Spartanburg Area Small Business Development Center

02/05/2013

The seminar presentations by FordHarrison, LLP were incredible this morning! Fabulous Seminar!!

02/05/2013

The seminar presentations by FordHarrison, LLP were incredible this morning!

08/01/2012

REMINDER!! SBA RESOURCE DAY IN SPARTANBURG -
August 2, 2012 9:15 am to 12:00 noon
Spartanburg County Library, 151 S. Church St. Spartanburg, SC

Phone Beth Smith at (864) 592-6318 to register!

07/13/2012

SBA RESOURCE DAY IN SPARTANBURG

Connect with Counseling, Capital & Contracting Resources

WHAT: Free seminar covering the SBA’s counseling services, financing programs and federal contracting programs.

WHERE: Spartanburg County Public Libraries-Headquarters
151 N. Church Street
Spartanburg, SC 29306
864-596-3500

WHEN: August 2, 2012
9:15 a.m. to Noon
9:15-9:45 – Meet SBA-supported counseling providers
9:45-10:30 – Capital (financing) session
[15 minute break]
10:45-11:45 – Contracting session
11:45-Noon – Question & Answer

HOW: To register, please enter your information online at http://workgroups.clemson.edu/SBDC_Workshops/form.php

For more information please call Beth Smith at (864) 592-6318 or email at [email protected]

Please complete the following information to register for events indicates a required field. Do not use your back button or navigate to a different page while filling out this form. If you wish to see another page, open a new window in your browser.

06/14/2012

Business Ownership Remains the American Dream

For decades, immigrants have come to the United States for the freedom, to find work, and for the dream that any man (or woman) can pull themselves up by their bootstraps and be successful. Nowhere is this more apparent than in the small business world, where immigrants accounted for 18% of the country's 4.9 million small businesses in 2010. A recent study by the Fiscal Policy Institute confirms that business ownership remains a favored way to earn a living among immigrants; like a century ago, immigrant firms remain more likely to be mom and pop stores, which thrive despite the predominance of big chains and online shopping.

In the past, immigrants established businesses in enclaves of big cities that boast large populations from the same country. But, this article from the Wall Street Journal reports that more and more newcomers are beginning to plant roots in small towns in the U.S. heartland. After receiving a $600,000 bank loan, Indian-born dentist Savpreet S. Dhami opened his own practice in Cicero, New York. Since opening, he has more than doubled his staff and hopes to bring another dentist into the practice. "Only in America can you become owner of a business like this," he said.

06/13/2012

The Effects of Government Regulations

Since we began our exit from the recession, the failure of small business lending to ramp up has been explained by the same blame game: Americans are unemployed because small businesses aren't hiring, small businesses aren't hiring because they can't get financing from their bank, and banks aren't lending because of the regulatory burdens imposed by the government. But, what's never been analyzed, is how exactly these regulations affect small businesses. For example, did you know that the cost per employee of complying with regulations is $10,585 for small businesses with fewer than 20 employees, but only $7,755 for larger companies?

World Bank studies have shown that regulations adversely impact small businesses in four ways: (1) Regulatory compliance puts a disproportionately large burden on small companies because they don't have as much revenue to spread the costs over; (2) Regulations make small businesses less competitive against foreign competition; (3) Regulations add uncertainty, which keeps small businesses from investing in capital purchases, services and hiring; and (4) New regulations add complexity and often have unintended consequences.

Clearly, we need legislative intervention to make it easier for small businesses to lead us to where we all know we'd rather be.

06/12/2012

What Entrepreneurs Are Looking For In a Bank

What do today's entrepreneurs want from their bank? Members of the invite-only nonprofit Young Entrepreneur Council recently provided their list of the top ten things small business owners should look for when choosing a bank. The list shows what is on the minds of the recession survivors and provides an inside look for bankers into the prospective borrower's mind. Here are the top ten responses to the question: What do you look for in a bank before setting up a business account? Name one service that's most important to you.

1. Ask Your Trusted Advisors; you business attorney or CPA should have a bank recommendation that is a great fit for your business.
2. Fraud Protection; Confidence in a bank's fraud protection procedure allows small business owners to focus on their business.
3. Accessible Bank Representatives; It is important to entrepreneurs for their bank to know them personally, and a face-to face relationship can make a difference.
4. Rainy Day Reaction?; "If I'm going to take my accounts to a bank, in return I want them to give me a "rainy day" credit line.
5. Free Wire Transfers; It's a small cost that can add up over time.
6. Amazing Online Banking; This is a crucial comparison point for today's tech-savvy entrepreneurs.
7. It's All About the Money; Every bank can provide you a variety of services, the only way to differentiate between them will be the fees.
8. Personal Relationships; If the banker takes the time to build a relationship, word gets around.
9. Mobile Access; Along with online banking, the need for solid and secure mobile apps is a must.
10. Easy Access, No Matter When or Where; "When I have a problem, I need to know that I can get it resolved immediately. I can't wait until Monday or whenever I get home, I need at least a customer service number where I can get some help."

The answers show that small business owners are beginning to embrace and rely on technology, and are beginning to expect these amenities from their bank. Also, like it has always been, it is all about the money; a difference in fees or the offer of free services can be the deal breaker. And finally, a true banking relationship is very important. Nearly half of the responses concerned accessibility or availability of the banker. This is where community bankers can really snag customers in today's economy, and the responses indicate that small business owners are still finding some banks are better than others. Make sure you and your bank are doing everything you can to cultivate and maintain these relationships.

05/31/2012

'Made in America' is Making a Comeback

The Advanced Manufacturing Jobs and Innovation Accelerator Challenge is a $26 million, multiagency initiative created to foster innovation-fueled job creation through public-private partnerships, the SBA announced this week. This is the third round of the Jobs Accelerator competition, which is funded by the U.S. Department of Commerce's Economic Development Administration, the National Institute of Standards and Technology, the U.S. Department of Energy, the Department of Labor's Employment and Training Administration, the National Science Foundation, and the SBA.

The said the coordinated investments will help catalyze and leverage private capital, build an entrepreneurial ecosystem, and promote cluster-based development in regions across the United States, the Times Record News reports. "'Made in America' is making a comeback," SBA chief Karen Mills said, "By working with other federal agencies, we can link, leverage and align our resources to give small businesses the tools they need to work together, grow and create jobs in the manufacturing sector."

05/30/2012

05/07/2012

Where do you look for small business resources?
Try these helpful places to start:
www.scsbdc.com
www.sccommerce.com
http://www.sba.gov/category/navigation-structure/starting-managing-business

Every day is a challenge for an existing business owner. Click here for help with finances, marketing or other day-to-day hurdles of running a company.