wytheville entrepreneur express #3 presentation, april 29, 2010

April 29, 2010April 29, 2010

Wytheville, VA

Are you sure?Are you sure?

What Do What Do These These

Entrepreneurs Entrepreneurs Have in Have in

Common?Common?

Confidence?Confidence?Competitiveness?Competitiveness?

An Idea?An Idea?

Drive?Drive?

Identified Identified Market Need?Market Need?

A PlanA Planofof

Action?Action?

Willing to take Willing to take Risks?Risks?

Focused?Focused?

Goal & Objective?Goal & Objective?

A successful A successful enterpriseenterprise

Remember as a startRemember as a start--upupyour place in the food chainyour place in the food chain

Small Business in Small Business in VirginiaVirginia

Virginia is for Business LoversVirginia is for Business Lovers

Small Businesses constitute 99% of all Virginia businesses.

Small Businesses create over 60‐80% of all new jobs.

Small Businesses account for half of the Commonwealth of Virginia’s contribution to the U.S. Gross Domestic Product ‐a whopping $160 billion.

Ask VBIC = 866‐248‐8814

Virginia is for Business Virginia is for Business LoversLovers

• Virginia ranked #1 state for business by Forbes.com last four years.

• Ranked #1 most business friendly state by Pollina Corporate Real Estate, Inc. last two years.

• Named #1 best states for business by CNBC.

Virginia is for Business LoversVirginia is for Business Lovers

How to Start and Operate A Business

How to Start and Operate A Business

Our TeamDr. Dallas Garrett-SBDC Director

Bernie Deck-Carroll County Business Development DirectorMandy Archer-SBDC Administrative Assistant

Sandy West-Financial AnalystKenneth McFadyen-BRCEDA Entrepreneurial and Business Development Director

Who is the SBDC

• Small Business Development Center• VSBDC Mission – To Improve new and existing

small business success and grow Virginia’s economy

• Vision – To be the small business resource of first choice in Virginia

Where business comes to talk business.

SBDC’s Goals

• Assist clients to create and retain jobs• Increase client’s revenue and

profitability• Increase capital investments and

efficiency in client business• Increase business success rate and• Continue as a recognized contributor to

Virginia’s economic development


How the SBDC can Benefit youThrough one-on-one Counseling, the SBDC can help you

with the following processes…• Discuss your Ideas in a confidential setting-There are no bad or

silly idea-Some ideas need a little adjusting• Help you understand the Business Planning process and provide

whatever assistance you need to complete your plan• Guide you through the process providing help along the way• Help you determine realistic financial projections and provide

marketing ideas• Suggest workshops that you might attend to help you start your

business off right• Suggest format for your plan to help you secure funding• Help you complete the loan application• Provide sources of business financing• Arrange meetings with funding sources at Crossroads• Help you improve your credit report, when necessary and help

with Permits, Licenses and taxesWhen you are successful we all benefit


Business Planning & Strategy• Help with Business Structure• Explain pros/cons of different structures• Taxes, Liabilities & Termination• Consider talking to an accountant/attorney before

you decide. • Suggest banking, accounting and bookkeeping

practices that will help your business


Why do I need a Business Plan

• A good plan will allow us to provide funding contacts from a variety of sources including banks, private lending institutions, private investors, venture capitalists and angel Investors

• Provide you with a management tool for your business

• A Business Plan Forces you to take an objective view of your ideas

• A Business Plan serves as the road map to your objective


What goes into a Business Plan• Attractive Cover and Cover Letter• Table of Contents• Executive Summary and Capital Request• Description of Business, Projected Number of Employees• History of the Company if already in Business 2-3 years of

Financials• Description of Products and/or Services• Who is Your Competition?• Market Analysis• Marketing and Sales Strategies• Organization and Management Structure and Experience of

Key People• Floor Plan and Pictures of Facility• Financial Projections 3-5 Years, Financial Graphs• Resumes of Key Employees• Appropriate Attachments-Letters of Support-Recent orders


Business License & Registration (7-Steps)• One - Determine entity

• Two - State Corporation Commission

• Three - IRS Forms - EIN

• Four - Unemployment taxes – VA Employment Commission

• Five - Registration – VA Dept. of taxation

• Six - Local license/tax with local commissioner of the Revenue/Town Administrator

