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BUSINESS SMALL SOUTH FLORIDA RESOURCE Meet SBA 100 page 29 PAGE Counseling 10 PAGE Capital 17 PAGE Contracting 31 www.SBA.gov • connect with us @ facebook.com/SBAgov twitter.com/sbagov youtube.com/sba contents SMALL BUSINESS P R ublishing eni Publishers of Small Business Resource Advertising Phone: 863-294-2812 • 800-274-2812 Fax: 863-299-3909 • www.sbaguides.com 2012 SOUTH FLORIDA Staff FEATURES President/CEO Joe Jensen email@example.com 4 Introduction 29 Meet the SBA 100 English Small Business Resource Advertising 4 Administrator’s Letter Nicky Harvey firstname.lastname@example.org 8 Director’s Message 31 Contracting Martha Theriault Kenna Rogers email@example.com firstname.lastname@example.org Applying for Government 10 Counseling Contracts. 31 How Government Contracting Production Getting help to start up, market and Works Diane Traylor email@example.com manage your business. 32 SBA Contracting Programs 10 SBA Resource Partners 34 Getting Started in Contracting SBA’s Marketing Office: 13 SBA’s Online Tools and Training 35 The Small Business Resource Guide is published 14 Reaching Underserved Disaster under the direction of SBA’s Office of Marketing and Customer Service. Communities Knowing the types of assistance 15 Are You Right for Small available for recovery. Director of Marketing Business Ownership? Paula 16 Writing a Business Plan 36 Advocacy and Ombudsman Panissidi firstname.lastname@example.org Watching out for small business Editorial Content 17 Capital interests. email@example.com Financing options to start or grow your business. 37 Additional Resources Graphic Design 17 SBA Business Loans Taking care of start up logistics. Gary 19 What to Take to the Lender 40 Business Organization: Shellehamer firstname.lastname@example.org 24 Small Business Investment Choosing your Structure SBA’s participation in this publication is not an Company Program endorsement of the views, opinions, products or 24 Small Business Innovation Research Program 41 Other Assistance services of the contractor or any advertiser or other participant appearing herein. All SBA programs and services are extended to the public on a 26 Small Business Technology Transfer Program 43 Lender Listing nondiscriminatory basis. 26 Surety Bond Guarantee Printed in the United States of America Program 27 SBA Loan Program Chart While every reasonable effort has been made to ensure that the information contained herein was accurate as of the date of publication, the information is subject to change without notice. Neither the contractor, the federal government, or agents thereof shall be held liable for any damages arising from the use of or reliance on the The Fresh Diet information contained in this publication. SBA Publication # MCS-0018 story on page 30 This publication is provided under SBA Contract # SBAHQ11C0005. Visit us online: www.sba.gov/fl/south SOUTH FLORIDA Small Business Resource — 3 The U.S. Small Business Administration F R O M T HE ADM I NI STRATOR Over the past two years, I’ve Americans own or work for a small business, met dozens of entrepreneurs and two of every three new jobs are created by who used the tools in this small businesses. guide – information on capital, contracts, counseling, In addition to the great information in this and more – to build their guide, check out our online tools. For example, companies and create at www.sba.gov/direct you can type in your zip thousands of good jobs. You code and a few details about yourself and your can read similar success stories business, and you’ll immediately get information in the back of this issue as part of the SBA 100, on SBA resources and contacts in your local which we rolled out in August. area. Also, you can quickly get local permit and licensing information for various types of Since the credit crisis hit in 2008, the SBA has businesses at www.sba.gov/permits. supported over $50 billion in lending to small businesses through programs like 7(a) and 504, America’s small businesses are gearing our top two loan programs. During that same up to expand and hire once again. Our time, SBA counselors have helped more than 2 commitment at SBA and throughout the Obama million entrepreneurs and small business owners Administration is to make sure they have the through networks such as our Small Business tools they need to stay on that path. Please Development Centers, Women’s Business feel free to contact your local SBA office if you Centers, and our SCORE volunteers. And, have any questions. We stand ready to help in we’ve helped deliver nearly $100 billion each whatever way we can. year in federal contracts into the hands of small business owners. Warm regards, Today, we continue to empower America’s job creators with highly-targeted programs and initiatives aimed at helping both Main Street Karen G. Mills small businesses and high-growth small firms. Administrator This work is crucial, because half of working Small Business Administration About the SBA www.sba.gov Your Small Business Resource Every year, the U.S. Small Business Administration and its nationwide • Contracting network of partners help millions of potential and current small • Disaster Assistance business owners start, grow and succeed. • Advocacy and the Ombudsman Resources and programs targeting small businesses provide an Visit SBA online at www.sba.gov for 24/7 access to small business advantage necessary to help small businesses compete effectively in news, information and training for entrepreneurs. the marketplace and strengthen the overall U.S. economy. All SBA programs and services are provided on a nondiscriminatory SBA offers help in the following areas: basis. • Counseling • Capital 4 — Small Business Resource SOUTH FLORIDA Visit us online: www.sba.gov/fl/south Message From The District Director SOUTH FLORIDA SBA Staff Listing We Are Here www.sba.gov/fl/south Telephone Numbers: Main Reception Desk: 305-536-5521, Ext. 102 or 0 Toll Free: 800-733-2894, Ext. 1 To Help You Y Fax Numbers: Main: 305-536-5058 Lender Relations: 305-536-5579 ou are now reading the one As your business grows, I hope you will Executive Direction: 305-536-7566 publication I am certain will have a use the many no-cost, high-quality programs tremendous impact on the success and services SBA offers to small business NAME EXT. DEPT. of your entrepreneurial experience. owners. Our resource partners, SCORE-- Campbell, Jeffery 156 8(a) Business Dev. Spec. Thank you for this opportunity Counselors to America’s Small Business, the Carrion, Gwendolyn 130 8(a) Business Dev. Spec. Florida Small Business Development Center Estevez, Manuel 110 Program Support Asst./ to introduce you to the U.S. Small Business Lender Relations Network (FSBDCN), and the Women’s Administration’s financial, procurement and Business Centers, counseled and trained Gonzalez, Miguel 141 Asst. District Director/ technical assistance programs and services in Customer Service thousands of people last year. Our programs South Florida. have proven value. I hope you will include Harris, Althea 152 Assistant District SBA has one goal: to help entrepreneurs SBA in your plans for success. Director/M&O Area 1 Horner, Eve 139 8(a) Business Dev. Spec. start and expand successful businesses. The Contact us today and find out how Johnson, Ralph 132 District Support Asst./ SBA is a federal agency chartered by the we can assist you. Additionally, the SBA’s Admin. Services U.S. Congress to preserve and stimulate free Website, www.sba.gov is a great source for Marrero, Francisco (Pancho) 118 District Director enterprise in order to maintain and strengthen valuable online resources as well as for more Negroni, Jose 154 Lender Relations Spec. the national economy. Our objective is clear information about who we are and what Perez-Velazquez, Maritza 102 District Support and we take our responsibilities very seriously. we do. Keep a copy of the 2012 South Assist./Customer Service Please take the time to acquaint yourself with Florida Small Business Resource Guide Rackear, Nancy 104 Public Affairs SBA’s services and use them to ensure your handy and share the information with other Specialist success in business. entrepreneurs. I wish you success. Suarez, Aimee 131 8(a) Business Dev. Spec. The South Florida Small Business Velasco, Frank 122 8(a) Business Dev. Spec. Resource Guide provides practical information and lists resources that will help you start and Sincerely, Ft. Pierce AWS Site (Area 2) build your business. Through our resource Gallman, Tom 772-466-1944 Assistant District partners, SBA can help you develop a viable Director/M&O Area 2 business plan, obtain financing on competitive LoPresti, Vincent 772-466-3176 Area Manager Francisco “Pancho” A. Marrero terms, or develop a marketing strategy for Tampa AWS Site (Area 3) your product or service in the national and District Director of Chavarria, Robert 813-228-2100 international market place. SBA’s South Florida District Office ext. 24 Assistant District Director/M&O Area 3 Hein, Jonel 813-228-2100 ext. 25 Asst. District Director/ Admin. Services Long, Charles 813-228-2100 ext. 27 Area Manager/Credit & South Florida District Counties Lending Brevard Manatee Co-Located SBA Employees Barbeite, Javier 112 Field Information Tech. Broward Martin Specialist Charlotte Miami-Dade Braverman, Richard 136 District Attorney Collier Monroe Cook, Linda 124 Team Leader, Litigation Unit DeSoto Okeechobee Giddens, Traci 115 Program Analyst, OSBDC Glades Osceola Goldman, Audrey 114 Attorney, Litigation Unit Marshall, Loretta 144 Paralegal, Litigation Unit Hardee Palm Beach Nirk, Scott 158 Procurement Center Rep. Hendry Pasco Rosenfeld, Susan 111 District Counsel Highlands Pinellas Hillsborough Polk Indian River St. Lucie Lee Sarasota 8 — Small Business Resource SOUTH FLORIDA Visit us online: www.sba.gov/fl/south The SBA helps business owners grow and expand Doing Business in South Florida their businesses every day. controlled by socially and economically disadvantaged individuals is available through the Business Development Program. A Women’s Business Ownership Representative is available to assist women business owners. Please contact Althea Harris at 305-536-5521 ext. 152 or e-mail: email@example.com. Special loan programs are available for businesses involved in international trade. For more information please contact Mary Hernandez at 305-526- 7425 ext.21 or e-mail: mary.hernandez@ sba.gov THE SOUTH FLORIDA DISTRICT OFFICE SERVICES AVAILABLE A Veterans Affairs Officer is available The South Florida District Office is Financial assistance for new and to assist veterans. Please contact Robert responsible for the delivery of SBA’s existing businesses is available through Chavarria at 813-228-2100 ext. 24 or many programs and services. The guaranteed loans made by area bank e-mail: firstname.lastname@example.org. District Director is Francisco “Pancho” and non-bank lenders. A. Marrero. The District Office is located at 100 S. Biscayne Boulevard, Free counseling, advice and 7th Floor, Miami, FL. Office hours are information on starting, better from 8:00 AM until 4:30 PM, Monday operating or expanding a small through Friday, except Federal business is available through SCORE- Holidays. - Counselors to America’s Small Business, Florida Small Business CONTACTING THE SOUTH FLORIDA Development Centers (SBDC) and DISTRICT OFFICE Women’s Business Centers (WBC). For program and service information, They also conduct high-quality training please contact the Information Desk at events throughout the district; some 305-536-5521 ext. 102. require a nominal registration fee. Assistance to businesses owned and We Welcome Your 2 Alternate Work Sites: Service Area 1 / Miami Questions Counties served: Broward, Collier, U.S. Small Business Administration Hendry, Lee, Miami-Dade and Monroe. South Florida District Office 501 E. Kennedy Boulevard, Suite 210 100 S. Biscayne Boulevard, 7th Floor Tampa, FL 33602 Service Area 2 / Ft. Pierce AWS Miami, FL 33131-2011 Tel: 813-228-2100 Fax: 813-228-2114 Counties served: Brevard, Glades, Tel: 305-536-5521 Fax: 305-536-5058 Highlands, Indian River, Martin, Okeechobee, Osceola, Palm Beach and Website: www.sba.gov/fl/south U.S. Small Business Administration St. Lucie. 505 South 2nd Street, Suite 225 Fort Pierce, FL 34950 Service Area 3 / Tampa AWS Counties served: Charlotte, Desota, Tel: 772-466-1944 Fax: 772-466-6580 Hardee, Hillsborough, Manatee, Pasco, Pinellas, Polk and Sarasota. Visit us online: www.sba.gov/fl/south SOUTH FLORIDA Small Business Resource — 9 COUNSELING Getting Help to Start Up, Market and Manage Your Business You can count on SCORE as a trusted resource to offer in-depth mentoring, sound advice and guidance, and tools and resources that can help you succeed as a business owner. In fiscal year 2010, SCORE served over 400,000 clients through individual counseling, workshops and online sessions by leveraging the expertise and experience of nearly 14,000 business mentors. For 24/7 access to advice and online webinars on topics such as starting, growing, marketing and e-commerce for small business, visit SCORE online at E www.score.org or call 1-800-624-0245 for SCORE very year, the U.S. Small the office nearest you. Business Administration and its nationwide network SCORE is a national network of Area 1 – SCORE Chapters of resource partners help nearly14,000 entrepreneurs, business Broward, Collier, Hendry, Lee, leaders and executives who volunteer as Miami-Dade millions of potential and existing small business owners start, mentors to America’s small businesses. SCORE has helped more than 8.5 Miami-Dade/Monroe SCORE #29 grow and succeed. 175 S.W. 7th St., Ste. 1921 Whether your target market is global million entrepreneurs nationwide by Miami, FL 33130 or just your neighborhood, the SBA and leveraging decades of expertise from 786-425-9119 its resource partners can help at every seasoned business professionals to email@example.com stage of turning your entrepreneurial help entrepreneurs start businesses, www.scoremiami.org grow companies and create jobs in local Counties served: Miami-Dade & Monroe dream into a thriving business. If you’re just starting, the SBA and communities. With more than 370 offices Broward County SCORE #17 its resources can help you with loans 299 E. Broward Blvd., Rm. 123 and business management skills. If throughout the country, SCORE Ft. Lauderdale, FL 33301 you’re already in business, you can use matches you with a mentor whose 954-356-7263 • 954-356-7145 Fax the SBA’s resources to help manage personality, experience, and skills firstname.lastname@example.org and expand your business, obtain are a good fit for your business needs. www.score17.org government contracts, recover from Whether you are a start-up business Counties served: Broward disaster, find foreign markets, and or growing company, SCORE mentors offer free and confidential advice. As South Broward/North Miami make your voice heard in the federal SCORE #235 government. members of your community, SCORE 6565 Taft St., Ste. 403 You can access SBA information mentors understand local business Hollywood, FL 33024 online 24 hours a day at www.sba. licensing rules, economic conditions 954-966-8415 • 954-966-2313 Fax gov or visit one of our local offices for and lending standards. SCORE also email@example.com assistance. offers local small business workshops www.scorehollywoodfl.org at modest fees on popular topics such Counties served: South Broward & North as increasing sales, managing cash flow Miami-Dade SBA’S RESOURCE and marketing your business. PARTNERS In addition to our district offices which serve every state and territory, SBA COUNSELING works with a variety of local resource partners to meet your small business needs. These professionals can help • You get to be your own boss. with writing a formal business plan, ON THE UPSIDE • Hard work and long hours directly benefit you, locating sources of financial assistance, rather than increasing profits for someone else. managing and expanding your business, It’s true, there are a lot of finding opportunities to sell your goods reasons not to start your • Earnings and growth potential are unlimited. or services to the government, and own business. But for the right person, the advantages • Running a business will provide endless recovering from disaster. To find your variety, challenges and opportunities to learn. local district office or SBA resource of business ownership far partner, visit www.sba.gov/sba-direct. outweigh the risks. 10 — Small Business Resource SOUTH FLORIDA Visit us online: www.sba.gov/fl/south Naples/Collier SCORE #573 Fifth Third Bank Bldg. 900 Goodlette Rd. N. Naples, FL 34102 239-430-0081 • 239-430-0082 Fax firstname.lastname@example.org www.scorenaples.org Counties served: Collier & Monroe Southwest Florida SCORE Chapter #219 Social Security Bldg. 3650 Colonial Blvd., Ste. 231 Fort Myers, FL 33966 239-489-2935 • 239-489-1170 Fax email@example.com www.score219.org Counties served: Lee Area 2 – SCORE Chapters Brevard, Glades, Highlands, Indian River, Martin, Okeechobee, Osceola, Palm Beach, St. Lucie South Palm Beach County SCORE #412 Central Florida SCORE #122 preparedness, import and export 7999 N. Federal Hwy., Ste. 201 5410 S. Florida Ave., #3 assistance, veterans assistance, Boca Raton, FL 33487 561-981-5180 • 561-981-5391 Fax Lakeland, FL 33813 procurement assistance, electronic 863-619-5783 commerce, technology transfer and firstname.lastname@example.org http://centralflorida.score.org/node/9157/conact regulatory compliance. A number www.scoresouthflorida.org http://centralflorida.score.org of SBDC networks have specialized Palm Beach SCORE #224 programs or centers dedicated to these 500 Australian Ave. S., Ste. 115 Hillsborough SCORE #203 focus areas. Corp. Square - Bldg. 400, #465 West Palm Beach, FL 33401 7402 N. 56th St. During the past thirty years, through 561-833-1672 • 561-833-1470 Fax Tampa, FL 33617 a unique mix of federal, state and email@example.com private sector resources, the SBDC 813-988-1435 • 813-914-4027 Fax www.wpbscore.org program has increased its return on firstname.lastname@example.org Counties served: Palm Beach investment. Through federal grants, www.tampascore.org SBDCs in every state and territory Treasure Coast SCORE #308 Charlotte/Desoto SCORE #318 provide the foundation for the economic 3220 U.S. Hwy. 1, Ste. 2 Ft. Pierce, FL 34952 1777 Tamiami Tr., Ste. 411 growth of small businesses. These small Port Charlotte, FL 33950 businesses, in turn, advance local and 772-489-0548 • 772-489-9548 Fax 941-743-6179 regional economic development through email@example.com http://portcharlotte.score.org/node/8894/contact the generation of business revenues, job www.score308.com http://portcharlotte.score.org creation and job retention. This return Space Coast SCORE #400 on investment is demonstrated by fiscal Ralph Perers, Chairperson Pasco/Hernando County SCORE #439 2010 outcomes, where SBDCs: 6014 U.S. Hwy. 19, #302 Melbourne Professional Complex • Assisted more than 13,600 New Port Richey, FL 34652 1600 Sarno Rd., Ste. 205 entrepreneurs to start new businesses 727-842-4638 • 727-842-4766 Fax Melbourne, FL 32935 – an estimated 37 new business starts http://pascohernando.score.org/node/8937/contact 321-254-2288 • 321-254-2288 Fax per day. http://pascohernando.score.org firstname.lastname@example.org • Provided counseling services to over www.spacecoastscore.org 107,000 emerging entrepreneurs and SMALL BUSINESS nearly 102,000 existing businesses. Area 3 – SCORE Chapters Charlotte, DeSoto, Hardee, Hillsborough, DEVELOPMENT CENTERS • Provided training services to approximately 380,000 clients. Manatee, Pasco, Pinellas, Polk, Sarasota The Small Business Development The efficacy of the SBDC program Center (SBDC) program has been vital has been validated by a nationwide Pinellas/Suncoast SCORE #115 to SBA’s entrepreneurial outreach for Airport Business Center #311 impact study. Of the clients surveyed, more than 30 years. It has become one of more than 80 percent reported that the 4707 140th Ave. N. the largest professional small business Clearwater, FL 33762 business assistance they received from management and technical assistance the SBDC counselor was worthwhile. 727-532-6800 • 727-532-6800 Fax networks in the nation. With nearly email@example.com Similarly, more than 50 percent reported www.scorepinellas.org 900 locations across the country, SBDCs that SBDC guidance was beneficial in offer free one-on-one expert business advice and low-cost training by qualified making the decision to start a business. Manasota SCORE #116 More than 40 percent of long-term 2801 Fruitville Rd., #280 small business professionals to existing Sarasota, FL 34237 and future entrepreneurs. clients, those receiving 5 hours or more 941-955-1029 • 941-955-5581 Fax The SBDC program includes special of counseling, reported an increase http://manasota.score.org/node/773/contact focus areas such as, green business in sales and 38 percent reported an http://manasota.score.org technology, disaster recovery and increase in profit margins. Visit us online: www.sba.gov/fl/south SOUTH FLORIDA Small Business Resource — 11 SBDC at Florida Gulf Coast University Area 3 Julio Estremera, Certified Business Analyst (Charlotte, DeSoto, Hardee, Hillsborough, Career Service Center of Collier County Manatee, Pasco, Pinellas, Polk, Sarasota) 750 S. 5th St., Ste. 710 Immokalee, FL 34142-4301 SBDC at the University of South Florida 239-658-3327 • 239-658-3355 Fax Eileen Rodriguez, Regional Director firstname.lastname@example.org 1101 Channelside Dr., Ste. 210 http://cli.fgcu.edu/sbdc Tampa, FL 33602-3613 813-905-5800 • 813-905-5801 Fax SBDC at Florida Gulf Coast University email@example.com Robert Smoot, Certified Business Analyst www.SBDCtampabay.com 1020 Cultural Park Blvd., Unit 3 Cape Coral, FL 33990-1229 SBDC at USF - St. Petersburg 239-573-2737 • 239-573-2797 Fax Wayne Brass, Certified Business Analyst firstname.lastname@example.org College of Business http://cli.fgcu.edu/sbdc 140 7th Ave. S., DAV 108D Area 2 St. Petersburg, FL 33701-5016 (Brevard, Glades, Highlands, Indian River, 727-873-4753 Martin, Okeechobee, Osceola, Palm Beach, email@example.com St. Lucie) www.SBDCtampabay.com SBDC at Palm Beach State College SBDC at Central Florida Development Ted Kramer, Regional Director Council (Polk County) 3000 Saint Lucie Ave, Ste. AD 408 Doretha Brooks, Director Boca Raton, FL 33431 PSC/USF Polytechnic 561-862-4726 • 561-862-4727 Fax 3433 Winter Lake Rd., Modular-LMC For information on the SBDC firstname.lastname@example.org Lakeland, FL 33803-9807 program, visit www.sba.gov/sbdc. To www.palmbeachstate.edu/sbdc.xml 863-667-7913 • 863-667-7911 Fax schedule an appointment for counseling email@example.com or to see the seminar schedule, contact SBDC at the University of Central Florida www.polksbdc.org the center nearest you from the list Gene Romagna, Area Manager Lake Sumter Community College SBDC at State College of Florida below. 