business solutions
Consulting services
And more

You’ll connect with Business Liaisons from the Governor’s Office for Regulatory Innovation and Assistance, the Secretary of State’s Office, and the Departments of Revenue, Employment Security, and Labor & Industries, who will also provide you information about many free or low-cost assistance programs.

Registration Required, Register today!

Small Business Requirements and Resources Workshop-Spanish

October 17th, 2024

2:00 PM - 4:00 PM

Family Health Centers, 1003 Koala Dr,

Omak, WA 98841

Are you considering starting a business, or did you recently start one and still have a lot of questions?

Businesses can use the resources and information from this workshop to:

Save unwarranted penalties
Teach best practices
Bottom line cost-saving programs
Business solutions
Consulting services
And more

Registration Required, Register today!

Past Trainings Available on Demand

In case you missed our previous training on Smart Phone Photography, you can catch up here!

Learning Opportunity

If you’re looking to take your business to the next level, an SBA 7(a) loan might be just what you need. These loans are a popular choice for small businesses looking to grow, offering great rates and terms.

In our latest article, we break down everything you need to know about applying for an SBA 7(a) loan, clearing up common myths and walking you through the process step-by-step. Here's a sneak peek at what you'll learn:

SBA 7(a) loans aren't just for startups or struggling businesses—they're for all kinds of companies
The application process can be quicker than you think—you might get a conditional approval in just 10 days
How we’ll guide you through each step in the loan process—from application through closing the deal

Read about it here!

Ten Tips For Start a Small Business

What is your number one tip for starting a small business?

To help you start your small business, we asked business leaders and entrepreneurs for their best tips. From surrounding yourself with experts to leveraging your comparative advantage, several tips may help you start your small business.

Here are 10 tips for starting a small business:

Learn From Others In The Market
Ask For Help
Surround Yourself With Experts
Understand How Financing Will Play A Role
Organic Search Traffic
Bring On The Right Team To Support Your Weaknesses
Reduce Uncertainty And Increase Certainty
Don’t Be Afraid To Hire Professionals
Know Your Audience
Leverage Your Comparative Advantage

Read more here!

Information courtesy of score.org

Attention Owners

of Commercial Buildings or Lots!

The Economic Alliance is compiling a list of vacant properties that are for sale, lease or rent throughout Okanogan County. We receive several inquires throughout the year from individuals who are looking for a locations to start/move their business to. We would love to add yours to our list!

Please send the following information to Mason Duke.

Location-Physical Address
Lot/Building size
Utility- Information-electrical load capacity, AC/Heat pump etc.
Ceiling Height
Rooms, Restrooms, amenities etc
Asking price

Building Permit Reports

View a report of the most recent applied and granted Building Permits in the region.

Past Trainings

Okanogan County Thriving Communities

September 11th-12th, 2024

Great information was shared at Day 1 of the Thriving Communities Federal Funding event! The City of Tonasket, Family Health Center/Advance, Town of Winthrop/Kiwanis, the City of Pateros and the Town of Elmer City also were able to speak directly with the federal funders about their projects!

Day Two we had great presentations by the SBA on their small business programs and services, the US Economic Development Administration. And Enterprise provided a Federal Grant Writing overview to communities and organizations interested in applying for Federal funds.

We also had presentations to the Federal Funders talking about specific projects by Okanogan County and the City of Omak, Okanogan County Community Action, Okanogan County Housing Authority, Okanogan Housing Coalition, and the Colville Indian Housing Authority!

Public Infrastructure and Housing at all levels are areas of critical need in Okanogan County.

Funding Opportunity

SBA helps women entrepreneurs launch new businesses and compete in the marketplace. Connect with the training and funding opportunities specifically for women.

Click Here for more information!

TAKE THE OKANOGAN COUNTY CEDS COMMUNITY SURVEY

This survey is for residents of Okanogan County. Please take 10 minutes or less to give us your thoughts.

A Comprehensive Economic Development Strategy (or CEDS) is the result of a local planning process designed to build and guide the economic prosperity and resiliency of a region. This survey will be used as a guide for a community over the next 5 years to determine economic and community development needs.

The four steps to completing a CEDS:

1) Develop a summary background. This describes the economic development of Okanogan County and incorporates input from the community.

2) Develop a summary background. This describes the economic development of Okanogan County and incorporates input from the community.

3) Develop a strategic action plan. This shows Okanogan County’s vision for the future and documents how to get there.

4) Build an evaluation framework to measure progress over time.

Survey Closes on October 21st, 2024.

Click Here to take the survey!

Access to Capital

Commerce’s new loan products were made possible by $163.4 million in funds provided through the U.S. Treasury’s State Small Business Credit Initiative (SSBCI). This program aims to promote entrepreneurship, support small business ownership, and increase the flow of capital in underserved communities. A portion of all program funding is targeted towards Very Small Businesses (VSB) and businesses owned by Socially and Economically Disadvantaged Individuals (SEDI)

Helping Washington Businesses Grow and Succeed

Are you tired of getting by, but not getting ahead? Do you have ambitious plans for growth and limited resources? Are you overwhelmed by day-to-day demands with no time to plan for the future?