• Seven - Other State Agencies for Licenses/Permits for professionals


Pricing Structure

• We will help you determine realistic costs for your business operation, which will help you determine your pricing Structure

• Margin based• Income based• Competition Based• Image Based• Volume based• Testing basedFrom “hypergrow your business” by Curtis Clinkinbeard


Management Practices

• Leadership/Team Building• HR Management• Quality Control Practices• Six Sigma• Lean Manufacturing• Lean Six Sigma• ISO /QS


Crossroads Business Development Success

• Clients-606

• Business Plans Completed 185

• Clients Funded-120

• Clients that did not need funding-28

• Funding to date-$40,133,833.00

• Jobs created or saved-652

VSBDC OfficesCrossroads SBDC OfficeCrossroads SBDC Office

Tel: [email protected]

Longwood SBDC – Martinsvillewww.longwood.edu/sbdc Tel: 276-632-4462

Mountain Empire Community Collegewww.me.vccs.edu/sbdc/ Tel:276-523-6529

New River Valley/Radford Universitywww.sbdc.radford.edu Tel: 540-831-6056

Roanoke Regional Small BusinessDevelopment Center

www.roanokechamber.org/ Tel: 540-983-0717

Southwest Virginia Community Collegewww.sw.vccs.edu/sbdc Tel: 276-964-7345

Virginia Highlands Community Collegewww.vhcc.edu/sbdc Tel: 276-739-2474

Turn to SCORE Counselors for Small Business Advice

Live Your Dream. SCORE Can Help.

Q: Why is small business so important to the economy?

A: Small businesses create jobs and fuel growth.

There are nearly 26,000,000 small businessesnationwide.Small businesses represent 99.7% of all employers.Small businesses create 75% of new jobs.About 672,000 new small businesses are formed each year.

Small Business and Leadership


Q: Why is owning a business important to you?

A: Small business represents success on your own terms.

Be your own boss.Bring a new idea to life.Achieve your lifelong dream.Create financial independence.Turn your hobby into a profitable business.

Small Business and Leadership


SCORE “Counselors to America’s Small Business” is a national nonprofit association.

“SCORE provides resources and expertise to maximize the success of existing and emerging small business”

Workshops and SeminarsFace-to-Face counselingOnline counseling www.score.orgFree and confidential business advice

About SCORE


Q: How can a SCORE business counselor help?

A: SCORE counselors give real-world advice that applies to your business.

Practical adviceBusiness planningProblem-solvingGrowth strategiesConfidential sounding board

About SCORE


SCORE business counselors are volunteers. Volunteers who have achieved business success–and want to help you succeed in your business.

Dedicated volunteersConfidential advice for your businessExperienced business owners and executivesExperts who’ve seen both economic highs and lowsPros with expertise in hundreds of disciplines

About SCORE


Confidential business counselingLong-term business mentoringFace-to-face brainstorming sessionsOnline email advice available anytimeLocal workshops and seminars

SCORE Services for You


More than 12,000 counselors nationwide Representing over 300,000 years of business experienceMore than 1,000 locations for counselingAsk SCORE online counseling at www.score.org

SCORE Services for You


SCORE Resource: www.score.org


The SCORE Small Business Web Site also offers:

Business Tools—Workshops, tips and tools for your business.

How To—Industry articles and expert insights.

Turn to SCORE


Steve WillingerBristol Chapter Chair

[email protected](423) 989-4866 www.bristolscore.org

Growing Your Business/Marketing

Strategies

Steve WillingerSmall Business Marketing Professional

Social Media StrategistBristol, TN

MARKETING & ADVERTISINGFor The Entrepreneur

Entrepreneur ExpressMarch 18, 2010

• Marketing Today• Social Networking• Planning for Success• Advertising for the Small Business• Developing a Marketing Budget

Today's Agenda

• Advertising is struggling

• Expectations are increasing

• Competition is everywhere

• Time is a scarcity

• Technology has become an integral component

A Few Facts

“Everything you do to place your product or service in the hands of potential customers.”

• Creating a customer• Keeping a customer

Marketing is. . .

Social Networking?