1250 N. Hancock Rd., Rm. 106, Bldg. 1 Manatee - Sarasota Clermont, FL 34711-5931 Carolyn Griffin, Assistant Director Area 1 352-536-2224 (Broward, Collier,Hendry, Lee, Miami-Dade, Business Resource Center firstname.lastname@example.org 8000 Tamiami Tr. S. Monroe) www.sbdcorlando.com Venice, FL 34293-5113 SBDC Miami-Dade SBDC at Brevard Community College 941-408-1412 • 941-497-6433 Fax Carlos Cardenas, Regional Director Victoria Peake, Director email@example.com Festival Plaza, 8500 S.W. 8th St., Ste. 224 3865 N. Wickham Rd., Rm. 122, Bldg. 10 www.scf.edu/sdbc Miami, FL 33144-4002 Melbourne, FL 32935-2310 305-261-1638 • 305-264-3567 Fax 321-433-5570 • 321-433-5708 Fax SBDC at State College of Florida firstname.lastname@example.org email@example.com Manatee - Sarasota www.floridasbdc.org/miami-dade www.bcctraining.com Arthur Mahoney, Certified Business Analyst Lakewood Ranch SBDC Broward County SBDC at the University of South Florida 7131 Professional Pkwy. E. Rafael Cruz, Regional Director David Noel, Certified Business Analyst Sarasota, FL 34240-8453 Reubin O’D. Askew Tower, Rm. 525 South Florida Community College 941-363-7219 • 941-373-7795 Fax 111 E. Las Olas Blvd. 600 W. College Dr., Bldg. T firstname.lastname@example.org Ft. Lauderdale, FL 33301-2206 Avon Park, FL 33825-9356 www.scf.edu/sbdc 954-762-5235 863-784-7378 • 863-784-7355 Fax email@example.com firstname.lastname@example.org SBDC at Florida Gulf Coast University www.floridasbdc.org/broward www.southflorida.edu/sbdc Peter Keating, Certified Business Analyst Charlotte County Chamber of Commerce SBDC Key West SBDC at Indiana River State College 2702 Tamiami Tr. Greg Baumann, Certified Business Analyst Donna Rivett, Regional Director Port Charlotte, FL 33952-5129 Florida Keys Community College 3209 Virginia Ave., Bldg. E, Rm. 123 941-627-2222 • 941-639-6330 Fax 5901 College Rd., Ste. C-226 Ft. Pierce, FL 34981-5596 email@example.com Key West, FL 33040-4315 772-462-7296 or 888-283-1177 http://cli.fgcu.edu/sbdc 305-809-3156 • 305-393-1713 Fax 772-462-7843 Fax firstname.lastname@example.org email@example.com SBDC at the University of South Florida www.floridasbdc.org/key-west www.sbdc-irsc.com Learline Shortyi, Certified Business Analyst 7402 N. 56th St., Ste. 425, Bldg. 400 SBDC at Florida Gulf Coast University SBDC at Indian River State College Temple Terrace, FL 33617-7743 Dan Regelski, Regional Director Jack Burns, Certified Business Analyst 813-914-4028 • 813-914-4027 Fax FGCU, CLI, Lutgert COB, Unit 2320 IRSC Business Incubator firstname.lastname@example.org 10501 FGCU Blvd. S. 924 S.E. Central Pkwy. www.sbdctampabay.com Fort Myers, FL 33965-6565 Stuart, FL 34994-3997 239-745-3700 • 239-745-3710 Fax 772-419-5694 • 772-283-1981 Fax email@example.com firstname.lastname@example.org http://cli.fgcu.edu/sbdc www.sbdc-irsc.com 12 — Small Business Resource SOUTH FLORIDA Visit us online: www.sba.gov/fl/south State Director’s Office set aside certain federal contracts for • Nearly half of the participants secured Jerry Cartwright, State Director eligible women-owned small businesses federal, state, local and tribal contracts 11000 University Pkwy., Bldg. 38 or economically disadvantaged women- with a cumulative total of $287 Pensacola, FL 32514-5750 owned small businesses. For more million. 850-473-7800 or Suncom 680-7800 • Approximately half of the participants information on the program, visit www. 850-473-7813 Fax have hired new workers, creating 275 email@example.com sba.gov/wosb. new jobs in 2010. www.FloridaSBDC.org To find the nearest SBA WBC, visit • All participants were introduced and www.sba.gov/women. trained on becoming SBA 8(a) certified WOMEN’S BUSINESS CENTERS firms; nearly 25 percent of respondents Florida Women’s Business Center are currently certified as SBA 8(a) The SBA’s Women Business Jennifer Kovach, Director firms, while other participants Center (WBC) program is a network 401 W. Atlantic Ave., Ste. 09 reported a focused intention on of approximately 110 community- Delray Beach, FL 33444 applying to the 8(a) program. 866-353-3790 ext. 113 Toll Free • Nearly 50 percent of participating based centers which provide business 561-265-0806 Fax respondents were female executives training, coaching, mentoring and firstname.lastname@example.org and 70 percent were minority business other assistance geared toward women, www.flwbc.org executives. particularly those who are socially and Serving 18 Counties: Broward, Charlotte, • 85 percent of responding executives economically disadvantaged. WBCs Collier, Desoto, Glades, Hardee, Hendry, were Satisfied or Very Satisfied with are located in nearly every state and Highlands, Hillsborough, Lee, Manatee, the overall training series and results. U.S. territory and are partially funded Martin, Miami-Dade, Monroe, Okeechobee, To find out more about this executive- through a cooperative agreement with Palm Beach, Pinellas, and Sarasota. level training opportunity, please the SBA. visit www.sba.gov/e200 for host cities, Satellite Office: Broward County To meet the needs of women 330 N. Federal Hwy. training schedules, and selection entrepreneurs, WBCs offer services Hollywood, FL 33020 criteria. at convenient times and locations, 954-923-4000 including weekends. Most WBCs are located at non-profit host organizations Satellite Office: Lee County SBA’S ONLINE TOOLS AND that offer a wide variety of services in 3903 Dr. Martin Luther King Jr. Blvd. Fort Myers, FL 33916 TRAINING addition to the services provided by the SBA’s Small Business Training 239-321-7086 WBC. Many of the WBCs also offer Network is a virtual campus complete training and counseling and provide Women’s Business Center at Florida Tech with free online courses, workshops, materials in different languages in Donn E. Miller-Kermani, Director podcasts, learning tools and business- order to meet the diverse needs of the 150 W. University Blvd. readiness assessments. communities they serve. Melbourne, FL 32901 Key Features of the Small Business WBCs often deliver their services 321-674-7006 • 321-674-7008 Fax Training Network: through long term training or group email@example.com wbc.fit.edu Training is available anytime and counseling, both of which have shown to anywhere—all you need is a computer be effective. WBC training courses are with Internet access. often free or offered at a small fee. Some EMERGING LEADERS • More than 30 free online courses and centers will also offer scholarships based workshops are available. SBA’s Emerging Leaders initiative on the client’s needs. • Templates and samples to get your is currently hosted in 27 markets While most WBCs are physically business planning underway. across the country using a national • Online, interactive assessment tools located in one designated location, a demonstrated research-based are featured and used to direct clients number of WBCs also provide courses curriculum that supports the growth to appropriate training. and counseling via the Internet, mobile and development of small firms that Course topics include a financial classrooms and satellite locations. have substantial potential for expansion primer keyed around SBA’s loan- WBCs have a track record of success. and community impact. A competitive guarantee programs; a course on In fiscal year 2010, the WBC program selection process results in firm exporting; courses for veterans and counseled and trained more than executives participating in high-level women seeking federal contracting 160,000 clients, creating local economic training and peer-networking sessions opportunities; and an online library growth and vitality. Of the WBC clients led by professional instructors and local of podcasts, business publications, who have received 3 or more hours of economic development organizations. templates and articles. counseling, 15 percent indicated that Post-training, social and economic Find these free resources at www.sba. the services led to hiring new staff, 34 impact results from responding gov/training. percent indicated that the services led executives who attended the 2008 – to an increased profit margin, and 47 2010 training classes indicate: percent indicated that the services led to • More than half of participating an increase in sales. businesses reported an increase in In addition, the WBC program has revenue, with an average revenue of taken a lead in preparing women $1,879,266. business owners to apply for the • Participating businesses averaged Women-Owned Small Business $2 million in revenue, with new (WOSB) Federal Contract program cumulative financing of $7.2 million that authorizes contracting officers to secured in 2010. Visit us online: www.sba.gov/fl/south SOUTH FLORIDA Small Business Resource — 13 REACHING UNDERSERVED COMMUNITIES SBA also offers a number of programs SBA is committed to reaching employee is called to active duty. The specifically designed to meet the needs out to faith based and community Military Reservist Economic Injury in the underserved communities. organizations that are eligible to Disaster Loan Program (MREIDL) participate in the agency’s programs by provides loans up to $2 million to eligible WOMEN BUSINESS OWNERS informing their congregants, members and neighbors about SBA’s programs. small businesses to cover operating costs that cannot be met due to the loss of an Women entrepreneurs are changing In particular, many faith-based and essential employee called to active duty the face of America’s economy. In the community non-profit organizations in the Reserves or National Guard. 1970s, women owned less than five can provide a local financing option Among the SBA’s unique services for percent of the nation’s businesses. for entrepreneurs by becoming SBA veterans are: an Entrepreneurship Boot Today, they are majority owners Microloan Intermediaries. An SBA Camp for Veterans with Disabilities in of about a third of the nation’s small Microloan Intermediary often acts as businesses and are at least equal owners partnership with 6 top U.S. universities a bank for entrepreneurs and small (www.whitman.syr.edu/ebv), a program of about half of all small businesses. businesses that might otherwise be to reach women veteran-entrepreneurs SBA serves women entrepreneurs unable to find access to capital. (www.whitman.syr.edu/vwise), and a nationwide through its various programs and services, some of which are designed program for Reserve Component family especially for women. VETERANS AND RESERVISTS members called Operation Endure The SBA’s Office of Women’s Business BUSINESS DEVELOPMENT and Grow (www.whitman.syr.edu/ endureandgrow). Ownership (OWBO) serves as an To ensure that veterans, service- For more information about small advocate for women-owned businesses. disabled veterans and Reserve and business lending programs for veteran OWBO oversees a nationwide network of 110 women’s business centers that National Guard member entrepreneurs business owners and Reserve or provide business training, counseling receive special consideration in all of Guard members who are activated, and mentoring geared specifically to SBA’s entrepreneurial programs and including Patriot Express, microloans, women, especially those who are socially resources, the SBA has established and Advantage loans, see the section and economically disadvantaged. The an Office of Veterans Business on Access to Capital. To learn more program is a public-private partnership Development (OVBD). Each year, about the Veterans Business Outreach with locally-based nonprofits. OVBD reaches thousands of veterans, program or find the nearest SBA VBOC, Women’s Business Centers serve Reserve Component members, visit the SBA Web site at www.sba.gov/ a wide variety of geographic areas, transitioning service members and vets. population densities, and economic others who are – or who want to environments, including urban, become – entrepreneurs and small suburban, and rural. Local economies business owners. OVBD develops and NATIVE AMERICAN BUSINESS vary from depressed to thriving, and distributes informational materials for DEVELOPMENT range from metropolitan areas to entrepreneurship such as the Veterans The SBA Office of Native American entire states. Each Women’s Business Business Resource Guide, VETGazette, Affairs (ONAA) ensures American Center tailors its services to the needs and Getting Veterans Back to Work. In Indians, Alaska Natives and Native of its individual community, but all addition, there are 16 Veterans Business Hawaiians seeking to create, develop offer a variety of innovative programs, Outreach Centers strategically located and expand small businesses have often including courses in different throughout the country that provide full access to the necessary business languages. They provide training in both online and in-person training, development and expansion tools finance, management, marketing, and counseling, mentoring, workshops, available through the agency’s the Internet, as well as access to all of referrals, and more. Each of the SBA’s entrepreneurial development, lending, the SBA’s financial and procurement 68 District Offices also has a designated and contracting programs. ONAA assistance programs. provides a network of training (including veteran’s business development officer. The SBA offers special assistance for the online tool “Small Business CENTER FOR FAITH-BASED AND small businesses owned by activated Primer: Strategies for Growth”) and NEIGHBORHOOD PARTNERSHIPS Reserve and National Guard members. counseling services and engages in numerous outreach activities, such as Any self-employed Reserve or Guard Faith-based and Neighborhood tribal consultations, development and member with an existing SBA loan can Partnerships know their communities, distribution of educational materials, and they have earned their people’s request from their SBA lender or SBA district office loan payment deferrals, attendance and participation in trust. Because of their credibility, economic development events and they are uniquely positioned to build interest rate reductions and other relief assisting these small businesses with awareness of programs that encourage after they receive their activation orders. SBA programs. entrepreneurship, economic growth and In addition, the SBA offers special More information is at job creation. low-interest-rate financing to small www.sba.gov/naa. businesses when an owner or essential 14 — Small Business Resource SOUTH FLORIDA Visit us online: www.sba.gov/fl/south ARE YOU RIGHT FOR SMALL BUSINESS OWNERSHIP? Most new business owners who succeed have planned for every phase own shoulders. Strong motivation will help you survive slowdowns and HOME-BASED BUSINESSES periods of burnout. Going to work used to mean of their success. Thomas Edison, the • How will the business affect traveling from home to a plant, store or great American inventor, once said, your family? The first few years of office. Today, many people do some or “Genius is 1 percent inspiration and all their work at home. business start-up can be hard on 99 percent perspiration.” That same family life. It’s important for family philosophy also applies to starting a members to know what to expect Getting Started business. and for you to be able to trust that Before diving headfirst into a home- First, you’ll need to generate a little they will support you during this based business, you must know why bit of perspiration deciding whether time. There also may be financial you are doing it. To succeed, your you’re the right type of person to start difficulties until the business becomes business must be based on something your own business. profitable, which could take months greater than a desire to be your or years. You may have to adjust to a own boss. You must plan and make IS ENTREPRENEURSHIP FOR lower standard of living or put family assets at risk. improvements and adjustments along the road. YOU? Once you’ve answered those Working under the same roof where There is simply no way to eliminate questions, you should consider what your family lives may not prove to be all the risks associated with starting type of business you want to start. as easy as it seems. One suggestion is a small business, but you can improve Businesses can include franchises, to set up a separate office in your home your chances of success with good at-home businesses, online businesses, to create a professional environment. planning, preparation, and insight. brick-and-mortar stores or any Ask yourself these questions: Start by evaluating your strengths combination of those. • Can I switch from home responsibilities to business work and weaknesses as a potential owner easily? and manager of a small business. FRANCHISING • Do I have the self-discipline to Carefully consider each of the following maintain schedules while at home? There are more than 3,000 business • Can I deal with the isolation of questions: franchises. The challenge is to decide working from home? • Are you a self-starter? It will be entirely up to you to develop projects, on one that both interests you and is organize your time, and follow a good investment. Many franchising Legal Requirements through on details. experts suggest that you comparison A home-based business is subject to • How well do you get along with shop by looking at multiple franchise many of the same laws and regulations different personalities? Business opportunities before deciding on the affecting other businesses. owners need to develop working one that’s right for you. Some general areas include: relationships with a variety of Some of the things you should • Zoning regulations. If your business people including customers, vendors, look at when evaluating a franchise: operates in violation of them, you staff, bankers, employees, and historical profitability, effective could be fined or shut down. professionals such as lawyers, • Product restrictions. Certain financial management and other accountants, or consultants. Can products cannot be produced in the controls, a good image, integrity and home. Most states outlaw home you deal with a demanding client, commitment, and a successful industry. an unreliable vendor, or a cranky production of fireworks, drugs, In the simplest form of franchising, poisons, explosives, sanitary or receptionist if your business interests while you own the business, its medical products and toys. Some demand it? • How good are you at making operation is governed by the terms of states also prohibit home-based decisions? Small business owners are the franchise agreement. For many, businesses from making food, drink required to make decisions constantly this is the chief benefit for franchising. or clothing. – often quickly, independently, and You are able to capitalize on a business Be sure to consult an attorney and under pressure. format, trade name, trademark and/ your local and state departments • Do you have the physical and or support system provided by the of state, labor and health to find emotional stamina to run a franchisor. But you operate as an out which laws and regulations will business? Business ownership can independent contractor with the ability affect your business. Additionally, be exciting, but it’s also a lot of work. to make a profit or sustain a loss check on registration and accounting Can you face six or seven 12–hour commensurate with your ownership. requirements needed to open your workdays every week? If you are concerned about starting home-based business. You may need • How well do you plan and an independent business venture, then a work certificate or license from the organize? Research indicates that franchising may be an option for you. state. Your business name may need poor planning is responsible for most business failures. Good organization Remember that hard work, dedication to be registered with the state. A — of financials, inventory, schedules, and sacrifice are key elements in separate business telephone and bank and production — can help you avoid the success of any business venture, account are good business practices. many pitfalls. including a franchise. Also remember, if you have • Is your drive strong enough? For more information visit employees you are responsible for Running a business can wear you www.sba.gov/franchise. withholding income and social- down emotionally. Some business security taxes, and for complying with owners burn out quickly from having minimum wage and employee health to carry all the responsibility for the and safety laws. success of their business on their Visit us online: www.sba.gov/fl/south SOUTH FLORIDA Small Business Resource — 15 WRITING A BUSINESS PLAN After you’ve thought about what type of business you want, the next step is to develop a business plan. Think of the business plan as a roadmap with milestones for the business. It begins as a pre-assessment tool to determine profitability and market share, then expands as an in-business assessment tool to determine success, obtain financing and determine repayment ability, among other factors. Creating a comprehensive business plan can be a long process, and you need good advice. The SBA and its resource partners, including Small Business Development Centers, Women’s Business Centers, Veterans Business Outreach Centers, and SCORE, have the expertise to help you craft a winning business plan. SBA also offers online templates to get you Marketing • Provide projected income statements, started. • Discuss the products and services and balance sheets for a two-year In general, a good business plan your company will offer. period. • Identify customer demand for your • Discuss your break-even point. contains: • Explain your personal balance sheet products and services. Introduction • Identify your market, its size and and method of compensation. • Give a detailed description of the locations. • Discuss who will maintain your business and its goals. • Explain how your products and accounting records and how they will • Discuss ownership of the business services will be advertised and be kept. and its legal structure. marketed. • Provide “what if” statements • List the skills and experience you • Explain your pricing strategy. addressing alternative approaches to bring to the business. potential problems. • Discuss the advantages you and your Financial Management business have over competitors. • Develop an expected return on Operations investment and monthly cash flow for • Explain how the business will be the first year. managed day-to-day. • Discuss hiring and personnel procedures. • Discuss insurance, lease or rent agreements, and issues pertinent to your business. • Account for the equipment necessary to produce your goods or services. • Account for production and delivery of products and services. Concluding Statement Summarize your business goals and objectives and express your commitment to the success of your business. Once you have completed your business plan, review it with a friend or business associate and professional business counselor like SCORE, WBC or SBDC representatives, SBA district office business development specialists or veterans business development specialists. Remember, the business plan is a flexible document that should change as your business grows. 