MISSISSIPPI 2014-2015 BUSINESS SMALL SMALL RESOURCE

Making the Most of SBA’s Resource Partner Network page 30

Counseling PAGE 8 Capital PAGE 15 Contracting PAGE 31

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Staff President/CEO content2014-2015 MISSISSIPPI Joe Jensen [email protected] English/Spanish Small Business Resource FEATURES Advertising Nicky Roberts [email protected] 5 Introduction 30 Feature Article Martha Theriault [email protected] 5 Regional Administrator’s Making the Most of SBA’s Kenna Rogers [email protected] Message Resource Partner Network 6 District Director’s Letter Production Diane Traylor [email protected] 31 Contracting 8 Counseling Applying for Government Getting Help to Start Up, Market Contracts SBA’s Marketing Office: and Manage Your Business 31 How Government Contracting The Small Business Resource Guide is published under the direction of SBA’s Office of Marketing and 8 SBA Resource Partners Works Customer Service. 10 SBA’s Online Tools and 32 SBA Contracting Programs Training 36 Getting Started in Contracting Director of Marketing 11 Reaching Underserved Paula Panissidi Communities 37 Disaster Assistance [email protected] 13 Are You Right for Small Knowing the Types of Assistance Business Ownership? Available for Recovery Graphic Design 14 Writing a Business Plan Gary Shellehamer 39 Advocacy and Ombudsman [email protected] 15 Capital Watching Out for Small Business Financing Options to Start or Interests SBA’s participation in this publication is not an endorsement of the views, opinions, products or Grow Your Business services of the contractor or any advertiser or other 15 SBA Business Loans 40 Additional Resources participant appearing herein. All SBA programs 16 What to Take to the Lender Taking Care of Start Up Logistics and services are extended to the public on a nondiscriminatory basis. 24 Surety Bond Guarantee 43 Business Organization: Program Choosing your Structure Printed in the United States of America 24 Small Business Investment While every reasonable effort has been made Company Program 45 Other Assistance to ensure that the information contained herein 25 Small Business Innovation is accurate as of the date of publication, the information is subject to change without notice. Research Program 49 Lender Listing  The contractor that publishes this guide, the federal 25 Small Business Technology government, or agents thereof shall not be held Transfer Program liable for any damages arising from the use of or reliance on the information contained in this 27 SBA Loan Program Chart publication. 29 SBA Lenders Program Chart SBA Publication # MCS-0018

This publication is provided under SBA Contract On the Cover: Diane Lewis’s Action Facilities # SBAHQ05C0014. Management in Morgantown, West Virginia, was started as a home-based business. SBA assisted Lewis in writing her business plan and with workshops on government contracting. Lewis entered the SBA 8(a) Business Development program for counseling, training and match-making opportunities. Her business has grown to approximately 300 employees.

2 — Mississippi Small Business Resource Visit us online: www.sba.gov/ms

The U.S. Small Business Administration FROM THE REGIONAL ADMINISTRATOR

Message From The Region IV Regional Administrator Cassius Butts

As Regional Administrator for At last count, the state of Mississippi Region IV of the U.S. Small Business had over 240,000 small businesses/ Administration, my role is to be the self-employed making significant eyes and ears for small business in the contributions to the state’s economy, Southeast. I travel the region widely and bringing innovative products and and visit with many entrepreneurial services to the marketplace. success stories and I also learn the challenges that many business owners I believe it is our entrepreneurs and face. We work together as a team at small business owners that drive SBA to assist aspiring and existing small America’s ability to innovate and stay business owners every day to reach their competitive across the globe. goals; whether it is to start a new small business or grow an existing business. We know the obstacles that entrepreneurs face and salute your Small business is dear to my heart as I courage and creativity. come from a family of entrepreneurs. At times, it wasn’t easy; but I remember We wish you entrepreneurial success! them telling me that it was always rewarding. I continue to be impressed with the resiliency of small business owners who go to work day in and day out, overcoming challenges and making ends meet. Cassius Butts Small businesses are the engine of our Regional Administrator economy. Across the country, more than Region IV half of employed Americans either own U.S. Small Business Administration or work for a small business.

Visit us online: www.sba.gov/ms Mississippi Small Business Resource — 5 MISSISSIPPI SBA Staff Listing Message From The District Director www.sba.gov/ms MISSISSIPPI DISTRICT Harris, Rosetta G. OFFICE Lender Relations Specialist Regions Plaza Ext. 18 Rules For Success 210 E. Capitol St., Ste. 900 Jackson, MS 39201 McClendon, James E. Administrative Officer Like today’s small businesses, large corporate success stories MAIN NUMBER: Ext. 19 601-965-4378 started with only an entrepreneur and a dream. Ext. 10 Melton, Penney Economic Development TDD PHONE: Specialist 800-877-8339 Ext. 27 elcome to the 2014- non-bank active SBA lending partners, and FAX: 601-965-5629 or Sanford, Jeremy 2015 edition of the other small business advocates throughout our 601-965-4294 Student Assistant Mississippi Small state with whom SBA collaborates. Ext. 10 Business Resource Stewart, Janita R. Guide. If you are familiar As always, we thank RENI Publishing for District Director GULFPORT BRANCH Wwith this tool, you know that it provides a their continued partnership in producing the Ext. 20 OFFICE wealth of information on SBA’s vast array of guide and especially thank the advertisers. It Hancock Bank Plaza credit and is through the advertisers’ participation and Reed, Gary K. 2510 14th St., Ste. 103 Deputy District Director Gulfport, MS 39501 non-credit programs and services and shares support that this publication is made available Ext. 12 needed information and direction for start-up to the Mississippi small business community – MAIN NUMBER: entrepreneurs, existing small business owners, free of charge. Conner, Joyce M. 228-863-4449 and those people who are thinking about one Business Opportunity day of becoming their own boss. Through I invite you to read this guide, refer to it Specialist TDD PHONE: the years, this guide has been used as a often, even share it with other entrepreneurs Ext. 13 800-877-8339 go-to quick ready-reference to search for not and small businesses so that you and they Dean, Debbie W. BRANCH FAX: only information on programs and services may take full advantage of SBA’s finance, Lender Relations Specialist 228-864-0179 available from SBA, but also to find contact entrepreneurial development, certifications Ext. 11 and other information on additional resources and federal government contracting programs, Foster, Lance P. in Mississippi who help small businesses get which have been designed with you, the small Doss, Alice A. Branch Manager started, grow, and succeed. business owner, in mind. Supervisory Business Ext. 222 Opportunity Specialist This guide contains information on the 3 Cs For further information on SBA programs Ext. 14 Johnson-Fells, Bridget D. Economic Development – Counseling, Capital and Contracts. You’ll and services, conferences, workshops and Fisher, Rhonda H. Specialist/PIO learn about SBA’s business loans, venture seminars, free e- newsletters, as well as other Supervisory Lender Relations Ext. 225 capital, surety bonds, certifications, and initiatives affecting small businesses locally and Specialist federal government contracting programs, nationally, please visit our website at www. Ext. 15 SCORE-Gulf Coast Chapter along with the critical disaster assistance SBA sba.gov and www.sba.gov/ms or call and/ 228-863-0054 provides in times of federally-declared natural or visit our Mississippi District or Gulfport disasters, and other vital information. You’ll Branch Offices. Also follow at also find a comprehensive listing of SBA- DID YOU KNOW? funded resource partners – including SCORE Remember that in our continous journey The SBA Mississippi District and Gulfport Branch Offices serve the state with a wide variety of small business – America’s Counselors; our Women’s of “supporting the formation, growth, prosperity and programs and services. Federal fiscal year (FY) 2013 Business Center (WBC) operated by CLIMB viability of Mississippi’s small businesses,” we are was a strong lending year for Mississippi in terms Community Development Corporation, here to serve you! We want to help you make of guaranty loan dollars. A total of 428 loans were guaranteed totaling almost $139 million through SBA’s LLC; and the Mississippi Network of Small your dreams come true. 7(a) guaranty loan program and the 504 guaranty loan Business Development Centers (MSBDC). program which served to provide much needed capital Each of these organizations provides free and Sincerely, for small business start-up and expansion. Further- confidential counseling, training, management more, according to the Federal Procurement Data System – Next Generation, more than $301.4 million and technical assistance to individuals, in federal government contract dollars were awarded entrepreneurs, and small businesses to Mississippi small businesses; $70.2 million to 8(a) throughout Mississippi. Furthermore, the Janita R. Stewart firms; $58.2 million to HUBZone firms; $31.8 million guide highlights state agencies, chambers to women-owned businesses; $92.8 million to small District Director of of commerce, economic development disadvantaged businesses; $58.9 million to veterans; SBA’s Mississippi District Office and $33.1 million to service-disabled veterans. organizations, in and out-of-state bank and The SBA District and Branch offices, together with our resource partners, provided management and technical assistance, counseling and training to over 22,500 entrepreneurs.

6 — Mississippi Small Business Resource Visit us online: www.sba.gov/ms The SBA helps business owners grow and expand Doing Business in Mississippi their businesses every day.

Free and confidential counseling, advice and information on starting, better operating or expanding a small business through (SCORE), Small Business Development Centers (SBDC) and the Women’s Business Center (WBC). They also conduct training events throughout the state - some require a nominal registration fee.

Assistance to businesses owned and controlled by socially and economically disadvantaged individuals through the Business Development Program.

A SCORE/SBDC Project Officer is THE MISSISSIPPI DISTRICT OFFICE Jackson, Jones, Lamar, Pearl River, Perry, available to assist. Please contact Lance Stone, and Wayne. The Branch Manager The Mississippi District Office is Foster at 228-863-4449 ext. 222 or email: is Lance P. Foster. The Branch Office is responsible for the delivery of SBA’s [email protected]. many programs and services in 70 located at One Hancock Plaza, 2510 14th Street, Suite 103, Gulfport, MS 39501. Mississippi counties. The District Director A Women’s Business Ownership Office hours are from 8:00 AM until 4:30 is Janita R. Stewart. The District Office Representative is available to assist PM, Monday through Friday, excluding is located at Regions Bank Plaza, 210 E. women business owners. Please contact federal holidays. Capitol Street, Suite 900, Jackson, MS Bridget Johnson-Fells at

39201. Office hours are from 8:30 AM 228-863-4449 ext. 225 or email: until 4:30 PM, Monday through Friday, SERVICES AVAILABLE [email protected]. excluding federal holidays. Financial assistance for new or existing businesses through guaranteed loans A Veterans Affairs Officer is available THE GULFPORT BRANCH OFFICE made by area bank and non-bank lenders to assist veterans. Please contact James The Gulfport Branch Office is responsible and long-term fixed asset financing McClendon at 601-965-4378 ext. 19 or for the delivery of SBA’s many programs coordinated through SBA’s certified e-mail: [email protected]. and services in the southern-most development companies. Special loan counties of the state including Forrest, programs are available for businesses George, Greene, Harrison, Hancock, involved in international trade.

their understanding of the concepts behind SUCCESS STORY Managerial Accounting. To The Rescue In its first year of existence, Danielle single- We Welcome Your Bookkeeping, LLC handedly ran the business. This brought Danielle Hope with it the extended work hours one might Questions Blankenship, Owner Recipient of the 2013 expect from not having the supporting cast Mississippi SBA Young found by having subordinate employees. For extra copies of this publication or Entrepreneur Award Despite the challenges associated with questions please contact: running the company on a singular basis, To The Rescue Bookkeeping, LLC was Daniel remained excited knowing that Mississippi District Office started in an apartment in Anchorage, revenue growth would allow for the hiring Regions Plaza Alaska in 2006 by Danielle Hope of support staff. Not long after, Danielle 210 E. Capitol Street, Suite 900 Blankenship. As its name implies, it’s a and her spouse received military orders Jackson, MS 39201 company that has literally come to the to relocate to the Mississippi Gulf Coast rescue of many clients. which meant temporarily leaving all of the Tel: 601-965-4378 They are a full service bookkeeping brand loyalty she had established in the Fax: 601-965-5629 or 601-965-4295 company that provides financial state of Alaska. For some, the move itself TDD: 800-877-8339 accounting services for new businesses, would have pushed their will to the limits payroll/ bookkeeping services, tax but relocating to a destination known for Website: www.sba.gov/ms preparation and financial reporting. To its hurricanes and floods took the risk the Rescue Bookkeeping helps their clients precedent to a new level. As she adjusted to not only better manage their financial to coastal living while establishing a new margins but also to help them increase footprint for her business, she realized continued on page 48

Visit us online: www.sba.gov/ms Mississippi Small Business Resource — 7 COUNSELING Getting Help to Start, Market and Manage Your Business

Found in more than 350 chapters and 800 locations throughout the country, SCORE provides key services – both face-to-face and online – to busy entrepreneurs who are just getting started or are in need of a seasoned business professional as a sounding board for their existing business. As members of your community, SCORE mentors understand local business COUNSELING licensing rules, economic conditions and important business networks. SCORE can help you as they have done for 50 years by: • Matching your specific needs with a business mentor • Traveling to your place of business for an on-site evaluation • Teaming with several SCORE mentors to provide you with tailored very year, the U.S. Small Business Development Centers, 110 assistance in a number of business Business Administration Womens’ Business Centers and 350 areas and its nationwide network SCORE chapters. These professionals Across the country, SCORE offers of resource partners help can help with writing a formal business more than 10,000 local business millions of potential and plan, locating sources of financial training workshops and seminars Eexisting small business owners start, assistance, managing and expanding ranging in topic and scope depending grow and succeed. your business, finding opportunities on the needs of the local business Whether your target market is global to sell your goods or services to the community. SCORE workshops cover or just your neighborhood, the SBA and government, and recovering from all manner of business topics, including: its resource partners can help at every disaster. To find your local district an introduction to the fundamentals of stage of turning your entrepreneurial office or SBA resource partner, visit a business plan, managing cash flow dream into a thriving business. www.sba.gov/tools/local-assistance. and marketing your business. For If you’re just starting out, the SBA established businesses, SCORE offers and its resources can help you with SCORE more in-depth training in areas like business and financing plans. If you’re customer service, hiring practices and SCORE is a national network of more home-based businesses. already in business, you can use than 12,000 entrepreneurs, business the SBA’s resources to help manage For around-the-clock business leaders and executives who volunteer as advice and information on the latest and expand your business, obtain mentors to America’s small businesses. government contracts, recover from business news and trends go to the SCORE leverages decades of experience SCORE website (www.score.org). More disaster, find foreign markets, and from seasoned business professionals make your voice heard in the federal than 1,200 online mentors with over to help entrepreneurs to start and grow 150 business skill sets answer your government. companies and to create jobs in local You can access SBA information at questions about starting and running a communities. SCORE does this by business. In fiscal year 2013, SCORE www.sba.gov or visit one of our local harnessing the passion and knowledge offices for assistance. mentors served 400,000 entrepreneurs. of individuals who have owned and For more information on SCORE and managed their own businesses and to get your own business mentor, visit SBA’S RESOURCE want to share this “real world” expertise www.sba.gov/score, www.SCORE.org or PARTNERS with you. call 1-800-634-0245 for the SCORE office In addition to our district offices, nearest you. which serve every state and territory, the SBA works with a variety of local • You get to be your own boss. resource partners to meet your small business needs: SCORE chapters, ON THE UPSIDE • Hard work and long hours directly benefit you, Small Business Development Centers rather than increasing profits for someone else. (SBDCs), and Women’s Business It’s true, there are a lot of Centers (WBCs). This partner network reasons not to start your • Earnings and growth potential are unlimited. reaches into communities across own business. But for the America: More than 13,000 business right person, the advantages • Running a business will provide endless counselors, mentors and trainers of business ownership far variety, challenge and opportunities to learn. available through over 900 Small outweigh the risks.

8 — Mississippi Small Business Resource Visit us online: www.sba.gov/ms Gulf Coast SCORE Chapter • Provided training services to Mississippi State University SBDC Dave Philo, Chapter Chairperson approximately 330,000 clients. MSU Business Incubator Bldg. Hancock Bank Plaza The efficacy of the SBDC program Thad Cochran Research, Technology & 2510 14th St., Ste. 105 has been validated by a nationwide Economic Development Park Gulfport, MS 39501 impact study. Of the clients surveyed, 60 Technology Blvd., Ste. 105E 228-863-0054 more than 80 percent reported that the MS State, MS 39759 [email protected] business assistance they received from 662-325-8684 www.scoregulfport.org the SBDC counselor was worthwhile. [email protected] COUNSELING The top five impacts of counseling Walter Wallace - SCORE University of Mississippi SBDC Delta State University Small Business cited by SBDC clients were revising 122 Jeanette Phillips Dr./P.O. Box 1848 Development Center marketing strategy, increasing sales, University, MS 38677-1848 DSU Box 3235 expanding products and services, 662-915-1291 Cleveland, MS 38733-002 improving cash flow and increasing [email protected] [email protected] profit margin. More than 40 percent of Jerry Massa - SCORE long-term clients receiving five hours or A SCORE/SBDC Project Officer is 133 Windsong Circle more of counseling reported an increase available to assist. Please contact Belden, MS 38826 in sales and profit margins. Lance Foster at 228-863-4449 ext. 222 [email protected] For information on the SBDC or email: [email protected]. program, visit www.sba.gov/sbdc.

SMALL BUSINESS Mississippi Small Business Development WOMEN’S BUSINESS CENTERS DEVELOPMENT CENTERS Center State Office The SBA’s Women Business Center The U.S. Small Business Walter D. (Doug) Gurley, State Director (WBC) program is a network of over 100 Administration’s Small Business University of Mississippi community-based centers that provide Development Centers (SBDC) mission 122 Jeanette Phillips Dr./P.O. Box 1848 business training, counseling, coaching, is to build, sustain, and grow small University, MS 38677-1848 mentoring and other assistance geared businesses; as well as to promote small 800-725-7232 in Mississippi toward women, particularly those [email protected] who are socially and economically business development and enhance local www.mssbdc.org economies by creating businesses and disadvantaged. WBCs are located in fulfilling its mission of creating jobs. East Central Community College SBDC nearly every state and U.S. territory The Small Business Development 52 9th St./P.O. Box 129 including the District of Columbia Centers, vital to SBA’s entrepreneurial Decatur, MS 39327-0129 and the territories of Puerto Rico and outreach, have been providing service 601-635-6296 American Samoa. They are partially to small businesses for almost 35 years. [email protected] funded through a cooperative agreement It is one of the largest professional with the SBA. small business management and The University of Mississippi – Gulf Coast To meet the needs of women technical assistance networks in the SBDC entrepreneurs, WBCs offer services nation. With over 900 locations across The Innovative Center at convenient times and locations, the country, SBDCs offer existing and 1636 Popps Ferry Rd., Ste. 207 including evenings and weekends. future entrepreneurs free one-on-one Biloxi, MS 39532 WBCs are located within non-profit host 228-396-8661 expert business counseling and low-cost organizations that offer a wide variety [email protected] training by qualified small business of services in addition to the services professionals. Hinds Community College SBDC/ provided by the WBC. Many of the In addition to its core services, International Trade Center WBCs also offer training and counseling the SBDCs offer special focus areas and provide materials in different such as green business technology, 1500 Raymond Lake Rd., 3rd Fl. languages in order to meet the diverse disaster recovery and preparedness, P.O. Box 1100 needs of the communities they serve. export assistance, international trade Raymond, MS 39154-1100 WBCs often deliver their services assistance, veteran’s assistance, 601-857-3536 through long-term training or group technology transfer and regulatory counseling, both of which have shown to compliance. Jackson State University SBDC be effective. WBC training courses are The program combines a unique JSU Mississippi E-Center often free or are offered for a small fee. combination of federal, state and private 1230 Raymond Rd./P.O. Box 500 Some centers will also offer scholarships Jackson, MS 39204 sector resources to provide, in every based on the client’s needs. 601-979-2795 While most WBCs are physically state and territory, the foundation [email protected] for the economic growth of small located in one designated location, a businesses. The return on investment is Jones County Junior College SBDC number of WBCs also provide courses demonstrated by the program’s success Advanced Technology Center and counseling via the Internet, mobile during FY2013. 72 Technology Blvd. classrooms and satellite locations. • Assisted more than 14,200 Ellisville, MS 39437 WBCs have a track record of success. entrepreneurs to start new 601-477-4235 In fiscal year 2012, the WBC program businesses – equating to nearly 39 [email protected] counseled and trained over 136,000 new business starts per day. clients, creating local economic growth • Provided counseling services to and vitality. In addition, WBCs helped more than 104,000 emerging entrepreneurs access more than entrepreneurs and over 96,000 $40 million dollars in capital. Based existing businesses. on a 2010 Impact Study, of the WBC

Visit us online: www.sba.gov/ms Mississippi Small Business Resource — 9 clients that have received three or more hours of counseling, 15 percent indicated that the services led to hiring new staff, 34 percent indicated that the services led to an increased profit margin, and 47 percent indicated that the services led to an increase in sales. In addition, the WBC program has taken a lead in preparing women business owners to apply for the Women-Owned Small Business (WOSB) Federal Contract program that authorizes contracting officers to set aside certain federal contracts for eligible women-owned small businesses or economically disadvantaged women- COUNSELING owned small businesses. For more Small Business Person of the Year information on the program, visit www.sba.gov/wosb. To find the nearest SBA WBC, visit with specialized suppliers, research www.sba.gov/women. SBA’S ONLINE institutions, large prime customers TOOLS AND TRAINING or contractors and investors who also CLIMB CDC Women’s Business Center SBA’s Online Learning Center is operate in that sector. In addition, Cindy Ward, Director a virtual campus complete with free market success requires small 1316 30th Ave. businesses to know their customers Gulfport, MS 39501 online courses, workshops, podcasts, learning tools and business-readiness and target their product development 228-864-6677 • 228-864-6979 Fax dollars efficiently. Therefore, through www.climbcdc.org assessments. Key Features of the SBA’s Online intensive, industry-specific technical Learning Center: assistance, our Clusters help small EMERGING LEADERS Training is available anytime business innovators commercialize and anywhere — all you need is a promising technologies needed by INITIATIVE government and industry buyers The intense seven-month computer (or mobile device) with in that particular sector. And then, entrepreneurship training for small Internet access. through showcasing, networking business leaders creates a learning • Nearly 40 free online courses and and “demonstration events,” they environment to accelerate the growth workshops available. of high-potential small businesses, • Templates and samples to get your help get these small businesses and stimulates job creation and helps drive business planning underway. their products in front of investment economic development within their • Online, interactive assessment tools and other funding sources, research communities. A competitive selection are featured and used to direct institutions and customers/buyers in process results in company executives clients to appropriate training. order to bring products to market. participating in high-level training Course topics include tutorials on Across the country, our resource and peer-networking sessions led by writing a business plan, financing partners work with our Regional professional instructors.Graduates are strategies that include SBA lending Innovation Clusters: The resource poised to create an economic ripple programs, mastering overseas partners provide the businesses with effect because they are now equipped markets through exporting, public information and coaching on the key with the support, resources and sector procurement tactics, and building blocks of business success, enhanced business skills to succeed specialty material for veterans, while the Cluster experts help them in increasing their revenue, creating young entrepreneurs, and women with the highly technical product jobs and driving sustainable economic business owners. This robust portal development and relationship-building growth throughout their communities. also includes video content, e-books, assistance necessary to get and keep Impact of Emerging Leaders: templates and articles customers and investors in their The initiative is currently offered in Visit www.sba.gov/tools/sba-learning- particular market sector (such as over 27 underserved communities across center for these free resources. smart-grid, fuel cell energy storage, the country. Over 2,000 businesses solar cells, imaging, aerospace, and have participated in Emerging Leaders agricultural processing technologies since its inception. An independent SBA’S CLUSTER INITIATIVE and networks). impact study of Emerging Leaders past Every small business must For more information on SBA’s participants reported that they: effectively connect into the key Cluster Initiative, go to • Created nearly 2,000 new full-time relationships necessary to drive www.sba.gov/clusters. jobs success in its particular industry or • Secured federal, state, local and market sector. Regional Innovation Magnolia Business Alliance tribal contracts awards over Clusters act as a networking hub 21294 Johnson RD. $1 Billion to connect small businesses in Long Beach, MS 39560 • Accessed over $73 Million in new a particular industry sector and 228-295-7117 • 228-295-7119 Fax financing geographic region with other business www.magnolia-ba.biz • 95% were satisfied with the innovators in the same sector and Emerging Leaders program.