Social Media

• Anticipate future events• Define a direction• Create a blueprint

Marketing Plans

Marketing Plans

“A written plan turns your marketing into a planned investment

rather than a hopeful risk”

• Easy to understand• Clearly links objectives to strategies• Specific and measurable• Flexible• Provides for checkpoints

A Good Plan…

The Marketing Plan

• Reality Check* Current economy* Understanding success factors* Challenges your company faces

• Customer Analysis* Demographics, purchasing behaviors

• Competitive Analysis* SWOT analysis, competitive changes, challenges

The Marketing Plan

SMART ObjectivesSMART Objectives• Specific• Measurable• Accurate• Realistic• Time‐based

The Marketing Plan

• Strategies must be linked to the objectives• Well thought‐out strategies can provide discipline

• Minimizes the tendency to react• Provides a benchmark for measuring success

7 Step Marketing Plan

1. State the purpose of your marketing.2. Define your target audience.3. State customer benefits to emphasize.4. List marketing objectives & strategies5. Describe your market6. Establish your budget.7. Prepare an Action Calendar.

The most “convenient” method of communicating to your target audience the benefit of purchasing your product or service.

ADVERTISING is . . .

The key is to ensure that they take notice of yours!

HOW?

Fact: Most people ignore advertising

LocationRegular advertising will build awarenessConstant Focus on Sales and MarketingCommunity InvolvementPublic RelationsCommunicationCustomer Service

Make sure your company is Recognizable

Make sure your company is Memorable

Advertising puts your company at the forefront of people’s minds. Advertising either stimulates a purchase or helps to

ensure that people know where to go when they do decide to purchase. Advertising also confirms a customer’s decision that

doing business with you was a good idea

How Does Advertising Work?

Branding

• What is it going to cost?• What methods would benefit my business

the most?• Meet with a professional

QUESTIONS ASKED . . .

% of lifetime value of customer% of previous annual sales

% of desired sales8‐10% average retail (b2c)

4‐6% average wholesale (b2b)

Marketing & Advertising = Customers

Advertising Budget Basics

Steve WillingerSmall Business Marketing Professional

Social Media Strategist(423) 797‐0355

[email protected]

linkedin.com/in/stevewillingerfacebook.com/stevewillinger

“It’s your turn for Comments and Questions”

Tourism Business Development &Marketing Assistance

Randall A. RoseRandall A. RoseDevelopment Specialist Development Specialist –– Partnership MarketingPartnership Marketing

Virginia Tourism CorporationVirginia Tourism [email protected]

276‐322‐2044

www.vatc.org (industry)www.virginia.org (consumer)

Impact of Tourism in VA ‐ 2008

• 19.2 billion in revenue

• supported 210,620 jobs

• provided $1.28 billion in

state and local tax revenue

Virginia Tourism Corp. Services

• Advertising• Customer Service & Industry Relations• Electronic Marketing• Film Office• Marketing & Promotion• Public Relations• Research• Tourism Development• Others

Development & Partnership Marketing

• Wilderness Road Heritage Trail

• Virginia Coal Heritage Trail

• ‘Round the Mountain

• Heartwood

• Spearhead Trails

• Planning Assistance• Marketing Guidance• Workshops

Business Assistance

Funding

• Marketing Leverage Program

Tourism Business Opportunities

•Canoe Rentals and Tours

•Fishing and Boating Rentals

•Bicycle Tours and Outfitters

•Adventure/Nature Camps

Agri‐tourism

•Wineries/Vineyards

•Corn Maze

•Pumpkin Patch

•Pick Your Own

•Animal Parks

•Herb/Flower Farms

•Christmas Trees Farms

Unique Lodging Opportunities

Bed & Breakfast Inns

Cabins and Cottages

Lodges

Campgrounds

Horse Campgrounds

Horse Stables/Barns

House Boats

Green Lodging

Music/Theater Venues Artisan Studios/Galleries Heritage Sites Tea Rooms Breweries/PubsEclectic Restaurants Shopping Spas

Attractions

Ancillary Businesses

Caterers Cleaning Services Food/Drink Distributors ElectriciansRestaurant Equipment Plumbers Security Systems Pool MaintenanceConvenient Stores Lawn Care Web Site Designers Auto RepairAd Agencies Events PlannersTravel Agencies FloristsMotorcoach Companies Linen Services Car Rental Offices

6 Questions You Should Answer

• What are we trying to accomplish?

• Who is our target audience?

• What message will move our audience?

• What vehicle do we have to deliver the message?

• What are our resources?

• How do we measure our performance/success?

