From : U.S. Small Business Administration
Location : Washington , D.C. |
Question :
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Reply :
Thank you for joining us today. I apologize if we were not able to get to your question--we received about 400 of them. If you still have a question, please contact the local SBA office in your area or look on our web site, SBA.gov. Thank you |
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From : ahmad
Location : damasc , california |
Question :
what is the small bussinees ??? |
Reply :
Great question. The definition differs, depending on the reason for the question. Researchers typically use and employee cutoff, e.g. under 500 or under 100. In government procurement programs, the cut off for small business status is determined by industry to ensure that proper consideration is given to the nuances of the industry. For example, "small" in the auto industry is a lot bigger than "small" in the pest control industry. If you are thinking about a specific SBA program, contact us and we will give you the response that suits your need. |
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From : Mike Butler
Location : Delia , KS |
Question :
I am working with a bank in regrds to an SBA line of credit or loan for the purpose of business expansion and developement. We are a small manufacturing company doing aerospace sub-contract as well as a proprietary line of licensed NASCAR products. My questions is this. What kind of an interest rate can I expect and what kind of loan gaurentee can I expect? Thanks, Mike Butler |
Reply :
The interest rate on an SBA loan is set by the bank where you do business, althrough we do set maximums, and we believe that because the bank is receiving an SBA guarantee, it can provide a better rate than without it. I should note that it is likely to be a spread over the prime rate. With respect to the guarantee level, it depends on the size of the loan and the SBA program that the bank is participating in. In our SBA Express program, the guarantee level is 50%. In our other programs, it can go as high as 85% for smaller loans. |
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From : Maya
Location : , |
Question :
What essential things would you cover when presenting your business plan to a group of small business owners? |
Reply :
Take a look at the Small Business Primer on our web site. That should give you helpful information. |
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From : Steve Bramlett
Location : Camby , Indiana |
Question :
I am looking for statistics for failure rates of businesses for the last 10 years. What caused those failures and what type of business they were? ( This information is for a research paper ) I have not found any such data anywhere that I have looked so if you can help it would greatly be appreciated. Thank You, Steve Bramlett Dodgemall2@yahoo.com |
Reply :
Take a look at our sba.gov/advo. We have an entire department that does research on small business, in the interest of educating lawmakers of the impact that policy decisions have on our America's entrepreneurs. |
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From : Micah
Location : Lubbock , Tx |
Question :
Can SBA loans be used to buy an existing small business? |
Reply :
Yes they can. |
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From : Tonya Horton
Location : Washington , DC |
Question :
Should government agencies be in the business of promoting women-owned, minority-owned and small businesses when award contracts? |
Reply :
The Federal Government has Congressionally mandated targets for small business overall, as well as for various subsets of small business, e.g. women-owned, socially disadvantaged, service-disabled veterans and HubZone. The purpose of these targets is to ensure that small business gets a fair share of overall targets, and that specific groups get particular focus in the process. |
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From : Greg
Location : Washingon DC , DC |
Question :
My wife and I are interested in starting a business. Rental properties. I believe we need to incorporate and she believes we need to be an enterprise? Your thoughts? |
Reply :
This is a complex issue, and you should seek advice from a tax counselor as well as an estate planner. The form of the organization has implications for how taxes are paid and who pays them. In addition, if it is a family business, you want to make sure you understand the ramifications the business form has on inheritance issues. Sorry this one is complicated, but the answer will hinge on your personal situation and objectives. |
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From : george igwe
Location : florissant , mo |
Question :
i do have two questions one of them is which organization can help me with writing a business plan. 2) And how can i get Gov. contracts |
Reply :
With respect to writing the business plan, there are a number of options. We have resources on our web site that will give you a sense of a business plan format. Also, try SCORE.org. SCORE is a volunteer network of business counselors. You can get materials on their site, get online counseling, or set up a face-to-face meeting. You can also visit a Small Business Development Center (see SBA.gov for locations) for support. Once you feel you are ready to sell to the government, contact our district office in your area (Kansas City?), and they will walk you through the best way to work through the process of selling to the Federal Government. |
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From : Theresa Gallo
Location : Boca Raton , FL |
Question :
Can you tell me about the 8a program? |
Reply :
Yes. The 8(a) program is designed to give firms owned by people who have experienced social and economic disadvantage an opportunity for business development support and a preferred opportunity to sell goods and services to the Federal Government. You need to apply to the program to get certified and we will work with you throughout the program on business development. You can get a simple view of the program and process by looking at: http://www.sba.gov/aboutsba/sbaprograms/8abd/index.html. |
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From : Misha Seese
Location : Littleton , CO |
Question :
My company provides funding for government contractors. How can I find networking events where I can meet government contractors face-to-face in the Denver Metro area? |
Reply :
Contact Patricia Rivera, our Denver District Director. She is DYNAMITE, and has excellent procurement people on staff. They will give you a sense of local events, as well as how to tap into contracts that are coming up for bid. |
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From : Todd Frehse
Location : Salt Lake City , UT |
Question :
If I start a small business, how long do I have before I need to show a profit? |
Reply :
There is no single answer to this question. It will depend on the industry, the investment needs, the labor structure, etc. First, I think it is critical to do cash flow projections that very honestly consider the investment needs of the business. It is easy to forget essential needs. Also, make sure to give yourself some room on the revenue projections. You want to make sure that you fully account for these issues in considering how much capital you need and where it will come from. If your are going to outside sources for funds, e.g. banks, they may impose a profitability timeline on you, based on their repayment requirements. Once again, I recommend meeting with our resource partners for advice as you go through the process. |
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From : Jim Lasswell
Location : San Diego , CA |
Question :
Please comment on the new Small Business Recertification Rule. I know it was designed to fix a problem with multiyear contracts following acquisition. Since advertising this "fix" the "value" of Small Businesses as potential acquisition targets has plumeted to 50% of prior values. The new rule is not a good one! |
Reply :
We want to make sure that businesses counted as small businesses in federal contract statistics are, in fact, small. Currently, if a small business is acquired by a very large business, the contract continues to be counted as small for the rest of its existence. Under the new rule, is no need for the agency to cancel that contract--they just can't say it is with a small business any more (because it is not), |
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From : helen davenport
Location : Raleigh , NC |
Question :
Where do I start to get info to start my own business. Funding? I am a woman. wondering if there are minority programs just for women |
Reply :
I recommend getting some form of training and counseling before you jump in. There are so many things to consider, and getting advice from a pro can really help. You can go to one of our partner organizations to get that help which include Small Business Devt Centers, SCORE (volunteers) or one of our WOMENS business centers, which in fact work extensively with minority women. Please look on SBA.gov to find the location nearest to you. |
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From : Nancy Mundorff
Location : Navarre , FL |
Question :
I'm interesting to start a small business however I don't have enough money to start with, how I can obtain a loan? |
Reply :
There are a number of ways. The SBA does not make direct loans to small business owners. We generally provide a guarantee to banks so that they can reach harder in providing you with a loan. You can inquire at banks in your area to see if they provide SBA guaranteed loans, or feel free to call our district office in your area for an introduction and advise. You can find the closest office to you on SBA.gov. |
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From : U.S. Small Business Administration
Location : Washington , D.C. |
Question :
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Reply :
Welcome to the SBA web chat! There has never been a better time to start a small business, and SBA has a number of services that can help businesses get capital, counseling, and support in selling goods and services to the Federal Government. I look forward to answering your questions and hope that we will be able to help many of you on your road to business ownership. |
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