10 — Mississippi Small Business Resource Visit us online: www.sba.gov/ms REACHING UNDERSERVED COMMUNITIES The SBA also offers a number of A Women’s Business Ownership range of business/technical assistance programs specifically designed to meet the Representative is available to assist programs and services, and that needs of the underserved communities. women business owners. Please contact they receive special consideration for Bridget Johnson-Fells at SBA’s entrepreneurial programs and WOMEN BUSINESS OWNERS 228-863-4449 ext. 225 or email: resources. Women entrepreneurs are changing the [email protected]. The SBA’s Veterans Office provides face of America’s economy. In the 1970s, funding and collaborative assistance for women owned less than 5 percent of the a number of special initiatives targeting COUNSELING nation’s businesses. VETERAN BUSINESS OWNERS local veterans, service-disabled Today, they are majority owners The Office of Veterans Business veterans, and Reserve Component of about a third of the nation’s small Development (OVBD), established members. These initiatives include businesses and are at least equal owners with Public Law 106-50, has taken Veterans Business Outreach Centers of about half of all small businesses. SBA strides in expanding assistance to (VBOCs), the business assistance tools serves women entrepreneurs nationwide veteran, service-disabled veteran small –Balancing Business and Deployment, through its various programs and services, business owners and reservists by and Getting Veterans Back to Business, some of which are designed especially for ensuring they have access to SBA’s full- which includes interactive CD ROMs women. The SBA’s Office of Women’s Business Ownership (OWBO) serves as an advocate for women-owned businesses. The office oversees a nationwide network over 100 Women’s Business Centers that provide business training, counseling and mentoring geared specifically to women, especially those who are socially and economically disadvantaged. The program is a public-private partnership with locally- based nonprofits. Women’s Business Centers serve a wide variety of geographic areas, population densities, and economic environments, including urban, suburban, and rural. Local economies vary from depressed to thriving, and range from metropolitan areas to entire states. Each Women’s Business Center tailors its services to the needs of its individual community, but all offer a variety of innovative programs, often including courses in different languages. They provide training in finance, management, and marketing, as well as access to all of the SBA’s financial and procurement assistance programs. SBA Services to Help Women Succeed in Business The Women’s Network for Entrepreneurial Training (WNET) Program - WNET, a program of the SBA’s Office of Women’s Business Ownership, provides networking opportunities through the WNET Round-tables. These gatherings allow participants to share their experiences, and receive practical support and guidance from a wide range of knowledgeable business counselors in an informal setting. Women entrepreneurs can use this medium to attain a wealth of expert knowledge that can make the difference between success and failure. Online Women’s Business Center The SBA also makes available the Online Women’s Business Center which offers resources via the Internet for those unable to utilize the services of the Women’s Business Center. Visit the Online Women’s Business Center at: www.sba.gov/wbc

Visit us online: www.sba.gov/ms Mississippi Small Business Resource — 11 REACHING UNDERSERVED COMMUNITIES for reservists to help prepare for Boots to Business is delivered in groups to ensure effective and efficient mobilization and/or reestablishment partnership with SBA resource coordination of resources and initiatives. of businesses upon return from active partners and the Institute for Veterans The center was established by, and duty. and Military Families at Syracuse follows the guidelines, operational The agency offers special assistance University. It is available free of policy and statutory requirements of for small businesses owned by activated charge at participating installations to Executive Order 13279 — Fundamental Reserve and National Guard members. service members and their dependents Principles and Policymaking Criteria Any self-employed Reserve or Guard transitioning or retiring from the U.S. for Partnerships with Faith-Based and member with an existing SBA loan military. Other Neighborhood Organizations. can request from their SBA lender The program has three parts: 1) The or SBA district office loan payment Entrepreneurship Track Overview - deferrals, interest rate reductions and an introductory video shown during NATIVE AMERICAN other relief after they receive their the mandatory five day Transition activation orders. In addition, the GPS course; 2) Introduction to BUSINESS DEVELOPMENT SBA offers special low-interest-rate Entrepreneurship – a two day classroom The SBA Office of Native American financing to small businesses when an course offered as one of the three Affairs (ONAA) ensures that American Indians, Alaska Natives and Native COUNSELING owner or essential employee is called Transition GPS elective tracks; and, 3) to active duty. The Military Reservist Foundations of Entrepreneurship – an Hawaiians seeking to create, develop Economic Injury Disaster Loan Program eight week instructor led online course and expand small businesses have full (MREIDL) provides loans up to that offers in-depth instruction on the access to business development and $2 million to eligible small businesses to elements of a business plan and tips expansion tools available through the cover operating costs that cannot be met and techniques for starting a business. agency’s entrepreneurial development, due to the loss of an essential employee After completing the course, counselors lending, and contracting programs. called to active duty in the Reserves or and mentors from SBA’s resource The office provides a network of National Guard. partner network remain available training initiatives that include a Each of the SBA’s 68 District to work with veterans in their local Native American Business Development Offices also has a designated veteran’s communities. For more information Workshop, a Native American 8(a) business development officer. These about B2B, please visit Business Development Workshop, local points-of-contact assist veteran www.sba.gov/bootstobusiness. Emerging Leaders (formerly e200) small business owners/entrepreneurs and the online tool, “Small Business with starting, managing and growing Primer: Strategies for Growth”. ONAA successful businesses. Yearly, OVBD CENTER FOR FAITH-BASED AND also is responsible for consulting with reaches thousands of veterans, Reserve NEIGHBORHOOD PARTNERSHIPS tribal governments prior to finalizing component members, transitioning SBA policies that may have tribal SBA’s Center for Faith-Based and implications. service members and others who Neighborhood Partnerships (The are – or who want to become – Visit www.sba.gov/naa for more Partnership Center) works to engage information. entrepreneurs and small business and build strong partnerships with owners. In fiscal year 2012, the number community and nonprofit organizations, of veterans assisted through OVBD both secular and faith-based, to support VETERANS BUSINESS programs exceeded 135,000. For more entrepreneurship, economic growth and information about OVBD, please visit promote prosperity for all Americans. OUTREACH CENTERS www.sba.gov/veterans. The Veterans Business Outreach The center works in coordination Program (VBOP) is designed to provide with other offices within the Agency entrepreneurial development services NATIONAL BOOTS TO to assist in formulating policies and such as business training, counseling practices with the goal of extending and mentoring, and referrals for BUSINESS INITIATIVE the reach and impact of SBA programs The aptly named Operation Boots eligible veterans owning or considering into communities. SBA recognizes the starting a small business. The SBA to Business program (B2B) builds important role of community leaders on SBA’s role as a national leader has 15 organizations participating and networks in economic development in entrepreneurship training. The in this cooperative agreement at the local and national level, and program’s mission is to develop veteran and serving as Veterans Business entrepreneurs from the approximately that partnerships provide effective and Outreach Centers (VBOC) across the 250,000 service members who transition efficient leverage for SBA programs. country. Services provided by VBOC’s from the military each year. Boots Further, the center plays a key role in include: pre-business plan workshops, to Business is an entrepreneurial helping identify, engage and impact concept assessments, business plan education program offered as an underserved communities. preparations, comprehensive feasibility elective track within the Department of The program engages in outreach, analysis, entrepreneurial training and Defense’s revised Transition Assistance technical assistance, education, counseling, mentorship, and other Program called Transition Goals, formulates and administers training business-development related services. Plans, Success (Transition GPS). The programs, coordinates entrepreneurial VBOCs also provide assistance and curriculum provides valuable assistance and business development opportunities training in such areas as international to transitioning service members and access to SBA’s 68 district offices trade, franchising, Internet marketing, exploring self-employment opportunities and extensive network of resource grant accounting, etc. For a VBOC directory, by leading them through the key steps partners. The center additionally works please visit www.sba.gov/vets. for evaluating business concepts and with the White House Office of Faith- A Veterans Affairs Officer is available the foundational knowledge required for Based and Neighborhood Partnerships to assist veterans. Please contact James developing a business plan. Participants and the Faith-Based and Neighborhood McClendon at 601-965-4378 ext. 19 or are also introduced to SBA resources Partnership Centers that are within e-mail: [email protected]. available to help access start up capital 13 additional federal agencies, and and additional technical assistance. participates in interagency working

12 — Mississippi Small Business Resource Visit us online: www.sba.gov/ms ARE YOU RIGHT FOR SMALL BUSINESS OWNERSHIP?

Most new business owners who from having to carry all the succeed have planned for every phase responsibility for the success HOME-BASED BUSINESSES of their success. Thomas Edison, the of their business on their own Going to work used to mean great American inventor, once said, shoulders. Strong motivation traveling from home to a plant, store “Genius is 1 percent inspiration and will help you survive slowdowns or office. Today, many people do some 99 percent perspiration.” That same and periods of burnout. or all their work at home. philosophy also applies to starting a • How will the business affect business. your family? The first few years Getting Started COUNSELING First, you’ll need to generate a little of business start-up can be hard Before diving headfirst into a home- bit of perspiration deciding whether on family life. It’s important for based business, you must know why you’re the right type of person to start family members to know what you are doing it. To succeed, your your own business. to expect and for you to be able business must be based on something to trust that they will support greater than a desire to be your you during this time. There also own boss. You must plan and make IS ENTREPRENEURSHIP may be financial difficulties until improvements and adjustments along the business becomes profitable, the road. FOR YOU? which could take months or Working under the same roof where There is simply no way to eliminate years. You may have to adjust to your family lives may not prove to be all the risks associated with starting a lower standard of living or put a small business, but you can improve family assets at risk. as easy as it seems. One suggestion is your chances of success with good Once you’ve answered these to set up a separate office in your home planning, preparation and insight. questions, you should consider what to create a professional environment. Start by evaluating your strengths and type of business you want to start. Ask yourself these questions: weaknesses as a potential owner and Businesses can include franchises, • Can I switch from home manager of a small business. Carefully at-home businesses, online businesses, responsibilities to business work consider each of the following brick-and-mortar stores or any easily? • Do I have the self-discipline to questions: combination of those. maintain schedules while at home? • Are you a self-starter? It will • Can I deal with the isolation of be entirely up to you to develop working from home? projects, organize your time, and FRANCHISING follow through on details. There are more than 3,000 business Legal Requirements • franchises. The challenge is to decide How well do you get along with A home-based business is subject to different personalities? Business on one that both interests you and is many of the same laws and regulations owners need to develop working a good investment. Many franchising affecting other businesses. relationships with a variety experts suggest that you comparison of people including customers, shop by looking at multiple franchise Some general areas include: • If your business vendors, staff, bankers, opportunities before deciding on the Zoning regulations. operates in violation of them, you employees and professionals one that’s right for you. could be fined or shut down. such as lawyers, accountants, or Some of the things you should • Product restrictions. Certain consultants. Can you deal with a look at when evaluating a franchise: products cannot be produced in the demanding client, an unreliable historical profitability, effective vendor, or a cranky receptionist home. Most states outlaw home financial management and other production of fireworks, drugs, if your business interests demand controls, a good image, integrity it? poisons, explosives, sanitary or and commitment, and a successful • How good are you at making medical products and toys. Some industry. decisions? Small business states also prohibit home-based owners are required to make In the simplest form of franchising, businesses from making food, drink decisions constantly – often while you own the business, its or clothing. quickly, independently, and operation is governed by the terms Be sure to consult an attorney and under pressure. of the franchise agreement. For your local and state departments of • Do you have the physical and many, this is the chief benefit for labor and health to find out which emotional stamina to run a franchising. You are able to capitalize laws and regulations will affect business? Business ownership on a business format, trade name, your business. Additionally, check can be exciting, but it’s also a trademark and/or support system on registration and accounting lot of work. Can you face six or provided by the franchisor. But you requirements needed to open your seven 12–hour workdays every operate as an independent contractor home-based business. You may need week? with the ability to make a profit or a work certificate or license from the • How well do you plan and sustain a loss commensurate with your state. Your business name may need organize? Research indicates ownership. to be registered with the state. A that poor planning is responsible If you are concerned about starting separate business telephone and bank for most business failures. Good an independent business venture, then account are good business practices. organization — of financials, franchising may be an option for you. Also remember, if you have inventory, schedules, and Remember that hard work, dedication employees you are responsible for production — can help you avoid and sacrifice are key elements in many pitfalls. withholding income and Social- the success of any business venture, Security taxes, and for complying with • Is your drive strong enough? including a franchise. Running a business can wear minimum wage and employee health Visit www.sba.gov/franchise for more and safety laws. you down emotionally. Some information. business owners burn out quickly

Visit us online: www.sba.gov/ms Mississippi Small Business Resource — 13 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, and then expands as an in-business assessment tool to determine success, obtain financing and determine repayment ability, among other factors.

COUNSELING 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. The Marketing • Discuss your break-even point. SBA also offers online templates to get • Discuss the products and services • Explain your personal you started. your company will offer. balance sheet and method of compensation. In general, a good business plan • Identify customer demand for your • Discuss who will maintain your contains: products and services. • Identify your market, its size and accounting records and how they Introduction locations. will be kept. • Give a detailed description of the • Explain how your products and • Provide “what if” statements business and its goals. services will be advertised and addressing alternative • Discuss ownership of the marketed. approaches to potential business and its legal structure. • Explain your pricing strategy. problems. • List the skills and experience you bring to the business. Financial Management Operations • Discuss the advantages you • Develop an expected return on • Explain how the business will be and your business have over investment and monthly cash managed day-to-day. competitors. flow for the first year. • Discuss hiring and personnel • Provide projected income procedures. statements and balance sheets • Discuss insurance, lease or rent for a two-year period. agreements. • 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 economic development specialists or veterans’ business development specialists. Remember, the business plan is a flexible document that should change as your business grows.

14 — Mississippi Small Business Resource Visit us online: www.sba.gov/ms CAPITAL Financing Options to Start or Grow Your Business

In the case of microlenders, SBA lends monies to intermediaries at favorable rates so they can re-lend to businesses with financing needs up to $50,000.

7(a) LOAN PROGRAM The 7(a) Loan program is the SBA’s primary business loan program. It is the agency’s most frequently used non-disaster financial assistance program because of its flexibility in loan

structure, variety of uses for the loan CAPITAL proceeds and availability. The program has broad eligibility requirements and credit criteria to accommodate a wide range of financing needs. The business loans that SBA guarantees do not come directly from the Agency, but rather from banks and other approved lenders. The loans are any entrepreneurs need players in most of these programs are funded by these organizations and they financial resources to start the applicant small business, the lender make the decisions to approve or deny or expand a small business and the SBA. The agency does not the applicants’ request for financial and must combine what actually provide the loan, rather they assistance. they have with other guaranty a portion of the loan provided The guaranty that SBA provides the Msources of financing. These sources can by a lender (except for microloans). The lenders reduces the lender’s risk of include family and friends, venture- lender can be a regulated bank or credit borrower non-payment by providing capital financing and business loans. union, or a community based lending a guaranty on a percentage of the This section of the Small Business organization. total loan. If the borrower defaults, Resource guide discusses SBA’s primary The business will need to make the lender can request that SBA pay business loan and equity financing application to the lender by providing the lender that percentage of the programs. These are: the 7(a) Loan them the documents they require. outstanding balance which the Aagency Program, the Certified Development Generally an application includes guaranteed. This allows the lender to Company or 504 Loan Program, the a business plan that explains what recover a portion of the defaulted debt Microloan Program and the Small resources will be needed to accomplish from the SBA if the borrower can’t Business Investment Company the desired business purpose including make the payments. The borrower is Program. The distinguishing features the associated costs, the applicants’ still obligated for the full amount. for these programs are the total dollar contribution, planned uses for the loan To qualify for an SBA guaranteed amounts that can be borrowed, the type proceeds, a listing of the assets that will loan, a small business must meet the of lenders who can provide these loans, secure the loan (collateral), and most lender’s criteria and the 7(a) program the uses for the loan proceeds and the important, an explanation of how the requirements. In addition, the lender terms placed on the borrower. The SBA business will be able to repay the loan must certify that it would not provide does not provide grants to individual in a timely manner. this loan under the proposed terms and business owners to start or grow a The lender will analyze the conditions without an SBA guaranty. business. application to see if it meets the lender’s If the SBA is going to provide a lender criteria and make a determination if with a guaranty, the applicant must be SBA BUSINESS LOANS they will need an SBA guaranty in eligible and creditworthy and the loan order to provide the loan. SBA will structured under conditions acceptable If you are contemplating a business to the SBA. loan, familiarize yourself with the SBA’s look to the lender to do much, if not business loan programs to see if they all, of the analysis before it provides its guaranty to the lender’s proposed Percentage of Guaranty and Loan may be a viable option. The SBA has Maximums a variety of loan programs which are loan. The SBA’s business loan guaranty programs provide a key source of SBA only guarantees a portion of any distinguished by their different uses of particular 7(a) loan so each loan will the loan proceeds, their dollar amounts, financing for viable small businesses that have real potential but cannot also have an unguaranteed portion, and the requirements placed on the giving the lender a certain amount of qualify for credit on reasonable terms by actual lenders. The three principal exposure and risk on each loan. The themselves.

Visit us online: www.sba.gov/ms Mississippi Small Business Resource — 15 percentage of guaranty depends on discussed later in this section, have a 50 and is subject to the SBA maximums. either the dollar amount or the program percent guaranty. Both fixed and variable interest rate the lender uses to obtain its guaranty. The maximum 7(a) loan amount is structures are available. The maximum For loans of $150,000 or less the SBA $5 million and there is no minimum. rate comprises two parts, a base rate generally guarantees as much as 85 and an allowable spread. There are percent and for loans over $150,000 the Interest Rates and Fees three acceptable base rates (Wall Street SBA generally provides a guaranty of The actual interest rate for a 7(a) loan Journal Prime*, London Interbank One up to 75 percent. Loans made under guaranteed by the SBA is negotiated Month Prime plus 3 percent, and an the SBAExpress program, which is between the applicant and lender SBA Peg Rate). Lenders are allowed What to Take to the Lender

Documentation requirements will the process should contact their local credit analysis before deciding to vary depending upon the purpose of SBA district office or one of the SBA’s approve or reject the request. For the loan. Contact your lender for the resource partners for assistance. requests processed through the information you must supply. There are several ways a lender Preferred Lender Program or Express Common requirements include the can apply to SBA for a 7(a) guaranty programs, the lender is delegated the following: of a loan they propose to provide a authority to make the credit decision A Business Plan that includes: small business. The main differences without the SBA’s concurrences. • Purpose of the loan between these methods are related Requests processed through • History of the business to the experience the lender has in Community Advantage procedures • Projections of income, expenses requesting guarantees from SBA, the are a hybrid of both. and cash flow as well as an documentation the lender provides to By guaranteeing a loan, the SBA explanation of the assumptions SBA, the amount of review the SBA assures the lender that, in the event CAPITAL used to develop these projections conducts on receiving the request, the the borrower does not repay the loan, • Personal financial statements on amount of the loan and the lender the government will reimburse the the principal owners responsibilities in case the loan lending institution for a percentage of • Resume(s) of the principal defaults and the business’ assets must the amount owed. By providing this owners and managers. be liquidated. The different methods guaranty, the SBA is able to help tens • Amount of investment in the are: of thousands of small businesses every business by the owner(s) • Standard 7(a) Guaranty year get financing they might not • Projected opening-day balance • Certified Lender Program otherwise obtain. sheet (new businesses) • Preferred Lender Program When an SBA guaranty is approved, • Lease details • SBA Express the lender is notified and they will • Proposed Collateral • Export Express work with the applicant to make sure Financial Statements that include: • Community Advantage • Balance Sheet and Income the terms and conditions designed for When lenders request guarantees the specific loan are met before closing Statement (P&L) for three using Standard, Certified, or Preferred years (existing businesses) (Tax the loan, disbursing the funds, and processing methods, the applicant assuming responsibility for collection Returns usually suffice) fills out SBA Form 1919, and the • Interim Financial Statements and general servicing. The borrower dated within 120 days of the lender completes SBA Form 1920. makes loan payments directly to the request for assistance The Form 1919 requires the applicant lender. As with any loan, the borrower • Schedule of term debts (existing to fully explain what they intend to is obligated to repay the full amount of businesses) do with the money and explain how the loan in a timely manner. • Aging of accounts receivable and they will repay the loan. The Form payable (existing businesses) 1920 requires the lender to explain their analysis of the eligibility and What the SBA Looks for: • Ability to repay the loan on time How the 7(a) Program Works credit merits of the request. When from the projected operating cash Small Business applicants submit lenders use Express or Advantage flow; their loan application to a lender for procedures to request guarantees, • Owners and operators who are of the initial review. It is recommended the loan amounts are smaller and good character; that the first lender be the lender who the information the applicant has to • Feasible business plan; maintains the personal account of provide SBA is reduced, but the lender • Management expertise and the owner. The lender will generally can still ask the applicant for as much commitment necessary for review the credit merits of the request detail as they believe is necessary for success; before deciding if they will make the them to make their decision on the • Sufficient funds, including the loan themselves or if they will need specific request. Through Express and SBA guaranteed loan, to operate an SBA guaranty. If a guaranty is Advantage procedures the lender also the business on a sound financial needed, the lender will also review provides SBA with less information basis (for new businesses, this includes the resources to meet the application for SBA eligibility. about their credit analysis but the lender still has to conduct their due start-up expenses and the initial The applicant should be prepared to operating phase); complete some additional documents diligence. When the SBA receives a request for • Adequate equity invested in the the lender will need because SBA business; and requires them, if the lender requests guaranty using Standard or Certified procedures, it either reanalyzes or • Sufficient collateral to secure the a guaranty from SBA. Applicants loan or all available collateral if reviews the lender’s eligibility and who feel they need more help with the loan cannot be fully secured.

16 — Mississippi Small Business Resource Visit us online: www.sba.gov/ms to add an additional spread to the base rates change. Applicants can request liens to be placed against all business rate to arrive at the final rate. For that the lender establish the loan with assets. Personal guaranties are required loans with maturities of less than seven interest-only payments during the start- from all the principal owners of the years, the maximum spread will be no up and expansion phases (when eligible) business. Liens on personal assets of more than 2.25 percent. For loans with to allow the business time to generate the principals may also be required. maturities of seven years or more, the income before it starts making full loan maximum spread will be 2.75 percent. payments. Balloon payments or call Eligibility The spread on loans under $50,000 provisions are not allowed on any 7(a) 7(a) loan eligibility is based on four and loans processed through Express term loan. The lender may not charge a different factors. The first is size, as procedures have higher maximums. prepayment penalty if the loan is paid Loans guaranteed by the SBA are off before maturity but the SBA will all loan recipients must be classified assessed a guaranty fee. This fee is charge the borrower a prepayment fee as “small” by the SBA. The basic size based on the loan’s maturity and the if the loan has a maturity of 15 or more standards are outlined below. A more dollar amount guaranteed, not the years and is pre-paid during the first in-depth listing of standards can be total loan amount. The guaranty fee is three years. found at www.sba.gov/size. initially paid by the lender and then SBA Size Standards have the following passed on to the borrower at closing. Collateral The funds to reimburse the lender can general ranges: The SBA expects every 7(a) loan to be • Manufacturing — from 500 to 1,500 be included in the overall loan proceeds. secured first with the assets acquired employees On any loan with a maturity of one with the loan proceeds and then with • Wholesale Trades — Up to 100 CAPITAL year or less, the fee is just 0.25 percent additional business and personal assets employees of the guaranteed portion of the loan. depending on the loan amount and the • Services — $2 million to $35.5 On loans with maturities of more than way the lender requests their guaranty. million in average annual receipts one year, the normal guaranty fee is: However, SBA will not decline a • Retail Trades — $7 million to $35.5 • 2.0 percent of the SBA guaranteed request to guaranty a loan if the million in average annual receipts portion on loans up to $150,000; ** only unfavorable factor is insufficient • Construction — $7 million to $33.5 • 3.0 percent on loans over $150,000 collateral, provided all available million in average annual receipts but not more than $700,000; and collateral is offered. When the lender • Agriculture, Forestry, Fishing, • 3.5 percent on loans over $700,000. says they will need an SBA guaranty, and Hunting — $750,000 to $17.5 There is also an additional fee of the applicant should be prepared for million in average annual receipts 0.25 percent on any guaranteed portion over $1 million. * All references to the prime rate refer to the base rate in effect on the first business day of the month the loan application is received by the SBA. **For all SBA-guaranteed loans of $150,000 or less that are approved between October 1, 2013 and September 30, 2014, the guaranty fee will be 0%.

7(a) Loan Maturities The SBA’s loan programs are generally intended to encourage longer term small-business financing, but actual loan maturities are based on the ability to repay, the purpose of the loan proceeds and the useful life of the assets financed. However, maximum loan maturities have been established: 25 years for real estate; up to 10 years for equipment (depending on the useful life of the equipment); and generally up to seven years for working capital. SBA can also guaranty a lenders short-term loans or revolving line of credit to help small businesses meet their short-term and cyclical working capital needs.