Marketing Tips

Marketing Plans Change

• Because of business growth

• Because of research

• Because of economic factors

• Because of technology (social media)

• Because there is always change

Marketing Tips

Virginia’s Recent Ad Campaign

Targeting Niches & Groups By Interest

Marketing Tips

•Traditional Music (Crooked Road)• Cultural Heritage (Coal Heritage Trail)• Anglers (Fish Virginia First)•Outdoor Enthusiasts •Weddings/Meetings/Group Tours

Public Relations

Marketing Tips

Learn More About VTC Services

• Visit www.vatc.org & www.virginia.org

• Sign up for the Dashboard e‐newsletter

• Attend at VTC Help Desk event

• Establish relationships with all VTC divisions –tap into our services (i.e. marketing, advertising, research, etc.)

Tourism Business Development &Marketing Assistance

Randall A. RoseRandall A. RoseDevelopment Specialist Development Specialist –– Partnership MarketingPartnership Marketing

Virginia Tourism CorporationVirginia Tourism [email protected]

276‐322‐2044

www.vatc.org (industry)www.virginia.org (consumer)

Financing & Managing Resources

Helpful Hints for FinancingYour Business Scott Peak

Market President

© 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.

Helpful Hint #1

Get Your Financial House In Order

Obtain a copy of your personal credit report.• Check for any inaccuracies or mistakes.• Make certain that all accounts are current and there are no

outstanding judgments or liens.• If there is any derogatory information, be proactive and prepare to

explain the problems and why the problem is not likely to occur again.

Gather personal and/or business records• For the past three years, including:

• Tax returns, financial statements with schedules and attachments, and interim year-to-date financial statements.

• Any other financial documents that might help a lender.• Neatly photocopy all of the documents and prepare them for your

presentation.

79© 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.

Helpful Hint #2

Understand What Your Lender is looking for

Be specific in what you are asking for• Know how much you need• Be prepared to support all costs with estimates, invoices, or

contracts• Never tell a lender that you want to borrow as much money as

possible.Primary source of repayment• Be able to demonstrate how you will pay back the loan

• Debt Service Coverage = Earnings before Interest, Taxes, and Depreciation / Total Debt Service

• Debt to Income= Debt service / Income available to service debt

Secondary source of repayment (back up plan)• Be prepared to be able to demonstrate how your lender will be

paid back if income falls short• Be prepared to have guarantors and possible collateral


Helpful Hint #3

Recognize Your Strengths And Weaknesses Bank underwriters are paid to identify risk• Business owners tend to be optimistic• Be prepared for scrutiny• Address your strengths and challenges realistically & honestly

Most common weaknesses lenders find are:• Inability to demonstrate repayment ability• Insufficient collateral• Lack of management experience• Insufficient cash injection• Poor personal credit

Don't get scared; just get prepared• Depending on the severity of any particular weakness, you can

often overcome it if you are prepared with a particularly noteworthy and compensating strength.


Sources of Financing

Credit Cardso Most expensiveo Credit lines may be cut unexpectedly o Most risk

Personal Savingso Lowest expenseo Lowest risk o Do not use all of your savings for start up costs

Bank financing o Low costo Shorter termo Higher equity requirements

Small Business Administration guaranteed loanso Low costo Longer termso Reduced equity requirementso Lower risk to partner Bankso Multiple plans to address real estate, equipment, and working capital

needsNon-profit community lenders (People Inc, etc)


Why NOW is the Best Time EVER to get a SBA Loan?

More companies than ever are eligibleTangible net worth <$8.5MM

Net profits <$3MM in each of last two years

Transaction costs are at an all time lowSBA has waived the guarantee fee – usually ~2 points

Interest rates are at all time lows

Congress is now acting to increase lending limits, waive fees, and bolster lending!