The Washington SBDC is here for you.

Our confidential, SBDC certified business advisors will listen to your concerns, talk through options and help you make a plan to move forward. You are the expert on your business; we are the business experts and we can help.

Every SBDC certified business advisor completes a rigorous six-month mentoring and training program that ensures SBDC advisors adhere to the highest standards of professional behavior and are knowledgeable in all phases of business development. All of our advisors have years of experience in private industry and most have been small business owners themselves. When you work with one SBDC advisor, you have access to the expertise of the entire network because collaboration in support of small business success is a hallmark of our organization.

The SBDC Network maintains offices throughout the state. Most businesses are within one hour of their local SBDC office.

SBDC advising services are:

In depth, one-on-one
Advising incudes financial analyses, cash flow management, access to capital, growth planning, marketing and sales, disaster planning, cybersecurity risk management, employer/employee issues and more.
Confidential
Client confidentiality is mandated by federal law. Information about you or your business will not be shared outside our network without your written permission.
No cost
Advising services are no cost to you. Funding for SBDC advising and training programs is provided by the U.S. Small Business Administration (SBA), and institutions of higher education, economic development agencies and business and civic organizations.
Ongoing
When clients first meet with an SBDC advisor they typically establish a scope of work with milestones for what the client wants to achieve. Clients are welcome to return to the SBDC for additional assistance at any time and many do establish long-term relationships that span the lifecycle of their business.

SBDC offers services for:

Start-up Business

Preparing to start a business
Recently started a business

Established Business

Grow
Stabilize
Explore Exporting

Protecting Your Business

SBDC provides Small Business Training

SBDC customized training provides practical real-life solutions tailored for the entrepreneur and facilitated by knowledgeable business professionals. Webinars, eLearning, and workshops are designed to help better position your business for the future.

Training

Click Here for more information.

The Economic Alliance has a SBDC Certified Business Advisor on staff to meet with you!

To schedule an appointment, give us a call at: (509) 826 5107

Career exploration for students across the region!

These free events are an excellent opportunity for North Central Washington students to explore colleges and career opportunities in just a few hours at one location. Educators and local industry professionals will introduce students to a wide variety of work experiences that engage, train and inspire future careers in high-demand fields with regional employers.

This year there are three College & Career Expo events across the region that educators and students can choose to attend. In addition, we are also hosting the 2024 CS & Tech Fair on October 17, concurrently with the College & Career Expo at Big Bend Community College. During registration, you will have the opportunity to select which events you would like to attend this fall.

Wednesday, October 23rd, Okanogan Agri Plex, Okanogan WA

Join us for the College & Career Expo from 8:30am to 12:00pm at the Okanogan Agri Plex. Like previous years, educators and students can attend for any duration of the event.

Worksource Okanogan also has other programs and services to help employers meet their workforce needs. Click Here to learn more.

Contact Worksource today to learn more at 509-826-7310.

Registration-Click here to sign up

Exhibitor Registration

Learn more on the exhibitor tab.

Teachers & Students (High School, College, Recent Graduates)

Learn more on the student tab.

Become an Expo Sponsor

Support career-connected learning in our community by becoming an expo sponsor.

L&I Update

Fall 2024

Experience Rating

L&I individually adjusts the base rates for premiums using an experience factor, which L&I calculates annually for each business. The experience factor is a prediction of how a business's future claim costs will compare to their risk classifications. For example, if a business’s claim cost costs are likely to be higher than other businesses in their risk classifications, L&I will assign an experience factor greater than 1.

L&I incorporates a business’s experience factor into the calculations for payments into different funds or accounts. This step in the rate calculations is described as experience rating.

A business’s experience factor also affects their employees’ premiums.

Benefits of experience rating

Protects fairness in the system by charging premiums proportional to expected future costs.
Creates an economic incentive for employers and workers to prevent accidents.

What it means to predict future performance: a baseball analogy

Which of the following baseball players do you believe would have the better batting average in the future? Assume that the average player has a career 0.250 batting average.

Player 1 has a batting average of 0.500 after 6 career appearances at bat.
Player 2 has a batting average of 0.300 after 3,000 career appearances at bat.

The better answer is Player 2. Here’s why Player 2 is more likely to have the better batting average in the future:

The chance of the average player having a 0.500 or higher batting average in six appearances at bat is 16.94% or about one-sixth of the time. So, just by luck, an average player could easily have a 0.500 or higher batting average in 6 appearances at bat.
The chance of an average player carrying a 0.300 batting average or higher for 3,000 at-bats is almost zero.
Player 2's vast experience should be given a lot of weight as a predictor of their future batting average.
Player 1's limited experience should be given little weight because an average player could easily have had the same or better experience.

Experience rating for premiums is based on weighting

When businesses have more experience, L&I gives more weight to their costs for prior claims when predicting their future claims' costs. The specific weighting used in calculations is based on actuarial studies.

You can request a no-charge consult through L&I for any questions you may have.

For more information

Go online to www.Lni.wa.gov or lni.wa.gov/espanol

Besides the L&I’s website, contact program specialists via email at L&I or by calling 509-209-3448.