16 — Small Business Resource SOUTH FLORIDA Visit us online: www.sba.gov/fl/south CAPITAL Financing Options to Start or Grow Your Business The SBA guaranty reduces the lender’s risk of borrower non-payment. If the borrower defaults, the lender can request SBA to pay the lender that percentage of the outstanding balance guaranteed by SBA. This allows the lender to recover a portion from SBA of what it lent if the borrower can’t make the payments. The borrower is still obligated for the full amount. To qualify for an SBA loan, a small business must meet the lender’s criteria and the 7(a) requirements. In addition, the lender must certify that it would not provide this loan under the M proposed terms and conditions unless it can obtain an SBA guaranty. If the any entrepreneurs need resources will be needed to accomplish SBA is going to provide a lender with financial resources to start the desired business purpose including a guaranty, the applicant must be or expand a small business the associated costs, the applicants’ eligible and creditworthy and the loan themselves and must contribution, use of loan proceeds, structured under conditions acceptable combine what they have collateral, and, most important, an to SBA. with other sources of financing. These explanation of how the business will sources can include family and friends, be able to repay the loan in a timely Percentage of Guaranties and Loan venture-capital financing, and business manner. Maximums loans. The lender will analyze the The SBA only guarantees a portion of This section of the Small Business application to see if it meets the lender’s any particular loan so each loan will also Resource guide discusses SBA’s primary criteria and SBA’s requirements. SBA have an unguaranteed portion, giving business loan and equity financing will look to the lender to do much, if not the lender a certain amount of exposure programs. These are: the 7(a) Loan all, of the analysis before it provides and risk on each loan. The percentage Program, the Certified Development its guaranty on the lender’s loan. In SBA guarantees depends on either the Company or 504 Loan Program, the the case of microlenders SBA loans dollar amount or the program the lender Microloan Program and the Small these intermediaries funds at favorable uses to obtain its guaranty. For loans of Business Investment Company rates to re-lend to businesses with $150,000 or less the SBA may guaranty Program. The distinguishing features financing needs up to $50,000. The as much as 85 percent and for loans for these programs are the total dollar SBA’s business loan programs provide a over $150,000 the SBA can provide a amounts that can be borrowed, the type key source of financing for viable small guaranty of up to 75 percent. of lenders who can provide these loans, businesses that have real potential The maximum 7(a) loan amount the uses for the loan proceeds, and the but cannot qualify for ong-term, stable is $5 million. (Loans made under terms placed on the borrower. financing. the SBAExpress program, which is Note: The SBA does not offer grants discussed later in this section, have a 50 to individual business owners to start or grow a business. 7(a) LOAN PROGRAM percent guaranty.) The 7(a) Loan program is the SBA’s Interest Rates and Fees SBA BUSINESS LOANS primary business loan program. It is the agency’s most frequently used The actual interest rate for a 7(a) If you are contemplating a business loan guaranteed by SBA is negotiated non-disaster financial assistance between the applicant and lender and loan, familiarize yourself with the program because of its flexibility in SBA’s business loan programs to see subject to SBA maximums. Both fixed loan structure, variety of loan proceed and variable interest rate structures if they may be a viable option. Keep uses, and availability. The program has in mind the dollar amount you seek to are available. The maximum rate is CAPITAL broad eligibility requirements and credit comprised of two parts, a base rate and borrow and how you want to use the criteria to accommodate a wide range of loan proceeds. The three principal an allowable spread. There are three financing needs. acceptable base rates (Wall Street players in most of these programs are The business loans that SBA Journal Prime*, London Interbank One the applicant small business, the lender guarantees do not come from the Month Prime plus 3 percent, and an and the SBA. SBA guarantees a portion agency, but rather from banks and other SBA Peg Rate). Lenders are allowed of the loan (except for Microloans). approved lenders. The loans are funded to add an additional spread to the base The business should have its business by these organizations, and they make rate to arrive at the final rate. For plan prepared before it applies for a the decisions to approve or not approve loans with maturities of less than seven loan. This plan should explain what the applicants’ requests. years, the maximum spread will be no Visit us online: www.sba.gov/fl/south SOUTH FLORIDA Small Business Resource — 17 more than 2.25 percent. For loans with off before maturity, but the SBA will involved in gambling and any illegal maturities of seven years or more, the charge the borrower a prepayment fee activity. maximum spread will be 2.75 percent. if the loan has a maturity of 15 or more The SBA also cannot offer loan The spread on loans under $50,000 years and is pre-paid during the first guaranties to non-profit businesses, and loans processed through Express three years. private clubs that limit membership on procedures may be higher. a basis other than capacity, businesses Loans guaranteed by SBA are Collateral that promote a religion, businesses assessed a guaranty fee. This fee is The SBA expects every 7(a) loan to owned by individuals incarcerated or based on the loan’s maturity and the be fully secured, but the SBA will not on probation or parole, municipalities, dollar amount guaranteed, not the decline a request to guaranty a loan if and situations where the business or total loan amount. The guaranty fee is the only unfavorable factor is insufficient its owners previously failed to repay generally paid by the borrower and can collateral, provided all available a federal loan or federally assisted collateral is offered. What these two financing. be included in the loan proceeds. On any loan with a maturity of one policies mean is that every SBA loan is to be secured by all available assets Use of Proceeds year or less, the fee is just 0.25 percent (both business and personal) until the The third eligibility factor is use of of the guaranteed portion of the loan. recovery value equals the loan amount proceeds. 7(a) proceeds can be used On loans with maturities of more than to make leasehold improvements one year, the normal guaranty fee is 2 or until all assets have been pledged to the extent that they are reasonably or purchase machinery; equipment; percent of the SBA guaranteed portion fixtures; supplies; or land and/or on loans up to $150,000; 3 percent on available. Personal guaranties are required from all the principal owners of buildings that will be occupied by the loans over $150,000 but not more than business borrower. $700,000; and 3.5 percent on loans over the business. Liens on personal assets of the principals may be required. Proceeds can also be used to: $700,000. There is also an additional • Expand or renovate facilities; fee of 0.25 percent on any guaranteed • Acquire machinery, equipment, portion over $1 million. Eligibility furniture, fixtures and leasehold 7(a) loan eligibility is based on four improvements; * All references to the prime rate refer different factors. The first is size, as • Finance receivables and augment to the base rate in effect on the first all loan recipients must be classified working capital; business day of the month the loan • Finance seasonal lines of credit; as “small” by SBA. The basic size application is received by SBA. • Acquire businesses; standards are outlined below. A more • Start up businesses; 7(a) Loan Maturities in-depth listing of standards can be • Construct commercial buildings; and SBA loan programs are generally found at www.sba.gov/size. • Refinance existing debt under certain intended to encourage longer term small conditions. SBA Size Standards: SBA 7(a) loan proceeds cannot be used business financing, but actual loan • Manufacturing — from 500 to no more maturities are based on the ability to for the purpose of making investments. than 1,500 employees SBA proceeds cannot be used to repay, the purpose of the loan proceeds • Wholesaling — No more than 100 and the useful life of the assets financed. employees provide funds to any of the owners • Services — from $4.5 million to no of the business except for ordinary However, maximum loan maturities more than $35.5 million in average compensation for actual services have been established: 25 years for real annual receipts provided. estate; up to 10 years for equipment • Retailing — from $7 million to no more (depending on the useful life of the than $35.5 million in average annual Miscellaneous Factors equipment); and, generally, up to seven receipts The fourth factor involves a variety years for working capital. Short-term • General construction — from $7 of requirements such as SBA’s credit loans and revolving lines of credit are million to no more than $33.5 million elsewhere test and utilization of also available through the SBA to help in average annual receipts personal assets requirements, where the small businesses meet their short-term • Agriculture — from $750,000 to no more than $17.5 million in average business and its principal owners must and cyclical working capital needs. use their own resources before getting a annual receipts There is also an alternate size loan guaranteed by SBA. It also includes Structure SBA’s anti-discrimination rules and Most 7(a) loans are repaid with standard that is based on a net worth ($15 million or less) and average net restrictions on lending to agricultural monthly payments of principal and enterprises because there are other interest. For fixed-rate loans the income ($5 million or less). This new alternate makes more businesses eligible agencies of the federal government with payments stay the same, whereas programs to fund such businesses. for variable rate loans the lender can for SBA loans and applies to all SBA non-disaster loan programs. Generally, SBA loans must meet the re-establish the payment amount following criteria: when the interest rates change or at Nature of Business • Every loan must be for a sound other intervals, as negotiated with The second eligibility factor is based business purpose; the borrower. Applicants can request on the nature of the business and the • There must be sufficient invested that the lender establish the loan with equity in the business so it can operate process by which it generates income or on a sound financial basis; interest-only payments during the the customers it serves. The SBA has • There must be a potential for long- start-up and expansion phases (when general prohibitions against providing term success; eligible) to allow the business time to financial assistance to businesses • The owners must be of good character generate income before it starts making involved in such activities as lending, and reputation; and full loan payments. Balloon payments speculating, passive investment, • All loans must be so sound as to or call provisions are not allowed on any reasonably assure repayment. pyramid sales, loan packaging, 7(a) loan. The lender may not charge a presenting live performances of a For more information, go to prepayment penalty if the loan is paid prurient sexual nature, businesses www.sba.gov/apply. 18 — Small Business Resource SOUTH FLORIDA Visit us online: www.sba.gov/fl/south What To Take To The Lender SPECIAL PURPOSE 7(a) LOAN Documentation requirements may For the Standard, Certified and PROGRAMS vary; contact your lender for the Preferred methods, the applicant The 7(a) program is the most flexible information you must supply. fills out SBA Form 4, and the lender of SBA’s lending programs. The agency Common requirements include the completes SBA Form 4-1. When has created several variations to the following: requests for guarantees are processed basic 7(a) program to address the • Purpose of the loan using Express or Advantage methods, particular financing need of certain • History of the business the applicant uses more of the regular small businesses. These special purpose • Financial statements for three years forms of the lender and just has a few programs are not necessarily for all (existing businesses) • Schedule of term debts (existing federal forms to complete. When SBA businesses but may be very useful businesses) receives a request that is processed to some small businesses. They are • Aging of accounts receivable and through Standard or Certified generally governed by the same rules, payable (existing businesses) Lender Program procedures, it either regulations, fees, interest rates, etc. as • Projected opening-day balance sheet reanalyzes or reviews the lender’s the regular 7(a) loan guaranty. Lenders (new businesses) eligibility and credit analysis before can advise you of any variations. • Lease details • Amount of investment in the business deciding to approve or reject. For by the owner(s) requests processed through Preferred SBAExpress • Projections of income, expenses and Lender Program or Express programs, The SBAExpress guaranty is available cash flow as well as an explanation of the lender is delegated the authority to to lenders as a way to obtain a guaranty the assumptions used to develop these make the credit decision without SBA’s on smaller loans up to $350,000. projections concurrences, which helps expedite the The program authorizes selected, • Personal financial statements on the processing time. experienced lenders to use mostly their principal owners • Resume(s) of the principal owners and In guaranteeing the loan, the SBA own forms, analysis and procedures managers. assures the lender that, in the event the to process, service and liquidate SBA- borrower does not repay the loan, the guaranteed loans. The SBA guarantees How the 7(a) Program Works government will reimburse the lending up to 50 percent of an SBAExpress loan. Applicants submit their loan institution for a portion of its loss. By Loans under $25,000 do not require application to a lender for the initial providing this guaranty, the SBA is collateral. The use of loan proceeds is review. The lender will generally review able to help tens of thousands of small the same as for any basic 7(a) loan. Like the credit merits of the request before businesses every year get financing most 7(a) loans, maturities are usually deciding if they will make the loan they might not otherwise obtain. five to seven years for working capital themselves or if they will need an SBA After SBA approval, the lender and up to 25 years for real estate or guaranty. If a guaranty is required, is notified that its loan has been equipment. Revolving lines of credit are the lender will also review eligibility. guaranteed. The lender then will allowed for a maximum of seven years. The applicant should be prepared to work with the applicant to make sure complete some additional documents the terms and conditions are met Patriot Express and Other Lending before the lender sends the request before closing the loan, disbursing the for guaranty to the SBA. Applicants Programs For Veterans funds, and assuming responsibility The Patriot Express pilot loan who feel they need more help with the for collection and general servicing. process should contact their local SBA initiative is for veterans and members The borrower makes monthly loan of the military community wanting to district office or one of SBA’s resource payments directly to the lender. As with partners for assistance. establish or expand a small business. any loan, the borrower is responsible for Eligible military community members There are several ways a lender repaying the full amount of the loan in can apply for a 7(a) guaranty from include: a timely manner. • Veterans; SBA. The main differences between these methods are related to the • Service-disabled veterans; documentation the lender provides, the What the SBA Looks for: • Active-duty servicemembers eligible • Ability to repay the loan on time from for the military’s Transition Assistance amount of review the SBA conducts, the projected operating cash flow; Program; the amount of the loan, and the lender’s • Owners and operators who are of good • Reservists and National Guard responsibilities in case the loan defaults character; members; and the business’ assets must be • Feasible business plan; • Current spouses of any of the above, liquidated. The methods are: • Management expertise and including any servicemember; • Standard 7(a) Guaranty commitment necessary for success; • The widowed spouse of a • Certified Lender Program • Sufficient funds, including the SBA servicemember or veteran who died • Preferred Lender Program guaranteed loan, to operate the during service or of a service-connected • Rural Lender Advantage business on a sound financial basis disability. • SBA Express (for new businesses, this includes the • Patriot Express The Patriot Express loan is offered resources to meet start-up expenses by SBA’s nationwide network of • Export Express and the initial operating phase); • Small Loan Advantage private lenders and features the fastest • Adequate equity invested in the • Community Advantage business; and turnaround time for loan approvals. • Sufficient collateral to secure the loan Loans are available up to $500,000 and or all available collateral if the loan qualify for SBA’s maximum guaranty of cannot be fully secured. 85 percent for loans of $150,000 or less and 75 percent for loans over $150,000 Visit us online: www.sba.gov/fl/south SOUTH FLORIDA Small Business Resource — 19 up to $500,000. For loans above Fifth Third Bank The Small Loan Advantage program $350,000, lenders are required to accept 800-998-3444 is available to lenders participating in all available collateral. the Preferred Lenders Program. SBA The Patriot Express loan can be used First Bank lenders who are not participating in the 863-983-8191 for most business purposes, including Preferred Lenders Program can contact start-up, expansion, equipment Florida Business Bank their local district office to apply. purchases, working capital, and 321-253-1555 The Community Advantage pilot inventory or business-occupied real- program opens up 7(a) lending to estate purchases. Florida Shores Bank-Southeast mission-focused, community-based Patriot Express loans feature SBA’s 954-876-2315 lenders – such as Community lowest interest rates for business loans, Development Financial Institutions generally 2.25 percent to 4.75 percent Florida Shores Bank-Southwest (CDFIs), Certified Development 954-237-2000 over prime depending upon the size Companies (CDCs), and microlenders and maturity of the loan. Your local Gulfshore Bank – that provide technical assistance SBA district office will have a listing of 813-418-3041 and economic development support in Patriot Express lenders in your area. underserved markets. More information is available at www. HSBC Bank USA, N.A. More information on both programs is sba.gov/patriotexpress. Contact any branch available at www.sba.gov/advantage. Self-employed Reserve or Guard members with an existing SBA loan can JPMorgan Chase Bank, N.A. CAPLines Contact any branch request from their SBA lender or SBA The CAPLines program is designed district office, loan payment deferrals, Keybank, N.A. to help small businesses meet their interest rate reductions and other relief Contact any branch short-term and cyclical working after they receive their activation orders. capital needs. The programs can The SBA also offers special low-interest- M&I Marshall & Ilsley Bank be used to finance seasonal working rate financing of up to $2 million when 941-795-3050 capital needs; finance the direct costs an owner or essential employee is called of performing certain construction, Marine Bank & Trust Company service and supply contracts; finance the to active duty through the Military 772-231-6611 direct cost associated with commercial Reservist Economic Injury Disaster and residential construction; finance Loan program (MREIDL) to help cover Pilot Bank operating capital; and consolidate operating costs due to the loss of an 813-349-4543 short-term debt. SBA provides up to essential employee called to active duty. an 85 percent guarantee. There are PNC Bank, N.S. four distinct loan programs under the 2011 PATRIOT EXPRESS LENDERS Contact any branch CAPLine umbrella: Regions Bank • The Contract Loan Program is 1st United Bank used to finance material, labor, and 561-653-3700 Contact any branch overhead needs for a specific contract Banco Popular North America Republic Bank of Florida or contracts. 