Advantages to SBA Loans

Lower down paymentUp to 90% financing on Owner Occupied Real Estate

Up to 85% financing on Business Acquisition

Up to 90% financing on Partner Buy Out

Longer amortization20 – 25 Year Term on Owner Occupied Real Estate

10 Year Term on Business Acquisition or Refinance

Can lend with collateral shortfallSBA does not have specific LTV

Must take “All available collateral”


Types of Deals Financed

Acquisition of Owner Occupied Real EstateFinancing available up to $9MM

Refinance of Existing DebtUp to $2MM

Must cut payments by 10% or more

Business AcquisitionIndividual or corporate buyers

Partner or Management Buy-Outs

Loans up to $1.75MM

Start UpsRequire 30% equity


Why Wells Fargo SBA Lending

Largest lender in United StatesClosed over $900MM in 2009 – three times nearest competitor

Experienced Lenders and Underwriters

Preferred SBA Lender

Growing while others contract2010 Goal - $1.2B

It’s a marathon not a sprintWe don’t sell our loans


Scott PeakMarket President Wachovia Bank

© 2009 Wells Fargo Bank, N.A. All rights reserved. For public use.

601 State St – 3rd Floor Bristol, VA 24201(276) 645 – [email protected]

People Incorporated Financial Services

• Chartered in 1964 as first rural Community Action Agency in the United States

• Offer a diverse range of development services and programs throughout Western Virginia

• BusinesStart

• Training and Technical Assistance

• Consumer Loan Program

• Ninth District Development Financing, Inc.

• New Market Tax Credit Program

People Inc Financial Services

• Promotes economic self‐sufficiency and a better quality of life for the region’s citizens through small business ownership, job creation, and asset development.

• Provides business training, technical assistance, and makes business loans.

• Partners with the local banking community and focuses services on customers who may not be eligible for bank financing.

BusinesStart

• Classes are offered to assist in educating the customer on Business Development.

• Loans available up to $200,000 for start up or existing businesses.

• Continuing assistance to customers once the business is up and running.

Training and Technical Assistance• Business Basics Workshop

• Core Four Business Planning Course

• Customer Service Workshopwith partner Virginia Tourism Cooperation

• Social Media Workshop‐ You‐Link‐Twit‐Facewith partners Virginia Dept of Business Assistance and

Virginia Tourism Corporation

Consumer Loan Program

• Loans available up to $10,000

• Interest Rate = Prime + 5.0%

• Terms up to 36 months

• Credit problems understood

• Loans must have collateral

• Loans for:– Home Improvements

– Car Repairs– Payoff Payday Loans

– Bill Consolidation

NDDFNinth District Development Financing, Inc.

• Loans for start up or expanding a tourism related business.

• Business must be located within the 9th

congressional district of Virginia.

• Interest rate = Prime Rate

• Visit our website: www.nddf.org

New Market Tax Credit• The New Market Tax Credit Program (NMTC) is a community

development lending tool designed to stimulate the flow of investment in underserved communities by creating new jobs and accelerating economic revitalization.

• The program was created as a part of the Community Renewal Tax Relief Act of 2000 which encourages private capital investment in low income communities by providing a 39 percent federal tax credit to investors.

• The program is based on the idea that there are viable business opportunities in low‐income communities and that a federal tax credit would provide attractive incentive to increase the flow of investment capital to such areas.

Funding Partners• Small Business Development (SBA)

• Virginia Enterprise Initiative (VEI)

• US Treasury

• Virginia Tobacco Commission

• Virginia Dept of Housing and Community Development

• Virginia Community Capital (VCC)

• FAHE

Contact InformationBecky Nave

People Incorporated of Virginia

1173 West Main Street

Abingdon, VA 24210

[email protected]

P: 276‐619‐2243

www.whatcanpeopledo.org

Questions?

Other Business Other Business ResourcesResources

Sandy Ratliff, Business Services ManagerVirginia Department of Business Assistance

[email protected]

www.vdba.virginia.govwww.vastartup.org

The Virginia Department of Business Assistance

VDBA supports economic development in the Commonwealth by working with new and existing businesses to provide business and economic development communities with:

• workforce incentives• financing• business information and counseling• state procurement assistance• incubator counseling and• educational opportunities www.vdba.virginia.gov

Ask VBIC = 866‐248‐8814

Formula for Success

‐ Critical information for decision

making

‐ Well trained and plentiful

workforce

‐ Appropriate capital structure

Business Information Services

To help businesses get started and to grow.

Formation Assistance Virginia Business Information Center (VBIC) 1-866-248-8814

Bridges the 26 state agencies, over 100 programs and over 300 forms that may touch a Virginia business

Virginia Central Business Portal (www.business.virginia.gov)

Covers registration, taxation, licensingInteractive Business Plan CD

5 Step process to a business planEntrepreneur Express Events

250 Events – 8,000 Trained

Are you starting a business?Virginia’s Business One StopBusiness One Stop system can help you determine your business formation requirements and can pre-fill your business registration forms.

