The new combined Pre-Qualification Pilot Loan Program was developed primarily to address the following markets, identified by SBA as underserved, via traditional lending programs: women, veterans and minority-owned businesses, as well as exporters, rural markets and certain designated geographical areas and industries. The Pre-Qual concept revolves around intermediaries who help market the SBA’s loan programs and assist prospective borrowers in assembling a viable loan application package. To [...]

Small Business Development Centers (SBDCs) The SBDC network is recognized as one of the finest business outreach programs of its kind in the nation. The SBA provides fifty percent or less of the operating funds for each state SBDC. General business education, such a management development, technical information and marketing assistance form the bulk of SBDC services. These business education services are offered via oneonone counseling as well as regularly scheduled training seminars. The mission [...]

7. Hand Out Free Gifts. If you want guaranteed attention, offer a free gift. A free gift for a particular amount or item of purchase. A free gift for responding to a direct-mail solicitation. A free gift of a second item with the purchase of a first a more tantalizing and successful version of the two-for-one sale. Also consider handing out specialty gifts to prospects and customers: free pens, scratchpads, mugs, T-shirts and other items printed with your company name, address, phone [...]

Glossary Of Small Business Terms # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z G GDP (Gross Domestic Product) – The most comprehensive single measure of aggregate economic output. Represents the market value of the total output of the goods and services produced by a nation’s economy. GEOGRAPHIC TARGETING – Specializing in serving the needs of customers in a particular area, thus restricting advertising and other marketing efforts to that area. GNP (Gross National Product) [...]

Glossary Of Small Business Terms # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z W WAIVER OF THE NON-MANUFACTURER RULE – Section 303 (h) of Public Law 100-656 and Section 210 of Public Law 101-574 incorporated into the Small Business Act requires that agency contracts be directed solely to small business manufacturers under set-aside provisions. This requirement is commonly referred to as the Non-manufacturer Rule. The Small Business Act also contains provisions that allow [...]

After completing the Entrepreneur Test, you probably have a better idea of how you compare with other entrepreneurs. However, this is not the complete picture. Your skills, education, and experience also provide you with tools that will help you should you decide to start your own business. The first step in your assessment is to make an honest appraisal of your personal skills and education. You should list everything, especially if you are unsure what type of business in which you want [...]

Here are some questions to ask before signing a lease: Does the lease specifically state the square footage of the premises? What is the total rentable square footage of the building? Is the tenant’s share of expenses based on total square footage of the building or the square footage leased by the landlord? Your share may be lower if it’s based on the total square footage. Do the base year expenses reflect full occupancy or are they adjusted to full occupancy (i.e., base year real estate taxes [...]

Certified Development Company (504) Loan Program The CDC/504 loan program is a long-term financing tool for economic development within a community. The 504 Program provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings. A Certified Development Company is a nonprofit corporation set up to contribute to the economic development of its community. CDCs work with the SBA and private-sector lenders to provide financing to small businesses. [...]

To succeed, entrepreneurs must attract and retain a growing base of satisfied customers. Marketing programs, though widely varied, are all aimed at convincing people to try out or keep using particular products or services. Business owners should carefully plan their marketing strategies and performance to keep their market presence strong. What is Marketing? Marketing is based on the importance of customers to a business and has two important principles: All company policies and activities [...]

11. Sell With Store Signs. Use interior signs to tell customers about the goods and services you offer, such as free delivery, free alterations or free trials. If you stock a specialty line, like environmentally-safe products, point it out. If you’ve just received merchandise with a high-demand feature, let customers know. Signs also provide an easy way to answer customers’ most commonly-asked questions. Post explanatory labels to help customers differentiate among various models. [...]