727-853-0742 • The Seasonal Line of Credit Program Contact any branch is used to support buildup of inventory, Bank of America, N.A. Southern Commerce Bank accounts receivable or labor and Contact any branch 813-621-2080 materials above normal usage for seasonal inventory. Bankfirst Stearns Bank, N.A. • The Builders Line Program provides 407-654-6599 941-366-1931 financing for small contractors or developers to construct or rehabilitate Branch Banking & Trust Company Suntrust Bank residential or commercial property. 866-666-8592 Contact any branch • The Working Capital Line is a revolving line of credit that provides Busey Bank Superior Financial Group, LLC short term working capital. 239-790-8000 925-296-0500 Cit Small Business Lending Tampa Bay Federal Credit Union EXPORT ASSISTANCE 800-713-4984 813-247-4414 The SBA has several programs to help existing small businesses wanting Community Bank of Broward Wells Fargo Bank, N.A. to export goods and services. A brief 954-888-9989 Contact any branch description of each can be found below. Community Bank of the South Advantage Loans 321-452-0420 In early 2011, SBA rolled out two Export Working Capital Program Advantage loan initiatives aimed The SBA’s Export Working Capital Eurobank program (EWCP) assists lenders in 305-350-1100 at helping entrepreneurs and small business owners in underserved meeting the needs of exporters seeking Federal Trust Bank communities gain access to capital. short-term export working capital. 407-323-1833 Both offer a streamlined loan application This program enables U.S. exporters process and the regular 7(a) loan to obtain loans to fund their direct guarantee for loans under $250,000. export costs. The EWCP supports 20 — Small Business Resource SOUTH FLORIDA Visit us online: www.sba.gov/fl/south single transactions or revolving lines Eligibility of Foreign Buyers Collateral Requirements of credit. The maximum dollar amount The foreign buyer must be a • Collateral for the manufacturing sector of an export line of credit under this creditworthy entity and the methods of typically consists of a first lien on all program is $5 million. SBA guarantees payment must be acceptable to the SBA export-related inventory and export up to 90 percent of a loan amount or related accounts receivable. and the export lender. $ 4.5 million, whichever is less. Loan • Collateral for the service sector typically consists of assignment of maturities are generally for a term of 12 Use of EWCP Proceeds proceeds of export-related contracts months. The guaranty can be reissued • To acquire inventory for export or to be or purchase orders and a first lien on for an additional 12 months through a used to manufacture goods for export. export-related accounts receivable. new application process. The guaranty • To pay the manufacturing costs of • Other collateral may be required. fee the SBA charges is 0.25 percent of goods for export. • To purchase goods or services for the guaranteed amount of the loan for export. How to Apply the initial 12 months. The borrower • To support standby letters of credit A small business exporter seeking a negotiates the interest rate and all other related to export transactions. guaranteed EWCP loan must apply to a fees with the lender. The program offers • For pre-shipment working capital lender. flexible terms, low fees and a quick directly related to export orders. processing time. For information, see • For post-shipment foreign accounts International Trade Loan Program www.sba.gov/exportloans. receivable financing. The SBA’s International Trade Loan program (ITL) helps small businesses Eligibility of Exporter Ineligible Use of Proceeds engaged or preparing to engage in The business must have an operating • To support the applicant’s domestic international trade as well as small history of at least one year – not sales. businesses adversely affected by • To acquire fixed assets or capital goods necessarily in exporting. The SBA may competition from imports. This program for the applicant’s business. waive this requirement if you have • To support a sale where the exporter is allows for a maximum loan amount of sufficient export trade experience or not taking title to the goods. $5 million. The international trade other managerial experience. • To acquire, equip, or rent commercial loan provides an SBA guarantee up space overseas. to $ 4.5 million for a term loan used • To serve as a warranty letter of credit. for the acquisition, construction, renovation, modernization, improvement or expansion of long-term fixed assets Visit us online: www.sba.gov/fl/south SOUTH FLORIDA Small Business Resource — 21 or the refinancing of an existing loan participating lenders to make their own well as the dollar volume of export sales used for these same purposes. It may credit decisions. SBA provides a quick for the previous year. also be used for working capital or in processing time, less than 36 hours. conjunction with any SBA working U.S. Export Assistance Center capital loans, including the EWCP. The Eligibility of Exporter (USEAC) SBA guaranty fee and interest rates are You must have a business operating U.S. Export Assistance Centers are the same as for any standard 7(a) loans. history of at least one year – not a network of facilities around the U.S. necessarily in exporting. The SBA may staffed by SBA, the U.S. Department of Eligibility of Exporter waive this requirement if you have Commerce and the Export-Import Bank • Applicants must meet the same sufficient export trade experience or of the U.S. to provide trade promotion eligibility requirements for a 7(a) loan. other managerial experience. and export-finance assistance for small • Applicant must establish that the loan businesses in a single location. The will significantly expand or develop Eligibility of Foreign Buyers USEACs also work closely with other an export market, or the applicant The foreign buyer must be a federal, state and local international has been adversely affected by import creditworthy entity and the methods of trade organizations. To find the nearest competition, and, in addition, the applicant must show that upgrading payment must be acceptable to the SBA USEAC, go to www.export.gov/eac. equipment or facilities will improve its and the export lender. competitive position. Regional Manager • If eligibility is based on entering or Use of Proceeds SBA International Trade Program expanding export sales, the applicant • Finance standby letters of credit used Mary E. Hernandez must submit a one or two page for either bid or performance bonds; U.S. Export Assistance Center international business plan, including • Finance export development activities 5835 Blue Lagoon Dr., Ste. 203 sufficient information to reasonably such as export marketing and Miami, FL 33126 support the likelihood of expanded promotional activities, participation 305-526-7425 ext. 21 export sales. in foreign trade shows, translation of product literature for foreign markets, CERTIFIED DEVELOPMENT Use of Proceeds • For facilities or equipment, including and other activities designed to initiate or expand the applicant’s export of its COMPANY LOAN PROGRAM purchasing land and building(s); products/services from the U.S.; (504 LOANS) building new facilities; renovating, • Provide transaction-specific financing The 504 Loan program is an economic improving, or expanding existing for overseas orders; • Provide revolving lines of credit for development program that supports facilities; purchasing or reconditioning export purposes, the terms of which American small business growth and machinery, equipment and fixtures; must not exceed seven years. In helps communities through business and making other improvements that will be used within the United States some instances, as a normal course expansion and job creation. This SBA for producing goods or services. of business, the borrower may use program provides long-term, fixed- • Refinancing a facility/building is also portions of revolving lines of credit for rate, subordinate mortgage financing permissible if the original loan on the domestic purposes, but no less than 70 for acquisition and/or renovation of property could have been refinanced percent of the revolving line to be used capital assets including land, buildings under regular 7(a). for export related purposes; and equipment. Some refinancing is • Provide term loans and other financing also permitted. Most for-profit small Collateral Requirements to enable small business concerns, businesses are eligible for this program. including small business export The types of businesses excluded from See pg. 18 for collateral requirements. trading companies to develop foreign 7(a) loans (listed previously) are also markets; and excluded from the 504 loan program. How to Apply • Acquire, construct, renovate, A small business exporter seeking a Loans are provided through SBA- modernize, improve or expand approved Certified Development guaranteed loan must apply to an SBA production facilities or equipment to be participating lender. Call your local SBA Companies. CDCs work with banks used in the U.S. in the production of and other lenders to make loans in first District Office for a list of participating goods or services to be exported from position on reasonable terms, helping lenders. the U.S. lenders retain growing customers and provide Community Redevelopment Act Export Express Ineligible Use of Proceeds credit. The Export Express program is Proceeds may not be used to finance The SBA 504 loan is distinguished designed to help SBA meet the export overseas operations, other than those from the SBA 7(a) loan program in these financing needs of small businesses. It strictly associated with the marketing ways: is subject to the same loan processing, and/or distribution of products/services The maximum debenture, or long-term making, closing, servicing, and exported from the U.S. loan, is: liquidation requirements as well as the • $5 million for businesses that create a same maturity terms, interest rates, and How to Apply certain number of jobs or improve the applicable fees as for other SBA loans The application process is the same for local economy; except as noted below. The total Export the SBAExpress, except the applicant • $5 million for businesses that meet a Express loan cannot exceed $500,000. must demonstrate that loan proceeds specific public policy goal, including will enable it to enter a new export veterans; and SBA guarantees 90 percent for loans market or expand an existing export • $5.5 million for manufacturers and of $350,000 and under and 75 percent energy public policy projects. for loans greater than $350,000 up to market. The applicant must submit to the maximum of $500,000. SBA allows the lender a plan that includes projected export sales for the upcoming year as 22 — Small Business Resource SOUTH FLORIDA Visit us online: www.sba.gov/fl/south Recent additions to the program allow percent SBA-guaranteed debenture) The SBA’s 504 certified development $5.5 million for each project that reduces finances up to 40 percent of the project companies serve their communities by the borrower’s energy consumption by costs secured with a junior lien. The financing business expansion needs. at least 10 percent; and $5.5 million for borrower provides the balance of the project costs. Their professional staffs work directly each project that generates renewable with borrowers to tailor a financing • Fixed interest rate on SBA loan. SBA energy fuels, such as biodiesel or ethanol guarantees the debenture 100 percent. package that meets program guidelines production. Projects eligible for up to Debentures are sold in pools monthly and the credit capacity of the borrower’s $5.5 million under one of these two to private investors. This low, fixed business. For information, visit www.sba. requirements do not have to meet the rate is then passed on to the borrower gov/504. job creation or retention requirement, so and establishes the basis for the loan long as the CDC portfolio average is at rate. Florida Business Development least $65,000. • All project-related costs can be Corporation • Eligible project costs are limited financed, including acquisition (land ALP/PCLP to long-term, fixed assets such as and building, land and construction of 6801 Lake Worth Rd., Ste. 209 land and building (occupied by the building, renovations, machinery and Lake Worth, FL 33467 borrower) and substantial machinery equipment) and soft costs, such as title Contact: Emmanuel J. Manos, President and equipment. Working capital is not insurance and appraisals. Some closing 561-433-0233 • 561-433-8545 Fax an eligible use of proceeds. costs may be financed. firstname.lastname@example.org • Most borrowers are required to make • Collateral is typically a subordinate www.fbdc.net an injection (borrower contribution) lien on the assets financed; allows of just 10 percent which allows other assets to be free of liens and Florida First Capital Finance Corporation the business to conserve valuable available to secure other needed ALP/PCLP operating capital. A further injection financing. 1351 N. Gadsden St. of 5 percent is needed if the business • Long-term real estate loans are up to Tallahassee, FL 32303 is a start-up or new (less than 2 20-year term, heavy equipment 10- or Contact: Todd G. Kocourek, CEO years old), and a further injection of 5 20-year term and are self-amortizing. 888-320-5504 • 850-681-3699 Fax percent is also required if the primary Businesses that receive 504 loans are: email@example.com collateral will be a single purpose • Small — net worth under $15 million, www.ffcfc.com building. net profit after taxes under $5 million, • Two-tiered project financing: A lender or meet other SBA size standards. finances approximately 50 percent of • Organized for-profit. the project cost and receives a first • Most types of business — retail, lien on the project assets (but no SBA service, wholesale or manufacturing. guaranty); A CDC (backed by a 100 Visit us online: www.sba.gov/fl/south SOUTH FLORIDA Small Business Resource — 23 Gulfcoast Business Finance, Inc. ALP/PCLP The program also provides business based training and technical assistance SMALL BUSINESS 227 Second Ave. N. St. Petersburg, FL 33701 to microborrowers and potential INVESTMENT COMPANY Contact: Ron Reuss, President 800-850-2504 • 727-822-2504 Fax microborrowers to help them be successful at starting or growing their PROGRAM firstname.lastname@example.org businesses. Such training and technical There are a variety of alternatives to www.gulfcoastbiz.com assistance may include general business bank financing for small businesses. The education, assistance with business Small Business Investment Company Independent Development Services planning industry-specific training, (SBIC) program fills the gap between Corporation the availability of private capital and ALP and other types of training support. Entrepreneurs and small business the needs of small businesses for growth 8280 College Pkwy., Ste. 204 owners interested in small amounts of capital. Licensed and regulated by the Fort Myers, FL 33919-4113 Contact: Thomas Wallace, President SBA, SBICs are privately owned and business financing should contact one 239-652-5588 • 239-652-9988 Fax managed investment funds that make from the list below or go to email@example.com capital available to qualifying U.S. www.sba.gov/microloans. www.idscorp.org small businesses at attractive rates. Central Florida Community Development The funds raise private capital and Tampa Bay Economic Development Corporation can receive SBA-guaranteed leverage Corporation (TEDCO) 7402 N. 56th St., Ste. 425 847 Orange Ave. up to 3x private capital paid-in, with Daytona Beach, FL 32114 a leverage ceiling of $150 million per Tampa, FL 33617 Contact: Gerald Chester SBIC and $225 million for two or more Contact: Ken Hornung, President 877-258-7520 • 386-238-3428 Fax 813-984-8105 • 813-914-8810 Fax licenses under common control. Licensed www.cfcdc.com firstname.lastname@example.org SBICs are for-profit investment firms Counties Served: Brevard, Volusia and www.tedcoloans.com whose incentive is to share in the St. Johns. success of a small business. The SBIC Business Development Corporation of Partners For Self Employment, Inc. Northeast Florida program provides funding for a broad 3000 Biscayne Blvd., Ste. 215 range of industries. Some SBICs invest 644 Cesery Blvd., Ste. 100 Miami, FL 33137 in a particular field or industry while Jacksonville, Fl 32211 Contact: Cornell Crews, Program Director Contact: Steven E. Mahaven, Exec. Director 305-438-1407 ext. 215 • 305-438-1411 others invest more generally. For more 904-724-7455 • 904-724-7457 Fax information, visit www.sba.gov/inv. Fax email@example.com www.partnersforselfemployment.com Essential Capital Finance, Inc. Counties Served: Broward, Miami-Dade and Monroe. SMALL BUSINESS INNOVATION RESEARCH 1300 Riverplace Blvd., Ste. 105 Jacksonville, FL 32207 The Center for Enterprise Opportunity Contact: Cleve Warren, President & CEO 904-398-9411 • 904-398-4995 Fax 2200 N. Florida Mango, Ste. 401 West Palm Beach, FL 33409 PROGRAM firstname.lastname@example.org 561-478-2337 • 561-478-2339 Fax The Small Business Innovation www.essential capital.net Contact: Lia Gaines, Executive Director Research (SBIR) program encourages www.ceoventures.org small businesses to advance their MICROLOAN PROGRAM Counties Served: Hendry, Indian River, Martin, Palm Beach, Okeechobee and technical potential from funds committed by federal agencies with large The Microloan program provides St. Lucie. extramural research and development small loans ranging from under $500 budgets. The SBIR program serves to $50,000 to women, low-income, Minority/Women Business Enterprise to fund the critical startup and minority, veteran, and other small Alliance, Inc. development stages for a technology and 135 E. Colonial Dr., 2nd Fl. business owners through a network Orlando, FL 32801 encourages commercialization of the of approximately 160 intermediaries Contact: Shirley A. Walker technology, product or service. In turn, nationwide. Under this program, the 407-428-5860 • 407-428-5869 Fax this stimulates the U.S. economy. SBA makes funds available to nonprofit www.allianceflorida.com intermediaries that, in turn, make the Counties Served: Brevard, Orange, Seminole, SBIR Requirements Osceola, Lake, Volusia, Pinellas and Polk. Small businesses must meet the small loans directly to entrepreneurs, following eligibility criteria to participate including veterans. Proceeds can be Black Business Investment Fund of in the SBIR program. used for typical business purposes such Central Florida (BBIF) • Be 51 percent owned and controlled by as working capital, or the purchase of 315 E. Robinson St., Ste. 660 one or more individuals who are U.S. furniture, fixtures, machinery, supplies, 08 North Garden Ave. citizens or permanent resident aliens equipment, and inventory. Microloans Orlando, FL 32601 in the U.S. or be a for-profit business Contact: Inez Long concern that is at least 51 percent may not be used for the purchase of real 407-649-4780 • 407-649-8688 Fax owned and controlled by another estate. Interest rates are negotiated Counties Served: Lake, Osceola and Orange. for-profit business concern that is at between the borrower and the least 51 percent owned and controlled intermediary. The maximum term for a by one or more individuals who are microloan is 7 years. citizens of, or permanent resident aliens in, the U.S. • Be for-profit. 