Structure Most 7(a) term loans are repaid with monthly payments of principal and interest. For fixed-rate loans the payments stay the same because the interest rate is constant. For variable rate loans the lender can change the payment amount when the interest

Visit us online: www.sba.gov/ms Mississippi Small Business Resource — 17 There is an alternate size standard Use of Proceeds own resources before getting a loan for businesses that do not qualify under The third eligibility factor is use of guaranteed by the SBA. It also includes their industry size standards for SBA proceeds. 7(a) proceeds can be used the SBA’s anti-discrimination rules and funding – tangible net worth ($15 to purchase machinery, equipment, limitations on lending to agricultural million or less) and average net income fixtures, supplies, and to make enterprises because there are other ($5 million or less for two years). This improvements to land and/or buildings agencies of the Federal government new alternate makes more businesses that will be occupied by the subject with programs to fund such businesses. eligible for SBA loans and applies Generally, SBA loans must meet the applicant business. to SBA non-disaster loan programs, following criteria: namely its 7(a) Business Loans and • Every loan must be for a sound Certified Development Company Proceeds can also be used to: business purpose; programs. • Expand or renovate facilities; • There must be sufficient invested • Acquire machinery, equipment, equity in the business so it can Nature of Business furniture, fixtures and leasehold operate on a sound financial basis; The second eligibility factor is based improvements; • There must be a potential for long- on the nature of the business and the • Finance receivables and augment term success; process by which it generates income or working capital; • The owners must be of good the customers it serves. The SBA has • Finance seasonal lines of credit; character and reputation; and general prohibitions against providing • Acquire businesses; • All loans must be so sound as to financial assistance to businesses • Start businesses; reasonably assure repayment. • Construct commercial buildings; involved in such activities as lending, For more information, go to and speculating, passive investment, www.sba.gov/apply. pyramid sales, loan packaging, • Refinance existing debt under presenting live performances of a certain conditions. prurient nature, businesses involved in SBA 7(a) loan proceeds cannot be used SPECIAL PURPOSE CAPITAL gambling and any illegal activity. for the purpose of making investments. 7(a) LOAN PROGRAMS The SBA also cannot make loan SBA proceeds cannot be used to The 7(a) loan program is the most guaranties to non-profit businesses, provide funds to any of the owners flexible of the SBA’s lending programs. private clubs that limit membership on of the business except for ordinary Over time, the Agency has developed a basis other than capacity, businesses compensation for actual services several variations to the basic 7(a) that promote a religion, businesses provided. program in order to address specific owned by individuals incarcerated or financing needs for particular types on probation or parole, municipalities, Miscellaneous Factors of small businesses. The general and situations where the business or The fourth factor involves a variety distinguishing feature between these its owners previously failed to repay of requirements such as SBA’s credit loan types is their use of proceeds. a federal loan or federally assisted elsewhere test where the business These programs allow the proceeds to financing. and its principal owners use their be used in ways that are not otherwise

Mississippi SBA 2013 Financial Services Champion of the Year Debra Barnes McGee

Debra Barnes McGee Mrs. McGee developed the BusinessPlus received the Mississippi Program. This program was created to assist SBA 2013 Financial small business owners establish a more sound Services Champion financial future and assist business owners in Award. Mrs. McGee is need of a loan to meet the needs of operating a the Senior Vice President successful business. Mrs. McGee is a and Director of Minority Business Development graduate of the William Carey University at BankPlus. She has had a prosperous career School of Business with a Bachelor of Science in banking for 30 years. Mrs. McGee has spent degree in business administration. She also a number of years in developing and holds certificates of banking from the American implementing programs, products and Institute of Banking and the University of initiatives in all the communities throughout Mississippi School Of Banking. the state of Mississippi.

18 — Mississippi Small Business Resource Visit us online: www.sba.gov/ms permitted in a basic 7(a) loan. These • Maturities of up to 25 years are Foreign Buyer Eligibility special purpose programs are not available for real estate. Foreign buyers must be located in necessarily for all businesses but may • Loans with a mixed use of fixed- those countries where the Export- be very useful to some small businesses. asset and working-capital financing Import Bank of the U.S. is not They are generally governed by will have a blended-average prohibited from providing financial the same rules, regulations, fees, maturity. assistance. interest rates, etc., as the basic 7(a) loan. Lenders can advise you of any Interest Rates Collateral Requirements variations. The Special Purpose Loans Lenders may charge between 2.25 to • Only collateral located in the include: 2.75 percent above the prime rate (as U.S. (including its territories and published in the Wall Street Journal) possessions) is acceptable. International Trade Loan Program depending upon the maturity of the • First lien on property or equipment The SBA’s International Trade loan. Interest rates on loans of $50,000 financed by the ITL or on other Loan (ITL) is designed to help and less can be slightly higher. assets of the business is required. small businesses enter and expand However, an ITL can be secured into international markets or, Exporter Eligibility by a second lien position if the when adversely affected by import • Applicants must meet the same SBA determines there is adequate competition, to make the investments eligibility requirements as for the assurance of loan repayment. necessary to better compete. The ITL SBA’s standard 7(a) Loan Program. • Additional collateral, including offers a combination of fixed asset, • Applicants must also establish that personal guaranties and those CAPITAL working capital financing and debt the loan will allow the business to assets not financed with ITL refinancing with the SBA’s maximum expand or develop an export market proceeds, may be appropriate. guaranty--90 percent--on the total loan or, demonstrate that the business amount. The maximum loan amount is has been adversely affected by How to Apply $5 million. import competition and that the ITL • A small business seeking an ITL will allow the business to improve must apply to an SBA-participating Guaranty Coverage its competitive position. lender. The lender will submit a The SBA can guaranty up to 90 completed Application for Business percent of an ITL up to a maximum Loan form, including all exhibits, to of $4.5 million, less the amount of the SBA. Visit the Web site of your the guaranteed portion of other SBA loans outstanding to the borrower. The maximum guaranty for any working capital component of an ITL is limited to $4 million. Any other working capital SBA loans that the borrower has are counted against the $4 million guaranty limit.

Use of Proceeds • For the facilities and equipment portion of the loan, proceeds may be used to acquire, construct, renovate, modernize, improve or expand facilities or equipment in the U.S. to produce goods or services involved in international trade, including expansion due to bringing production back from overseas if the borrower exports to at least one market. • Working capital is an allowable use of proceeds under the ITL. • Proceeds may be used for the refinancing of debt not structured on reasonable terms and conditions, including any debt that qualifies for refinancing under the standard SBA 7(a) Loan Program.

Loan Term • Maturities on the working capital portion of the ITL are typically limited to 10 years. • Maturities of up to 10 years on equipment unless the useful life exceeds 10 years.

Visit us online: www.sba.gov/ms Mississippi Small Business Resource — 19 local SBA district office for a list of years, if necessary, to facilitate limited experience or when there are participating lenders. sale of the property. Proceeds are certain issues that require SBA to • A small business wanting to qualify used solely for direct expenses of thoroughly review the situation. The as adversely impacted from import acquisition, immediate construction foundational process is called the competition must submit supporting and/or significant rehabilitation Standard Loan Guaranty Process and it documentation that explains the of the residential or commercial is used by lenders to request a guaranty impact, and a plan with projections structures. The purchase of the land from SBA when they are new to SBA that explains how the loan will can be included if it does not exceed lending or the request requires an SBA improve the business’ competitive 20 percent of the loan proceeds. Up review. Other methods of processing position. to 5 percent of the proceeds can be have less requirements for SBA but used for physical improvements more for the lender and the determining CAPLines that benefit the property. factors on which one a lender will use The CAPLines program for loans • The Working Capital Line depends on the experience of the lender up to $5 million is designed to help Program is a revolving line of in dealing with SBA, the complexity of small businesses meet their short- credit (up to $5,000,000) that the case, the purpose of the loan, and term and cyclical working capital provides short term working capital. the dollar amount being requested. needs. The programs can be used to These lines are generally used by finance seasonal working capital needs; businesses that provide credit to Standard 7(a) Loan Processing finance the direct costs of performing their customers, or whose principle After the applicant business and certain construction, service and supply asset is inventory. Disbursements lender complete their required contracts, subcontracts, or purchase are generally based on the size of a documents, the lender makes orders; finance the direct cost associated borrower’s accounts receivable and/ application to SBA for a guaranty with commercial and residential or inventory. Repayment comes by submitting them to SBA’s Loan construction; or provide general working from the collection of accounts Guaranty Processing Center. The capital lines of credit. The SBA provides receivable or sale of inventory. The center will screen the application and, if CAPITAL up to an 85 percent guarantee. There specific structure is negotiated with satisfactory complete a thorough review are four distinct loan programs under the lender. There may be extra of both eligibility and creditworthiness the CAPLine umbrella: servicing and monitoring of the before making the decision to approve • The Contract Loan Program is collateral for which the lender can the issuance of a guaranty as submitted, used to finance the cost associated charge up to 2 percent annually to approve with modifications (which with contracts, subcontracts, or the borrower. will be discussed with the lender), or purchase orders. Proceeds can be reject the request. When the lender disbursed before the work begins. If Other Guaranty Lines of Credit makes application to SBA, they have used for one contract or subcontract, All the Special Purpose Programs already internally agreed to approve it is generally not revolving; if listed above have SBA structured the recommended loan to the applicant used for more than one contract repayment terms meaning the Agency if, and only if, the SBA provides a or subcontract at a time, it can be tells the lender how principal and guaranty. revolving. The loan maturity is interest is to be repaid. These programs Standard processing means a lender usually based on the length of the also require the lender to use certain makes their request for guaranty using contract, but no more than 10 years. closing forms. Lenders with the ability SBA Form 1920 and the applicant Contract payments are generally to obtain 7(a) guarantees through any completes SBA Form 1919, even if the sent directly to the lender but of the Express processes are considered applicant previously completed the alternative structures are available. experienced enough to be able to lender’s required application forms. • The Seasonal Line of Credit structure their own repayment terms The analysis of eligibility starts with a Program is used to support and use their own closing documents. review of the “Eligibility Questionnaire,” buildup of inventory, accounts With this ability the lender can tailor completed by the lender. The analysis receivable or labor and materials a line of credit that it gets guaranteed of credit starts with a review of the above normal usage for seasonal by SBA to the needs of the business. SBA Form 1920 and the lender’s credit inventory. The business must have Therefore, if a potential applicant sees memo which must discuss at least six been in business for a period of 12 that the previously listed Basic 7(a) or elements: months and must have a definite Special Purpose 7(a) Programs don’t 1. Balance sheet and ratio analysis; established seasonal pattern. The meet their needs they should discuss 2. Analysis of repayment. It is not loan may be used over again after their options with a lender capable of acceptable to base repayment ability a “clean-up” period of 30 days to providing an SBAExpress loan with an solely on the applicant’s credit score. finance activity for a new season. SBA guaranty. 3. Assessment of the management These loans also may have a skills of the applicant; maturity of up to five years. The 4. Explanation of the collateral used to business may not have another 7(a) LOAN PROCESSES FOR secure the loan and the adequacy of seasonal line of credit outstanding LENDERS the proposed collateral; but may have other lines for non- There are various procedures for 5. Lender’s credit history with seasonal working capital needs. lenders to follow when they apply applicant including an explanation • The Builders Line Program to SBA for a 7(a) guaranty. Some of any weaknesses; provides financing for small are designed for experienced lenders 6. Current financial statements and contractors or developers to who are fully committed to providing pro-forma financial spread. SBA construct or rehabilitate residential business loans guaranteed by SBA to pro-forma analysis reflects how or commercial property. Loan their clientele that need them, while the business will look immediately maturity is generally three years others are designed for lenders with following disbursement, not one but can be extended up to five year after disbursement.

20 — Mississippi Small Business Resource Visit us online: www.sba.gov/ms SBA also expects that the lender’s BankPlus Peoples Bank credit memo includes the intended Leigha McLendon, Assistant Vice President Connie Amason, Loan Assistant use of the loan proceeds and any 1068 Highland Colony Pkwy., Ste. 200 611 5th Ave. S.W. historical and current issues that Ridgeland, MS 39157 Magee, MS 39111 require explanation. SBA also expects 601-607-4389 • 601-898-4867 Fax 601-849-2275 • 601-849-2157 Fax a discussion of the process by which the applicant business generates its income Charter Bank PriorityOne Bank when it is not immediately obvious. Bob Farve, Executive Vice President Robbie Barnes, CEO 1721 Medical Park Dr., Ste. 103 220 Main Ave. N. An explanation of how the business Biloxi, MS 39532 Magee, MS 39111 conducts its operation is also expected. 228-392-2330 601-849-3311 • 601-849-6439 Fax SBA has three days to screen and 10 days to process the request for guaranty Community Bank (Gulf Coast) Regions Bank from the lender. Any additional Mike Cooper, Vice President Timothy Dollins, VP SBA Specialist time a lender takes to make their 2015 E. Pass Rd. 1900 5th Ave. N., 8th Fl. determination will add to the length Gulfport, MS 39507 Birmingham, AL 35203 of time to reach a final decision. If the 228-897-6083 • 228-897-2960 Fax 205-490-3415 • 205-560-8881 Fax guaranty is approved, SBA will prepare a loan authorization outlining the Community Bank of Mississippi Renasant Bank terms and conditions under which the Ralph Hall, Senior Vice President Daniel Webb, Senior Vice President 1255 W. Government St. 411 Hwy. 80 E. guaranty is provided and prepare an CAPITAL approval letter for transmission to the Brandon, MS 39042 Clinton, MS 39056 lender. 601-706-0331 • 601-825-3940 Fax 601-924-8389 • 601-924-1499 Fax Covington County Bank State Bank & Trust Company SBA Loan Clinics Patricia Speed, Executive Vice President Beverly Mims, Vice President SBA provides free Loan Clinics 102 S. Dogwood Ave. 916 Hwy. 82 monthly. The speaker covers the Collins, MS 39428 Greenwood, MS 38935-8287 variety of SBA guaranty loan programs 601-765-6551 • 601-765-0312 Fax 662-453-6811 • 662-455-4784 Fax available ranging from $5,000 to $5 million. Attendees will also learn of the DeSoto County Bank The First, National Association approved and participating lenders in Justin Bobo, Vice President Mae Lynn Sykes, Senior Vice President their area that may help them obtain 5740 Getwell Rd., Bldg. 13, Ste. D 1945 U.S. Hwy. 15 N. the capital they need to start or grow Southaven, MS 38672 Laurel, MS 39440 their business. Workshop attendance is 662-349-6333 • 662-349-6336 Fax 601-425-4000 • 601-426-6022 Fax not required to apply for an SBA loan. First Commercial Bank Trustmark Bank John Blanton, Assistant Vice President Patricia McMahon, Vice President Mississippi District Office 1300 Meadowbrook Rd. 201 Country Place Dr., Ste. A Call 601-965-4378 ext. 11 to register for Jackson, MS 39211 Pearl, MS 39208 this free clinic and to confirm the location. 601-709-7777 601-208-7391 • 601-208-7394 Fax Gulfport Branch Office First Financial Bank Call 228-863-4449 ext. 222 to register for Export Express Ben Chandler, Assistant Vice President SBA Export Express offers flexibility this free clinic and to confirm the location. 510 Hwy. 35 S. Carthage, MS 39051 and ease of use for both borrowers SBAExpress 601-267-0095 • 601-267-6689 Fax and lenders. It is the simplest export The SBAExpress guaranty is available loan product offered by the SBA and to lenders as a way to obtain a guaranty Hancock Bank allows participating lenders to use their on smaller loans up to $350,000. The Stephanie Avila own forms, procedures and analyses. program authorizes select, experienced 400 Labarre Rd. The SBA provides the lender with a Jefferson, LA 70121 response within 36 hours. lenders to use mostly their own forms, 504-729-1169 • 504-729-1233 Fax analysis and procedures to process, This loan is subject to the same structure, service, and disburse SBA- Magnolia State Bank loan processing, closing, servicing and guaranteed loans. The SBA guarantees Curt Jones, Vice President liquidation requirements as for other up to 50 percent of an SBAExpress loan. 15 E. 6th Ave. similar-sized SBA loans. Loans under $25,000 do not require Bay Springs, MS 39422 collateral. The use of loan proceeds is 601-764-2265 • 601-764-6411 Fax Guaranty Coverage the same as for any basic 7(a) loan. Like The SBA provides lenders with a most 7(a) loans, maturities are usually Merchants & Marine Bank 90 percent guaranty on loans up to five to seven years for working capital Mack Rushing, Jr., Vice President $350,000 and a 75 percent guaranty on 2802 Bienville Blvd. and up to 25 years for real estate or loans between $350,001 and $500,000. equipment. Revolving lines of credit are Ocean Springs, MS 39564 228-934-1140 • 228-872-3788 Fax allowed for a maximum of seven years. Interest Rates Merchants & Marine Bank Terms are negotiated between the BancorpSouth Bank Henry Fox, Sr., Executive Vice President borrower and lender but interest rates Walter Dyminski, Vice President 3118 Pascagoula St. may not exceed Prime plus 4.5 percent One Mississippi Plaza Pascagoula, MS 39567 on loans over $50,000 and Prime plus 209 S. Spring St. (38804) 228-934-1258 • 228-762-3613 Fax Tupelo, MS 38802-0789 6.5 percent on loans of $50,000 or less. 662-680-8945 • 662-680-2317 Fax

Visit us online: www.sba.gov/ms Mississippi Small Business Resource — 21 Use of Proceeds in advance of finalizing an export • Up to 75percent on eligible foreign Loan proceeds may be used for sale or contract. With an approved inventory located within the U.S. business purposes that will enhance a EWCP loan in place, exporters have • In all cases, not to exceed the company’s export development. Export greater flexibility in negotiating exporter’s costs. Express can take the form of a term export payment terms—secure in the loan or a revolving line of credit. As assurance that adequate financing will Collateral Requirements an example, proceeds can be used to be in place when the export order is The export-related inventory and the won. fund participation in a foreign trade receivables generated by the export sales financed with EWCP funds show, finance standby letters of credit, Benefits of the EWCP translate product literature for use in generally will be considered adequate • Financing for suppliers, inventory collateral. The SBA requires the foreign markets, finance specific export or production of export goods. orders, as well as to finance expansions, personal guarantee of owners with 20 • Export working capital during long percent or more ownership. equipment purchases, and inventory or payment cycles. real estate acquisitions, etc. • Financing for stand-by letters of How to apply credit used as bid or performance Ineligible Use of Proceeds Application is made directly to SBA- bonds or advance payment participating lenders. Businesses are Proceeds may not be used to finance guarantees. encouraged to contact SBA staff at their overseas operations other than those • Reserves domestic working capital strictly associated with the marketing for the company’s sales within the local U.S. Export Assistance Center and/or distribution of products/services U.S. (USEAC) to discuss whether they are exported from the U.S. • Permits increased global eligible for the EWCP and whether it is competitiveness by allowing the the appropriate tool to meet their export Exporter Eligibility exporter to extend more liberal sales financing needs. Participating lenders Any business that has been in terms. review/approve the application and CAPITAL operation, although not necessarily in • Increases sales prospects in under- submit the guaranty request to SBA exporting, for at least 12 full months developed markets which may have staff at the local USEAC. and can demonstrate that the loan high capital costs for importers. proceeds will support its export • Low fees and quick processing U.S. Export Assistance Centers activity is eligible for Export Express. times. SBA trade finance specialists are The one year in business operations located in 19 U.S. Export Assistance requirement can be waived if the Guaranty Coverage Centers throughout the U.S., which • Maximum loan amount is applicant can demonstrate previous also are staffed by U.S. Department $5,000,000. successful business experience and of Commerce and, in some locations, • 90 percent of principal and accrued exporting expertise and the lender does Export-Import Bank of the U.S. interest up to 120 days. personnel, providing trade promotion conventional underwriting, not relying • Low guaranty fee of one-quarter solely on credit scoring. and export-finance assistance in a single of one percent of the guaranteed location. The USEACs also work closely portion for loans with maturities of with other federal, state and local Foreign Buyer Eligibility 12 months or less. The exporter’s foreign buyer must be • Loan maturities are generally for 12 international trade organizations to a creditworthy entity and not located months or less. provide assistance to small businesses. in countries prohibited for financial To find your nearest USEAC, support on the Export-Import Bank’s Use of Proceeds visit: http://www.sba.gov/content/ Country Limitation Schedule and the • To pay for the manufacturing costs us-export-assistance-centers. You can methods of payment must be acceptable of goods for export. find additional export training and to the SBA and the SBA lender. • To purchase goods or services for counseling opportunities by contacting export. your local SBA district office. How to Apply • To support standby letters of credit U.S. Export Assistance Center Interested businesses should contact to act as bid or performance bonds. Reginald Harley, Regional Manager, Export their existing lender to determine • To finance foreign accounts Solutions Group receivable. Office of International Trade, SBA if they are an SBA Export Express U.S. Export Assistance Center lender. Application is made directly 423 Canal St., Ste. 419 to the lender. Lenders use their own Interest Rates New Orleans, LA 70130 application material in addition to The SBA does not establish or 504-589-6730 • 202-481-0523 Fax SBA’s Borrower Information Form. subsidize interest rates on loans. The [email protected] Lenders’ approved requests are then interest rate can be fixed or variable www.sba.gov/international submitted with a limited amount of and is negotiated between the borrower Territory: Louisiana, Arkansas, Mississippi eligibility information to SBA’s National and the participating lender. Loan Processing Center for review. Community Advantage Loans Advance Rates The Community Advantage Pilot Export Working Capital Program • Up to 90 percent on purchase Program is aimed at helping lenders The SBA’s Export Working Capital orders. to assist entrepreneurs in underserved Program (EWCP) assists lenders in • Up to 90 percent on documentary communities gain access to capital by meeting the needs of exporters seeking letters of credit. opening up 7(a) lending to mission- short-term export working capital. • Up to 90 percent on foreign focused, community-based lenders Exporters can apply for EWCP loans accounts receivable. — such as Community Development

22 — Mississippi Small Business Resource Visit us online: www.sba.gov/ms Financial Institutions (CDFIs), Certified • $5.5 million for manufacturers and primary collateral will be a single- Development Companies (CDCs), and energy related public policy projects. purpose building (such as a hotel). microlenders — who provide technical Recent additions to the program • Two-tiered project financing: A assistance and economic development allow $5.5 million for each project lender finances approximately support in underserved markets. The that reduces the borrower’s energy 50 percent of the project cost and applicants and lender each has SBA consumption by at least 10 percent; receives a first lien on the project forms to complete before SBA can and $5.5 million for each project that assets (but no SBA guaranty); A provide the lender with a determination generates renewable energy fuels, such CDC (backed by a 100 percent on whether or not the request for as biodiesel or ethanol production. SBA-guaranteed debenture) guaranty is approved. Visit Projects eligible for up to $5.5 million finances up to 40 percent of the under one of these two requirements project costs secured with a junior www.sba.gov/advantage for more do not have to meet the job creation lien. The borrower provides the information. or retention requirement, so long as balance of the project costs. the CDC portfolio average is at least • Fixed interest rate on SBA Gulf Coast Renaissance $65,000. loan. The SBA guarantees 11975 Seaway Rd., Ste. A140 Gulfport, MS 39503 • Eligible project costs are limited the debenture 100 percent. 228-896-3386 •228-896-3326 F to long-term, fixed assets such Debentures are sold in pools as land and building (occupied monthly to private investors. This Hope Credit Union by the borrower) and substantial low, fixed rate is then passed on to

4 Old River Place, Ste. A machinery and equipment. the borrower and establishes the CAPITAL Jackson, MS 39202 • Most borrowers are required basis for the loan rate. 601-944-1100 • 601-944-0808 F to make an injection (borrower • All project-related costs can be contribution) of just 10 percent financed, including acquisition which allows the business to (land and building, land and CERTIFIED DEVELOPMENT conserve valuable operating construction of building, COMPANY LOAN PROGRAM capital. A further injection of 5 renovations, machinery and percent is needed if the business equipment) and soft costs, such (504 LOANS) is a start-up or new (less than two as title insurance and appraisals. The 504 Loan program is an economic years old), and a further injection Some closing costs may be development program that supports of 5 percent is also required if the financed. American small business growth and helps communities through business expansion and job creation. The 504 loan program provides long-term, fixed- rate, subordinate mortgage financing for acquisition and/or renovation of capital assets including land, buildings and equipment. Some refinancing is also permitted. Most for-profit small businesses are eligible for this program. The types of businesses excluded from 7(a) loans (listed previously) are also excluded from the 504 loan program. The SBA’s 504 Certified Development Companies (CDC) serve their communities by financing business expansion needs. Their professional staff work directly with borrowers to tailor a financing package that meets program guidelines and the credit capacity of the borrower’s business. CDCs work with banks and other lenders to make loans in first position on reasonable terms, helping lenders retain growing customers and provide Community Reinvestment Act credit. The SBA 504 loan is distinguished from the SBA 7(a) loan program in these ways: The maximum debenture, or long-term loan, is: • $5 million for businesses that create a certain number of jobs or improve the local economy; • $5 million for businesses that meet a specific public policy goal, including veterans; and