Visit http://www.virginia.gov/bos/index.html to access the Business One Stop System.Create a Business One Stop account.Answer a few brief questions about your business.Receive a list of action items and pre-filled business

registration forms.

Questions? Contact the Virginia Business Information Center1-866-248-8814 (804) 371-0438 [email protected]

VirginiaVirginia’’ss Business One StopBusiness One Stop

Winner of the 2009

Governor's Technology

Awards

Ask VBIC = 866‐248‐8814

Ask VBIC = 866‐248‐8814

Governor’s ExecutiveOrder 33$5 billion market

Access to buyers from 171 state agencies

Additional $5 billion from local governments

575 localities using eVA system.Small Business Goal – 40%

Over 44,994 registered suppliersOver 13,065 participating buyers

Growing Your $ales Growing Your $ales ‐‐ StateState

•• Examples of Purchasing:Examples of Purchasing:– Instant Ice Tea

• 01/01/2009 – 12/31/2009 = $23,455.71 ‐ 46 PO’s– Novelty – Specialty Advertising Products

• 01/01/2009 – 12/31/2009 = $152,905.34 ‐ 152 PO’s– Grounds Maintenance: Mowing, Edging, Plant (Not Tree) Trimming,etc.

• 01/01/2009 – 12/31/2009 = $14,566,567.94 ‐ 1150 PO’s– Tires and Tubes, Passenger Vehicles

• 01/01/2009 – 12/31/2009 = $72,103.64 ‐ 7 PO’s– Concessions, Catering, Vending: Mobile and Stationary

• 01/01/2009 – 12/31/2009 = $6,187,712.31‐ 11,757 PO’s– Building Maintenance

• 01/01/2009 – 12/31/2009 = $90,611,650.85 ‐ 9285 PO’s– Earth Moving Equipment Rental

• 01/01/2009 – 12/31/2009 = $8,573,333.24 ‐621 PO’s– Cleaning Services, Steam & Pressure

• 01/01/2009 – 12/31/2009 = $3,358,694.55‐ 303 PO’s

OneOne––onon‐‐One Counseling SessionsOne Counseling Sessions

Need Based:– Accessing New Markets/Sales Growth

– Tailored Sales Development Solutions

– Financing Resources– Social Media for Your Business

To schedule an appointment, contact:

Sandy Ratliff, Business Services Manager276-676-3768

Email: [email protected]

Entrepreneur WorkshopsEntrepreneur Workshops

• Launched October 2006• Partnership with Service Providers and localities

• Provide information on available resources to start and grow a business

• Statewide Program• Free – ½ Day Session• Over 8,000 reached• www.vastartup.org

Growing Your $ales WorkshopsGrowing Your $ales Workshops

Business Sales Growth ProgramMarket Research and ExpansionFinancingGrowth Management

Partnered events for SWAM certification and eVA registration

Networking of businesses and decision‐makers

Social Media WorkshopsYou‐Link‐Twit‐Face

Upcoming Events:•April 29 – Wytheville •May 18 – Galax•June 10 – Washington County

Virginia JobsVirginia JobsInvestment ProgramInvestment Program

• Workforce recruiting and training– Create minimum 25 net new jobs within 12 months and

capital investment of at least $1,000,000– Minimum entry-level wage of $10.00/hr required. Only full-

time jobs are eligible.

• Small business workforce recruiting and training– 250 employees or less, hiring at least 5 new full time

employees within 12 months of operation and capital investment of at least $100,000

– Minimum entry-level wage of $10.00/hr required. Only full-time jobs are eligible.

• Retraining– Small businesses that are retooling and installing new

technologies– Company must retrain minimum 10 full-time employees.

Financing ProgramsFinancing Programs

• Direct Lending: In partnership with banks and other lenders, we provide direct loans in economic development transactions. We also provide direct loans under specific programs designed to promote environmental stewardship and assist licensed daycare centers and family home providers.

• Indirect Lending:We provide loan guarantees or other types of credit enhancements to commercial banks in order to increase access to capital for businesses.

• Conduit Financing:We are the statewide conduit issuer of tax‐exempt industrial development bonds for manufacturers and 501c3 organizations.