24 — Small Business Resource SOUTH FLORIDA Visit us online: www.sba.gov/fl/south small business/nonprofit research institution partnerships: Department of Defense; Department of Energy; Department of Health and Human Services; National Aeronautics and Space Administration; and National Science Foundation. SURETY BOND GUARANTEE PROGRAM The Surety Bond Guarantee program is a public-private partnership between the federal government and surety companies to provide small businesses with the bonding assistance necessary for them to compete for public and private contracting and subcontracting opportunities. The guarantee provides all incentives for sureties to bond small businesses that would otherwise be unable to obtain bonding. The program • Principal researcher must be employed Non-profit research laboratories is aimed at small businesses that lack by the small business. are also instrumental in developing the working capital or performance • Company size cannot exceed 500 high-tech innovations, but frequently track record necessary to secure bonding employees. on a reasonable basis through regular innovation is confined to the theoretical. For more information on the SBIR commercial channels. STTR combines the strengths of both Program visit www.sba.gov/sbir. Through this program, the SBA entities by introducing entrepreneurial guarantees bid, payment, performance Participating Agencies skills to high-tech research efforts. and ancillary bonds issued by surety Each year, the following eleven The technologies and products are companies for individual contracts and federal departments and agencies are transferred from the laboratory to the subcontracts up to $2 million. The required to reserve 2.5 percent of their marketplace. The small business profits SBA reimburses sureties between 70 extramural R&D funds for award to from the commercialization, which, in and 90 percent of losses sustained if a small businesses through the SBIR turn, stimulates the U.S. economy. contractor defaults on the contract. program: Departments of Agriculture; The SBA has two program options Commerce; Defense; Education; Energy; STTR Requirements available, the Prior Approval Program Health and Human Services; Homeland Small businesses must meet the (Plan A) and the Preferred Surety Bond Security; Transportation; Environmental following eligibility criteria to participate Program (Plan B). In the Prior Approval Protection Agency; National Aeronautics in the STTR program. Program, SBA guarantees 90 percent and Space Administration; and National • Be 51 percent owned and controlled by one or more individuals who are U.S. of surety’s paid losses and expenses on Science Foundation. bonded contracts up to $100,000, and on citizens or permanent resident aliens in the U.S. bonded contracts greater than $100,000 SMALL BUSINESS • Be for-profit. • Principal researcher need not be that are awarded to socially and economically disadvantaged concerns, TECHNOLOGY TRANSFER employed by the small business. HUBZone contractors, and veterans, and PROGRAM • Company size cannot exceed 500 service-disabled veteran owned small employees. (No size limit for nonprofit businesses. All other bonds guaranteed The Small Business Technology research institution). in the Plan A Program receive an 80 Transfer (STTR) program reserves percent guarantee. Sureties must obtain a specific percentage of federal R&D The nonprofit research institution SBA’s prior approval for each bond partner must also meet certain funding for award to small business and guarantee issued. Under Plan B, SBA eligibility criteria: non-profit research institution partners. • Be located in the United States and be guarantees 70 percent, but sureties may Central to the program is expansion of one of the following: issue, monitor and service bonds without the public/private sector partnership to • Nonprofit college or university. SBA’s prior approval. include the joint venture opportunities • Domestic nonprofit research for small business and the nation’s organization. premier nonprofit research institutions. • Federally funded R&D center. Small business has long been where innovation and innovators thrive, but Participating Agencies the risk and expense of conducting Each year the following five Federal serious R&D efforts can be beyond departments and agencies are required the means of many small businesses. by STTR to reserve 0.3 percent of their extramural R&D funds for award to 26 — Small Business Resource SOUTH FLORIDA Visit us online: www.sba.gov/fl/south U.S. Small Business Administration Loan Programs Information accurate as of 11/10/2011 • All SBA programs and services are provided on a nondiscrinimatory basis. Section A 7(a) Loan Program Program Maximum Use of Maximum Who Qualifies Benefit to Amount Proceeds Maturity Interest Rate Structure Borrowers Standard 7(a): $5 million to Expansion/renovation; Depends on use of SBA sets a Term loan with one Must be for-profit & Business able to Loan from lender any one business, new construction; proceeds and ability maximum rate for payment of principal meet SBA size obtain financing which - not SBA. including affiliates. purchase land, to repay. Generally both variable & and interest (P&I) standards; show good otherwise would not Applicant applies buildings, equipment, working capital & fixed rate loans each month. character, credit & be provided due to to lender for fixtures; lease-hold machinery & (discuss with Interest variable or management & term, collateral, equity, business loan. improvements; working equipment loans lender or local fixed as negotiated ability to repay; must and/or time in business. Lender applies to capital; inventory, have 5-10 yrs.; real SBA District Office with lender. Cannot be an eligible type Fixed maturity; no SBA for guaranty business acquisition; estate is up to for current be revolving. of business; use balloons; no of their proposed start-ups & refinancing 25 yrs. Term information). SBA charges a proceeds for eligible prepayment penalty if loan. under certain negotiated with Guaranty Fee. ** purpose & maturity under 15 yrs. conditions (discuss lender. demonstrate that Established or reaffirm with lender). financing is not business relationship otherwise available. with a lender. International Same as Acquire, renovate or Same as Same as Same as Standard Same as Standard Same as Standard Trade: Long term Standard 7(a). modernize facilities or Standard 7(a). Standard 7(a). 7(a). Maximum SBA 7(a) plus businesses 7(a) plus long-term financing to help equipment used in guaranty amount for must be engaged or financing for fixed businesses making products or for working capital preparing to engage assets used to engaged in services for export. is $4 million. in international trade produce products or exporting or Permanent working or adversely affected services for export. adversely capital & refinance by competition from impacted by debt not structured imports. imports. with reasonable terms. Export Working Same as Short-term, working- Generally one yr. – Established by Short term revolving Same as Standard Same as Standard Capital Program: Standard 7(a). capital for exporters. exception can be up lender. No SBA line of credit based 7(a) plus must have 7(a) plus provides Single transaction Can be single trans- to 3 yrs. to match a established on borrowing base been in business for working capital to or Revolving action or revolving. single transaction maximums. or export purchase at least one year & American Exporters to Working Capital Standby Letters of cycle. orders. Monthly preparing to engage perform on export lines of credit for Credit for export interest payments; in or increase transactions and/or exporters. purposes. principal payments international trade. finance export based on collection receivables. Ability to of foreign finance Standby receivables. Letters of Credit for export purposes. CAPLines: Same as Finances: seasonal Up to 10 yrs. Same as Revolving line of Same as Standard Same as Standard Four different Standard 7(a). working capital needs, except builders Standard 7(a). credit with monthly 7(a) plus a business 7(a) plus provides Revolving Lines direct cost to perform is 5 yrs. interest &principal that needs the revolving working of Credit, a/k/a assignable contracts, payments based specialized capital not otherwise Seasonal, construction costs of on when the proceeds available to perform Contract, Builders structure for resale, business receives this program offers. on an assignable & Standard. or advances against the cash for doing contract; covers existing inventory & the activity the loan seasonal needs; build receivables. proceeds financed. or renovate personal or commercial space & to obtain funds against existing current assets. Also structured to meet business needs. SBAExpress: $350,000. Same as a Standard Same as Standard Loans $50,000 Same as Standard Same as Same as Standard Lender approves 7(a) or may be used 7(a) for term loans, or less: 7(a) except lender Standard 7(a). 7(a) plus streamlined the loan. for a revolving working revolving lines of Prime + 6.5%. has more leeway to process; easy-to-use capital line of credit. credit up to 7 yrs. structure repayment line of credit & allows Loans over under their own for a revolving feature $50,000: rules. which Standard 7(a) Prime + 4.5%. does not. ** The SBA charges the lender a guaranty fee based on the loan’s maturity and the dollar amount which is initially guaranteed. The lender can pass this expense to the borrower and loan proceeds can be used to reimburse the lender. The chart on the bottom of the next page explains the Agency’s guaranty fee charges. Visit us online: www.sba.gov/fl/south SOUTH FLORIDA Small Business Resource — 25 U.S. Small Business Administration Loan Programs, continued Information accurate as of 11/10/2011 Section B 7(a) Loans, continued Maximum Use of Maximum Benefit to Program Amount Proceeds Maturity Interest Rate Structure Who Qualifies Borrowers Export Express: $500,000. Same as SBA Express Same as Same as Same as Same as SBA Same as SBA Express Lender approves plus for Standby SBA Express. SBA Express. SBA Express. Express plus loan plus provides lenders the loan. Letters of Credit for proceeds must be with a higher export purposes. Debt used to support percentage guaranty refinance is not export development which can encourage allowed. activity. them to make more loans to finance export development activities of small businesses. Standby Letters of Credit are also authorized. Patriot Express: $500,000. Same as Same as Same as Same as Same as Standard Same as SBA Express Lender approves Standard 7(a). Standard 7(a). Standard 7(a). SBA Express. 7(a) plus must be plus provides lenders the loan. owned & controlled with a higher by one or more of percentage of guaranty the following groups which can encourage equaling at least them to make more 51% total ownership: loans to qualified veteran, active-duty businesses. military, reservist or National Guard member or spouse of any of these groups, or widowed spouse of service member or veteran who died during service or of service-connected disability. Community $250,000. Same as Standard 7(a) Same as Same as Allows mission- Loan eligibility Borrowers in under- Advantage: except cannot be used Standard 7(a). Standard 7(a) oriented lenders requirements are served markets get Alternative to refinance loans except allowable focused on same as for more choices on the Lenders assisting made by or guaranteed “Spread” is + 4% economic Standard 7(a) loans, types of lenders who businesses by the Dept. of over the base development in but the business can provide them located in areas Agriculture or loans by rate. underserved markets should be located in financing if their with high needs. SBA Micro-Lenders to apply for 7(a) an underserved financing needs an using their SBA guaranty on loan market. SBA guaranty & the intermediary loan. they propose to technical assistance make to an eligible needs of the applicant small business are assessed by the lender. Non 7(a) Loans 504 Loans: Fixed SBA portion up to For the acquisition of Either 10 or 20 yr. Check with local Financing from For profit businesses Fees under 3 percent; Asset Project $5.0 million. long-term fixed-assets, term on the SBA/ SBA District 1. CDC Certified that do not exceed long-term fixed rate; Financing refinancing long-term CDC portion. Office for current Development $15.0 million in low down payment; provided from fixed asset debt under information. Company, tangible net worth & full amortization; no three sources. certain conditions, and 2. 3rd Party do not have an balloons. working capital on a Lenders, average net income limited basis. 3. Applicant. over $5 million for the past 2 yrs. Micro-Loans $50,000 total to Furniture, fixtures, Shortest term Loan made thru Loans thru nonprofit Same as 7(a) – Direct loans from non- one small supplies, inventory, possible, not to intermediary lending plus loans can be profit intermediary business equipment, & working exceed 6 yrs. lender – see SBA organizations; made to nonprofit lenders; fixed-rate borrower. capital. District Offices for technical assistance daycare businesses. financing; very small list of locally also provided. loan amounts; available inter- technical assistance mediary lenders. available. Gross Size of Loan Fees Notes 7(a) Guaranty Loans of $150,000 or less (See Note 1)........................ ........2% of guaranteed portion, Lender is authorized to retain..............Maturities that exceed 12 months $150,001 to $700,000 ...................................................... ......3% of guaranteed portion.................................................................Maturities that exceed 12 months Fee Reference $700,001 to $5,000,000 (See Note 2) ............................ ......3.5% of guaranteed portion up to $1,000,000 PLUS 3.75% of.....Maturities that exceed 12 months Chart the guaranteed portion over $1,000,000 Short Term Loans – up to $5 million ......................................0.25% of the guaranteed portion .....................................................Maturities of 12 months or less NOTE 1: The guaranty fee on a $100,000 loan with an 85% guaranty would be 2% of $85,000 or $1,700, of which the lender would retain $425. NOTE 2: The guaranty fee on a $2,000,000 loan with a 75% guaranty ($1.5 million guaranteed portion) would be, 3.5% of $1,000,000 ($35,000) PLUS 3.75% of $500,000 ($18,750), for a total of $53,750 28 — Small Business Resource SOUTH FLORIDA Visit us online: www.sba.gov/fl/south MEET THE SBA 100 The U.S. Small Business Administration provides The SBA 100 isn’t just businesses that have received small businesses with the tools and the resources SBA loans. In 1985, Qualcomm was a small company they need to grow and create jobs. This includes proving R&D to the federal government, but not access to capital, opportunities in government for long. In 1989, the company received funding contracting, and counseling and training—otherwise from the Small Business Innovation Research (SBIR) known as the “Three C’s” of capital, contracting, and program to hire engineers and begin developing counseling. Since its inception in 1953, the SBA has microchips. This funding gave them the freedom used the Three C’s to help millions of businesses, to innovate, explore, and transition from contract from shops on Main Street to high-growth, high- research to consumer applications. In twenty years, impact firms. Qualcomm has gone from 35 people to a global workforce of 16,000 employees. The chip department In August, 2011, the SBA announced the SBA 100. initially funded by the SBIR program now makes up These one hundred businesses all used SBA products two-thirds of the company’s revenue. to grow, and since then, each one has created at least one hundred jobs—no small feat for a small business. There are also businesses that have benefited You can find them at www.sba.gov/100. from SBA’s support for small business contracting. Missouri’s World Wide Technology (WWT) enrolled The SBA 100 is a cross section of the diverse array in SBA’s 8(a) Business Development program in of businesses that stand to benefit from SBA 1992. The 8(a) program gave the company the products. Some of the businesses in the SBA 100 tools it needed to compete for and win government have grown to become household names. Others contracts. Now, WWT has over 1,300 employees in may not be familiar, but they are still cornerstones 48 states and six countries, and its sales exceed of their communities and drivers of job creation. $68 million. There are businesses in a variety of industries, from construction, to food and beverage, to manufacturing. The fact is, the SBA has something to offer, no matter There are Main Street businesses—the shops and what kind of support you need or what kind of restaurants that we visit every day—as well as high- business you own. Whether you’re just starting out, growth, high-impact firms that are transforming our or you have been in business for decades, the SBA economy. Each business received SBA support, in can help you take your business to the next level. If the form of capital, contracting, or counseling, before you own a restaurant on Main Street, you can get a going on to create at least 100 jobs. loan to expand. If you own a high-growth firm, you can get the investment capital you need. If you are A few businesses in the SBA 100 worked with looking to get into government contracting, SBA can the SBA decades ago. For example, Columbia help you get started. And for every business, SBA Sportswear used an SBA loan in 1970 to increase counselors are standing by to help you along the way. its production capacity. At the time, it had forty employees. Today Columbia Sportswear has over This Resource Guide is a great place to learn more. 3,000 employees and generates over $1 billion dollars In here, you can find details on all of SBA’s programs, in revenue. Hard work and a little help from the SBA from loans and capital, to contracting and counseling. has made Columbia Sportswear into a global leader You can also find SBA online at www.sba.gov. in outdoor apparel. SBA recently revamped its website, making the information and resources you need much easier to Meanwhile, one of the youngest companies in the find. Meanwhile, the SBA online Community, which SBA 100 is the Boathouse at Rockett’s Landing in you can find at community.sba.gov, puts the advice FEATURE Richmond, Virginia. Owner Kevin Healy got an SBA of thousands of small business owners like you at 7(a) loan in 2009 to renovate an old power plant on your fingertips. You can also visit the James River to open up his second restaurant. He www.sba.gov/direct to find your SBA district office said the process was “quick, easy and painless and or local resource partner. done within approximately 60 days.” His business has been growing steadily for the past two years, and Thanks for reading, and we’ll see you soon. the Boathouse at Rockett’s Landing now employs over 100 people. Visit us online: www.sba.gov/fl/south SOUTH FLORIDA Small Business Resource — 29 SUCCESS S T O R Y The Fresh Diet — SBA 100 said Zalmi. “They would call and ask Fresh Diet and NimDiet brands from for shrimp and pork, but we would their Toronto kitchen. That year, the simply tell them, ‘it’s not good for you company achieved revenues of $17.7 and it’s not on the diet.’ ” million. During their first year of eligibility, in 2010, The Fresh Diet By early 2007, their client base grew ranked #177 on Inc. Magazine’s list from 13 to over 100. Revenues were of the 500 fastest growing companies. over $1 million and the company Today, the company employs 220 employed 7 people. people and an additional 110 drivers. In mid-2007 they had an opportunity to “What keeps me up at night is buy a similar company with very small worrying about the safety of our many operations in New York and Chicago. drivers on the road,” said Zalmi. It was November 2005 and 25-year-old The asking price was $1.2 million. When asked to what he attributes his Zalmi Duchman was talking on the When Zalmi told his parents about it, explosive growth, he said, “One thing phone with his high school friend Yosef his father said, “You’re crazy” and his is technology. There are a few other Schwartz. Yosef, a Le Cordon Bleu mother said, “There’s no way you’re companies across the country doing trained chef, was living in Los Angeles getting any money.” what we do, but they have never been and had just been asked if he wanted able to grow their client base beyond to launch a business delivering freshly After weeks of looking and talking 100-- probably because they don’t have prepared kosher meals based on The to his banker and his friends, he the technology to support massive Zone Diet to homes in the Los Angeles was unable to find anyone willing growth.” area. to lend him the money to make the acquisitions. The broker handling Always tech-savvy, Zalmi worked for Thinking it a great idea, Zalmi began the sale told him to research SBA- an internet company when he was researching online to see if anyone guaranteed loans. Zalmi did and just 18 years old. One month after was already doing it in Florida. He ultimately began working with PNC starting his business, he hired the couldn’t find anyone offering kosher Bank. He mortgaged his condo for person who would become his Chief food. The more he thought about the the $200,000 in cash he would need Technology Officer and together they idea, the more he realized offering as a down payment and, at the end of built a comprehensive, fully integrated kosher food wasn’t a key component to 2007, he closed on an SBA 7(a) loan for computer system that tracks virtually the business. And, although it wasn’t a $900,000 to purchase the company in every aspect of his business. “I can run new concept, Zalmi believed he could do New York. my business from any computer or my it better than anyone else. iPad from virtually anywhere in the In 2008, Zalmi out-sourced the cooking world,” says Zalmi. So later that night, he incorporated for his Miami, New York and Chicago his company online and has never operations to local catering companies In addition to his regular clients, Zalmi looked back. Within 6 weeks he had and launched a forth location in Los also delivers Meals on Wheels to 2,700 13 clients. His wife did the cooking Angeles. Revenues by the end of 2008 low-income seniors in the New York from their home and he delivered the reached $5 million. metropolitan area. Says Zalmi, “We’re food after work. Soon, his friend Yosef probably losing money on that effort, moved from Los Angeles to Florida and The next year, The Fresh Diet’s client- but I’m glad I can offer nutritious, high- became his partner. base had grown enough to support quality food to people in need. It’s a their own kitchens and they began good service – we’re happy to do it.” The Fresh Diet delivers three freshly taking back their