Visit us online: www.sba.gov/ms Mississippi Small Business Resource — 23 • Collateral is typically a estate. Interest rates are negotiated Through this program, the SBA subordinate lien on the assets between the borrower and the guarantees bid, payment, performance financed; allows other assets to Intermediary. The maximum term for and ancillary bonds issued by surety be free of liens and available to a microloan is six years. Because funds companies for individual contracts and secure other needed financing. are borrowed from the Intermediary, subcontracts up to $6.5 million. The • Long-term real estate loans are up SBA is not involved in the business loan SBA reimburses sureties between 70 to 20-year term, heavy equipment application or approval process. And, and 90 percent of losses sustained if a 10- or 20-year term and are self- payments are made directly from the contractor defaults on the contract. On amortizing. small business to the Intermediary. Federal contracts, SBA can guarantee Businesses that receive 504 loans are: The program also provides business- bonds on contracts up to $10 million, if • Small — net worth under $15 based training and technical assistance the contracting officer certifies that a million, net profit after taxes under $5 million, or meet other SBA size to micro-borrowers and potential micro- guarantee would be in the best interest standards. borrowers to help them successfully of the Government. • Organized for-profit. start or grow their businesses. Such SBA has two program components, • Most types of business — retail, training and technical assistance may the Prior Approval Program and the service, wholesale or manufacturing. include general business education, Preferred Surety Bond Program. In For information, visit assistance with business planning, the Prior Approval Program, the SBA www.sba.gov/504. industry-specific training, and other guarantees 90 percent of surety’s paid types of training support. losses and expenses on bonded contracts Central Mississippi Development Entrepreneurs and small business up to $100,000, and on bonded contracts Company, Inc. owners interested in small amounts greater than $100,000 that are Larry Anderson, Loan Officer of business financing should contact awarded to socially and economically 1170 Lakeland Dr. the nearest SBA district office for disadvantaged concerns, HUBZone Jackson, MS 39296-4935

CAPITAL information about the nearest Microloan contractors, and veterans, and 601-981-1511 or 601-981-1625 Program Intermediary Lender or go to service-disabled veteran-owned small www.cmpdd.org [email protected] www.sba.gov/microloans. businesses. All other bonds guaranteed in the Prior Approval Program receive Six Bridges Capital Corporation alt.Consulting an 80 percent guarantee. Sureties must Michael Fasulo, Vice President Deborah Slayton, Dev. Dir./Fund Mgr. obtain the SBA’s prior approval for 457 Southwest Dr. 121 W. 6th Ave. each bond guarantee issued. Under the Jonesboro, AR 72401 Pine Bluff, AR 71601 Preferred Program, the SBA guarantees 870-535-0011 • 801-820-3102 Fax 888-726-9229 or 870-932-8002 70 percent, and sureties may issue, www.accglending.com/sba_504_loans Serving: Benton, Bolivar, Carroll, Coahoma, monitor and service bonds without the Serves DeSoto, Marshall, Tate and Tunica DeSoto, Hinds, Holmes, Humphreys, counties in Mississippi. Issaquena, LaFayette, LeFlore, Madison, SBA’s prior approval. Small businesses, Marshall, Panola, Quitman, Rankin, Sharkey, surety companies, and bond producers Three Rivers Local Development Sunflower, Tallahatchie, Tate, Tunica, are invited to visit our website at Company, Inc. Warren, Washington, Yalobusha and Yazoo. www.sba.gov/osg. You may also call the Mitch Montgomery, Loans Division Director program office at 202-205-6545. 75 S. Main St. Accion Lisa Riley Pontotoc, MS 38863 PREFERRED AND PARTICIPATING SURETY 662-489-2435 VP Delta Region Birmingham, AL BOND COMPANIES: www.trpdd.com You will find a List of preferred Surety Bond [email protected] 888-215-2373 ext. 1850 or 205-266-9639 [email protected] Companies online at www.acciondelta.org www.sba.gov/content/preferred-surety- bond-companies Serving: Mississippi MICROLOAN PROGRAM A list of participating Surety Bond (LOANS UP TO $50,000) Companies is available at The Microloan program provides SURETY BOND www.sba.gov/content/list-participating- very small loans (up to $50,000) to surety-companies-agents women, low-income, minority, veteran, GUARANTEE PROGRAM and other small business owners The Surety Bond Guarantee Program through a network of more than 100 is a public-private partnership between SMALL BUSINESS Intermediaries nationwide. Under the Federal government and surety INVESTMENT COMPANY this program, the SBA makes funds companies to provide small businesses available to nonprofit intermediaries with the bonding assistance necessary PROGRAM for them to compete for public and that, in turn, make the small loans The Small Business Investment private contracting and subcontracting directly to start-up and existing Company (SBIC) program is a multi- opportunities. The guarantee provides businesses. Entrepreneurs work directly billion dollar program founded in 1958, an incentive for sureties to bond small as one of many financial assistance with the Intermediaries to receive businesses that would otherwise be financing, and business knowledge programs available through the U.S. unable to obtain bonding. The program Small Business Administration. The support. The proceeds of a microloan is aimed at small businesses that lack can be used for working capital, or the structure of the program is unique in the working capital or performance that SBICs are privately owned and purchase of furniture, fixtures, supplies, track record necessary to secure managed investment funds, licensed materials, and/or equipment. Microloans bonding on a reasonable basis through and regulated by SBA, that use their may not be used for the purchase of real regular commercial channels.

24 — Mississippi Small Business Resource Visit us online: www.sba.gov/ms own capital plus funds borrowed with 3. No more than 500 employees, • Organized for profit, with a place an SBA guarantee to make equity including affiliates of business located in the United and debt investments in qualifying 4. For awards from agencies using the States; small businesses. The funds raise authority under 15 U.S.C. 638(dd) • At least 51 percent owned private capital and can receive SBA- (1), an awardee may be owned and and controlled by one or more guaranteed leverage up to three times controlled by more than one VC, individuals who are citizens of, or private capital, with a leverage ceiling hedge fund, or private equity firm permanent resident aliens in, the of $150 million per SBIC and $225 so long as no one such firm owns a United States, and; million for two or more licenses under majority of the stock. • No more than 500 employees, common control. Licensed SBICs are 5. Phase I awardees with multiple including affiliates. prior awards must meet the for-profit investment firms whose The nonprofit research institution benchmark requirements for must also meet certain eligibility incentive is to share in the success progress toward commercialization. of a small business. The U.S. Small criteria: • Located in the US Business Administration does not invest SBIR-Participating Agencies • Meet one of three definitions: directly into small business through the • Department of Agriculture • Nonprofit college or university SBIC Program, but provides funding • Department of Commerce - • Domestic nonprofit research through SBA guarantee debentures National Institute of Standards and organization to qualified investment management Technology • Federally funded R&D center

firms with expertise in certain sectors or • Department of Commerce - (FFRDC) CAPITAL industries. National Oceanic and Atmospheric STTR differs from SBIR in three Administration important aspects: • Department of Defense 1. The SBC and its partnering THE SMALL BUSINESS • Department of Education institution are required to INNOVATION RESEARCH • Department of Energy establish an intellectual property • Department of Health and Human agreement detailing the allocation PROGRAM Services of intellectual property rights The Small Business Innovation • Department of Homeland Security and rights to carry out follow- Research (SBIR) program is a highly • Department of Transportation on research, development or competitive program that encourages • Environmental Protection Agency commercialization activities. • National Aeronautics and Space domestic small businesses to engage 2. STTR requires that the SBC Administration in Federal Research/Research and perform at least 40% of the R&D • National Science Foundation Development (R/R&D) that has the and the single partnering research For additional information visit potential for commercialization. institution to perform at least 30% www.sbir.gov. Through a competitive awards- of the R&D. 3. Unlike the SBIR program, STTR based program, SBIR enables small does not require the Principal businesses to explore their technological SMALL BUSINESS Investigator to be primarily potential and provides the incentive to employed by the SBC. profit from its commercialization. By TECHNOLOGY TRANSFER including qualified small businesses PROGRAM STTR-Participating Agencies in the nation’s R&D arena, high-tech Small Business Technology Transfer Each year, Federal agencies with innovation is stimulated and the United (STTR) is another program that extramural research and development States gains entrepreneurial spirit expands funding opportunities in (R&D) budgets that exceed $1 billion as it meets its specific research and the federal innovation research and are required to reserve 0.3% of the development needs. development (R&D) arena. Central to extramural research budget for STTR the program is expansion of the public/ awards to small businesses. These SBIR Program Eligibility private sector partnership to include agencies designate R&D topics and Only United States small businesses the joint venture opportunities for accept proposals. Currently, five are eligible to participate in the SBIR small businesses and nonprofit research agencies participate in the STTR program. An SBIR awardee must meet institutions. The unique feature of program: the following criteria at the time of the STTR program is the requirement • Department of Defense Phase I and II awards: for the small business to formally • Department of Energy 1. Organized for profit, with a place collaborate with a research institution • Department of Health and Human of business located in the United in Phase I and Phase II. STTR’s most Services States; important role is to bridge the gap • National Aeronautics and Space 2. More than 50 percent owned between performance of basic science Administration and controlled by one or more and commercialization of resulting • National Science Foundation individuals who are citizens of, or innovations. For additional information visit permanent resident aliens in, the www.sbir.gov. United States, or by another for- STTR Program Eligibility profit business concern that is more Only United States small businesses than 50% owned and controlled by are eligible to participate in the STTR one or more individuals who are program. The small business must meet citizens of, or permanent resident aliens in, the United States; and all of the following criteria at time of award:

Visit us online: www.sba.gov/ms Mississippi Small Business Resource — 25 SBA ONLINE: WEB-BASED TOOLS FOR BUSINESS OWNERS The old adage “time is money” is perhaps one of the most pertinent statements that you can apply to small business owners. Whether you’re starting a business or managing a growing one, entrepreneurs and business owners wear many hats and have many questions:

• What laws and regulations apply to my business? • How do I start to write a business plan? • Where can I get help with X, Y and Z?

Many of us invariably turn to our networks and the Internet to find details. SizeUp then runs various opportunities. SBA also offers answers. But how can you trust that reports and provides maps and other resources including the information you are getting is truly data related to your competition, government contracting applicable to your business and, let’s suppliers and customers. It also training courses, and guides face it, even accurate? highlights potential advertising to help you register as a As part of its mission to help opportunities. contractor.

CAPITAL business owners start, succeed and grow, SBA, through the SBA.gov 2. Build a Business Plan Tool 4. Events Calendar - Locate Business website has developed numerous Business planning can seem a Training and Seminars online tools and guides to help daunting task, but it doesn’t have SBA and its partners, including small businesses get information to be that way. To help you plan Small Business Development and answers they need quickly and and steer your business, this new Centers, Women’s Business efficiently. For example, these “Build a Business Plan” tool Centers, and SCORE, hold 10 Steps to Starting a Business guides you through the process hundreds of small business and these 10 Steps to Hiring your of creating a basic, downloadable training seminars and workshops First Employee guides are essential business plan. The great thing across the country. Until now, reading. Then there are the Licenses about it is you can build a plan in there was no single repository and Permits Search Tool and the smaller chunks of time, save your for these events. Now, with Loans and Grants Search Tool. progress and return at your leisure. SBA’s Events Calendar, you can quickly find and sign up for To use the tool, simply log into training. Enter a date range and/ New Online Tools to Help Business Owners SBA.gov and enter information or zip code to locate events in your Plan, Manage and Grow into a template for each section area. Results are filtered by topic Over the past couple of months, the of the business plan including, such as “starting a business,” SBA has expanded its capacity and market analysis, company “managing a business,” “business selection of tools and information that description and financial planning,” and “financing a business owners need by developing projections. The tool is secure business.” a whole range of new online features! and confidential and will keep Check them out: your plan on record for up to six months. You can also save, 1. Get to Know Your Market and download or email the plan at any Competition Better with the SizeUp Tool time. Want to know how your business stacks up against the competition? 3. Size Standards Tool - Find Out Fast if You Where your potential competitors Qualify for Government Contracts are located? Where the best places In order to be eligible to sell to are to advertise your business? the government and compete These are all critical inputs for small business “set-aside” for your business plan and can contracts, business owners had to also help back up any financing rummage through various rules applications. and matrices to find out if their business is truly “small” according Now with the new SizeUp tool you to SBA size standards. Now, can crunch millions of data points with this new Size Standards and get customizable reports and Tool, you can follow three simple statistics about your business and steps to cut through the guesswork its competition. Just enter your and quickly find out if you qualify industry, city, state and other for government contracting

26 — Mississippi Small Business Resource Visit us online: www.sba.gov/ms Use of Proceeds in SBA Loan Programs Ways Borrowers Can Use The Money (Information current as of 11/21/2013)

Program Who Qualifies Use of Proceeds Maturity Maximum Loan Structure Benefit to Amount Borrower Basic 7(a) For-profit Acquire land; purchase Based on the use A basic 7(a) can Term loans with one Obtains businesses that existing building; convert, of proceeds and be for as much monthly payment of financing not can meet SBA’s expand or renovate borrower’s ability as $5 million. principal and interest otherwise size standards, buildings; construct new to repay. Not SBA’s limit to any (P&I). Borrower available, nature of business, buildings; acquire and based on collateral. one business is contribution required. fixed maturity, use of proceeds, install fixed assets; acquire Maximum maturity: $3.75 million so a Interest rate depends available when credit elsewhere, inventory; purchase supplies 10 years for business can have upon how lender collateral is and other and raw materials; purchase working capital multiple loans applies for guaranty limited. Can miscellaneous a business, start a business, (seven years is guaranteed by (see lender program establish eligibility factors. leasehold improvements, common), 10 years SBA but the SBA chart), Cannot or re-affirm term working capital; and for fixed assets, portion cannot revolve, no balloon or relationship

under certain conditions 25 years for real exceed $3.75 call provisions. with lender. CAPITAL to refinance certain estate. million. outstanding debts. International Same as basic Acquire, renovate, Same as basic 7(a). Same as basic Same as basic 7(a). Same as basic Trade Loan 7(a). Plus, modernize facilities or 7(a), but when 7(a). Plus, (ITL) business must equipment used in making borrower has long-term be engaged products or services both international financing for or preparing to be exported.Plus, trade and working export related to engage in for permanent working capital loans, fixed assets exporting or be capital and to refinance guaranteed by the and working adversely affected business debts currently on SBA, the limit to capital. by competition unreasonable terms. any one business from imports. can be $4 million. Export Same as basic Short-term working capital Can be up to Same as basic Finance single or Provides Working 7(a). Plus, must for export purposes, a maximum of 7(a). multiple transactions. American Capital be in business one including ability to support 36 months but Interest paid monthly, exporters with Loans year and engaged an Export Stand-By Letter generally 12 principal paid as line of credit (EWCP) or preparing of Credit. months or less. payments from items that can be to engage in shipped overseas separated exporting. are collected. Can from domestic be renewed annually. operations line Extra fees apply. of credit. Percentage of guaranty up to 90%. Generally revolving. Seasonal Same as basic To finance the seasonal 10 years Same as basic Short-term financing Provides CAPlines 7(a). Plus, in increases of accounts 7(a). for seasonal activities opportunity business for at receivable, inventory and to be repaid at the for seasonal least one year and labor. end of the season businesses to can demonstrate when payment for the get seasonal seasonal financing seasonal activity is financing not needs. made to business. otherwise available. Contract Same as basic To finance the cost of one 10 years Same as basic Short-term financing Provides CAPlines 7(a). Plus, or more specific contract, 7(a). for performance of opportunity will perform sub-contract, or purchase approved contract, for contractors on contract or order, including overhead or sub-contract, or and sub- purchase order for general and administrative purchase order to be contractors to some third party expenses, allocable to the repaid when payment get financing buyer. specific contract(s). for the activity is not otherwise made to business. available. Can be revolving or not.

Visit us online: www.sba.gov/ms Mississippi Small Business Resource — 27 Program Who Qualifies Use of Proceeds Maturity Maximum Loan Structure Benefit to Amount Borrower Builders Same as basic For the direct expenses Maximum of Same as basic Short-term financing Provides CAPlines 7(a). Plus, building/ related to the construction three years to 7(a). to build or renovate opportunity for renovating and/or “substantial” disburse and home or building for residential and residential or renovation costs of specific build or renovate. sale to unknown third commercial commercial residential or commercial Extension possible party. “Substantial” builders to structure for buildings for resale, to accommodate means rehabilitation get financing re-sale without including labor, supplies, sale. expenses of more not otherwise knowing buyer at materials, equipment rental, than one-third of the available. time of approval. direct fees. The cost of land purchase price or fair is potentially eligible. market value at the time of application. Can be revolving or not. Working Same as basic For short-term working 10 years Same as basic Lender has latitude Provides Capital 7(a). Plus, capital and operating 7(a). with structuring opportunity for CAPlines business needing needs. Proceeds must not principal payments. businesses short term be used to pay delinquent Borrower should that sell on revolving line of withholding taxes or similar discuss with lender. credit to get credit. trust funds (state sales Must be revolving. revolving taxes, etc.) or for floor Extra fees apply. financing not planning. otherwise available. Lender Businesses Working capital If revolving, seven- Depends upon Structure is Has availability Structured needing a line of year maximum, how the lender established by for a line of

CAPITAL Line of credit. including term out chooses to individual lender. credit to help Credit period. apply for an with the short- SBA Guaranty. term cash Generally up to needs of the $350,000. business. Non-7(a) Programs 504 Loan Businesses For the acquisition of Based on the use of The SBA can Loans packaged Fees under Program that can meet long-term fixed assets, proceeds. support a maximum by Certified 3 percent, the SBA’s size equipment with a useful Twenty years for of $5,000,000 to Development long-term standards, nature life of at least 10 years; to real estate. any 1 business Companies (CDC) fixed rate, of business, use reduce energy consumption; Ten years for (including affiliates) and designed to low borrower of proceeds, and to upgrade renewable machinery and and this amount finance contribution, credit elsewhere, energy sources. equipment. can represent up to up to 40 percent of a full and other 40 % of the overall “project 1” secured amortization miscellaneous financing. SBA with a 2nd position with no call factors. can support up to lien. Another loan or balloon $5,500,000 when from a third party conditions. the borrower is lender financing up a manufacturer to 50 percent of the or financing same project secured accomplishes in 1st position, and certain energy borrower contribution public policy and of at least 10 percent. again this amount Extra contributions can represent up for special purpose to 40 percent of the properties and new overall financing businesses.

Microloan Similar to basic Similar to basic 7(a). Plus, Shortest term $50,000 to the The SBA provides Direct loan Program 7(a). Plus, start-up funds to establish nonprofit possible, not to small business at a loan to a nonprofit from nonprofit nonprofit child-care child-care centers. exceed six years. any given time. micro-lender called intermediary businesses. an “intermediary” who lender, fixed- uses the proceeds rate financing, to make microloans can be very to small businesses. small loan Technical assistance amounts, can also be provided. and technical assistance is available.

1 “Project” is the purchase or lease, and/or improvement or renovation of long term fixed assets by a small business, with 504 financing, for use in its business operations. All SBA programs and services are extended to the public on a nondiscriminatory basis.

28 — Mississippi Small Business Resource Visit us online: www.sba.gov/ms Lender’s Program Chart Ways Lenders Can Request Guarantees (Information current as of 12/05/2013)

The chart below explains the rules for lenders for various SBA-backed loans to borrowers. Processing Which Lenders Types of Use of Maximum Allowable Eligibility Analysis Credit Maximum Loan Program Qualify Proceeds Loans that Interest Rates Analysis Amount can be Guaranteed Standard Lenders Basic 7(a). Base rate is Wall Lender completes Lender to cover Maximum loan Processing that have International trade, Street Journal prime, eligibility questionnaire all aspects of $5 million. an executed export working capital, LIBOR*one month and SBA reviews prudent credit Loans up to participation all CAPlines, dealer rate plus 3 percent, or eligibility during loan analysis with $150,000 agreement with floor plan. SBA Peg rate. Plus, processing. emphasis on guaranteed up the SBA. an allowable spread applicant’s to 85 percent; from 2.25 to 2.75 ability to repay loans over percent based on loan from $150,000 term. Lender can add operation. guaranteed up CAPITAL 2 percent if loan is SBA conducts to 75 percent. $25,000 or less, and analysis of Business with 1 percent if $25,001 lender’s work. multiple SBA to $50,000. Can be loans may get fixed or variable. some variations. Certified Same as Same as Standard Same as Standard Same as Standard Same as Maximum loan Lender Standard processing except no 7(a). 7(a). Standard $5 million. Program 7(a). Plus, an policy exceptions. 7(a) except Guaranty (CLP) executed CLP SBA reviews percentage Processing agreement. lender’s work, same as not a re- Standard 7(a). analysis. Preferred Same as Same as Standard Same as Standard Lender completes Delegated to Maximum loan Lender Standard processing except 7(a). Eligibility Checklist lender. $5 million. Program 7(a). Plus, an restrictions on loans (SBA Form 7). Guaranty (PLP) executed PLP involving some types percentage Processing agreement. of debt refinancing. same as Standard 7(a). SBA Same as Basic 7(a) with If $50,000 or less, Lender completes Delegated to Maximum loan Express Standard restrictions on cannot exceed prime SBA Form 1920SX lender. $350,000. Processing 7(a). Plus, an some types of debt + 6.5 percent. If over (Part C) “Eligibility Guaranty executed SBA refinancing. Plus, $50,000, cannot Information.” percentage Express lender structured term exceed prime + 4.5 50 percent. agreement. and revolving loans. percent. Prime may be lender prime. Export Same as Similar to export If $50,000 or less, Lender completes Delegated to Maximum loan Express Standard working capital loans cannot exceed prime SBA Form 1920SX lender. $500,000. Processing 7(a). Plus, an and + 6.5 percent. If over (Part C) “Eligibility Guaranty executed international trade $50,000, cannot Information.” percentage Export Express loans which meet exceed prime + 4.5 same as Agreement. export related eligibility percent. Prime may Standard 7(a). criteria. be lender prime. Community Same as Basic 7(a) except Prime plus 6 percent. Non-Delegated Similar to Maximum loan Advantage Standard 7(a). restrictions on some Lenders complete Standard 7(a) $250,000. Plus, an types of refinancing. SBA Form 2301 (Part except credit Guaranty executed C).Delegated Lenders factors to percentage Community complete SBA Form consider are same as Advantage 2301 (Part D). more defined. Standard 7(a). Agreement. All SBA programs and services are extended to the public on a nondiscriminatory basis. * London InterBank Offered Rate