The VSBFA Does Not Give…

• Grants• Loans or guaranties of loans without

collateral• Loans or guaranties of loans without

personal guaranties from all significant owners

OTHER AVAILABLE RESOURCESOTHER AVAILABLE RESOURCES

• Virginia Department of Labor – Apprenticeship Program– Combination of on‐the‐job training and classroom instruction.– Advantage of skilled workforce and reduced turnover.– http://www.doli.virginia.gov

• Virginia Department of Agriculture & Consumer Affairs– Virginia’s Finest Trademark = Marketing program that promotes foods and

foods products grown in Virginia.– Facilitates expansion of agricultural businesses.

http://www.vdacs.virginia.gov


Virginia Business Incubator– 9 Available in Southwest Virginia

– 30 Within Commonwealth

– Business Incubator Benefits

• Facility designed to assist businesses to become established and sustainable

• Benefits

– Shared premises and business services

– Business advice and mentoring assistance

– More details ‐ http://www.vbia.org/

Business IncubatorBusiness Incubator

Light Manufacturing SpaceCommercial Kitchen

Shared Amenities


Virginia Economic Bridge, IncVirginia Economic Bridge, Inc..– Non‐profit organization to promote the economic vitality of SWVA and the Commonwealth.

– Virginia’s Business Pipeline – Online searchable database of more than 24,000 Virginia based companies, business to business marketing & RFP resourcewww.VirginiaBusiness.org

– Virginia’s Linked Workforce Showcase – Designed to create business partnerships yielding contracts between SWVA and Northern Virginia by connecting companies in specific industry sectors. www.LinkedWorkforceShowcase.org

Starting and Growing a BusinessStarting and Growing a Business

• Business Formation Assistance– Small Business Development Center Network = www.virginiasbdc.org

– SCORE = www.score.org

– Virginia Business Information Center = 866‐248‐8814– Virginia Central Business Portal = www.business.virginia.gov

– Virginia Business Incubator Association = http://www.vbia.org/

Marketing ResourcesMarketing Resources

• SCORE = www.score.org

• Virginia Tourism Corporation = www.vatc.org

• Virginia Economic Bridge, Inc. = www.virginiabusiness.org

• Virginia Department of Agriculture – Virginia’s Finest Trademark = www.vdacs.virginia.gov

Financing ResourcesFinancing Resources• Virginia Small Business Financing Authority =

www.vdba.virginia.gov

• Small Business Development Center = www.virginiasbdc.org

• Small Business Administration = www.sba.gov

• Local Economic Development Office or Chamber of Commerce

““If you always do what youIf you always do what you’’ve ve always done, You will always always done, You will always get what youget what you’’ve always got!ve always got!””

Lets Connect:Lets Connect:Sandy RatliffSandy Ratliff

The Virginia Department of Business AssistanceThe Virginia Department of Business Assistance276276‐‐676676‐‐37683768

[email protected]@vdba.virginia.gov

Online:Online:Twitter: http://Twitter: http://twitter.comtwitter.com/sandyratliff/sandyratliff

Facebook: http://Facebook: http://www.facebook.com/sandy.ratliffwww.facebook.com/sandy.ratliffLinkedIn LinkedIn -- http://http://www.linkedin.comwww.linkedin.com/in/sandyratliff/in/sandyratliff

YouTube - http://www.youtube.com/user/vastartup

Survey CompletionsSurvey Completions

Please take a moment to complete our survey!

CONTACTS• Sandy Ratliff, Virginia Department of Business Assistance = 276‐676‐3768 or VBIC = 866‐248‐8814

• Steve Willinger, SCORE = 423‐989‐4866 • Dallas Garrett, Crossroads SBDC = 276‐730‐3019• Randy Rose, Virginia Tourism Corporation = 276‐322‐2044

• Scott Peak, Wachovia Bank = 276‐645‐1230• Becky Nave, People Inc. = 276‐619‐2243• Carl Mitchell, Virginia Economic Bridge = 540‐ 731‐6800 • Alan Hawthorne, Wythe Joint IDA= 276‐ 223‐3370• Jennifer Jones, Wythe Bland Chamber of Commerce = 276‐223‐3365

wytheville entrepreneur express #3 presentation, april 29, 2010

Education

business structure

business plans

objectivewhere business

business operation

businesswhere business

benefitwhere business

business loversaskvbic

business plan forces