cooking operations. prepared meals and two snacks directly Later, they purchased a competitor The Fresh Diet operates kitchens to customer doors each day. The menu, in Philadelphia with the help of a in Brooklyn, Chicago, Dallas, Los based on The Zone Diet concept of second SBA 7a loan for $225,000 with Angeles, Miami and Toronto. The latest 40% carbohydrates, 30% proteins and an additional $75,000 line of credit. launches for the company include The 30% fats, supports healthy weight loss Owning the New York kitchen made it Fresh Diet kosher food truck in New through calorie control and proper possible for the company to capitalize York City, The Fresh Diet Grab-n-Go nutritional balance. on the economies of scale. store in North Miami, Florida and a new division, The Kosher Fresh Diet Financing the business on credit cards, By the beginning of 2010, The Fresh which operates two kitchens in Miami he quickly outgrew his own kitchen, Diet was operating 5 kitchens in and Brooklyn. then a rented house, and finally, rented Miami, New York, Chicago, Los the kitchen of a local synagogue. “When Angeles and Houston, delivering fresh, Says Zalmi “The SBA loan program we cooked out of the synagogue, we had healthy food to clients in 14 states. and PNC Bank took a chance on me to be kosher. My clients were eating They also purchased NimDiet in when no one else would. I am very kosher food and didn’t even know it,” Toronto and today operate both The grateful.” He is successful, too. 30 — Small Business Resource SOUTH FLORIDA Visit us online: www.sba.gov/fl/south CONTRACTING Applying for Government Contracts from at least two responsible small businesses, and if awards will be made at fair market prices, the acquisition is reserved exclusively for small business. Reasonable expectations of small business competition may be evaluated using past acquisition history of an item or similar items. There are several exceptions and unique rules for specific kinds of small businesses and industries. For R&D small business set-asides, there must be a reasonable expectation of The U.S. government is the largest The business with the best proposal in obtaining from small businesses the single purchaser of goods and services terms of technical content, price and best scientific and technological sources in the world, buying everything from other factors generally wins the contract. consistent with the demands of the armored tanks to paper clips. Every Types of Contracts proposed acquisition. For small business year, the federal government awards Firm fixed price contracts place the set-asides other than for construction more than $500 billion in contracts, and responsibility for the costs and risk of services, any business proposing to a significant share of those contracts are loss on the contractor. Firm fixed price furnish a product that it did not itself specifically allotted to small businesses. contracts do not permit any adjustment manufacture must furnish the product The SBA works with agencies on the basis of the contractor’s costs of a small business manufacturer to award at least 23 percent of all unless the SBA has granted either a prime government contracts to small during the performance of the contract. This type of contract is used in all sealed waiver or exception to this requirement. businesses, with specific statutory goals In industries where the SBA finds for small disadvantaged businesses, bid and some negotiated procurements. Cost reimbursement contracts provide that there are no small business businesses that are women-owned manufacturers, it may issue a waiver or service-disabled veteran-owned, for the payment of allowable costs incurred by the contractor, to the extent to the non-manufacturer rule. Waivers or businesses that are located in permit small businesses to provide any historically underutilized business zones stated in the contract. The contract establishes a ceiling price, above which domestic firm’s product. (HUBZone). The agency ensures that small a contractor may not exceed without the South Florida District Office businesses have access to long-lasting approval of the contracting officer. Cost Procurement Center Representative development opportunities, which reimbursement contracts are used in Government Contracting, Area III means working with small businesses research contracts that have commercial to help them stay competitive, as applicability. Scott Nirk well as encouraging federal agencies Some contracts do not fit neatly 100 S. Biscayne Blvd., 7th Fl. to award more contracts to small into these two categories, such as Miami, FL 33131 time and material contracts (prices for 305-536-5521 ext. 158 businesses. The SBA features outreach hourly wages are fixed but the hours email@example.com programs, matchmaking events, and online training opportunities; and helps are estimated) and letter contracts (authorizes a contractor to begin work Subcontracting agencies identify opportunities for small Subcontracting opportunities are businesses. on an urgent requirement). a great resource for small businesses, Small Business Set-Asides especially to those not ready to bid as HOW GOVERNMENT A “set-aside” for small businesses prime contractors. Experience gained from subcontracting with a federal CONTRACTING WORKS reserves an acquisition exclusively for small business participation. There prime contractor can better prepare Sealed bidding vs. Negotiation are two ways in which set-asides can businesses to bid for prime contracts. CONTRACTING There are two methods the be determined. First, if an acquisition Current regulations stipulate for government uses to purchase goods of goods or services has an anticipated contracts offering subcontracting and services, sealed bidding and dollar value of at least $3,000 but not opportunities over $650,000 for goods negotiation. The first method, sealed exceeding $150,000, it is automatically and services, or $1.5 million for bidding, involves issuing an invitation reserved for small businesses. The construction, large business prime for bid by a procuring agency. Under acquisition will be set aside only if the contractors must offer maximum the sealed bidding method, a contract contracting officer determines there practicable subcontracting opportunities is usually awarded to the lowest priced are two or more responsible small to small businesses. Large business bidder that can meet the quantity, businesses that are competitive in prime contractors must submit a quality and delivery requirements of terms of market prices, quality and subcontracting plan describing how they the procurement. The second method, delivery. Second, if an acquisition of will successfully subcontract to small negotiation, involves issuing a request goods or services is more than $150,000, businesses. for proposal or request for quotation. and if it’s likely offers will be obtained Visit us online: www.sba.gov/fl/south SOUTH FLORIDA Small Business Resource — 31 • Its principal office must be located within an “Historically Underutilized What You Should Know About Your Business Business Zone,” which includes lands considered “Indian Country” and To be eligible to bid on a federal 3. Do you fall under a specific military facilities closed by the Base contract, you must know your certification? Realignment and Closure Act business. Answer the following three Under the umbrella of “small • At least 35 percent of its employees business,” SBA has outlined several must reside in a HUBZone. questions: Existing businesses that choose to 1. Are you a small business? specific certifications that businesses move to qualified areas are eligible Is your small business: may fall under. These certifications are to apply for certification. To fulfill • Organized for profit? divided into two categories: the requirement that 35 percent of • Located in the U.S.? SBA-Certified and Self-Certified. a HUBZone firm’s employees reside • Operated primarily within the U.S. The SBA-Certified Programs were in a HUBZone, employees must live or making a significant contribution created to assist specific businesses in a primary residence at a place for to the U.S. economy through in securing federal contracts and at least 180 days, or as a currently payment of taxes or use of American therefore can only be issued by SBA registered voter, and with intent to live products, materials, or labor? administrators. For the Self-Certified there indefinitely. • Independently owned and operated? Programs, you can determine for SBA is responsible for: • Not dominant in the field of yourself if your business meets the • Determining whether or not individual operation in which it is bidding for requirements by referring to the concerns are qualified HUBZone small government contracts? Federal Acquisition Regulations (FAR). business concerns; • A sole proprietorship, partnership, Just as Congress has given • Maintaining a list of qualified corporation, or any other legal form? federal agencies a goal of procuring HUBZone small business concerns If the first six criteria apply to your for use by acquisition agencies in 23 percent of federal contracts from business, ask yourself the second awarding contracts under the program; small businesses, so too must federal important question to find out if • Adjudicating protests and appeals agencies meet specific contracting goals your business meets size standard of eligibility to receive HUBZone for other categories of small firms. requirements. contracts. These goals are: 2. What is the size standard for your For additional information, visit • 5 percent of contracts go to Small business? Disadvantaged Businesses www.sba.gov/hubzone. Size standards are used to • 5 percent go to Women-Owned Small determine whether a business is small or “other than small.” Size standards Businesses • 3 percent go to Service-Disabled 8(a) BUSINESS DEVELOPMENT vary depending upon the industry. To determine the size standard for your Veteran-Owned Small Businesses • 3 percent go to HUBZone Small PROGRAM business, you will need a NAICS code. Businesses The 8(a) Business Development Every federal agency uses these codes Federal agencies have a strong program is a nine year program when considering your business. To incentive to fulfill these contracting established to assist eligible socially and determine your NAICS code, go to goals. You should apply for those economically disadvantaged individuals www.census.gov/eos/www/naics/. SBA-Certified and Self-Certified develop and grow their businesses. Some SBA programs require their programs for which you qualify to take Business development assistance own unique size standards. To find out advantage of contracting opportunities. includes one-to-one counseling, training more about these requirements and workshops, and other management and other size standard information, go to technical guidance. There is a statutory requirement that small disadvantaged www.sba.gov/size. business concerns be awarded not less To find subcontracting opportunities, contracts and sole source contracts, as than 5 percent of the total value of all a list of Federal prime contractors is well as a price evaluation preference prime contract awards. All firms that available through SBA’s Subcontracting in full-and-open contract competitions. become eligible for SBA’s 8(a) business Directory at www.sba.gov and www. There is a statutory requirement that development assistance are also gsa.gov. Research the list of prime HUBZone small business concerns be considered small disadvantaged business contractors and determine which are awarded not less than 3 percent of the concerns for federal contracting. best suited for your business. Develop To be eligible for the 8(a) Business total value of all prime contract awards. a marketing strategy, and then contact Development program, a business must The HUBZone program also establishes the Small Business Liaison Officer meet the following criteria: preference for award of federal contracts • It must be a small business by SBA listed for each prime to schedule an to small businesses in these areas. To size standards; appointment. qualify for the program, a business • It must be owned (at least 51 percent) must meet the following criteria: SBA CONTRACTING by one or more individuals who • It must be a small business by SBA qualify as socially and economically PROGRAMS size standards disadvantaged, and who are US • It must be owned and controlled at citizens of good character; HUBZONE least 51 percent by U.S. citizens, or a • It must be controlled, managed, and Community Development Corporation, operated by one or more individuals The HUBZone program helps small an agricultural cooperative, or an who qualify as disadvantaged, and; businesses located in distressed urban Indian tribe • It must demonstrate potential for and rural communities, known as success (generally by being in business Historically Underutilized Business for at least two full years) before applying. Zones, gain access to federal set-aside 32 — Small Business Resource SOUTH FLORIDA Visit us online: www.sba.gov/fl/south Socially disadvantaged individuals are those who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of a group without regard to their individual capabilities. The following individuals are presumed to be socially disadvantaged: Black Americans, Native Americans, Alaska Natives or Native Hawaiians, Hispanic Americans, Asian Pacific Americans, and Subcontinent Asian Americans. An individual who is not a member of one of these groups must establish individual social disadvantage by a preponderance of evidence. Economically disadvantaged individuals are socially disadvantaged individuals whose ability to compete in the free-enterprise system has been impaired due to diminished capital and credit opportunities as compared to others in the same or similar line of business who are not socially disadvantaged. Firms owned by Alaska Native Corporations, Indian Tribes, Native Hawaiian Organizations, and Community Development Corporations the 8(a) Business Development program To determine your eligibility, can also apply to the SBA for 8(a) are automatically certified as an SDB. contact your local veterans business business development assistance. To self-certify, firms should update development officer, visit the So that approved firms can obtain their Central Contractor Registration various program websites, or contact training, counseling, and business (CCR) profiles and their Online SBA’s Office of Veterans Business development assistance, SBA designates Representations and Certifications Development at www.sba.gov/vets. a staff person at a local SBA District Application (ORCA) profiles, at Office - geographically near the business. www.bpn.gov/ccr/ and https://orca.bpn.gov, WOMEN-OWNED SMALL BUSINESS FEDERAL CONTRACT SBA is responsible for: making sure that both profiles reflect • Determining whether a business their SDB status. qualifies for the 8(a) Business PROGRAM Development program • Determining whether a business SERVICE-DISABLED VETERAN- On October 7, 2010, the SBA continues to qualify, during the nine- OWNED SMALL BUSINESS published a final rule effective February 4, 2011, aimed at expanding federal year term. The Service-Disabled Veteran- contracting opportunities for women- • Approving Mentor/Protégé agreements between 8(a) firms and large Owned Small Business (SDVOSB) owned small businesses. The Women- businesses. program has a federal government-wide Owned Small Business Federal Contract For additional information, visit goal of awarding at least 3 percent program authorizes contracting officers www.sba.gov/8a. of prime and subcontracting dollars to set aside certain federal contracts for to Service-Disabled Veteran-Owned eligible women-owned businesses and SMALL DISADVANTAGED Small Businesses each year. Large prime contractors must also establish a economically disadvantaged women- BUSINESS subcontracting goal for Veteran- owned small businesses. To be eligible, a firm must be at least A Small Disadvantaged Business Owned Small Businesses in their 51 percent owned and controlled by one (SDB) is defined as a small business Subcontracting Plans. These or more women. The women must be that is at least 51 percent owned and subcontracting goals are reviewed at U.S. citizens. The firm must be “small” controlled by one or more individuals time of proposal by both the contracting in its primary industry in accordance who are socially and economically officer and SBA prior to the award of a with SBA’s size standards for that disadvantaged. contract. industry. To be deemed “economically There is a federal government-wide When a business’s SDVOSB self- disadvantaged” its owners must goal of awarding at least 5 percent of certification is challenged, SBA demonstrate economic disadvantage in prime contracting dollars to SDBs each determines if the business meets accordance with the requirements set year. Large prime contractors must also the status, ownership, and control forth in the final rule. For additional establish a subcontracting goal for SDBs requirements. The SDVOSB Protest is information, visit www.sba.gov/wosb. in their Subcontracting Plans. administered by SBA to ensure that only Firms self-certify as SDB without businesses owned by service-disabled submitting any application to SBA; veterans receive contracts reserved however, firms approved by SBA into exclusively for them. Visit us online: www.sba.gov/fl/south SOUTH FLORIDA Small Business Resource — 33 GETTING STAR TED IN CONTRACTING Once you have identified the the database for prospective vendors. The of government. Businesses interested in important information regarding your CCR is at www.ccr.gov. becoming GSA schedule contractors business, it is time to start the process of After completing registration, you will should review the information available procuring a government contract. be asked to enter your small business at www.gsa.gov/schedules. 1. Identify your DUNS (Data Universal profile information through the SBA 8. Make Sure Your Business is Numbering System) number Supplemental Page. The information Financially Sound To register your business, obtain a DUNS will be displayed in the Dynamic Small This critical step is absolutely necessary number used to identify and track Business Search. to make sure that your business is millions of businesses. You can obtain Creating a profile in CCR and keeping financially prepared for the journey ahead. Even if you are able to obtain a your free DUNS number when it current ensures your firm has access registering with the CCR (Central government contract, you will not be to federal contracting opportunities. Contractor Registration) at www.ccr.gov receiving all of the money at once. It Entering your small business profile, helps to have a clear plan of how your or by contacting Dun & Bradstreet at including your business information and www.dnb.com. business will stage the benefits of the key word description, allows contracting contract. 