Visit us online: www.sba.gov/ms Mississippi Small Business Resource — 29 FEATURE 30 it easy for Farnsworth to go back and forth between it easyforFarnsworth togobackandforth between SBA resourcepartnersare co-located,whichmade Outreach Center(VBOC) inSeattle.Thesetwo the WashingtonWBCand theVeteransBusiness business ownerJanellFarnsworth reachedoutto first intothebusinesswithout anypriorexperience, Washington, forexample.Insteadofjumpinghead Take thestoryof resource partnersareavailabletohelpalongtheway. his orhersmallbusinessjourney,andSBAits contracting program.Eachsmallbusinessownerhas SBA-guaranteed loanorasmallbusinessgovernment SBA districtofficeorresourcepartnertoapplyfor an in between,theymayhaveworkedwiththeirlocal owner atSCOREmanyyearslater.Atanypoint seek mentorshipassistancefromaretiredbusiness a trainingcourseoreducationalseriesatWBC,and SBDC forabusinessplanduringtheirstartup,attend resource partnernetwork.Theymayworkwithan we profileare“repeatcustomers”ofSBAandour is whymanyofthesmallbusinesssuccessstories lives, andso,too,itiswithasmallbusiness.This We allneeddifferentthingsatpointsinour training, counselingandentrepreneurialeducation. but allprovideoutstandingindividualconsulting, specific areasofexpertiseorcatertocertainaudiences, entrepreneurship needs.Someresourcepartnershave available toassistyouwithyoursmallbusinessand each resourcepartneroperatesdifferently,theyareall Office ofVeteransBusinessDevelopment.Although Centers throughcooperativeagreementswithSBA’s 16 organizationsserveasVeteransBusinessOutreach and WomenBusinessCenters(WBC).Inaddition, SCORE, SmallBusinessDevelopmentCenters(SBDC) SBA’s resourcepartnernetworkiscomprisedof jobs. companies, andcreateand/orsavemorethan68,000 $4.5 billionincapitalinfusion,startover15,000new those effortshelpedsmallbusinessesgetmorethan outreach capacitytwentyfold.Infiscalyear2013, our vastnetworkofresourcepartnersexpands Offices throughoutthecountryanditsterritories, With approximately86SBADistrictandBranch owner withouttheassistanceofourresourcepartners. serve everyaspiringentrepreneurandsmallbusiness resource guide,youalreadyknowthatSBAcouldn’t As you’velikelyreadtheCounselingSectionofthis —Mississippi SmallBusiness Resource Resource Partner Network Network Partner Resource Making the Most of SBA’s SBA’s of Most the Making Janell’s Gluten-FreeMarket by Paula Panissidi, SBA’s Director of Marketing of Director SBA’s Panissidi, Paula by in Everett, inEverett, Janell’s Gluten-FreeMarket opened inDecember,2013. sole proprietorshiptoLLC/Corp.Hersecondlocation trademarking, andchangingabusinessstructurefrom employees, pricingtodriverevenue,thebenefitsof and VBOCtolearnaboutsuchissuesasmanaging plan. ShethenattendedclassesatboththeWBC WBC, whohelpedherdevelopabusinessexpansion a secondlocationandreachedoutagaintothe each successiveyear,Farnsworthconsideredopening doors in2009.Earningtop-linerevenueandprofits and running,the1,200square-footshopopenedits help hertargeteffortsingettingthemarketup receiving freecounselingandlow-costclassesto the two,dependingonherimmediateneed.After assistance. assistance. SCORE, SBDC,orWBC, visit www.sba.gov/tools/local- Office, District SBA nearest your of location the find To entrepreneurship. both inspireandmotivateyoutopursuethepathof an SBAresourcepartner.Wehopethesestories large part,duetotheassistancetheyreceivedfrom of thesmallbusinessesthathavesucceeded,in partners. Thenextseveralpagesprofilejustahandful Business ResourceGuide resource partnersprovide,thiseditionofSBA’s In appreciationforthetremendoussupportour entrepreneurs. and contributionstothesuccessofthisnation’s SCORE anditmentorsfortheirsignificantsupport That’s anumbertobeproudof,andSBAsalutes 10 millionentrepreneursandsmallbusinessowners. provided mentoringandtrainingsupporttomorethan anniversary. Since1964,SCOREvolunteershave partners. Thisyear,SCOREcelebratesits50th recognize amajormilestoneforoneofourresource In closing,wewouldliketotakeamoment business plan. decisions andhelpedhertodevelopawell-grounded and itsresourcepartners,whichguidedherbusiness emphasizes thevalueofclassesofferedbySBA resources, theArmycaptainwith20yearsofservice other entrepreneurstotakeadvantageofSBA’s available alternatives.WhenFarnsworthencourages shoppers whootherwisewouldhavelittleorno is dedicated to our resource isdedicatedtoourresource serves a community of servesacommunityof Visit usonline: www.sba.gov/ms Small Small CONTRACTING Applying for Government Contracts

Some contracts do not fit neatly into these two categories, such as time and material contracts (prices for hourly wages are fixed but the hours are estimated) and letter contracts (authorizes a contractor to begin work on an urgent requirement). Small Business Set-Asides A “set-aside” for small businesses reserves an acquisition exclusively for small business participation. This includees HUBZone Certified small businesses, SBA 8(a) Certified small businesses, Service-Disabled Veteran-Owned small businesses and Economically Disadvantaged/Women- Owned small businesses in specific industries. There are two ways in The U.S. government is the largest for bid by a procuring agency. Under which set-asides can be determined. single purchaser of goods and services the sealed bidding method, a contract is First, if an acquisition of goods or in the world, buying everything from awarded to a responsible bidder whose services has an anticipated dollar value armored tanks to paper clips. Every bid, conforms to the requirements of a of at least $3,000 but not exceeding year, the federal government awards solicitation (Invitation for Bids (IFB)) $150,000, it is automatically reserved more than $500 billion in contracts, and that will be most advantageous to the for small businesses. The acquisition a significant share of those contracts are government, considering only price and will be set aside only if the contracting specifically allotted to small businesses. the price-related factors included in the officer determines there are two or more The Small Business Administration IFB. The second method, negotiation, responsible small businesses that are works with agencies to award at least involves issuing a request for proposal competitive in terms of prices, quality 23 percent of all prime government (RFP) or request for quotation (RFQ). and delivery. Second, if an acquisition CONTRACTING contracts to small businesses, with The business with the best proposal in for goods or services is estimated specific statutory goals for small terms of technical content, best value, at more than $150,000, and it is business, small disadvantaged price and other factors generally wins determined that offers will be obtained businesses (SDB), businesses that the contract. from two or more responsible small are women-owned (WOSB) or service- businesses, at a fair market price, disabled veteran-owned (SDVOSB), Types of Contracts the acquisition is reserved exclusively and businesses that are located in Firm fixed-price contracts place for small business participation. historically underutilized business zones the full responsibility for the costs Reasonable expectations of small (HUBZone firms). and risk of loss on the contractor. business competition may be evaluated The agency ensures that small Firm fixed-price contracts do not using past acquisition history of an item businesses have access to long-lasting permit any adjustment on the basis or similar items. development opportunities, which of the contractor’s costs during the There are several exceptions and means working with small businesses performance of the contract. It provides unique rules for specific kinds of to help them stay competitive, as maximum incentive for the contractor small businesses and industries. For well as encouraging federal agencies to control costs and perform effectively Research and Development (R&D) to award more contracts to small and imposes a minimum administrative small business set-asides, there businesses. The SBA provides outreach burden upon the contracting parties. must be reasonable expectation of programs, matchmaking events, and This type of contract is used in all obtaining from small businesses the online training opportunities; and sealed bid and some negotiated best scientific and technological sources helps agencies identify contracting procurements. consistent with the requirements of opportunities for small businesses. Cost reimbursement contracts provide the proposed acquisition. For small for the payment of allowable costs business set-asides other than for incurred by the contractor, to the extent services or construction services, any HOW GOVERNMENT stated in the contract. The contract business proposing to furnish a product CONTRACTING WORKS establishes a ceiling price, above which that it did not manufacture must Sealed bidding vs. Negotiation a contractor may not exceed without the furnish the product of a small business There are two contracting methods the approval of the contracting officer. Cost manufacturer unless the SBA has government uses to purchase goods and reimbursement contracts are commonly granted either a waiver or exception services, sealed bidding and negotiation. used in research and development to this requirement, referred to as the The first method, sealed bidding, contracts. Non-manufacturer rule. In industries involves the issuance of an invitation where the SBA finds that there are no

Visit us online: www.sba.gov/ms Mississippi Small Business Resource — 31 • Maintaining a list of qualified HUBZone small business concerns for use by acquisition agencies in awarding contracts under the program; • Adjudicating protests and appeals of eligibility to receive HUBZone contracts. For additional information, visit www.sba.gov/hubzone. 8(a) BUSINESS DEVELOPMENT PROGRAM The 8(a) Business Development 8(a)/HUBZone Conference held in Gulfport, Mississippi. program is a nine-year program established to assist eligible socially and small business manufacturers, it may distressed urban and rural communities economically disadvantaged individuals issue a waiver to the non-manufacturer gain access to federal set-aside contracts to develop and grow their businesses. rule. Waivers permit small businesses and sole source contracts, as well as a Business development assistance dealers or distributors to provide any price evaluation preference in full and includes one-on-one counseling, training domestic firm’s product. open contract competitions. There is workshops, match-making opportunities a statutory goal that HUBZone small with federal buyers and other Subcontracting business concerns be awarded not less management and technical guidance. Subcontracting opportunities are a than 3 percent of the total value of all There is a statutory requirement that great resource for small businesses, prime contract and subcontract awards. small disadvantaged business concerns especially for those not ready to bid as The HUBZone program also establishes be awarded not less than 5 percent of prime contractors. Experience gained preference for award of federal contracts the total value of all prime contract awards. All firms that become eligible from subcontracting with a federal to small businesses in these areas. To for SBA’s 8(a) business development prime contractor can better prepare qualify for the program, a business assistance are also considered small businesses to bid for prime contracts. (except those that are tribally-owned) disadvantaged business concerns for the Current regulations stipulate that must meet the following criteria: purpose of federal contracting. for contracts offering subcontracting • It must be a small business by SBA To be eligible for the 8(a) Business size standards opportunities over $650,000 for Development program, a business must • It must be owned and controlled at goods and services, or $1.5 million meet the following criteria: least 51 percent by U.S. citizens, for construction must offer the • It must be a small business by SBA or a Community Development maximum practicable subcontracting size standards; Corporation (CDC), an agricultural opportunities to small businesses. • It must be owned (at least 51 cooperative, or an Indian tribe In addition, potential large business percent) by one or more individuals • Its principal office must be located prime contractors must submit a who qualify as socially and within a “Historically Underutilized subcontracting plan with their proposal economically disadvantaged, and Business Zone,” which includes who are U.S. citizens of good describing how they will successfully lands considered “Indian Country” character; maximize subcontracting opportunities and military facilities closed by the • It must be controlled, managed, to small businesses. Base Realignment and Closure Act and operated full-time by one or To find subcontracting opportunities, • At least 35 percent of its employees CONTRACTING more individuals who qualify as a list of federal prime solicitations is must reside in a HUBZone. listed under the U.S. Small Business disadvantaged, and; Note: Different rules apply for • It must demonstrate potential Administration Subcontracting Network Tribal Governments, Alaska Native (SUBNET) web.sba.gov/subnet/search/ for success (generally by being in Corporations, Community Development business for at least two full years) index.cfm and through the General Corporations and small agricultural Services Administration (GSA) at and have the capacity to perform on cooperatives. These are delineated government and non-government www.gsa.gov/portal/content/101195. in Title 13 of the Code of Federal Research the list of prime contractors contracts before applying. Regulations, Part 126. Socially disadvantaged individuals and determine which are best suited Existing businesses that choose to to your business. Develop a marketing are those who have been subjected to move to qualified areas are eligible to strategy, and then contact the Small racial or ethnic prejudice or cultural apply for certification provided they Business Liaison Officer (SBLO) bias because of their identity as a meet all the eligibility requirements. To listed for each prime to schedule an member of a group without regard appointment. fulfill the requirement that 35 percent to their individual capabilities. The of a HUBZone firm’s employees reside following individuals are presumed in a HUBZone, employees must live in a to be socially disadvantaged: Black SBA CONTRACTING primary residence at a place for at least Americans, Native Americans, Alaska 180 days, or as a currently registered Natives or Native Hawaiians, Hispanic PROGRAMS voter, and with intent to live there Americans, Asian Pacific Americans, HUBZONE indefinitely. and Subcontinent Asian Americans. An individual who is not a member The Historically Underutilized The SBA is responsible for: • Determining whether or not of one of these groups must establish Business Zones (HUBZone) program individual concerns are qualified individual social disadvantage by a helps small businesses located in HUBZone small business concerns; preponderance of evidence.

32 — Mississippi Small Business Resource Visit us online: www.sba.gov/ms 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 can also apply to the SBA for 8(a) business development assistance. So that approved firms can obtain HUBZone Conference held in Choctaw, Mississippi. training, counseling, and business development assistance, SBA designates and how to position yourself for for SDBs in their subcontracting plans success. a staff person at a local SBA district which includes SBA 8(a) certified small • Help you register in the proper office, geographically near the business businesses . places. There are numerous Firms self-certify as SDB in the to coordinate the firm’s business databases to register with to get development assistance. federal data base called the System for involved with the government Award Management (SAM) without SBA is responsible for: marketplace, including the • Determining whether a business submitting any application to the SBA; Department of Defense’s System for however, firms approved by the SBA qualifies for the 8(a) Business Award Management (SAM), GSA Development program; into the 8(a) Business Development Schedules, and other government Program are automatically certified as • Determining whether a business vendor sites. continues to qualify, during the • See if you are eligible in any small an SDB. To self certify, firms should nine-year term; business certifications. Some access the website: www.sba.gov/sdb. • Approving Mentor/Protégé government contracts are set By reading the information contained agreements between 8(a) firms and aside for certain businesses that therein you will be given guidance as to large businesses; have special certifications, such as what steps are required. • Providing technical guidance and woman-owned, minority-owned, and business development assistance HUBZone. A PTAC representative during the nine-year term. can help you obtain these SERVICE-DISABLED VETERAN- For additional information, visit certifications, if you are eligible, OWNED SMALL BUSINESS www.sba.gov/8a. allowing for more government The Service-Disabled Veteran-Owned CONTRACTING contract opportunities. Small Business (SDVOSB) program • Research past contract has a federal government-wide goal of PROCUREMENT TECHNICAL opportunities. A PTAC awarding at least 3 percent of prime and ASSISTANCE CENTERS representative can look into past subcontracting dollars to Service-Disabled contracts, to see what types of Veteran-Owned Small Businesses each (PTACs) contracts have been awarded to Doing business with the government year. Large prime contractors must businesses like yours. also establish a subcontracting goal is a big step to growing your business. In addition, a PTAC can help you Procurement Technical Assistance for SDVOSBs in their subcontracting identify and bid on a contract, and if you plans. These subcontracting goals are Centers (PTACs) provide local, are awarded the contract, continue to in-person counseling and training reviewed at time of proposal by both the provide you support through measuring contracting officer and the SBA prior to services for you, the small business your performance and helping with your owner. They are designed to provide the award of a contract. contract audits. Don’t hesitate, find the While the SBA does not certify technical assistance to businesses that PTAC near you today to get started in want to sell products and services to companies as SDVOSBs, SDVOSB government contracting or to improve protest process is administered by federal, state, and/or local governments. your success. PTAC services are available either SBA to ensure that only businesses free of charge, or at a nominal cost. owned by service-disabled veterans PTACs are part of the Procurement SMALL DISADVANTAGED receive contracts reserved exclusively Technical Assistance Program, which is for them. When a business’s SDVOSB BUSINESS self-certification is challenged, the administered by the Defense Logistics A Small Disadvantaged Business Agency SBA determines if the business meets (SDB) is defined as a small business the status, ownership and control What can a PTAC do for you? that is at least 51 percent owned and • Determine if your business is ready requirements. controlled by one or more individuals To determine your eligibility, contact for government contracting. who are socially and economically Pursuing government contracts is your local veterans’ business development disadvantaged. a challenge, and can be burden for officer, visit the various program your company if you do not have There is a federal government-wide websites, or contact SBA’s Office of the resources or maturity to handle goal of awarding at least 5 percent of Veterans Business Development at a contract. A PTAC representative prime contracting dollars to SDBs each www.sba.gov/about-offices-content/1/2985. can sit with you one-on-one and year. Large prime contractors must determine if your company is ready, also establish a 5% subcontracting goal

Visit us online: www.sba.gov/ms Mississippi Small Business Resource — 33 WOMEN-OWNED SMALL BUSINESS WHAT YOU SHOULD KNOW FEDERAL CONTRACT PROGRAM On October 7, 2010, the SBA ABOUT YOUR BUSINESS published a final rule effective February To be eligible to bid on a federal 3. Do you fall under a specific 4, 2011, aimed at expanding federal contract, you must know your certification? contracting opportunities for women- business. Answer the following three Under the umbrella of “small owned small businesses. The Women- questions: business,” SBA has outlined several Owned Small Business (WOSB) specific certifications that businesses 1. Are you a small business? Federal Contract Program authorizes may fall under. These certifications Is your small business: contracting officers to set aside certain are divided into two categories: federal contracts for eligible women- • Organized for profit? • Located in the U.S.? owned businesses and economically • Operated primarily within the U.S. or SBA-Certified and Self-Certified. disadvantaged women-owned small making a significant contribution to The SBA-Certified Programs were businesses (EDWOSB) in industries the U.S. economy through payment created to assist specific businesses where it has be determined WOSBs of taxes or use of American products, in securing federal contracts and and EDWOSBs are underrepresented.. materials, or labor? therefore can only be issued by SBA To be eligible, a firm must be at least • Independently owned and operated? administrators. For the Self-Certified 51 percent owned or controlled by one or • Not dominant in the field of operation Programs, you can determine for more women. The women must be U.S. in which it is bidding for government citizens and the WOSB or EDWOSB contracts? yourself if your business meets the must be “small” under its primary • A sole proprietorship, partnership, requirements by referring to the industry in accordance with SBA’s size corporation, or any other legal form? Federal Acquisition Regulation (FAR). standards established for under the If the first six criteria apply to your Just as Congress has given federal North American Industry Classification business, ask yourself the second agencies a goal of procuring 23 code assigned to that industry. To be important question to find out if percent of federal contracts from deemed “economically disadvantaged” your business meets size standard small businesses, so too must federal its owners must demonstrate economic requirements. agencies meet specific contracting disadvantage in accordance with the goals for other categories of small 2. What is the size standard for your requirements set forth in the final rule. firms. These goals are: For additional information, visit business? Size standards are used to • 23 percent of contracts for Small www.sba.gov/wosb. Businesses Protests under the WOSB Federal determine whether a business is small • 5 percent of contracts to Small Contract Program are also administered or “other than small.” Size standards Disadvantaged Businesses by the SBA. When a company’s WOSB vary depending upon the industry. • 5 percent to Women-Owned Small To determine the size standard for or economically disadvantaged WOSB Businesses your business, you will need a North self-certification is challened, the • 3 percent to Service-Disabled Veteran- American Industry Classification code Owned Small Businesses SBA determines if the business meets (NAICS). Every federal agency uses • 3 percent to HUBZone Small ownership and control requirements. these codes when considering your Businesses Large prime contractors must also business. To determine your NAICS Federal agencies have a strong establish a subcontracting goal for code, go to www.census.gov/eos/www/naics/. incentive to fulfill these contracting Woman-Owned Small Businesses in Some SBA programs require their goals. You should apply for those their Subcontracting Plans. These own unique size standards. To find out SBA-Certified and Self-Certified subcontracting goals are reviewed at more about these requirements and programs for which you qualify CONTRACTING time of proposal by both the contracting other size standard information, go to to take advantage of contracting officer and the SBA prior to the award www.sba.gov/size. of a contract. opportunities.

Mississippi Contract Procurement Counseling is also offered to assist a Counties served: Adams, Claiborne, Copiah, Center (MCPC) business in understanding a solicitation, Franklin, Hines, Jefferson, Jefferson Davis, www.mscpc.com which, in turn, will help with bid Lawrence, Lincoln, Madison, Rankin, This Procurement Technical preparation. Simpson and Warren. Assistance Center (PTAC) is designed Seminars, workshops, trade shows, Delta Contract Procurement Center to assist Mississippi businesses in and networking opportunities are (DCPC) successfully competing for government conducted regularly in conjunction with 342 Washington Ave., 2nd Fl. contracts (federal, state, and local). The other local resource partners such as Greenville, MS 38702 network is comprised of five regional the SBA, SBDC, chambers, etc. 662-334-1518 offices (listed below) located throughout Our services are restricted to [email protected] the state for easy access by businesses. Mississippi businesses only and are Counties served: Bolivar, Carroll, Coahoma, It provides such assistance in the form offered at no charge. DeSoto, Grenada, Holmes, Humphreys, of “bid notices” to clients registered in Issaquena, LeFlore, Panola, Quitman, our database. Clients are provided “bid Central MS Procurement Center (CMPC) Sharkey, Sunflower, Tallahatchie, Tate, Jonithan Hatcher, Director notices” on current bid opportunities. Tunica, Washington, Yalobusha and Yazoo. In addition, assistance with price 501 North West St. Jackson, MS 39201 histories, MILSPECS, marketing, etc 601-359-3485 – all of which allow for the preparation [email protected] of a more competitive bid from a well- informed bidder.

34 — Mississippi Small Business Resource Visit us online: www.sba.gov/ms Northeast MS Contract Procurement and Courthouses and coordinates the Center (NMCPC) OTHER PROCUREMENT disposal of Federal real property in Bill Burge, Director RESOURCES the states of the Southeast Region and 318 7th St. N. Delaware, Pennsylvania, West Virginia, Columbus, MS 39703 GSA Schedule and the parts of Maryland and Virginia 662-329-1077 GSA’s Federal Supply Schedules, also not served by the National Capital [email protected] known as Multiple Award Schedules Region. Small and minority businesses Counties served: Alcorn, Attala, Benton, (MAS), are contracts that allow federal that wish to transact commerce with Calhoun, Chickasaw, Choctaw, Clay, customers to acquire more than 4 the Federal Government can receive Itawamba, Lafayette, Lee, Lowndes, Marshall, million services and products directly assistance through this office. Monroe, Montgomery, Noxubee, Oktibbeha, from more than 8,600 commercial Pontotoc, Prentiss, Tippah, Tishomingo, suppliers. GSA Schedules cover a Union, Webster and Winston. General Services Administration (GSA) vast array of commercial items - from 77 Forsyth St., Ste. 600 South MS Contract Procurement Center office supplies and copier paper to Atlanta, GA 30303 (SMCPC) systems furniture, from computers 404-331-3200 Marcia McDowell, Director to laboratory equipment and services www.gsa.gov 1636 Popps Ferry Rd., Ste. 203 ranging from accounting to graphic Biloxi, MS 39532 design to landscaping. The Southeast Mississippi Department of Transportation 228-396-1288 Sunbelt Region serves customers in the (MSDOT) [email protected] states of Alabama, Florida, Georgia, 401 N. West St. Counties served: Amite, Forrest, George, Kentucky, Mississippi, North Carolina, Jackson, MS 39201 Greene, Hancock, Harrison, Jackson, Lamar, South Carolina, and Tennessee General Information Marion, Pearl River, Perry, Pike, Stone, 601-359-7001 Walthall and Wilkinson. providing work environments, supplies, telecommunications and transportation Mississippi Department of Finance & Meridian Satellite Office services to Federal agencies. Administration 1901 Front St., Ste. A This region facilitates the purchase 501 N. West St., Ste. 1301, Woolfolk Bldg. Meridian, MS 39302 of commercial products and services Jackson, MS 39201 601-693-1306 ext. 235 by other Federal agencies through 601-359-3402 [email protected] GSA Schedules and IT contracts; Counties served: Leake, Neshoba, Kemper, manages a portfolio of Federal facilities Scott, Newton, Lauderdale, Smith, Jasper, Clarke, Covington, Jones and Wayne. including Federal Office Buildings CONTRACTING

Visit us online: www.sba.gov/ms Mississippi Small Business Resource — 35 GETTING STARTED IN CONTRACTING Once you have identified the important 5. Register with the System for Award 7. Make Sure Your Business is information regarding your business, it is Management (SAM), formerly the Financially Sound time to start the process of procuring a Central Contractor Registration (CCR) This critical step is absolutely necessary government contract. The SAM is an online federal to make sure that your business is 1. Identify your DUNS (Data Universal government maintained database of financially prepared for the journey Numbering System) Number companies wanting to do business with ahead. Even if you are able to obtain a To register your business, obtain a the federal government. Agencies search government contract, you will not be DUNS number used to identify and track the database for prospective vendors. receiving all of the money at once. It millions of businesses. You can Register at www.SAM.gov. helps to have a clear plan of how your obtain your free DUNS number when After completing registration, you will business will stage the benefits of the registering with the System for Award be asked to enter your small business contract. Management. Log on to www.sam.gov profile information through the SBA 8. Search Federal Business Opportunities for more information or by contacting Supplemental Page. The information will (FedBizOpps) for Contracting Dun & Bradstreet at www.dnb.com. be displayed in the Dynamic Small Opportunities 2. Identify your EIN Business Search. FedBizOpps, is an online service operated (Employer Identification Number) Creating a profile in SAM and keeping it by the federal government that current ensures your firm has access An EIN, otherwise known as a federal tax announces available business to federal contracting opportunities. identification number, is generally Entering your small business profile, opportunities. FedBizOpps helps identify required of all businesses. For more including your business information the needs of federal agencies and information, go to www.irs.gov. and key word description, allows available contracting opportunities. 3. Identify your NAICS (North American contracting officers, prime contractors, To begin searching for contracting Industry Classification) codes and buyers from state and local opportunities, go to www.fbo.gov. The NAICS codes are used to classify the governments to learn about your 9. Marketing Your Business industry a particular business occupies. company. Registering your business is not enough You will need at least one NAICS code to 6. Register with the GSA Schedule to obtain a federal contract; you will need complete your registration, but be sure to The GSA (General Services to market your business to attract federal list as many as apply. You may also add Administration) Multiple Award Schedule agencies. Tips for good marketing are: or change NAICS codes at any time. Visit (aka Federal Supply Schedule) is used by • Determine which federal agencies www.census.gov/eos/www/naics/ to find GSA to establish long-term, government- buy your product or service, and NAICS codes. wide contracts with commercial firms. get to know them; 4. Identify your SIC (Standard Industrial Once these contracts are established, • Identify the contracting Classification) codes government agencies can order the procedures of those agencies; The SIC codes are four-digit numbers supplies and services they need directly • Focus on opportunities in your that are used to classify the industry a from the firms through the use of an niche and prioritize them. particular business occupies. While online shopping tool. Becoming a GSA • Although not required, you may want NAICS codes have largely replaced SIC schedule contractor increases your to obtain a PSC (Product Services codes, you will still need to provide your opportunity for contracts across all levels Code) and/or a FSC (Federal Supply SIC code. SIC codes can be found at of government. Businesses interested in Classification). These codes provide www.osha.gov/pls/imis/sicsearch.html. becoming GSA schedule contractors additional information about the should review the information available services and products your business at www.gsa.gov/schedules. offers.