2. Identify your EIN officers, prime contractors, and buyers (Employer Identification Number) 9. Search FedBizOpps for contracting from state and local governments to opportunities An EIN, otherwise known as a federal tax learn about your company. Federal Business Opportunities, or identification number, is generally 6. Use ORCA (Online Representations FedBizOpps, is an online service operated required of all businesses. For more and Certifications Application) by the federal government that information, go to www.irs.gov. Prospective contractors must complete 3. Identify your NAICS (North American announces available business (electronically or through submission of opportunities. FedBizOpps helps identify Industry Classification) codes paperwork) representations and The NAICS codes are used to classify the the needs of federal agencies and certifications for small business size and available contracting opportunities. To industry a particular business occupies. program status as part of the process You will need at least one NAICS code to begin searching for contracting that registers the business for federal opportunities, go to www.fbo.gov. complete your registration, but be sure to contracting opportunities. To make this list as many as apply. You may also add 10. Marketing Your Business process easier for everyone involved, the Registering your business is not enough or change NAICS codes at any time. To government developed ORCA, where find NAICS code, visit to obtain a federal contract; you will need generally, businesses can complete all of to market your business to attract federal www.census.gov/eos/www/naics/. the paperwork online. To begin this 4. Identify your SIC (Standard Industrial agencies. Tips for good marketing are: process, first register your firm in CCR, • Determine which federal agencies Classification) codes then go to www.orca.bpn.gov. The SIC codes are four-digit numbers buy your product or service, and 7. Register with the GSA Schedule get to know them; that are used to classify the industry a The GSA (General Services particular business occupies. While • Identify the contracting Administration) Multiple Award Schedule procedures of those agencies; NAICS codes have largely replaced SIC (aka Federal Supply Schedule) is used by codes, you will still need to provide your • Focus on opportunities in your GSA to establish long-term, government- niche and prioritize them. SIC code. SIC codes can be found at wide contracts with commercial firms. www.osha.gov/pls/imis/sicsearch.html. Although not required, you may Once these contracts are established, 5. Register with the CCR (Central want to obtain a PSC (Product Services government agencies can order the Contractor Registration) supplies and services they need directly Code) and/or a FSC (Federal Supply The CCR is an online federal from the firms through the use of an Classification). These codes provide government-maintained database of online shopping tool. Becoming a GSA additional information about the companies wanting to do business with schedule contractor increases your services and products your business the federal government. Agencies search opportunity for contracts across all levels offers. ADDITIONAL PROCUREMENT RESOURCES The following federal procurement award of that contract to the small services to federal, state, and/or local resources may also be of assistance: business. government. To find a PTAC in your • The Certificates of Competency • PCRs (Procurement Center state, go to www.floridasbdc.com. program allows a small business, that Representatives) and CMRs • Department of Defense (The DoD is is the apparent successful offeror, (Commercial Marketing the largest purchaser of goods from to appeal a contracting officer’s non- Representatives): PCRs work to small businesses): responsibility determination that it is increase the small business share www.acq.osd.mil/sadbu unable to fulfill the requirements of of federal procurement awards. • Office of Federal Procurement Policy: a specific government contract. The CMRs offer many services to small www.whitehouse.gov/omb/procurement SBA will conduct a detailed review businesses, including counseling on • Acquisition Forecast: of the firm’s technical and financial how to obtain subcontracts. To find a www.acquisition.gov/comp/procurement capabilities to perform on the PCR or CMR near you, go to www.sba. _forecasts/index.html contract. If the business demonstrates gov/sba-direct. • Federal Supply Schedule (FSS): the capability to perform, the SBA • PTACs (Procurement Technical www.gsa.gov issues a Certificate of Competency Assistance Centers): PTACs • GSA Center for Acquisition to the contracting officer, requiring provide assistance to businesses Excellence: www.gsa.gov/portal/ that want to sell products and content/103487 34 — Small Business Resource SOUTH FLORIDA Visit us online: www.sba.gov/fl/south SBA DISASTER ASSISTANCE Knowing the Types of Assistance Available for Recovery T he Disaster Assistance Military Reservist Economic Injury The page provides links to resources Program is SBA’s largest Disaster Loans (MREIDLs) are working to help you put together your own direct loan program, and capital loans for small businesses emergency plan, preparedness tips, the only form of SBA adversely affected when an essential and fact sheets about SBA recovery assistance not limited to employee is called up to active duty assistance for homeowners, renters, small businesses. SBA is responsible by the National Guard or Reserves. businesses of all sizes and private, for providing affordable, timely and An “essential employee” is defined nonprofit organizations. accessible financial assistance to as an individual (whether or not the Additionally, to help small businesses homeowners, renters, businesses of all owner of the small business) whose with their preparedness planning, SBA sizes and private, nonprofit organizations managerial or technical skill is critical has teamed up with Agility Recovery following declared disasters. By law, to the successfully daily operation Solutions to offer business continuity governmental units and agricultural of the business. The loan limit is $2 strategies for entrepreneurs via their enterprises are ineligible. million, and the funds may be used to “PrepareMyBusiness” website. In The SBA offers two types of disaster pay necessary operating expenses as addition to offering practical disaster loans—Physical and Economic Injury they mature until operations return to preparedness tips, Agility is the co-host Disaster Loans. normal after the essential employee is (with SBA) of a monthly disaster Home Physical Disaster Loans up released from active military duty. The planning webinar for business owners. to $200,000 are available to eligible MREIDLs cannot be used to replace lost Previous webinar topics have included homeowners to repair or replace to profits. discussions on crisis communications, its pre-disaster condition damaged or For all disaster loans, SBA can only testing your recovery plan, and using destroyed real estate not fully covered approve loans to applicants having a social media to enhance business by insurance. Renters and homeowners credit history acceptable to SBA and recovery. Visit www.preparemybusiness. alike may borrow up to $40,000 to repair who also show the ability to repay the org to get the schedule for future loans. The loan terms are established or replace clothing, furniture, cars, webinars, view archived webinars, and in accordance with the borrower’s appliances, etc., that were damaged or for more disaster planning tips. repayment ability. The law gives SBA destroyed in the disaster. As small businesses are leading several powerful tools to make disaster Business Physical Disaster Loans up America’s economic recovery, many of loans affordable: low interest rates to $2 million are available to qualified (around 4 percent), long terms (up to them are investing time and money businesses or private, nonprofit 30 years), and refinancing of prior liens into their plans to grow and create organizations of any size to help (in some cases). As required by law, the jobs. Developing a strong disaster restore or replace damaged real estate, interest rate for each loan is based on preparedness plan should be a critical inventory, machinery, equipment and SBA’s determination of whether the and integral piece of those efforts. other business assets to its pre-disaster applicant has credit available elsewhere Planning for a disaster is the best way of condition. (the ability to borrow or use their own limiting its effects. The SBA can also lend additional resources to recover after the disaster). funds to homeowners and businesses More information on all of SBA’s Additional Resources to help with the cost of making disaster assistance programs, including The SBA has partnered with the improvements that protect, prevent information for military reservists, is American Red Cross to increase or minimize the same type of disaster available at www.sba.gov/disaster. awareness in the business community damage from occurring again. about the Red Cross Ready Rating™ Economic Injury Disaster Loans Disaster Preparedness program. Ready Rating (EIDLs) are working capital loans For small businesses, surviving a (www.readyrating.org) is a free, self-paced, available to qualified small businesses, disaster doesn’t begin with clearing the web-based membership program that private nonprofit organizations of all debris and returning to work. helps a business measure its ability sizes and small agricultural cooperatives With proper planning, surviving to deal with emergencies, and gives that suffered financial losses because begins long before the disaster strikes— customized feedback on how to improve of the disaster, regardless of physical or before active-duty orders are received. those efforts. DISASTER damage. The SBA can lend up to $2 Your planning should include insurance Additional information on developing million to provide the necessary working coverage, emergency power, protection an emergency plan is available at the capital to help small businesses pay fixed of company records, fire safety, medical federal government’s preparedness debts, payroll, accounts payable and emergencies, taking care of your website www.ready.gov. other bills that could have been covered employees and continuity planning – The Institute for Business and Home had the disaster not occurred. The loan how your business will continue during Safety (www.disastersafety.org ) has useful is not intended to replace lost sales or and after the emergency or disaster. tips on protecting your home or business. profits. The combined limit for economic Starting is as easy as clicking on the injury and physical damage assistance disaster preparedness page of SBA’s for businesses is $2 million. website at www.sba.gov/content/disaster- preparedness. Visit us online: www.sba.gov/fl/south SOUTH FLORIDA Small Business Resource — 35 ADVOCACY AND OMBUDSMAN Watching out for small business interests OFFICE OF ADVOCACY nonprofit organizations), and consider regulatory alternatives that minimize owners, nonprofit organizations and small government entities. Comments The SBA’s Office of Advocacy, the the economic burden on small entities. are forwarded to federal agencies for “small business watchdog” of the Advocacy’s mission is enhanced by review, and in some cases fines may ADVOCACY AND OMBUDSMAN government, examines the role and a team of regional advocates, located be lowered or eliminated and decisions status of small business in the economy in the SBA’s 10 regions. They are changed in favor of the small business and independently represents the Advocacy’s direct link to small business owners. Each year the National views of small business to federal owners, state and local government Ombudsman files a report with the agencies, Congress, the President and entities, and organizations that U.S. Congress on the responsiveness federal appellate courts as friends support the interests of small entities. of federal agencies regarding their of the court. Advocacy compiles and The regional advocates help identify actions of regulatory and compliance interprets statistics on small business regulatory concerns of small business enforcement on small businesses. and is the primary entity within the by monitoring the impact of federal and To request help, send the National federal government to disseminate small state policies at the grassroots level. Ombudsman a complete Federal Agency business data. Learn more about the Office of Comment Form. You may do this Headed by the Chief Counsel for Advocacy at www.sba.gov/advocacy. by fax at 202-481-5719; online at the Advocacy, the office also funds outside Ombudsman’s Web page: OFFICE OF THE NATIONAL research of small business issues www.sba.gov/ombudsman; or by mail at and produces numerous publications 409 Third Street S.W., Mail Code 2120, to inform policy makers about the important role of small business OMBUDSMAN Washington, DC 20416. If excessive fines, penalties or The Ombudsman also coordinates in the economy and the impact of 10 Regional Regulatory Fairness unfair regulatory enforcement by government policies on small business. Boards which meet regularly to receive federal agencies are problems for your In addition, the office monitors federal comments about federal regulations small business, you have a voice in agency compliance with the Regulatory affecting small businesses. Washington, D.C. through the SBA’s Flexibility Act – the law that requires Learn more about the National Office of the National Ombudsman. agencies to analyze the impact of their Ombudsman from the Web site above or The Ombudsman receives proposed regulations on small entities call 888-REG-FAIR. comments regarding federal regulatory (including small businesses, small enforcement from small business governmental jurisdictions and small 36 — Small Business Resource SOUTH FLORIDA Visit us online: www.sba.gov/fl/south ADDITIONAL RESOURCESTaking care of start up logistics Business Interruption – While property insurance may pay enough to replace damaged or destroyed equipment or buildings, how will you pay costs such as taxes, utilities and other continuing expenses during the period between when the damage occurs and when the property is replaced? Business Interruption (or “business income”) insurance can provide sufficient funds to pay your fixed expenses during a period of time when your business is not operational. “Key Man” – If you (and/or any other individual) are so critical to the operation of your business that it E cannot continue in the event of your ven if you are running a your business is based. If you are a illness or death, you should consider small home-based business, corporation, you’ll need to check with the “key man” insurance. This type of you will have to comply with state. policy is frequently required by banks many of the local, state, and or government loan programs. It also federal regulations. Avoid the temptation to ignore regulatory details. BUSINESS INSURANCE can be used to provide continuity in operations during a period of ownership Doing so may avert some red tape in the Like home insurance, business transition caused by the death, short term, but could be an obstacle as insurance protects your business against incapacitation or absence due to a Title your business grows. Taking the time fire, theft and other losses. Contact your 10 military activation of an owner or to research the applicable regulations is insurance agent or broker. It is prudent other “key” employee. as important as knowing your market. for any business to purchase a number Automobile – It is obvious that Bear in mind that regulations vary by of basic types of insurance. Some types a vehicle owned by your business industry. If you’re in the food-service of coverage are required by law, others should be insured for both liability and business, for example, you will have to simply make good business sense. The replacement purposes. What is less deal with the health department. If you types of insurance listed below are obvious is that you may need special use chemical solvents, you will have among the most commonly used and are insurance (called “non-owned automobile environmental compliances to meet. merely a starting point for evaluating coverage”) if you use your personal Carefully investigate the regulations the needs of your business. vehicle on company business. This that affect your industry. Being out of Liability Insurance – Businesses policy covers the business’ liability for compliance could leave you unprotected may incur various forms of liability in any damage which may result for such legally, lead to expensive penalties and conducting their normal activities. One usage. jeopardize your business. Officer and Director – Under most of the most common types is product state laws, officers and directors of a liability, which may be incurred when corporation may become personally BUSINESS LICENSES ADDITIONAL RESOURCES a customer suffers harm from using liable for their actions on behalf of the There are many types of licenses, both the business product. There are many company. This type of policy covers this state and local as well as professional. other types of liability, which are liability. Depending on what you do and where frequently related to specific industries. Home Office – If you are establishing you plan to operate, your business may Liability law is constantly changing. an office in your home, it is a good idea be required to have various state and/ An analysis of your liability insurance to contact your homeowners’ insurance or municipal licenses, certificates or needs by a competent professional is company to update your policy to include permits. vital in determining an adequate and coverage for office equipment. This Licenses are typically administered by appropriate level of protection for your coverage is not automatically included in a variety of state and local departments. business. a standard homeowner’s policy. Consult your state or local government Property – There are many different for assistance. types of property insurance and levels of coverage available. It is important TAXES FICTITIOUS BUSINESS NAME to determine the property you need Taxes are an important and complex aspect of owning and operating a Registering your business name, after to insure for the continuation of your successful business. Your accountant, doing a search to make sure that it is business and the level of insurance you payroll person, or tax advisor may be not already in use, protects you from need to replace or rebuild. You must also very knowledgeable, but there are still others who might want to use the same understand the terms of the insurance, many facets of tax law that you should name. For more information, contact the including any limitations or waivers of know. The Internal Revenue Service is a county clerk’s office in the county where coverage. Visit us online: www.sba.gov/fl/south SOUTH FLORIDA Small Business Resource — 37 1120). You will also be required to report your earnings from the corporation including salary and other income such as dividends on your personal federal income tax return (Form 1040). FEDERAL PAYROLL TAX Federal Withholding Tax: Any business employing a person must register with the IRS and acquire an EIN and pay federal withholding tax at least quarterly. File Form SS-4 with the IRS to obtain your number and required tax forms. Call 800-829-3676 or 800-829-1040 if you have questions. IRS WEB PRODUCTS FOR SMALL BUSINESSES For the most timely and up-to-date tax information, go to www.irs.gov/ businesses/small/index.html. great source for tax information. Small Business/Self-Employed Tax The IRS has publications, counselors and workshops available to help you sort VIRTUAL SMALL BUSINESS Center: www.irs.gov/businesses/small/ it out. For more information, contact the WORKSHOP index.html IRS at 800-829-1040 or www.irs.gov. www.tax.gov/virtualworkshop/ When you are running a business, you The Virtual Small Business Tax don’t need to be a tax expert. However, you do need some tax basics. IRS Small SALES TAX EXEMPTION Workshop is the first of a series of video Business/Self-Employed Tax Center CERTIFICATE products designed exclusively for small business taxpayers. This workshop helps gives you the information you need to If you plan to sell products, you will business owners understand federal tax stay tax compliant so your business can need a Sales Tax Exemption Certificate. obligations. The Virtual Small Business thrive. It allows you to purchase inventory, or Workshop is available on CD Small Business Forms and Publications materials, which will become part of the product you sell, from suppliers without www.irs.gov/businesses/small/article/0,,id= www.irs.gov/businesses/small/article/0,,id= paying taxes. It requires you to charge 101169,00.html and online 99200,00.html www.irsvideos.gov/virtualworkshop/ if you Download multiple small business and sales tax to your customers, which you are responsible for remitting to the are unable to attend a workshop in self-employed forms and publications. state. You will have to pay penalties if person. Small business workshops are designed to help the small business FEDERAL PAYROLL TAX it is found that you should have been taxing your products and now owe back owner understand and fulfill their (EIN NUMBERS) taxes to the state. For information on federal tax responsibilities. Workshops An Employer Identification Number sales tax issues, contact your state’s are sponsored and presented by IRS (EIN),also known as a Federal Employer government. partners who are federal tax specialists. Identification Number (FEIN), is used Workshop topics vary from a general to identify a business entity. Generally, businesses need an EIN to pay federal FEDERAL INCOME TAX overview of taxes to more specific topics such as recordkeeping and retirement withholding tax. Like the state income tax, the method plans. Although most are free, some You may apply for an EIN in various of paying federal income taxes depends workshops have fees associated with ways, one of which is to apply online. upon your legal form of business. them. Fees for a workshop are charged www.irs.gov/businesses/small/article/0,,id= Sole Proprietorship: You must file IRS Federal Form Schedule C along by the sponsoring organization, not the 102767,00.html. This is a free service IRS. offered by the Internal Revenue Service. with your personal Federal Income Tax return (Form 1040) and any other The IRS’s Virtual Small Business Call 800-829 1040 if you have questions. Tax Workshop is an interactive You must check with your state to applicable forms pertaining to gains or losses in your business activity. resource to help small business owners determine if you need a state number or learn about their federal tax rights charter. Partnership: You must file a Federal Partnership return (Form 1065). This and responsibilities. This educational is merely informational to show gross product, available online and on CD, FEDERAL and net earnings of profit and loss. Also, consists of nine stand-alone lessons SELF-EMPLOYMENT TAX each partner must report his share of partnership earnings on his individual that can be selected and viewed in any sequence. A bookmark feature makes it Every employee must pay Social Form 1040 based on the information Security and Medicare coverage. If you possible to leave and return to a specific from the K-1 filed with the Form 1065. point within the lesson. Users also have are self-employed, your contributions are Corporation: You must file a Federal made through the self-employment tax. access to a list of useful online references Corporation Income Tax return (Form that enhance the learning experience by 38 — Small Business Resource SOUTH FLORIDA Visit us online: www.sba.gov/fl/south allowing them to view references and • verify Social Security Numbers Occupational Safety and Health the video lessons simultaneously. through the Social Security Number Administration outlines specific health Tax Calendar for Small Businesses Verification Service, used for all and safety standards adopted by the and Self-Employed (Publication 1518) employees prior to preparing and U.S. Department of Labor. submitting Forms W-2. www.irs.gov/businesses/small/article/0,, id=176080,00.html Health Insurance BUILDING CODES, PERMITS The Tax Calendar for Small Businesses and Self-Employed contains Compare plans in your area at AND ZONING www.healthcare.gov. It is important to consider zoning useful information on general business regulations when choosing a site for your taxes, IRS and SSA customer assistance, EMPLOYEE INSURANCE business. You may not be permitted to electronic filing and paying options, If you hire employees