CONTRACTING ADDITIONAL PROCUREMENT RESOURCES

The following federal procurement • Procurement Center Representatives • Department of Defense (The DoD is resources may also be of assistance: (PCR) and Commercial Marketing the largest purchaser of goods from • The Certificates of Competency (CoC) Representatives (CMR): PCRs work small businesses): program allows a small business, to increase the small business share www.acq.osd.mil/osbp/ which is the apparent successful of federal procurement awards. • Office of Federal Procurement Policy: offeror, to appeal a contracting officer’s CMRs offer many services to small www.whitehouse.gov/omb/procurement_default businesses, including counseling on non-responsibility determination that • Acquisition Forecast: how to obtain subcontracts. To find a it is unable to fulfill the requirements www.acquisition.gov/comp/procurement PCR or CMR near you, go to _forecasts/index.html of a specific government contract. The www.sba.gov/content/procurement-center- • Federal Supply Schedule (FSS): SBA will conduct a detailed review representatives.

of the firm’s technical and financial • PTACs (Procurement Technical www.gsa.gov capabilities to perform on the contract. Assistance Centers): PTACs provide • GSA Center for Acquisition Excellence: If the business demonstrates the assistance to businesses that want to www.gsa.gov/portal/content/103487 capability to perform, the SBA issues sell products and services to federal, a Certificate of Competency to the state, and/or local government. To contracting officer, requiring award of find a PTAC in your state, go to that contract to the small business. www.dla.mil/SmallBusiness/Pages/ptap.aspx.

36 — Mississippi Small Business Resource Visit us online: www.sba.gov/ms SBA DISASTER ASSISTANCE Knowing the Types of Assistance Available for Recovery

he disaster program is or renters may apply for a loan up damage. The loan limit is $2 million. SBA’s largest direct loan to $40,000 to help repair or replace The EIDL helps small businesses meet program, and the only SBA personal property, such as clothing, ordinary and necessary operating program for entities other furniture or automobiles, lost in the expenses as they recover from a disaster.

than small businesses. SBA disaster. Businesses and private, The limit for physical and EIDL loans DISASTER ASSISTANCE Tis responsible for providing affordable, nonprofit organizations of any size may combined is $2 million. timely and accessible financial apply for a loan up to $2 million (actual The Military Reservists Economic assistance to homeowners, renters, non- loan amounts are based on the amount Injury Disaster Loan is a working farm businesses of all sizes and private, of uncompensated damage) to repair capital loan for small businesses facing nonprofit organizations following or replace real property, machinery, financial loss when the owner or an declared disasters. equipment, fixtures, inventory and essential employee is called up to active The SBA is authorized by the Small leasehold improvements. duty in their role as a military reservist. Business Act to make two types of The SBA may increase a loan up The loan limit is $2 million and the disaster loans: to 20 percent of the total amount of business can use the funds to cover physical damages as verified by SBA operating expenses until the essential Physical Disaster Loans to make improvements that protect the employee or business owner is released Physical Disaster Loans are property from similar future disasters. from active duty. the primary source of funding for The SBA can only approve disaster permanent rebuilding and replacement Economic Injury Disaster Loans loans to applicants having an acceptable of uninsured or underinsured disaster- Economic Injury Disaster Loans credit history and repayment ability. caused damages to privately-owned provide the necessary working capital The terms of each loan are established real and/or personal property. SBA’s after a declared disaster until normal in accordance with each borrower’s physical disaster loans are available to operations resume. Small businesses, ability to repay. The law gives SBA homeowners, renters, businesses of all small agricultural cooperatives, small several powerful tools to make disaster sizes and private nonprofit organizations businesses engaged in aquaculture loans affordable: low-interest rates of all sizes. A homeowner may apply (fisheries, for example) and most private (around 4 percent), long-terms (up to for a loan of up to $200,000 to repair nonprofit organizations of all sizes are 30 years), and refinancing of prior liens or replace the primary residence to its eligible for EIDL assistance, regardless (in some cases). As required by law, the pre-disaster condition. Homeowners of whether there was any physical interest rate for each loan is based on

Visit us online: www.sba.gov/ms Mississippi Small Business Resource — 37 preparedness, that will help you develop a solid business continuity plan. Meanwhile, here are a few preparedness tips to consider: • Review Your Insurance Coverage. Contact your insurance agent to find out if your coverage is right for your business and make sure you understand the policy limits. Ask about Business Interruption Insurance, which compensates you for lost income and covers operating expenses if your company has to temporarily shut down after a disaster. • Establish a solid supply chain. If all your vital external vendors and suppliers are local and if the disaster is significantly widespread, you’ll all be in the same boat, struggling to recover. It’s a good idea to diversify your list of vendors for key supplies to companies outside your area or internationally, if possible. Create a contact list for important contractors and vendors you plan to use in an emergency and find out if those suppliers have a recovery plan in place. Keep this list with other documents filed in a place that’s accessible, and also at a protected off-site location. SBA’s determination of whether the business will be able to recover sooner, • Plan for an alternate location. Do applicant has credit available elsewhere possibly without taking on new debt. some research well in advance of — the ability to borrow or use their own Assessing your risks and needs are the disaster for several alternative resources to recover from the disaster an important first step in developing places to relocate your company without causing undue hardship. your business continuity strategy. The in the event a disaster forces you More information on all of SBA’s American Red Cross’ Ready Rating™ to shut down indefinitely. Some disaster assistance programs, including program (www.readyrating.org) is a options include contacting a local information for military reservists, free online tool that helps businesses real estate agent to get a list of is available at www.sba.gov/disaster. get prepared for disaster and other available vacant office space. Make Apply online using the Electronic Loan emergencies. With Ready Rating you an agreement with a neighboring Application (ELA) via SBA’s secure can evaluate your level of disaster business to share office space if Website at: https://disasterloan.sba.gov/ela. readiness, and you’ll get customized disaster strikes. If possible, make feedback on how to establish or expand plans for employees to telecommute Disaster Preparedness your disaster plan. until the office has been rebuilt. The financial and emotional cost of Recovering from a disaster doesn’t Another useful site provided by FEMA rebuilding a business after a disaster begin with clearing the debris and — Ready.gov (www.ready.gov) — provides can be overwhelming. However, with a returning to work. Imagine stepping into practical disaster preparedness tips business continuity plan in place, you’ll your store, or restaurant, or the office and checklists for homeowners, renters be able to rebound and reopen quickly, where you run your business, a day or and businesses. SBA has teamed up and in a better position to contribute two after the fire has been contained, with Agility Recovery Solutions to offer to the economic recovery of your the tornado has passed, or floodwaters business continuity strategies through community. have receded. First come the questions: the “PrepareMyBusiness” website As small businesses are leading

DISASTER ASSISTANCE DISASTER “How much will it cost to rebuild? Will (www.preparemybusiness.org) and America’s economic recovery, many of my insurance cover all this? How will monthly disaster planning webinars. them are investing time and money I pay my employees and vendors and Previous topics — presented by into their plans to grow and create cover the bills during the recovery experts in their fields — have included jobs. Developing a strong disaster phase?” Before a disaster strikes is a crisis communications, testing the preparedness plan should be a critical good time to start, or update and test preparedness plan, and using social and integral piece of those efforts. your business continuity plan. media to enhance small business Planning for a disaster is the best way of And while SBA disaster loans recovery. At the website you can limiting its effects. go a long way toward revitalizing sign up for future webinars, view communities devastated by the economic previous webinars, and download fallout that follows disasters, with a checklists that give you tips on risk solid preparedness plan in place, your assessment, evacuation plans and flood

38 — Mississippi Small Business Resource Visit us online: www.sba.gov/ms ADVOCACY AND OMBUDSMAN Watching Out for the Interests of Small Businesses

OFFICE OF THE NATIONAL OMBUDSMAN The Office of the National Ombudsman (ONO) assists small businesses when they experience excessive or unfair Federal agency enforcement actions. As required under the Small Business Regulatory Enforcement Fairness Act, ONO works with all Federal regulatory agencies to ensure small businesses are provided with a means to comment on the enforcement actions conducted by such agencies. Enforcement actions include audits, on-site inspections, implementation or changes to regulations and other enforcement related activities by Federal agency personnel. monitors federal agency compliance The National Ombudsman receives OFFICE OF ADVOCACY with the Regulatory Flexibility Act comments from small business The SBA’s Office of Advocacy, the – the law that requires agencies to owners, nonprofit organizations and “small business watchdog” of the analyze the impact of their proposed small government entities regarding government, examines the role and regulations on small entities (including regulatory enforcement actions status of small business in the economy small businesses, small governmental by Federal agencies. Comments and independently represents the views jurisdictions and small nonprofit received from small businesses are of small business to federal agencies, organizations), and consider regulatory forwarded to Federal agencies for a Congress, the president and federal alternatives that minimize the economic high level review. Federal agencies appellate courts as friends of the court. burden on small entities. ADVOCACY AND OMBUDSMAN are requested to consider the fairness The advocacy office compiles and Advocacy’s mission is enhanced by of their enforcement action. In some interprets statistics on small business a team of regional advocates, located cases, fines and/or penalties have and is the primary entity within the in the SBA’s 10 regions. They are been lowered or eliminated, and federal government to disseminate Advocacy’s direct link to small business decisions and agency actions have been small business data. owners, state and local government changed in favor of the small business Headed by the chief counsel for entities, and organizations that owners. The National Ombudsman advocacy, the office also funds outside support the interests of small entities. also coordinates and annually reports research of small business issues The regional advocates help identify to Congress on the activities, findings and produces numerous publications regulatory concerns of small business and recommendations of 10 Regional to inform policy makers about the by monitoring the impact of federal and Regulatory Fairness Boards that meet important role of small businesses state policies at the grassroots level. regularly to address comments about in the economy and the impact Learn more about the Office of Federal regulations affecting small of government policies on small Advocacy at www.sba.gov/advocacy. businesses. In addition, the office businesses. To request help, complete and send the National Ombudsman Federal Agency Comment Form. The Comment Form and other information about the office may be obtained online at www.sba.gov/ombudsman; or call 888-734-3247 or 202-205-2417.

Visit us online: www.sba.gov/ms Mississippi Small Business Resource — 39 ADDITIONAL RESOURCES Taking Care of Startup Logistics

Board of Barber Examiners, the Board of Public Accountancy and the Commission on Health Care. Contact the city or county fire department; county health department; United States Treasury Department, Mississippi State Tax Commission; Office of the Secretary of State of Mississippi Special Licenses.

Building Codes, Permits and Zoning It is important to consider zoning regulations when choosing a site for your business. You may not be permitted to conduct business out of your home or engage in industrial activity in a retail district. Contact the business license office in the city or town in which the business is located. ven if you are running a Special Licenses, Permits and Barrier-Free Design small home-based business, Other Regulations In 1992, the Americans with you will have to comply Some businesses require special Disabilities Act mandated federal with many local, state and licenses and permits, or must meet requirements concerning barrier-free federal regulations. Avoid additional regulations. Ventures design. These regulations are intended the temptation to ignore regulatory E which entail the handling and/or to ensure that public facilities are details. Doing so may avert some red processing of foods must meet sanitary accessible to and usable by all tape in the short term, but could be standards of the Mississippi State citizens, including elderly persons, an obstacle as your business grows. Board of Health; an owner of this type wheelchair users and individuals with Taking the time to research the of business should contact the county permanent or temporary conditions applicable regulations is as important health department. Stove ventilation that reduce coordination or mobility or as knowing your market. Bear in mind systems in restaurants must make walking difficult and insecure. that regulations vary by industry. If conform with local fire prevention Structures that undergo an alteration you’re in the food-service business, codes; a restaurant owner should must comply to a certain degree for example, you will have to deal contact the local fire department with the barrier-free requirements. with the health department. If you for guidance. Businesses which sell For more information, contact the use chemical solvents, you will have alcoholic beverages, tobacco, firearms U.S. Department of Justice ADA environmental compliances to meet. or ammunition should contact the information line at 800-514-0301. Carefully investigate the regulations following agencies which have control Request Publication, ADA Guide for that affect your industry. Being over the sale of these items: United Small Business. out of compliance could leave you States Treasury Department’s unprotected legally, lead to expensive Bureau of Alcohol, Tobacco and penalties and jeopardize your Firearms and the Mississippi State FICTITIOUS BUSINESS NAME Search to determine if the name business. Tax Commission’s Alcoholic Beverage of your proposed business is already Control Bureau (ABC). The ABC not in use. If it is not used, register the only grants or denies licenses for the BUSINESS LICENSES name to protect your business. For sale of alcoholic beverages, but it is There are many types of licenses, more information, contact the county the state’s only wholesaler of wines both state and local as well as clerk’s office in the county where and liquors. professional. Depending on what you your business is based. If you are a The Office of the Secretary of State do and where you plan to operate, corporation, you’ll need to check with can direct businesses to state agencies, your business may be required to the state. have various state and/or municipal which may require special licenses, licenses, certificates or permits. permits, examinations and other types Licenses are typically administered of certification. The Secretary’s office BUSINESS INSURANCE by a variety of state and local compiles the Mississippi Official and Like home insurance, business ADDITIONAL RESOURCES departments. Consult your state or Statistical Register, which provide insurance protects your business local government for assistance. information on such groups as the against fire, theft and other losses.

40 — Mississippi Small Business Resource Visit us online: www.sba.gov/ms Contact your insurance agent or should be insured for both liability S corporations and limited liability broker. It is prudent for any business and replacement purposes. What is companies are reported on individual to purchase a number of basic types less obvious is that you may need or joint income tax returns. Generally, of insurance. Some types of coverage special insurance (called “non-owned a sole proprietor or an individual are required by law, others simply automobile coverage”) if you use your who has an interest in a partnership, make good business sense. The types of personal vehicle on company business. S corporation or a limited liability insurance listed below are among the This policy covers the business’ company files state and federal most commonly used and are merely a liability for any damage which may declarations of estimated income. The starting point for evaluating the needs result from such usage. state and federal government have of your business. Officer and Director – Under most somewhat different rules governing individual estimated income taxes. Liability Insurance – Businesses state laws, officers and directors of a However, the installment due dates may incur various forms of liability corporation may become personally are the same which are April 15, June in conducting their normal activities. liable for their actions on behalf of the 15, September 15 and January 15. One of the most common types is company. This type of policy covers Self-employment taxes are imposed product liability, which may be this liability. at the federal level and can be paid to incurred when a customer suffers Home Office – If you are the Internal Revenue Service when an harm from using the product. There establishing an office in your home, individual files his annual income tax are many other types of liability, it is a good idea to contact your return for the past year. which are frequently related to specific homeowners’ insurance company to Contact the Internal Revenue industries. Liability law is constantly update your policy to include coverage Service; Mississippi State Tax changing. An analysis of your liability for office equipment. This coverage Commission; an Accountant. insurance needs by a competent is not automatically included in a professional is vital in determining standard homeowner’s policy. PAYROLL TAXES an adequate and appropriate level of Any business with employees of any protection for your business. type must comply with federal and Property – There are many different TAXES state payroll requirements. This is types of property insurance and levels Taxes are an important and complex true even if you are the sole employee aspect of owning and operating a of coverage available. It is important of a corporation which you own. It successful business. Your accountant, to determine the property insurance is critical that you understand the payroll person, or tax adviser may be you need to ensure the continuation various deadlines and requirements, very knowledgeable, but there are still or that you use the services of of your business and the level of many facets of tax law that you should insurance you need to replace or someone who does. The major types know. The Internal Revenue Service is of payroll taxes in Mississippi are: rebuild. You must also understand the a great source for tax information. Income Tax Withholding (federal terms of the insurance, including any Small Business/Self-Employed Tax and state); Federal Social Security limitations or waivers of coverage. Center: www.irs.gov/businesses/small/ Tax (FICA); Federal Unemployment Business Interruption – While index.html. Tax (FUTA); and Mississippi property insurance may pay enough When you are running a business, Unemployment Tax. to replace damaged or destroyed you don’t need to be a tax expert. equipment or buildings, how will you However, you do need to know some SALES TAX pay costs such as taxes, utilities and tax basics. The IRS Small Business/ The sale of many types of tangible other continuing expenses during the Self-Employed Tax Center gives you goods in Mississippi incurs a sales period between when the damage the information you need to stay tax tax. It is the responsibility of the occurs and when the property is compliant so your business can thrive. business to collect this tax, keep replaced? Business Interruption (or For Small Business Forms and accurate records and remit the funds “business income”) insurance can Publications visit: www.irs.gov/ according to established guidelines. provide sufficient funds to pay your businesses/small /article.html. Failure to comply with the sales fixed expenses during a period of time tax requirements can result in INCOME TAXES when your business is not operational. serious financial consequences for ADDITIONAL RESOURCES “Key Man” – If you (and/or any Different types of businesses (i.e., the business. For more information sole proprietorships, partnerships and other individual) are so critical to contact the: Mississippi State Tax corporations) have different income the operation of your business that it Commission at 601-923-7000 or visit tax requirements. One of the primary cannot continue in the event of your their website at: considerations in choosing a legal www.mstc.state.ms.us/index.html illness or death, you should consider structure for your business is the tax “key man” insurance. This type of implications of a particular structure. policy is frequently required by banks Each of the various types of legal FEDERAL PAYROLL TAX or government loan programs. It also structures has different requirements can be used to provide continuity (EIN NUMBERS) regarding filing dates, forms required An Employer Identification Number of operations during a period of and tax calculations. The fact that a (EIN), also known as a Federal ownership transition caused by the business does not show a profit does Employer Identification Number death, incapacitation or absence due not release it from its obligations to (FEIN), is used to identify a business to a Title 10 military activation of an file the proper income tax forms. entity. Generally, businesses need an owner or other “key” employee. Both state and federal income EIN to pay federal withholding tax. Automobile – It is obvious that tax returns are due by April 15 of You may apply for an EIN in a vehicle owned by your business each year. Profits or losses from sole proprietorships, partnerships, various ways, one of which is to apply

Visit us online: www.sba.gov/ms Mississippi Small Business Resource — 41 online at www.irs.gov/businesses/small/ the corporation including salary and are sponsored and presented by article/0,,id= 102767,00.html. This is a other income such as dividends on your IRS partners who are federal tax free service offered by the Internal personal federal income tax return specialists. Revenue Service. (Form 1040). Workshop topics vary from a Call 800-829-1040 if you have general overview of taxes to more questions. You should check with your specific topics such as recordkeeping state to determine if you need a state FEDERAL PAYROLL TAX and retirement plans. Although Federal Withholding Tax: Any number or charter. most are free, some workshops have business employing a person must fees associated with them. Fees register with the IRS and acquire an for a workshop are charged by the FEDERAL EIN and pay federal withholding tax at sponsoring organization, not the IRS. SELF-EMPLOYMENT TAX least quarterly. File Form SS-4 with the The IRS’s Virtual Small Business Every employee must pay Social IRS to obtain your number and required Tax Workshop is an interactive Security and Medicare taxes. If you tax forms. Call 800-829-3676 or resource to help small business owners are self-employed, your contributions 800-829-1040 if you have questions. learn about their federal tax rights are made through the self-employment and responsibilities. This educational tax. Employees vs. Contract Labor product, available online and on CD Individuals may provide services to The IRS has publications, counselors consists of nine stand-alone lessons your business as either employees or as and workshops available to help you that can be selected and viewed in contractors. Which status an individual any sequence. A bookmark feature sort it out. For more information, has affects your taxes, liability, benefit contact the IRS at 800-829-1040 or costs and many other areas of your makes it possible to leave and return www.irs.gov. business. The question of employee to a specific point within the lesson. SALES TAX vs. contractor is therefore critical, Users also have access to a list of but it is not simple. There are many useful online references that enhance EXEMPTION CERTIFICATE different tests the IRS may apply to the learning experience by allowing If you plan to sell products, you determine whether an individual is an them to view references and the video will need a Sales Tax Exemption employee or a contractor. Improperly lessons simultaneously. Certificate. It allows you to purchase classifying someone whom the IRS Tax Calendar for Small Businesses inventory, or materials, which will considers an employee as a contractor and Self-Employed (Publication 1518) become part of the product you sell, can result in very stiff penalties. If www.irs.gov/businesses/small/article/0,,id= from suppliers without paying taxes. you wish to consider using contractors 176080,00.html contains useful It requires you to charge sales tax instead of employees in your business, information on general business taxes, to your customers, which you are it is important that you consult with a IRS and SSA customer assistance, responsible for remitting to the competent tax advisor prior to making electronic filing and paying options, state. You will have to pay penalties a decision. Contact the IRS for more retirement plans, business publications information on contract/labor services at if it is found that you should have and forms, common tax filing dates, 800-829-1040. been taxing your products and now and federal legal holidays. owe back taxes to the state. For information on sales tax issues, IRS WEB PRODUCTS contact your state government. SOCIAL SECURITY CARDS FOR SMALL BUSINESSES All employees must have a Social For the most timely and up-to-date Security number and card. It must be FEDERAL INCOME TAX tax information, go to www.irs.gov/ signed by its owner, and you should Like the state income tax, the method businesses/small/index.html. always ask to see and personally record of paying federal income taxes depends the Social Security number. Failure to upon your legal form of business. VIRTUAL SMALL BUSINESS do so may cause your employee to lose Sole Proprietorship: You must file benefits and considerable trouble for IRS Federal Form Schedule C along WORKSHOP yourself in back tracking to uncover the www.tax.gov/virtualworkshop/ error. with your personal Federal Income The Virtual Small Business Tax Each payday, your employees must Tax return (Form 1040) and any other Workshop is the first of a series of receive a statement from you telling applicable forms pertaining to gains or video products designed exclusively them what deductions were made losses in your business activity. for small business taxpayers. This and how many dollars were taken out Partnership: You must file a Federal workshop helps business owners for each legal purpose. This can be Partnership return (Form 1065). This understand federal tax obligations. presented in a variety of ways, including is merely informational to show gross The Virtual Small Business Workshop on the check as a detachable portion and net earnings of profit and loss. Also, is available on CD at www.irs.gov/ or in the form of an envelope with the each partner must report his share of items printed and spaces for dollar partnership earnings on his individual businesses/small/article/0,,id=101169,00. deductions to be filled in. Form 1040 based on the information html and online www.irsvideos.gov/ from the K-1 filed with the Form 1065. virtualworkshop/ if you are unable to Corporation: You must file a attend a workshop in person. Small EMPLOYEE CONSIDERATIONS Federal Corporation Income Tax business workshops are designed Taxes to help the small business owner If you have any employees, including

ADDITIONAL RESOURCES return (Form 1120). You will also be required to report your earnings from understand and fulfill their federal officers of a corporation but not the sole tax responsibilities. Workshops proprietor or partners, you must make

42 — Mississippi Small Business Resource Visit us online: www.sba.gov/ms periodic payments towards, and/or file quarterly reports about payroll taxes and other mandatory deductions. You BUSINESS ORGANIZATION: may contact these government agencies for information, assistance and forms. Choosing Your Business Structure Social Security Administration 800-772-1213 There are many forms of legal responsible for performing each www.ssa.gov structure you may choose for your task; what, if any, consultation is business. Each legal structure offers needed between partners before Social Security’s Business Services organizational options with different major decisions, and what happens Online tax and liability issues. We suggest when a partner dies. Under a general The Social Security Administration you research each legal structure partnership each partner is liable for now provides free electronic services thoroughly and consult a tax all debts of the business. Profits are online at www.socialsecurity.gov/ accountant and/or attorney prior to taxed as income to the partners based employer/. Once registered for Business making your decision. on their ownership percentage. Services Online, business owners or The most common organizational their authorized representative can: structures are sole proprietorships, Limited Partnership • file W-2s online; and general and limited partnerships and Like a general partnership, a • verify Social Security numbers limited liability companies. limited partnership is established by through the Social Security Number Each structure offers unique tax and Verification Service, used for all an agreement between two or more employees prior to preparing and liability benefits. If you’re uncertain persons. However, there are two types submitting Forms W-2. which business format is right for you, of partners. Federal Withholding you may want to discuss options with a • A general partner has greater control U.S. Internal Revenue Service business counselor or attorney. in some aspects of the partnership. 800-829-1040 For example, only a general partner www.irs.gov Sole Proprietorship can decide to dissolve the partnership. One person operating a business as General partners have no limits on Health Insurance the dividends they can receive from an individual is a sole proprietorship. Compare plans in your area at profit so they incur unlimited liability. It’s the most common form of business www.healthcare.gov. • Limited partners can only receive organization. Profits are taxed as a share of profits based on the income to the owner personally. The proportional amount of their Employee Insurance investment, and liability is similarly If you hire employees you may be personal tax rate is usually lower than the corporate tax rate. The owner limited in proportion to their required to provide unemployment or investment. workers’ compensation insurance. has complete control of the business, but faces unlimited liability for its LLCs and LLPs WORKPLACE DISABILITY debts. There is very little government The limited liability company is regulation or reporting required with a relatively new business form. It PROGRAMS this business structure. combines selected corporate and Americans with Disabilities Act partnership characteristics while (ADA): For assistance with the ADA, General Partnership still maintaining status as a legal call 800-669-3362 or visit www.ada.gov. A partnership exists when two entity distinct from its owners. As a or more persons join together in separate entity it can acquire assets, U.S. CITIZENSHIP AND the operation and management incur liabilities and conduct business. of a business. Partnerships are It limits liability for the owners. The IMMIGRATION SERVICES subject to relatively little regulation The Federal Immigration Reform and limited liability partnership is similar and are fairly easy to establish. A Control Act of 1986 requires employers to the LLC, but it is for professional formal partnership agreement is to verify employment eligibility of organizations.

recommended to address potential ADDITIONAL RESOURCES new employees. The law obligates conflicts such as: who will be an employer to process Employment Eligibility Verification Form I-9. The U.S. Citizenship and Immigration Services Office of Business Liaison employers to determine the employment Customer Support staff: 1-888-464-4218 offers a selection of information eligibility of new hires. It is a safe, Monday – Friday 8 a.m. – 5 p.m. bulletins and live assistance through simple, and secure Internet-based E-mail: [email protected] the Employer Hotline. For forms call system that electronically verifies 800-870-3676, for the Employer Hotline the Social Security number and SAFETY AND HEALTH call 800-357-2099. employment eligibility information reported on Form I-9. E-Verify is REGULATIONS E-Verify: Employment Eligibility voluntary in most states and there is no All businesses with employees Verification charge to use it. are required to comply with state and federal regulations regarding E-Verify, operated by the Department If you are an employer or employee the protection of employees. The of Homeland Security in partnership and would like more information about Occupational Safety and Health with the Social Security Administration, the E-Verify program, please visit Administration provides information on is the best — and quickest — way for www.dhs.gov/E-Verify or contact

Visit us online: www.sba.gov/ms Mississippi Small Business Resource — 43 the specific health and safety standards Unemployment Insurance Trademark Information Hotline adopted by the U.S. Department of Unemployment insurance protects 703-308-9000 Labor. Call 1-800-321-6742 or visit workers who lose their jobs through www.osha.gov. no fault of their own. The funds to pay workers who are covered under this STATE REGISTRATION Federal Occupation Safety & Health type of insurance are accumulated from Administration taxes on the wages of employees during OF A TRADEMARK Department of Labor their employment. Both state and Trademarks and service marks may 200 Constitution Ave. federal unemployment taxes are paid be registered in a state. Washington, DC 20210 by employers. No deductions can be Caution: Federally registered 866-487-2365 made from an employee’s wages to cover trademarks may conflict with and these taxes. The publication, Employer supersede state registered business and Jackson Area Office Rights and Responsibilities, provides a product names. Federal Occupation Safety & Health good, easy-to-understand overview of Administration Mississippi’s unemployment system. To Patents Dr. A.H. McCoy Federal Building obtain a copy of this publication, or to 100 W. Capitol St., Ste. 749 A patent is the grant of a property obtain registration forms, contact the: Jackson, MS 39269 right to the inventor by the U.S. Patent 601-965-4606 Mississippi Employment and Trademark Office. It provides the Security Commission owner with the right to exclude others U.S. Department of Labor Employment Security Bldg. 1520 W. Capitol St. from making, using, offering for sale or Wage and Hour Division Jackson, MS 39203 selling the patented item in the United Dr. A.H. McCoy Federal Building 601-354-8711 States. 100 W. Capitol St., Ste. 725 Jackson, MS 39269 Federal Unemployment Insurance Additional information is provided in 601-965-4347 (FUTA) is collected by the IRS. When the publications, General Information you file your application for a Federal Concerning Patents and other U.S. Equal Employment Opportunity Employer Identification Number (FEIN) publications distributed through the Commission with the IRS and indicate you have U.S. Patent and Trademark Office. For Dr. A.H. McCoy Federal Bldg. employees, the IRS will send you a more information, contact the: 100 W. Capitol St., Ste. 207 packet of forms. Jackson, MS 39269 U.S. Patent and Trademark Office 800-669-4000 800-786-9199 • www.uspto.gov www.eeco.gov BUILDING CODES, PERMITS AND ZONING Copyrights Use of hazardous substances in It is important to consider zoning Copyrights protect original works of businesses is highly regulated and there regulations when choosing a site authorship including literary, dramatic, are heavy fines for non-compliance. for your business. You may not be musical and artistic, and certain other U.S. Environmental Protection Agency permitted to conduct business out of Ariel Rios Bldg. intellectual works. Copyrights do your home or engage in industrial not protect facts, ideas and systems, 1200 Pennsylvania Ave. N.W. activity in a retail district. Contact Washington, DC 20460 although it may protect the way these the business license office in the city or 202-272-0167 town where the business is located. things are expressed. For general www.epa.gov information contact: Mississippi Department of BAR CODING U.S. Copyright Office Environmental Quality Many stores require bar coding on U.S. Library of Congress 515 E. Amite St. packaged products. Many industrial James Madison Memorial Building Jackson, MS 39201 Washington, DC 20559 601-961-5171 or 888-786-0661 Toll Free and manufacturing companies use bar coding to identify items they receive and 202-707-9100 - Order Line ship. There are several companies that 202-707-3000 - Information Line Workers’ Compensation Insurance can assist businesses with bar-coding www.copyright.gov All employers that regularly employ needs. You may want to talk with an four or more part-time employees at SBDC, SCORE or WBC counselor for OTHER RESOURCES one time, or employed one or more more information. persons for at least 13 weeks during Gulf Coast Business Council the preceding 52 weeks, are required to 11975 Seaway Rd., Ste. A-120 have workers’ compensation insurance. Federal Registration of Trademarks Gulfport, MS 39503 The majority of employers in Mississippi and Copyrights 228-897-2020 obtain workers’ compensation coverage Trademarks or service marks are www.msgcbc.org through policies purchased from words, phrases, symbols, designs or commercial insurance companies. combinations thereof that identify Better Business Bureau (BBB) Premium rates may vary widely, so it and distinguish the source of goods. of Mississippi may pay to shop carefully. Contact the Trademarks may be registered at both 505 Avalon Way, Ste. B Mississippi Workers’ Compensation the state and federal level. To register a Brandon, MS 39407 Commission toll free at 866-473-6922 or federal trademark, contact: Toll Free in MS 800-987-8280 or via email at: www.mwcc.state.ms.us/. U.S. Patent and Trademark Office 601-707-0960 P.O. Box 1450 http://ms.bbb.org

ADDITIONAL RESOURCES Alexandria, VA 22313-1450 800-786-9199 www.uspto.gov/

44 — Mississippi Small Business Resource Visit us online: www.sba.gov/ms OTHER ASSISTANCE

OTHER SOURCES OF DISTRICT 4 Mississippi Association NORTH DELTA PDD MDA EAST CENTRAL REGIONAL OFFICE of Planning and 220 Power Dr./P.O. Box 1488 ASSISTANCE 2401 11th St. Batesville, MS 38606 Meridian, MS 39301 Development Districts 662-561-4100 • 662-561-4112 Fax 601-692-2006 • 601-484-2592 Fax (MAPDD) Serving Coahoma, DeSoto, Panola, Mississippi Development Serving: Choctaw, Clarke, Clay, Jasper, Planning and Development Districts Quitman, Tallahatchie, Tate and Tunica Authority Kemper, Lauderdale, Leake, Lowndes, are regional development organizations counties. www.mississippi.org Neshoba, Newton, Noxubee, Oktibbeha, created to address economic development The Mississippi Development Authority Scott, Smith Webster and Winston counties. through a multi-faceted approach unique NORTHEAST MISSISSIPPI PDD (MDA), formerly the Department of to the specific region and jurisdiction being 619 E. Parker Dr./P.O. Box 600 Economic and Community Development, DISTRICT 5 served. There are a variety of programs and Booneville, MS 38829 provides a wide variety of services that MDA WEST CENTRAL REGIONAL OFFICE activities available through the statewide 662-728-6248 • 662-728-2417 Fax encourage economic growth in the state. 501 North West St., Ste. 428 network of Planning and Development Serving Alcorn, Benton, Marshall, The MDA is the state agency having Jackson, MS 39201 Districts for existing businesses. Within Prentiss, Tippah and Tishomingo primary responsibility for assisting existing 601-359-2457 • 601-359-2116 Fax each area, specific types of assistance counties. businesses with expansion plans and Serving: Hinds, Madison, Rankin and vary as do the unique requirements of the creating new businesses, both within the Yazoo counties. different regions. Generally, if there is a SOUTH DELTA PDD state and from national and international source of assistance available from one 124 S. Broadway/P.O. Box 1776 recruiting. DISTRICT 6 district, other areas may access this source Greenville, MS 38702 The department provides information and MDA SOUTHWEST REGIONAL OFFICE of assistance through technology transfer 662-378-3831 • 662-378-3834 Fax assistance on many business and industrial 1156 College Dr., Rm. 149 or joint venture. Serving Bolivar, Humphreys, Issaquena, topics, markets, labor availability, site data, Summit, MS 39666-0728 In addition to specific sources of Sharkey, Sunflower and Washington raw material sources and other related 601-276-3089 • 601-276-3870 Fax individualized technical aid, the Districts counties. subjects in the area of existing industry and Serving Adams, Amite, Claiborne, Copiah, maintain area-wide eligibility for many business. Franklin, Jefferson, Jefferson Davis, types of federal and state programs. Also, SOUTHERN MISSISSIPPI PDD Areas of Assistance for Existing Industry Lawrence, Lincoln, Marion, Pike, Simpson, each district has been designated by both 9229 Hwy. 49 and Business Walthall, Warren and Wilkinson counties. state and federal executive order to serve as Gulfport, MS 39503 • Community Services a regional clearinghouse, and, if direct aid is 228-868-2311 • 228-868-7094 Fax • Employment Training DISTRICT 7 not available, a quick referral and follow-up Serving Covington, Forrest, George, Greene, • Energy MDA SOUTHEAST REGIONAL OFFICE will be made. Hancock, Harrison, Jackson, Jefferson Davis, • Existing Industry and Business 46 Shelby Thames Dr. Areas of Assistance for Existing Industry Jones, Lamar, Marion, Pearl River, Perry, • Financial Resources Hattiesburg, MS 39402 and Business Stone and Wayne counties. • Foreign Trade Zones 601-545-4001 • 601-545-4006 Fax • Community Development • International Development Serving Clarke, Covington, Forrest, George, • Economic Development Financing SOUTHWEST MISSISSIPPI PDD • National Development Greene, Hancock, Jackson, Jasper, Jones, • Employment Training Assistance 100 S. Wall St. • Minority and Small Business Division Lamar, Pearl River, Perry, Smith, Stone, and • Information and Data Services Natchez, MS 39120 OTHER ASSISTANCE Service Areas and Locations by County of Wayne counties. • General Technical Assistance 601-446-6044 • 601-446-6071 Fax Existing Industry and Business Field Offices Service Areas and Locations by County of Serving Adams, Amite, Claiborne, Franklin, DISTRICT 8 Existing Industry and Business Field Offices Jefferson, Lawrence, Lincoln, Pike, Walthall DISTRICT 1 MDA GULF COAST REGIONAL OFFICE and Wilkinson counties. MDA NORTH DELTA REGIONAL OFFICE 1141 Bayview Ave., Ste. 401 CENTRAL MISSISSIPPI PDD 910 E.F. Hale Dr. Biloxi, MS 39530 1170 Lakeland Dr./P.O. Box 4935 THREE RIVERS PDD Senatobia, MS 38668 228-523-4034 • 228-396-2520 Fax Jackson, MS 39296 75 South Main St./P.O. Box 690 662-562-0410 • 662-562-0407 Fax Serving: George, Greene, Hancock, Harrison, 601-981-1511 • 601-981-1515 Fax Pontotoc, MS 38863 Serving: Bolivar, Coahoma, DeSoto, Jackson, Pearl River and Stone counties. Serving Copiah, Hinds, Madison, Rankin, 662-489-2415 • 662-489-6815 Fax LaFayette, Marshall, Panola, Quitman, Simpson, Warren and Yazoo counties. Serving Calhoun, Chickasaw, Itawamba, Tallahatchie, Tate, Tunica and Yalobusha MISSISSIPPI DEVELOPMENT AUTHORITY Lafayette, Lee, Monroe, Pontotoc and Union counties. P.O. Box 849 EAST CENTRAL MISSISSIPPI PDD counties. Jackson, MS 39205 280 Commercial Dr./P.O. Box 499 DISTRICT 2 601-359-3593 • 601-359-2116 Fax Newton, MS 39345 MISSISSIPPI ASSOCIATION OF MDA NORTHEAST REGIONAL OFFICE 601-683-2007 • 601-683-7873 Fax PLANNING AND DEVELOPMENT 330 W. Jefferson MAGNOLIA BUSINESS ALLIANCE Serving Clarke, Jasper, Kemper, Lauderdale, DISTRICTS (MAPDD) Tupelo, MS 38804 The Magnolia Business Alliance (MBA) Leake, Neshoba, Newton, Scott and Smith 1170 Lakeland Dr./P.O. Box 4935 662-844-5413 • 662-842-3667 Fax is a not-for-profit corporation acting as counties. Jackson, MS 39296 Serving: Alcorn, Benton, Calhoun, a support organization and forum for 601-981-1511 • 601-981-1515 Fax Chickasaw, Itawamba, Lafayette, Lee, the advancement of small and medium GOLDEN TRIANGLE PDD Monroe, Pontotoc, Prentiss, Tippah, businesses(SMB) in the Southeastern 106 Miley Rd./P.O. Box 828 THE ENTREPRENEURSHIP CENTER Tishomingo and Union counties. US. MBA consists entirely of SMB leaders Starkville, MS 39760-0828 MISSISSIPPI DEVELOPMENT AUTHORITY providing mentorship, training, logistics, 662-324-7860 • 662-324-7328 Fax 501 North West St. DISTRICT 3 and other support as needed to facilitate Serving Choctaw, Clay, Lowndes, Jackson, MS 39201 MDA NORTHWEST REGIONAL OFFICE the development of new companies, a Noxubee, Oktibbeha, Webster and 601-359-2399 115 Fulton St. better environment for existing companies, Winston counties. WMDA’s Entrepreneur Center provides Greenwood, MS 38930 and foster community and national financial, marketing, management and 662-455-4508 • 662-455-7903 Fax awareness of issues affecting small NORTH CENTRAL PDD technical assistance to new and existing Serving: Attala, Carroll, Grenada, businesses. 28 Industrial Park Blvd. small businesses. Services are offered at no Holmes, Humphreys, Issaquena, LeFlore, 21294 Johnson Rd. Winona, MS 38967 charge to individuals interested in starting a Montgomery, Sharkey, Sunflower and Long Beach, MS 39560 662-283-2675 • 662-283-5875 Fax new business or expanding an existing firm. Washington counties. 228-295-7117 • 228-295-7119 Fax Serving Attala, Carroll, Montgomery, www.magnolia-ba.biz Grenada, Holmes, LeFlore and Yalobusha counties.

Visit us online: www.sba.gov/ms Mississippi Small Business Resource — 45 OTHER ASSISTANCE

Innovate Mississippi / TRANSUNION CLARKE COUNTY CoC GEORGE COUNTY CoC P.O. Box 2000 P.O. Box 172 P.O. Box 441 InnovateMEP Mississippi Springfield, PA 19022 Quitman, MS 39355 Lucedale, MS 39452-0441 The Mississippi Angel 800-916-8800 601-776-5701 601-947-2755 Network www.tuc.com The Mississippi Angel Network is a CLARKSDALE/COAHOMA COUNTY GREATER JACKSON CHAMBER group of accredited investors interested Mississippi Chamber CHAMBER OF COMMERCE PARTNERSHIP in reviewing fundraising presentations Resource Centers 1540 Desoto Ave. 201 S. President St./P.O. Box 22548 ranging from $500,000 to $5 million from Clarksdale, MS 38614 Jackson, MS 39225 662-627-7337 601-948-7575 Mississippi-based technology companies AREA DEVELOPMENT PARTNERSHIP www.clarksdale.com/chamber/ seeking seed and growth capital. The P.O. Box 751 GREENVILLE AREA CoC Network is administered by Innovate Hattiesburg, MS 39403 CLEVELAND-BOLIVAR COUNTY CoC P.O. Drawer 933 Mississippi. InnovateMEP Mississippi 601-296-7500 is a nonprofit organization helping 600 Third St./P.O. Box 490 Greenville, MS 38701 Cleveland, MS 38732 662-378-3141 Mississippi manufacturers to be globally ARKANSAS/MISSISSIPPI MINORITY 662-843-2712 competitive. Their community college- and BUSINESS COUNCIL (AMMBC) GREENWOOD-LEFLORE COUNTY CoC university-based InnovateMEP Mississippi 1230 Raymond Rd./P.O. Box 600 CLINTON CoC P.O. Box 848 Centers provide small- and medium-sized Jackson, MS 39204 P.O. Box 143 Greenwood, MS 38935-0848 manufacturers the tools to innovate, create 601-826-6527 • 601-965-0371 Fax Clinton, MS 39060-0143 662-453-4152 and retain jobs, increase profits and save [email protected] 601-924-5912 time and money. www.ammbc.org INNOVATE MISSISSIPPI GRENADA COUNTY CoC COAHOMA COUNTY CoC AND P.O. Box 628 INNOVATEMEP MISSISSIPPI BALDWYN CoC INDUSTRIAL FOUNDATION Grenada, MS 38902-0628 134 Marketridge Dr. 202 S. Second St./P.O. Box 40 P.O. Box 160 662-226-2571 Ridgeland, MS 39157 Baldwyn, MS 38824 Clarksdale, MS 38614 601-960-3610 662-365-1050 www.innovatemep.ms 662-627-7337 GULF COAST CoC 11975 E. Seaway Rd. www.innovate.ms BELZONI-HUMPHREYS COLUMBUS-LOWNDES CoC Gulfport, MS 39503 DEVELOPMENT FOUNDATION P.O. Box 1016 228-604-0014 Business Bureau 111 Magnolia St./P.O. Box 145 Columbus, MS 39703 The Better Business Bureau serves as the Belzoni, MS 39038 662-328-4491 HANCOCK COUNTY CoC preeminent source of information relating 662-247-4838 to ethical business and advertising practices 111 Court St. CORINTH CoC Bay St. Louis, MS 39520 and is a major provider of marketplace BILOXI CoC The Alliance 228-467-9048 dispute resolution services. 11975 E. Seaway Rd. 810 Tate St./P.O. Box 1089 Gulfport, MS 39503 Corinth, MS 38834 HAZLEHURST CoC THE BETTER BUSINESS BUREAU 228-604-0014 OF MISSISSIPPI, INC. 662-287-5269 P.O. Box 446 Hazlehurst, MS 39083 505 Avalon Way, Ste. B BILOXI BAY CoC COVINGTON COUNTY CoC 601-894-3752 Brandon, MS 39047 1050 Beach Blvd. 104 Fir Ave./P.O. Box 1595 601-398-1700 or 800-987-8280 Biloxi, MS 39530 Collins, MS 39428 HERNANDO CoC www.ms.bbb.org 228-435-6149 601-765-6012 2440 Hwy. 51 S. Hernando, MS 38632 Credit Bureaus BOONEVILLE CoC CRYSTAL SPRINGS CoC 662-429-9055 The Fair Credit Reporting Act (FCRA) 100 W. Church St./P.O. Box 927 210 E. Railroad Ave./P.O. Box 519 requires credit reporting agencies (CRA’s) to Booneville, MS 38829 Crystal Springs, MS 39059 HOLLY SPRINGS CoC furnish correct and complete information 662-728-4130 for businesses to use when evaluating 601-892-2711 148 E. College Ave.

OTHER ASSISTANCE Holly Springs, MS 38635 your application for loans, insurance, BROOKHAVEN-LINCOLN COUNTY CoC D’IBERVILLE-ST. MARTIN CoC 662-252-2943 employment, leases, etc. You have the P.O. Box 978 10491 Lemoyne Blvd. right to know all the information in your Brookhaven, MS 39602 D’Iberville, MS 39540 HOLMES COUNTY CoC credit report, including the source of the 601-833-1411 information in most cases, and the right 228-392-2293 103 W. China St. Lexington, MS 39645 to a free copy of your credit report when BRUCE CoC DREW CoC 662-834-3372 your application is denied because of P.O. Box 1013 129 Shaw Ave. information supplied by the CRA. Your North Side of Square Drew, MS 38737 HORN LAKE CoC request must be made within 30 days of Bruce, MS 38915 662-745-8975 3010 Goodman Rd. W., Ste. B receiving your denial notice. 662-983-2222 Horn Lake, MS 38637 EAST MISSISSIPPI BUSINESS 662-393-9897 EXPERIAN CALHOUN CITY CoC DEVELOPMENT CORPORATION P.O. Box 9600 102 S. Monroe St./P.O. Box 161 P.O. Box 790 HOUSTON CoC Allen, TX 75013 Calhoun City, MS 38916 Meridian, MS 39302 Chickasaw Development Foundation 888-397-3742 662-628-6990 www.experian.com 601-693-1306 P.O. Box 505 Houston, MS 38851 CANTON CoC FOREST CoC 662-456-2321 EQUIFAX 226 E. Peace St./P.O. Box 74 120 S. Davis St./P.O. Box 266 P.O. Box 105873 Canton, MS 39046 Forest, MS 39074 INDIANOLA CoC Atlanta, GA 30348 601-859-5816 800-685-1111 601-469-4332 315 Main St. www.equifax.com Indianola, MS 38751 662-887-4454

46 — Mississippi Small Business Resource Visit us online: www.sba.gov/ms OTHER ASSISTANCE

ITAWAMBA COUNTY CoC MAGEE CoC ORANGE GROVE CoC RULEVILLE CoC 107 W. Wiygul St./P.O. Box 577 117 N.W. 1st Ave. 13470 Hwy. 49 110 E. Floyce St./P.O. Box 552 Fulton, MS 38843 Magee, MS 39111 Gulfport, MS 39503 Ruleville, MS 38771 662-862-4571 601-849-2517 228-832-3028 662-756-2997

JACKSON COUNTY AREA CoC MARION COUNTY CoC OXFORD-LAFAYETTE COUNTY CoC SARDIS-SARDIS LAKE CoC 720 Krebs Ave. 200 Second St. 299 W. Jackson/P.O. Box 147 114 W. Lee St./P.O. Box 377 Pascagoula, MS 39587 Columbia, MS 39429 Oxford, MS 38655 Sardis, MS 38666 228-762-3391 601-736-6385 662-234-4651 662-487-3451

JEFFERSON DAVIS COUNTY CoC MENDENHALL CoC PANOLA PARTNERSHIP SOUTHAVEN CoC P.O. Box 1797 P.O. Box 635 107 Public Sq. 8700 Northwest Dr. Prentiss, MS 39474 Mendenhall, MS 39114 Batesville, MS 38606 Southaven, MS 38671 601-792-5142 601-847-1725 662-563-3126 662-342-6114

JONES COUNTY CoC MONROE COUNTY CoC PASS CHRISTIAN CoC SOUTH PIKE AREA CoC 153 Base Dr. 124 W. Commerce St./P.O. Box 72 11975 E. Seaway Rd. 180 S. Cherry St. Laurel, MS 39440-5849 Aberdeen, MS 39730 Gulfport, MS 39503 Magnolia, MS 39652 601-428-0574 662-369-6488 228-604-0014 601-783-5267