you may be conduct business out of your home or retirement plans, business publications required to provide unemployment or engage in industrial activity in a retail and forms, common tax filing dates, and workers’ compensation insurance. district. Contact the business license federal legal holidays. office in the city or town where the WORKPLACE DISABILITY business is located. SOCIAL SECURITY CARDS PROGRAMS All employees must have a social Americans with Disabilities Act BAR CODING security card. It must be signed by its (ADA): For assistance with the ADA, call Many stores require bar coding on owner, and you should always ask to 800-669-3362 or visit www.ada.gov. packaged products. Many industrial see and personally record the social and manufacturing companies use bar security number. Failure to do so may cause your employee to lose benefits and U.S. CITIZENSHIP AND coding to identify items they receive and ship. There are several companies that considerable trouble for yourself in back IMMIGRATION SERVICES can assist businesses with bar-coding tracking to uncover the error. The Federal Immigration Reform and needs. You may want to talk with an Each payday, your employees must Control Act of 1986 requires employers SBDC, SCORE or WBC counselor for receive a statement from you telling to verify employment eligibility of more information. them what deductions were made new employees. The law obligates and how many dollars were taken out an employer to process Employment Federal Registration of Trademarks for each legal purpose. This can be Eligibility Verification Form I-9. The and Copyrights presented in a variety of ways, including U.S. Citizenship and Immigration Trademarks or service marks are on the check as a detachable portion Services Office of Business Liaison offers words, phrases, symbols, designs or or in the form of an envelope with the a selection of information bulletins and combinations thereof that identify items printed and spaces for dollar live assistance through the Employer and distinguish the source of goods. deductions to be filled in. Hotline. For forms call 800-870-3676, for Trademarks may be registered at both the Employer Hotline call 800-357-2099. the state and federal level. To register a federal trademark, contact: EMPLOYEE CONSIDERATIONS E-Verify: Employment Eligibility U.S. Patent and Trademark Office: Taxes Verification P.O. Box 1450 Alexandria, VA 22313-1450 If you have any employees, including E-Verify, operated by the Department of Homeland Security in partnership 800-786-9199 officers of a corporation but not the sole www.uspto.gov/ proprietor or partners, you must make with the Social Security Administration, periodic payments towards, and/or file is the best--and quickest--way for Trademark Information Hotline quarterly reports about payroll taxes employers to determine the employment 703-308-9000 and other mandatory deductions. You eligibility of new hires. It is a safe, may contact (for information, assistance and forms.) simple, and secure Internet-based system that electronically verifies the STATE REGISTRATION OF A Social Security Administration Social Security number and employment TRADEMARK 800-772-1213 eligibility information reported on Form Trademarks and service marks may www.ssa.gov I-9. E-Verify is voluntary in most states be registered in a state. and there is no charge to use it. Caution: Federally registered Federal Withholding If you are an employer or employee trademarks may conflict with and U.S. Internal Revenue Service and would like more information about 800-829-1040 supersede state registered business and the E-Verify program, please visit product names. www.irs.gov www.dhs.gov/E-Verify or contact our Customer Support staff: 1-888-464-4218 Patents Social Security’s Business Services Monday – Friday 8 am – 5 pm. A patent is the grant of a property Online E-mail: firstname.lastname@example.org right to the inventor by the U.S. Patent The Social Security Administration and Trademark Office. It provides the now provides free electronic services online at www.socialsecurity.gov/employer/. SAFETY & HEALTH owner with the right to exclude others Once registered for Business Services REGULATIONS from making, using, offering for sale or selling the patented item in the United Online, business owners or their All businesses with employees States. authorized representative can: are required to comply with state Additional information is provided in • file W-2s online; and and federal regulations regarding the publications, General Information the protection of employees. The Concerning Patents and other Visit us online: www.sba.gov/fl/south SOUTH FLORIDA Small Business Resource — 39 publications distributed through the U.S. Patent and Trademark Office. For more information, contact the: U.S. Patent and Trademark Office 800-786-9199 • www.uspto.gov Copyrights Copyrights protect original works of authorship including literary, dramatic, musical and artistic, and certain other intellectual works. Copyright does not protect facts, ideas and systems, although it may protect the way these things are expressed. For general information contact: U.S. Copyright Office U.S. Library of Congress James Madison Memorial Building Washington, DC 20559 202-707-9100 - Order Line 202-707-3000 - Information Line www.copyright.gov BUSINESS ORGANIZATION: Choosing Your Business Structure There are many forms of legal easy to establish. A formal partnership the corporation. It’s the most complex structure you may choose for your agreement is recommended to address form of business organization and is business. Each legal structure offers potential conflicts such as: who will be comprised of shareholders, directors organizational options with different responsible for performing each task; and officers. Since the corporation tax and liability issues. We suggest you what, if any, consultation is needed is a separate legal entity in its own research each legal structure thoroughly between partners before major decisions, right it can own assets, borrow money and consult a tax accountant and/or and what happens when a partner and perform business functions attorney prior to making your decision. dies. Under a general partnership each without directly involving the owners. The most common organizational partner is liable for all debts of the Corporations are subject to more structures are sole proprietorships, business. Profits are taxed as income to government regulation and offer the general and limited partnerships, “C” the partners based on their ownership owners the advantage of limited liability, and “S” corporations and limited liability percentage. but not total protection from lawsuits. companies. If you’re uncertain which business Limited Partnership Subchapter “S” Corporation format is right for you, you should Like a general partnership, a Subchapter “S” references a special discuss options with a business limited partnership is established by part of the Internal Revenue Code that counselor or attorney. an agreement between two or more permits a corporation to be taxed as a persons. However, there are two types partnership or sole proprietorship, with profits taxed at the individual, rather Sole Proprietorship of partners. than the corporate rate. A business One person operating a business as • A general partner has greater control in some aspects of the partnership. must meet certain requirements for an individual is a sole proprietorship. For example, only a general partner Subchapter “S” status. Contact the IRS It’s the most common form of business can decide to dissolve the partnership. for more information. organization. Profits are taxed as General partners have no limits on the income to the owner personally. The dividends they can receive from profit LLCs and LLPs personal tax rate is usually lower than so they incur unlimited liability. The limited liability company is the corporate tax rate. The owner • Limited partners can only receive a share of profits based on the a relatively new business form. It has complete control of the business, combines selected corporate and proportional amount on their but faces unlimited liability for its partnership characteristics while investment, and liability is similarly debts. There is very little government limited in proportion to their still maintaining status as a legal regulation or reporting required with investment. entity distinct from its owners. As a this business structure. separate entity it can acquire assets, “C” Corporation incur liabilities and conduct business. General Partnership A “C” corporation is a legal entity It limits liability for the owners. The A partnership exists when two created under state law by the filing of limited liability partnership is similar or more persons join together in articles of incorporation. A corporation to the LLC, but it is for professional the operation and management of a is a separate entity having its own organizations. business. Partnerships are subject to rights, privileges and liabilities, apart relatively little regulation and are fairly from those of the individual(s) forming 40 — Small Business Resource SOUTH FLORIDA Visit us online: www.sba.gov/fl/south OT H ER A SSISTANCE Chambers of DAVIE-COOPER CITY CoC GREATER PALM BAY CoC KISSIMMEE CoC 954-581-0790 • 954-581-9684 F 321-951-9998 • 321-951-0012 F 407-847-3174 • 407-870-8607 F Commerce DEERFIELD BEACH CoC GREATER PALM HARBOR CoC LAKE ALFRED CoC APOLLO BEACH CoC 954-427-1050 • 954-427-1056 F 727-784-4287 • 727-786-2336 F LAKE PLACID CoC 813-645-1366 • 813-641-2612 F DELRAY BEACH CoC GREATER PINE ISLAND CoC 863-465-4331 • 863-465-2588 F AUBURNDALE CoC 561-278-0424 • 561-278-0555 F 239-283-0888 • 239-283-0336 F LAKE WALES AREA CoC 863-967-3400 • 863-967-0880 F DESOTO COUNTY CoC GREATER PLANTATION CoC 863-676-3445 • 863-676-3446 F AVENTURA CoC 863-494-4033 • 863-494-3312 F 954-587-1410 • 954-587-1886 F LAKE WORTH CoC 305-935-2131 • 305-690-9124 F DORAL & AIRPORT WEST CoC GREATER RIVERVIEW CoC 561-582-4401 • 561-547-8300 F AVENTURA MARKETING COUNCIL 305-244-1641 • 305-471-0187 F 813-643-8000 • 813-643-8500 F LAKELAND CoC 305-935-2131 • 305-690-9124 F DUNDEE AREA CoC GREATER SEFFNER AREA CoC 863-688-8551 • 863-683-7454 F AVON PARK CoC 863-439-3261 • 863-439-3261 F GREATER SEMINOLE AREA CoC LANTANA CoC 863-453-3350 • 863-453-0973 F DUNEDIN CoC 727-392-3245 • 727-397-7753 F 561-585-8664 • 561-585-0644 F BELLE GLADE CoC 727-736-5066 • 727-734-8942 F GREATER SOUTH DADE CoC LARGO MID-PINELLAS CoC 561-996-2745 • 561-996-2252 F ENGLEWOOD CoC 305-661-1621 • 305-666-0508 F 727-584-2321 • 727-586-3112 F BOCA GRANDE CoC 941-474-5511 • 941-475-9257 F GREATER SUNRISE CoC LATIN COC OF BROWARD COUNTY 941-964-0568 • 941-964-0260 F ESTERO CoC 954-835-2428 • 954-835-2431 F 954-625-6616 • 954-625-6693 F BOCA GRANDE CoC 239-948-7990 • 239-947-9968 F GREATER TAMPA CoC LAUDERDALE-BY-SEA CoC 941-964-0568 • 941-964-2060 F EVERGLADES CITY CoC 813-228-7777 • 813-223-7899 F 954-776-1000 • 954-776-6203 F BONITA SPRINGS AREA CoC 239-695-3941 • 239-695-3172 F GREATER TEMPLE TERRACE CoC LAUDERDALE LAKES CoC 239-992-2943 • 239-992-5011 F FLORIDA COC 813-989-7004 • 813-989-7005 F 954-732-4000 • 954-733-7444 F BOYNTON BEACH CoC FLORIDA GOLD COAST/BAY GULF BEACHES OF TAMPA BAY LEE COUNTY CoC 561-732-9501 • 561-734-4304 F HARBOR ISLANDS CoC CoC 239-931-0931 • 239-931-0917 F BRADENTON/HOLMES BEACH CoC 305-866-6020 • 305-866-0635 F 727-360-6957 • 727-360-2233 F LEHIGH ACRES CoC 941-778-1541 • 941-778-9679 F FORT MEADE CoC GULFPORT CoC 239-369-3322 • 239-368-0500 F BROWARD COUNTY CoC 863-285-8253 • 863-285-6968 F 727-344-3711 • 727-344-5461 F LIGHTHOUSE POINT CoC 954-565-5750 • 954-566-3398 F FORT MYERS BEACH CoC HAINES CITY CoC 954-782-5647 • 954-782-6540 F CAMACOL-LATIN CoC 239-454-7500 • 239-454-7910 F 863-422-3751 • 863-422-4704 F LONGBOAT KEY CoC CAPE CORAL CoC FROSTPROOF CoC HALLANDALE CoC 941-383-2466 • 941-383-8217 F 239-549-6900 • 239-549-9609 F FT. PIERC/ST. LUCIE COUNTY CoC 954-454-0541 • 954-454-0930 F LOWER KEYS CoC COC OF THE PALM BEACHES 772-595-9999 • 772-461-9084 F HALLANDALE-PEMBROKE PARK 305-872-2411 • 305-872-0752 F 561-833-3711 • 561-833-5582 F GATEWAY AREA CoC CoC LOXAHATCHEE CoC CHAMBER OF CS/JUPITER, GLADES COUNTY/MOOREHAVEN 954-454-0541 • 954-454-0930 F 561-790-6200 • 561-791-2069 F TEQUESTA & JUNO BEACH CoC HARDEE COUNTY/WAUCHULA CoC LUTZ/CENTRAL PASCO CoC 561-746-7111 • 561-746-7715 F 863-946-0440 • 863-946-2282 F 863-773-6967 • 863-773-0229 F 813-909-2722 • 813-909-0827 F CHAMBER OF SOUTHWEST GREATER BARTOW CoC HIALEAH CoC MANATEE/PALMETTO CoC FLORIDA 863-533-7125 • 863-533-3793 F 305-687-5555 • 305-556-7333 F 941-748-3411 • 941-745-1877 F 239-278-4001 • 239-278-3319 F GREATER BOCA RATON CoC HIALEAH-LATIN CoC MARCO ISLAND AREA CoC CHARLOTTE COUNTY/PUNTA 561-395-4433 • 561-392-3780 F 305-828-9898 • 305-828-9777 F 239-394-7549 • 239-394-3061 F GORDA CHAMBER GREATER BRANDON CoC HOBE SOUND CoC MARGATE CoC 941-639-2222 • 941-639-6330 F 813-689-1221 • 813-689-9440 F 772-546-4724 • 772-546-9969 F 954-582-0399 • 954-580-0107 F CLEARWATER BEACH CoC GREATER DADE CITY CoC HOMESTEAD-FLORIDA CITY CoC MELBOURNE-PALM BAY AREA CoC 727-447-7600 • 727-443-7812 F 352-567-3769 • 352-567-3770 F 305-247-2332 • 305-246-1100 F 321-724-5400 • 321-725-2093 F CLEARWATER CoC GREATER FORT LAUDERDALE CoC IMMOKALEE CoC MIAMI BEACH CoC 727-461-0011 • 727-449-2889 F 954-462-6000 • 954-527-8766 F 239-657-3237 • 239-657-5450 F 305-672-1270 • 305-538-4336 F OTHER ASSISTANCE CLEWISTON CoC GREATER FORT MYERS CoC INDIAN RIVER COUNTY CoC MIAMI CoC SOUTH 863-983-7979 • 863-983-7108 F 239-332-3624 • 239-332-7276 F 772-567-3491 • 772-778-3181 F 305-661-1621 • 305-666-0508 F COCOA BEACH AREA CoC GREATER HOLLYWOOD CoC INDIANTOWN CoC MIAMI LAKES CoC 321-459-2200 • 321-459-2232 F 954-923-4000 • 954-923-8737 F 772-597-2184 • 772-597-6063 F 305-556-2212 • 305-821-2349 F COCONUT CREEK CoC GREATER LABELLE CoC ISLAMORADA CoC MIAMI-DADE CoC 954-556-4811 • 954-556-1904 F 863-675-0125 • 863-675-6160 F 305-664-4503 • 305-664-4289 F 305-751-8648 • 305-758-3839 F COCONUT GROVE CoC GREATER MARATHON CoC JENSEN BEACH CoC MIRAMAR-PEMBROKE CoC 305-444-7270 • 305-444-2498 F 800-262-7284 • 305-289-0183 F 772-334-3444 • 772-334-0817 F 954-432-9808 • 954-432-9193 F CORAL GABLES CoC GREATER MIAMI CoC KEY BISCAYNE CoC NAPLES AREA CoC 305-446-1657 • 305-446-9900 F 305-350-7700 • 305-374-6902 F 305-361-5207 • 305-361-9411 F 239-262-6376 • 239-262-8374 F CORAL SPRINGS CoC GREATER MIAMI SHORES CoC KEY LARGO CoC NORTH DADE CoC 954-752-4242 • 954-827-0543 F 305-754-5466 • 305-759-8872 F 800-822-1088 • 305-451-4726 F 305-690-9123 • 305-690-9124 F DANIA BEACH CoC GREATER MULBERRY CoC KEY WEST CoC NORTH FORT MYERS CoC 954-926-2323 • 954-926-2384 F 863-425-4414 • 863-425-3837 F 305-294-2587 • 305-294-7806 F 239-997-9111 • 239-997-4026 F Visit us online: www.sba.gov/fl/south SOUTH FLORIDA Small Business Resource — 41 O T H E R A SSISTANCE NORTH MIAMI BEACH CoC PINELLAS PARK CoC SEBASTIAN RIVER CoC TARPON SPRINGS CoC 305-944-8500 • 305-944-8191 F 727-544-4777 • 727-209-0837 F 772-589-5969 • 772-589-5993 F 727-937-6109 • 727-937-2879 F NORTH MIAMI CoC PLANT CITY CoC SEBRING CoC TITUSVILLE AREA CoC 305-891-7811 • 305-893-8522 F 813-754-3707 • 813-752-8793 F 863-385-8448 • 863-385-8810 F 321-267-3036 • 321-264-0127 F OAKLAND PARK/WILTON MANORS POMPANO BEACH CoC SEMINOLE CoC TREASURE ISLAND CoC CoC 954-941-2940 • 954-785-8358 F 727-392-3245 • 727-455-0285 F 727-360-4121 • 727-360-4609 F 954-568-7755 • 954-568-7733 F PORT CHARLOTTE CoC SEMINOLE COUNTY CoC VENICE CoC OKEECHOBEE COUNTY CoC 941-627-2222 • 941-627-9730 F 407-333-4748 • 407-829-2100 F 941-488-2236 • 941-484-5903 F 863-763-6464 • 863-763-3531 F PUERTO RICAN CoC SO. FLORIDA/BROWARD INT’L CoC VENICE CoC UPPER TAMPA BAY REGIONAL CoC OF BROWARD COUNTY 561-542-8664 • 561-362-8227 F 941-488-2236 • 941-484-5903 F 813-855-4233 • 813-854-1237 F 954-559-5355 • 954-983-5327 F SOUTH FLORIDA HISPANIC CoC WELLINGTON CoC PAHOKEE CoC PUERTO RICAN CoC OF SOUTH OF SOUTH FLORIDA 561-792-6525 • 561-792-6200 F 561-924-5579 • 561-924-8116 F FLORIDA 305-534-1903 • 305-534-8365 F WEST PASCO CoC PALM BEACH CoC 305-571-8006 • 305-571-8007 F ST. CLOUD CoC 727-842-7651 • 727-848-0202 F 561-655-3282 • 561-655-7191 F PUERTO RICAN CoC SARASOTA/ 407-892-3671 • 407-892-5289 F WESTON AREA CoC PALM BEACH GARDENS CoC MANATEE ST. PETERSBURG AREA CoC 954-389-0600 • 954-384-6133 F 561-694-2300 • 561-694-0126 F RUSKIN CoC 727-821-4069 • 727-895-6326 F WINTER HAVEN CoC PALM CITY CoC 813-645-3808 • 813-645-2099 F STUART/MARTIN COUNTY CoC 863-293-2138 • 863-297-5818 F 772-286-8121 • 772-286-3331 F SAFETY HARBOR CoC 772-287-1088 • 772-220-3437 F WOMEN’S CoC PALM HARBOR CoC 727-726-2890 • 727-726-2733 F SUN CITY AREA CoC 305-446-6660 • 305-675-8523 F 727-784-4287 • 727-786-2336 F SANIBEL/CAPTIVA ISLANDS CoC 813-634-5111 • 813-634-8438 F YBOR CITY CoC PARKLAND CoC 239-472-1080 • 239-472-1070 F TAMARAC CoC 813-248-3712 • 813-247-1764 F 954-346-7275 • 561-750-9781 F SARASOTA CoC 954-722-1520 • 954-721-2725 F ZEPHYRHILLS CoC PERRINE CoC 941-955-2508 ext. 235 TAMPA BAY HISPANIC CHAMBER 813-782-1913 • 813-783-6060 F 305-238-7192 • 305-666-0508 F 941-366-5621 F 813-414-9411 • 813-414-0811 F 42 — Small Business Resource SOUTH FLORIDA Visit us online: www.sba.gov/fl/south S BA LEN D ER S IN THE S OU TH F L OR IDA DISTR ICT PLEASE REFER FIRST CHATHAM BANK THE BANK CAPITAL BANK, N.A. GTE FEDERAL CREDIT TO THE INTERNET FIRST COMMUNITY OF COMMERCE CENTERSTATE BANK OF UNION FOR WEBSITES BANK OF S.W. THE OCULINA BANK FLORIDA, N.A. GULFSTREAM BUSINESS AND CONTACT FLORIDA THE PALM BANK CHARLOTTE STATE BANK INFORMATION FOR FIRST NATIONAL BANK TOTALBANK BANK HELM BANK LENDERS OF SOUTH MIAMI U.S. BANK NATIONAL CITIZENS BANK AND HERITAGE BANK FIRST PEOPLES BANK ASSOCIATION TRUST OF FLORIDA Active Lenders FLAGLER BANK UNITED CENTRAL BANK COCONUT GROVE BANK INDIAN RIVER FLAGSHIP COMMUNITY UNITED MIDWEST COMMUNITY BANK OF NATIONAL BANK 1ST UNITED BANK BANK SAVINGS BANK THE SOUTH INTERNATIONAL ACHIEVA CU FLORIDA BANK UPS CAPITAL BUSINESS COMMUNITY CREDIT FINANCE BANK AMERICAN NATIONAL FLORIDA SHORES CREDIT UNION OF FLORIDA INTERVEST BANK BANK BANK-SOUTHEAST WELLS FARGO BANK, CORNERSTONE JEFFERSON BANK BANCO POPULAR FLORIDA SHORES N.A. COMMUNITY BANK OF FLORIDA NORTH AMERICA BANK-SOUTHWEST WHITNEY NATIONAL DESJARDINS BANK, N.A. JGB BANK, NATIONAL BANK OF AMERICA, GULFSHORE BANK BANK EASTERN NATIONAL ASSOCIATION N.A. HIGHLANDS BANK KENNEDY SPACE BANKATLANTIC INDEPENDENT BANK Additional EDISON NATIONAL CENTER CREDIT BANKFIRST HOMEBANC NATIONAL Lenders BANK UNION BANKUNITED ** ASSOCIATION ENGLEWOOD BANK LANDMARK BANK, N.A. BAY CITIES BANK HORIZON BANK 1ST MANATEE BANK ESPIRITO SANTO BANK MAGNIFY CREDIT BIZCAPITAL BIDCO II, HSBC BK USA, N.A. BAY GULF CU OF FLORIDA UNION LLC INTERAMERICAN BANK, FAIRWINDS CU EXECUTIVE NATIONAL MARQUIS BANK BORREGO SPRINGS FSB FARM CREDIT OF BANK MERCANTILE BANK BANK, N.A. INTERCREDIT BANK, FLORIDA, ACA FEDERAL TRUST BANK MIDFLORIDA FEDERAL BRANCH BANK & N.A. FIRST BANK & TRUST FIRST AMERICAN BANK CREDIT UNION TRUST CO. JPMORGAN CHASE CO. - INDIANTOWN FIRST BANK OF MIAMI NATBANK, N.A. BUSEY BANK BANK, N.A. FLORIDA BANK OF FIRST BANK OF THE NATIONAL BANK OF CALUSA NATIONAL KEYBANK NATIONAL COMMERCE PALM BEACHES SOUTHWEST FLORIDA BANK ASSOCIATION GATEWAY BANK OF FIRST CITRUS BANK NORTHERN TRUST CAPITALSOURCE BANK LIVE OAK BANKING S.W. FLORIDA FIRST COAST BANK OF FLORIDA CAROLINA FIRST BANK COMPANY GULF COAST BANK & COMMUNITY BANK PACIFIC NATIONAL CBC NATIONAL BANK M&I MARSHALL & TRUST CO. FIRST COMMUNITY BANK CELTIC BANK ILSLEY BANK INSIGNIA BANK BANK OF AMERICA PREFERRED CORPORATION MAINSTREET LENDER LIBERTY BANK, FSB FIRST EAST SIDE COMMUNITY BANK CENTENNIAL BANK 7(A), LLC NORTHSTAR BANK SAVINGS BANK PREMIER AMERICAN CENTRAL BANK MARINE BANK & TRUST PATRIOT BANK FIRST HOME BANK BANK, N.A. CIT SMALL BUS. COMPANY PROFESSIONAL BANK FIRST NATIONAL BANK PREMIER COMMUNITY LENDING CORP. MERCANTIL SEASIDE NATIONAL NORTHWEST FLORIDA BANK OF FLORIDA CITIBANK, N.A. COMMERCEBANK, BANK & TRUST FIRST NATIONAL BANK REPUBLIC BANK CITY NATIONAL BANK N.A. SHAMROCK BANK OF CENTRAL FLORIDA OF FLORIDA OF FLORIDA MUTUAL OF OMAHA OF FLORIDA FIRST NATIONAL BANK SABADELL UNITED COMMUNITY BANK & BANK SOUTHWEST CAPITAL OF PASCO BANK COMPANY NEWTEK SMALL BUS. BANK, N.A. FIRST NATIONAL BANK SECURITY BANK COMMUNITY BANK FINANCE INC. SUNCOAST SCHOOLS OF WAUCHULA SOUTHERN COMMERCE OF BROWARD OCEAN BANK FCU FIRST SOUTHERN BANK BANK COMMUNITY BANK PARADISE BANK THE BANK OF TAMPA FIRST STATE BANK OF STEARNS BANK, N.A. OF FLORIDA PARKE BANK THE FLORIDA KEYS TAMPA BAY FEDERAL PILOT BANK FIRST-CITIZENS BANK & CREDIT UNION COMMUNITY SOUTH BANK PINNACLE BANK Other Lenders TRUST CO. TERRABANK, NA COMPASS BANK PNC BANK, NATIONAL FIRSTCITY BANK THE ROYAL PALM BANK 1ST NATIONAL BANK CONTINENTAL NATIONAL BANK ASSOCIATION PRIME BANK OF SOUTH FLORIDA OF COMMERCE FLORIDA BUSINESS OF FLORIDA U.S. CENTURY BANK SBA TOP LENDERS RBC BANK (USA) ANDEREN BANK BANK UNION STATE BANK OF MIAMI APOLLO BANK CORNERSTONEBANK REGENT BANK FLORIDA CENTRAL USAMERIBANK REGIONS BANK BAC FLORIDA BANK CREDIT UNION USSFFEDERAL CREDIT ENCORE NATIONAL BANCO INTERNACIONAL BANK RIDGESTONE BANK FLORIDA TRADITIONS UNION SABAL PALM BANK DE COSTA RICA, SA BANK VALLEY BANK EUROBANK BANK LEUMI USA EXCEL NATIONAL BANK SPIRIT OF TEXAS BANK, FLORIDIAN VALRICO STATE BANK SSB BANK OF BELLE GLADE COMMUNITY BANK WAUCHULA STATE FIDELITY BANK BANK OF CORAL FIFTH THIRD BANK STONEGATE BANK GRAND BANK & TRUST BANK SUNTRUST BANK GABLES OF FLORIDA FIRST AMERICA BANK BANK OF NAPLES FIRST AMERICAN SUPERIOR FINANCIAL GREAT EASTERN BANK GROUP, LLC BBU BANK OF FLORIDA BANK-ILLINOIS BROWARD BANK OF FIRST AMERICAN SYNOVUS BANK GROW FINANCIAL TD BANK, NATIONAL COMMERCE FEDERAL CREDIT BANK-IOWA CAJA MEDITERRANEO FIRST BANK, ASSOCIATION UNION MIAMI CLEWISTON Visit us online: www.sba.gov/fl/south SOUTH FLORIDA Small Business Resource — 43
"Small Business Resource Guide"