KEMPER COUNTY CoC MONROE COUNTY CoC PEARL CoC STARKVILLE CoC 102 Industrial Park Dr./P.O. Box 518 1619 Hwy. 25 N./P.O. Box 128 P.O. Box 54125 322 University Dr. DeKalb, MS 39328 Amory, MS 38821 Pearl, MS 39288 Starkville, MS 39759 601-743-2754 662-256-7194 601-939-3338 662-323-5783

KOSCIUSKO-ATTALA CoC MOORHEAD CoC PETAL CoC STONE COUNTY ECONOMIC 124 N. Jackson/P.O. Box 696 P.O. Box 396 712-B S. Main St. DEVELOPMENT PARTNERSHIP Kosciusko, MS 39090 Moorhead, MS 38761 Petal, MS 39465 115 Hatten Ave. E. 662-289-2981 662-246-5461 601-583-3306 Wiggins, MS 39577 601-928-5418 LAMAR COUNTY CoC MORTON CoC PHILADELPHIA-NESHOBA COUNTY CoC P.O. Box 598 P.O. Box 530 410 Poplar Ave., Ste. 101/P.O. Box 51 TATE COUNTY CoC 105 B Center St. Purvis, MS 39475 Morton, MS 39117 Philadelphia, MS 39350 Senatobia, MS 38668 601-794-1011 601-732-6135 601-656-1742 662-562-8715

LAWRENCE COUNTY CoC NATCHEZ-ADAMS COUNTY CoC PICAYUNE CoC OTHER ASSISTANCE TUNICA COUNTY CHAMBER P.O. Box 996 211 Main St./P.O. Box 1403 201 Hwy. 11 N. 1371 Main St./P.O. Box 2000 Monticello, MS 39654 Natchez, MS 39121 Picayune, MS 39466 Tunica, MS 38676 601-587-3007 601-445-4611 601-798-3122 662-363-2865

LEAKE COUNTY CoC AND NEW ALBANY/UNION COUNTY CoC PIKE COUNTY CoC & ECONOMIC TUPELO COMMUNITY DEVELOPMENT INDUSTRIAL DEVELOPMENT P.O. Box 125 DEVELOPMENT DISTRICT FOUNDATION P.O. Box 209 New Albany, MS 38652 120 N. Railroad Blvd./P.O. Box 83 P.O. Box A Carthage, MS 39051 662-534-4354 McComb, MS 39648 Tupelo, MS 38802 601-267-9231 601-684-2291 662-842-4521 NEWTON CoC LELAND CoC P.O. Box 301 PONTOTOC COUNTY CoC UNION CoC P.O. Box 67 Newton, MS 39345 81 S. Main/P.O. Box 530 400 Bank St. Leland, MS 38756 601-683-2201 Pontotoc, MS 38863 Union, MS 39365 662-686-2687 662-489-5042 601-774-9586 NOXUBEE COUNTY CoC LONG BEACH CoC 503 S. Washington St./P.O. Box 308 POPLARVILLE CoC VERONA CoC 11975 E. Seaway Rd. Macon, MS 39341 P.O. Box 367 194 Main St./P.O. Box 416 Gulfport, MS 39503 662-726-4456 Poplarville, MS 39470 Verona, MS 38879 228-604-0014 601-795-0578 662-566-2211 OCEAN SPRINGS CoC LOUISVILLE-WINSTON COUNTY CoC 1000 Washington Ave. PORT GIBSON-CLAIBORNE COUNTY CoC VICKSBURG-WARREN COUNTY CoC 311 W. Park St./P.O. Box 551 Ocean Springs, MS 39564 U.S. Hwy. 61 S./P.O. Box 491 P.O. Box 709 Louisville, MS 39339 228-875-4424 Port Gibson, MS 39150 Vicksburg, MS 39181 662-773-3921 601-437-4351 601-636-1012 OKOLONA CoC MADISON CITY CoC 219 Main St./P.O. Box 446 RANKIN COUNTY CoC WALTHALL COUNTY CoC 2023 Main St./P.O. Box 544 Okolona, MS 38860 101 Service Dr./P.O. Box 428 P.O. Box 227 Madison, MS 39130 662-447-5913 Brandon, MS 39043 Tylertown, MS 39667 601-856-7060 601-825-2268 601-876-2680 OLIVE BRANCH CoC MADISON COUNTY CoC 6820 Cockrum St./P.O. Box 608 RIDGELAND CoC WATER VALLEY CoC AND 618 Crescent Blvd., Ste. 101 Olive Branch, MS 38654 P.O. Box 194 ECONOMIC DEVELOPMENT Ridgeland, MS 39157 662-895-2600 Ridgeland, MS 39158-0194 206 Main/P.O. Box 726 601-605-2554 601-991-9996 Water Valley, MS 38965 662-473-1122

Visit us online: www.sba.gov/ms Mississippi Small Business Resource — 47 OTHER ASSISTANCE

WAYNE COUNTY CoC COUNCIL OF BETTER BUSINESS BUREAUS, MISSISSIPPI STATE DEPARTMENT OF FOR AMERICAN WITH DISABILITIES P.O. Box 864 INC. HEALTH ACT DOCUMENTS AND GENERAL Waynesboro, MS 39367 3033 Wilson Blvd., Ste. 600 570 E. Woodrow Wilson Dr. INFORMATION 601-735-3311 Arlington, VA 22201 Jackson, MS 39216 800-514-0301 or 800-514-0383 www.bbb.org 601-576-7400 (or for TDD access, use your local relay YAZOO COUNTY CoC service) P.O. Box 172 CHIEF POSTAL INSPECTOR DIVISION OF ENFORCEMENT www.ada.gov Yazoo City, MS 39194 ISOSG Federal Trade Commission 662-746-1273 222 S. Riverdale Plaza, Ste. 1250 600 Pennsylvania Ave. N.W. Chicago, IL 60606 Washington, DC 20580 Other Sources of www.usps.com/websites/depart/inspect 202-326-2222 • 202-326-3197 Fax www.ftc.gov/bcp/rn Assistance DRUG FREE WORKPLACE To receive a 5-digit Registration Number www.drugfreeworkplace.com (RN) for labels for textile manufacturing. U.S. EXPORT ASSISTANCE CENTER Reginald Harley, Regional Manager, Export MISSISSIPPI CONTRACTOR LICENSING FOR COMPANIES TO QUALIFY TO ACCEPT Solutions Group BOARD CREDIT CARDS CONTACT: Office of International Trade, SBA 2679 Crane Ridge Dr., Ste. C Visa/Mastercard - Bank of Account U.S. Export Assistance Center P.O. Box 320279 American Express 423 Canal St., Ste. 419 Jackson, 39216 800-445-2639 New Orleans, LA 70130 601-354-6161 or 800-880-6161 Discover Card 504-589-6730 • 202-481-0523 Fax www.msboc.us/ 800-347-6673 [email protected] www.sba.gov/international Territory: Louisiana, Arkansas, Mississippi SUCCESS EXPORT LEGAL ASSISTANCE NETWORK (ELAN) STORY To The Rescue Bookkeeping, LLC http://www.export-legal-assistance.org/ continued from page 7 Get the answers to your export legal questions from the Export Legal Assistance Network (ELAN). Exports can mean big that any strategy going forward would need “The Mississippi Gulf Coast community has profits for a small business. But when to include maintaining her Alaska-based really embraced us since our arrival in 2010 you’re just starting out, tariffs, regulatory clients. To do this she hired her first full time and we have embraced it”, say Blankenship. requirements, distributorship agreements and other legal matters can be a little employee who would manage the clients in Her sentiments are validated by her active intimidating. The Export Legal Assistance Alaska. Secondly, to ensure the company’s role in the community that she lives in. Network program can help you over these growth continued within her region she She is an active member of the Rotary first hurdles. reached out to a familiar source within the Club of Ocean Springs. Her Volunteer ranks of the SBA. efforts include assisting the Salvation EXPORT IMPORT BANK Army with outreach, donating to St. Jude’s 811 Vermont Ave. N.W. Danielle turned to SCORE for counseling Children’s Hospital, and contributing to Washington, D.C. 20571 on how expansion for her business could college scholarships given to local high 202-565-3946 • 202-565-3380 Fax be achieved both effectively and efficiently. school students each year. Danielle’s FOREIGN TRADE ZONES She began working with Dave Philo, a entrepreneurial spirit is a testament to the www.foreign-trade-zone.com longstanding counselor with the Gulfport renaissance in business activity happening Mississippi SCORE Chapter. Dave helped along the Mississippi Gulf Coast. MISSISSIPPI MINORITY BUSINESS Danielle develop a business plan that helped OTHER ASSISTANCE ALLIANCE, INC. her identify the critical pathways for future For information regarding SBA’s programs 1230 Raymond Rd./P.O. Box 600 expansion. With the help from SCORE, and services, contact the SBA Mississippi Jackson, MS 39204 601-965-0366 To the Rescue expanded its business even District Office at (601) 965-4378, Gulfport www.mmba.us further than initially considered. Soon the Branch Office at (228) 863-4449 or visit our company acquired clients in Alabama, website at www.sba.gov/ms. MISSISSIPPI STATE PORT AUTHORITY Tennessee & Michigan. Some of their clients 2510 14th St., Ste. 1450/P.O. Box 40 include: advertising agencies, homeowners To The Rescue Bookkeeping, LLC Gulfport, MS 39501 associations, retail clothing and tourist shops, Danielle Hope Blankenship 228-865-4300 or 877-881-4367 chiropractic offices, insurance agencies, 15222 Camelot Drive www.shipmspa.com restaurants and construction companies. Biloxi, MS 39532 In a very short period, To the Rescue Other Resources Bookkeeping was able to earn the trust of CONSUMER RESPONSE CENTER over sixty small businesses and is rapidly Federal Trade Commission expanding into new territories. In May Consumer Response Center 2013, To the Rescue Bookkeeping secured a 600 Pennsylvania Ave. N.W., Rm. H-130 SBA guaranteed loan for $15,400 from Coast Washington, DC 20580 Community Bank. With the help of the loan, 202-326-2222 • 202-362-2012 Fax Danielle was able to create two new jobs while retaining five others.

48 — Mississippi Small Business Resource Visit us online: www.sba.gov/ms SBA PARTICIPATING LENDERS

Participating BIZCAPITAL BIDCO II, LLC COMMUNITY BANK FIRST NATIONAL BANK OF HOPE CREDIT UNION 909 Poydras St., Ste. 2230 202 W Jessamine St. CLARKSDALE 4 Old River Place, Ste. A Lenders New Orleans, LA 70112 Ellisville, MS 39437 402 E. Second St. Jackson, MS 39202 SBA PARTICIPATING LENDERS BANCORPSOUTH BANK 504-832-1993 • 504-832-1589 F 601-477-9361 • 601-477-2656 F Clarksdale, MS 38614 601-944-1100 • 601-944-0808 F One Mississippi Plaza 662-627-3261 • 662-627-1892 F Tupelo, MS 38802 BNA BANK COMMUNITY BANK OF MS HOPE CREDIT UNION 662-680-2345 • 662-680-2317 F 133 E Bankhead St. 1255 W. Government St. FIRST NATIONAL BANK OF 188 Porter Ave. New Albany, MS 38652 Brandon, MS 39042 PICAYUNE Biloxi, MS 39530 BANKFIRST FINANCIAL SERVICES 662-534-8171 • 662-534-6702 F 601-706-0331 • 601-825-3940 F 121 E. Canal St. 228-435-5805 • 228-374-3387 F 101 N Jefferson St. Picayune, MS 39466 Macon, MS 39341 BRITTON & KOONTZ BANK, NA COMMUNITY BANK, NORTH MS 601-749-3200 • 601-798-4796 F JEFFERSON BANK, THE 662-726-5192 • 662-726-1222 F 500 Main St. 900 N. Main 1445 Main St. Natchez, MS 39120 Amory, MS 38821 FIRST NATIONAL BANK OXFORD Fayette, MS 39069 BANK OF ANGUILLA 601-445-5576 • 601-446-6124 F 662-256-8461 • 662-256-1315 F 101 Courthouse Sq. 601-786-3191 • 601-786-6380 F 130 Holland St. Oxford, MS 38655 Anguilla, MS 38721 CELTIC BANK COMPASS BANK 662-234-2821 • 662-234-8693 F MAGNOLIA STATE BANK 662-873-4346 • 662-873-2461 F 12121 Panama City Beach Pkwy. 15 S. 20th St. 15 E. 6th Ave. Panama City Beach, FL 32407 Birmingham, AL 35233 FIRST SECURITY BANK Bay Springs, MS 39422 BANK OF FOREST 866-644-0042 • 866-717-7718 F 205-297-1986 • 205-297-7158 F 295 Hwy. 6 W. 228-764-2265 • 228-764-6411 F 211 W. 3rd St. Batesville, MS 38606 Forest, MS 39074 CENTURY BANK COPIAH BANK, NA 662-563-9311 • 662-563-7380 F MECHANICS BANK 601-469-3663 • 601-469-9143 F 4282 Main St. 101 Caldwell Dr. 319 N. Main St. Lucedale, MS 39452 Hazlehurst, MS 39083 FIRST SOUTH FARM CREDIT Water Valley, MS 38965 BANK OF FRANKLIN 601-947-7511 • 601-766-4052 F 601-894-2831 • 601-894-3934 F 574 Highland Colony Pkwy. 662-473-2261 • 662-473-4948 F 9 Main St. Ridgeland, MS 39157 Meadville, MS 39653 CHARTER BANK COVENANT BANK 601-977-8381 • 601-977-8388 F MERCHANTS & MARINE BANK 601-384-2305 • 601-384-2300 F 1721 Medical Park Dr., Ste. 103 206 Sharkey Ave. 2802 Bienville Blvd. Biloxi, MS 39532 Clarksdale, MS 38614 FIRST SOUTHERN BANK Ocean Springs, MS 39564 BANK OF HOLLY SPRINGS 228-392-2330 • 228-392-2740 F 662-621-1869 • 662-621-1968 F 1075 Hwy. 98 228-872-2800 • 228-872-3788 F 970 Hwy. 7 S. Columbia, MS 39429 Holly Springs, MS 38635 CITIZENS BANK COVINGTON COUNTY BANK 601-736-6378 • 601-736-2108 F MERCHANTS & MARINE BANK 662-252-2511 • 662-252-1816 F 8077 Hwy. 178 W. 102 S Dogwood Ave. 3118 Pascagoula St. Byhalia, MS 38611 Collins, MS 39428 FIRST STATE BANK Pascagoula, MS 39568 BANK OF KILMICHAEL 662-838-2146 • 662-838-5121 F 601-765-6551 • 601-765-0312 F 146 W. College Ave. 228-762-4034 • 228-769-7105 F 120 N. Depot Ave. Holly Springs, MS 38635 Kilmichael, MS 39747 CITIZENS BANK DESOTO COUNTY BANK 662-252-4211 • 662-252-1845 F MERCHANTS & PLANTERS 662-262-7844 • 662-262-7932 F 814 Main St. 6040 Hwy. 51 N. 308 Raymond Sq. Columbia, MS 39429 Horn Lake, MS 38637 FIRST STATE BANK Raymond, MS 39154 BANK OF MORTON 601-736-2601 • 601-736-8529 F 662-393-3277 • 662-393-3177 F 708 Azalea Dr. 601-857-8044 • 601-857-8855 F 366 S. 4th St. Waynesboro, MS 39367 Morton, MS 39117 CITIZENS BANK & TRUST CO. FARMERS & MERCHANTS BANK 601-735-3124 • 601-671-0948 F METROPOLITAN BANK 601-732-8944 • 601-732-8599 F 239 E. Main St. P111 W. Clayton St. 1069 Highland Colony Pkwy. Marks, MS 38646 Baldwyn, MS 38824 GRAND BANK FOR SAVINGS, FSB Ridgeland, MS 39157 BANK OF OKOLONA 662-326-8047 • 662-326-6077 F 662-365-1200 • 662-365-1252 F 204 Westsover Dr. 601-853-0000 • 601-853-0009 F 227 W. Main St. Hattiesburg, MS 39402 Okolona, MS 38860 CITIZENS BANK, THE FIRST AMERICAN NATIONAL 601-264-1467 • 601-264-5805 F NEWTON COUNTY BANK 662-447-5403 • 662-447-5255 F 521 Main St. BANK 114 E. Church St. Philadelphia, MS 39350 1251 First American Dr. GREAT SOUTHERN NATIONAL Newton, MS 39345 BANK OF WALNUT GROVE 601-656-4692 • 601-656-4183 F Iuka, MS 38852 BANK 601-683-3101 • 601-683-6310 F 101 Chadwick Ave. 662-423-9551 • 662-423-1039 F 218 22nd Ave. S. Walnut Grove, MS 39189 CITIZENS NATIONAL BANK Meridian, MS 39302 OMNIBANK 601-253-2411 • 601-253-9317 F OF MERIDIAN, THE FIRST BANK 601-693-5141 • 601-693-0921 F 236 E. Capitol St. 512 22nd Ave. 100 S Broadway & 3rd St. Jackson, MS 39225 BANK OF WIGGINS Meridian, MS 39301 McComb, MS 39648 GUARANTY BANK & TRUST 601-355-1000 • 601-949-5577 F 109 W. Pine Ave. 601-693-1331 • 601-482-5855 F 601-684-2231 • 601-249-2738 F 210 Hayden St. Wiggins, MS 39577 Belzoni, MS 39038 OXFORD UNIVERSITY BANK 601-928-5233 • 601-928-9217 F CLEVELAND STATE BANK FIRST COMMERCIAL BANK 662-247-1454 • 662-247-3156 F 2301 W. Jackson Ave. BANK OF WINONA 110 Commerce Ave. 1300 Meadowbrook Rd. Oxford, MS 38655 312 N. Applegate St. Cleveland, MS 38732 Jackson, MS 39211 GULF COAST RENAISSANCE 662-234-0622 • 662-234-0722 F Winona, MS 38967 662-843-9461 • 662-846-5824 F 601-709-7777 • 601-366-8733 F 11975 Seaway Rd., Ste. A140 662-283-3231 • 662-283-3234 F Gulfport, MS 39503 PEOPLES BANK COMMERCIAL BANK, THE FIRST FINANCIAL BANK 601-896-3386 • 228-896-3326 F 611 5th Ave. BANK OF YAZOO CITY 175 Hopper Ave. 510 Hwy. 35 S. Magee, MS 39111 104 N. Main St. DeKalb, MS 39328 Carthage, MS 39051 HANCOCK BANK 601-849-2210 • 601-849-2159 F Yazoo City, MS 39194 601-743-5871 • 601-743-5873 F 601-267-0095 • 601-267-0039 F 2510 14th St. 662-746-5421 • 662-751-1057 F Gulfport, MS 39502 PEOPLES BANK COMMUNITY BANK, COAST FIRST NATIONAL BANK 228-868-4000 • 228-868-4675 F 160 E. Maud Ave. BANKPLUS 677 Dr. Martin Luther King Jr. Blvd. 19 S. Main St. Mendenhall, MS 39114 1068 Highland Colony Pkwy. Biloxi, MS 39533 Pontotoc, MS 38863 HOLMES COUNTY BANK & TRUST 601-847-2210 • 601-847-1414 F 400 Concourse, Ste. 100 228-374-7755 • 228-374-7750 F 662-489-1631 • 662-489-6626 F 316 Court Sq. Ridgeland, MS 39157 Lexington, MS 39095 601-898-8300 • 601-898-2873 F 662-834-2311 • 662-834-2189 F

Visit us online: www.sba.gov/ms Mississippi Small Business Resource — 49 SBA PARTICIPATING LENDERS

PIKE NATIONAL BANK Biloxi, MS 39530 350 Rawls Dr. 228-435-5511 • 228-435-8417 F McComb, MS 39648 601-684-7575 • 601-684-7113 F THE PEOPLES BANK PLANTERS BANK & TRUST 305 E Jefferson St. 212 Catchings Ave. Ripley, MS 38663 Indianola, MS 38751 662-837-8191 • 662-837-1109 F 662-887-3363 • 662-887-6789 F TRUSTMARK NATIONAL BANK PRIORITYONE BANK 201 Country Place Dr., Ste. A 220 Main Ave. N. Pearl, MS 39208 Magee, MS 39111 601-208-7391 • 601-208-7394 F 601-849-3311 • 601-849-6439 F UNITED MISSISSIPPI BANK REGIONS BANK 75 Melrose-Montebello Pkwy. 250 Riverchase Pkwy. Natchez, MS 39121 Birmingham, AL 35244 601-445-7000 • 601-445-7136 F 205-560-5081 • 205-560-8881 F WELLS FARGO BANK, NA RENASANT BANK 101 N. Philips Ave. 411 Hwy. 80 E. Sioux Falls, SD 605-575-6900 or 800-545-0670 SBA PARTICIPATING LENDERS Clinton, MS 39056 601-924-8389 • 601-924-1499 F WHITNEY BANK RICHTON BANK & TRUST 400 Labarre Rd. COMPANY Jefferson, LA 70121 114 S. Front St. 504-729-1169 • 504-729-1233 F Richton, MS 39476 601-788-6301 • 601-788-5822 F * Denotes PLP Lender

RIVERHILLS BANK 702 Market St. Port Gibson, MS 39150 601-437-4271 • 601-437-8601 F

SINGING RIVER FEDERAL CREDIT UNION 6006 Hwy. 63 AwardMoss Point, MS 39563 Winners 228-457-9531 • 228-475-5919 F

SOUTHERNIntroduction AGCREDIT, FLCAto the contributions of outstanding small business Small22 Milbranch Business Rd., Ste. 200 Week prime contractors and subcontractors for the federal Hattiesburg,Each year MS 39402 since 1963, the President of the United government. 601-579-7800 • 601-579-7550 F States has designed a week as National Small Small Business Person of the Year winners from STATEBusiness BANK AND Week TRUST in recognition of the small business all 50 states, the District of Columbia, Puerto Rico, COMPANYcommunity’s contributions to the American economy Guam and the U.S. Virgin Islands, as well as national 916 Hwy. 82 winners in the advocate and special award categories andGreenwood, society. MS 38935 662-453-6811The U.S. • 662-455-3467 Small Business F Administration, in and regional and national government contracting partnership with public- and private-sector small award winners, are invited to Washington, D.C., SUPERIOR FINANCIAL GROUP during Small Business Week for a series of special business165 Lennon Ln., supporters, Ste. 101 each year sponsors special activitiesWalnut Creek, CA honoring 94598 the nation’s entrepreneurs at the events in their honor. A national Small Business local,925-482-2900 state or 877-675-0500and national levels. Person of the Year is selected from among the state The presentation of the prestigious awards award winners and recognized during the celebration SYCAMORE BANK in the nation’s capital. highlights301 E. Main St. Small Business Week activities. At the district,Senatobia, MS state 38668 and national levels, these awards spotlight662-562-8201 •the 662-562-9451 outstanding F contributions of small Nominations, Awards and Selection For more information on Small Business Week THEbusiness FIRST, A NBA persons, champions, ex-porters and young entrepreneurs,1945 U.S. Hwy. 15 N. as well as those who have developed contact the Mississippi District Office, Gulfport theirLaurel, MS small 39440 businesses into large ones. At the Branch Office or visit the web site at regional601-425-4000 and • 601-426-6022 national F levels, awards also highlight www.sba.gov/ms. THE PEOPLES BANK 152 Lameuse St.

50 — Mississippi Small Business Resource Visit us online: www.sba.gov/ms 2013 Small Business Week Award Winner

Jeff Good and proving the community. They decided to open the Dan Blumenthal business in the Fondren Historic District in Jack- son, a depressed area on the border of an emerg- Sal & Mookie’s New ing shopping, arts and entertainment district in York Pizza & Ice midtown. “The restaurant would fill a hole in both Cream Joint the neighborhood’s growth and in the city’s pizza scene. We thought it would be a gift to the city to invest in the area”, says Good. “Part of mak- Jeff Good and Daniel ing a community healthy is economic activity and Blumenthal, Own- creating jobs”. The business received an SBA 7(a) ers of Sal & Mookie’s guaranteed loan from Trustmark Bank in 2011 to New York Pizza & obtain more favorable financing terms. Ice Cream Joint of Jackson, Mississippi, built a business from the ground up by being focused, Jeff and Dan employ more than 200 Jackson resi- fearless and fun. The pair, best friends from high dents between their three restaurants and give school, opened the 250-seat pizza and ice cream generously to many causes each year. They have restaurant in April 2007 after operating two other come to represent the gold standard of a success- unique and successful restaurants in Jackson, ful business measured by the jobs they provide, Mississippi. tax revenues they generate and countless selfless contributions to their community. Both men are The two met at Murrah High School in Jackson in extraordinary entrepreneurs who work hard each 1981 and discussed going into business together day to ensure the best value and experience for some day. After graduation, Good attended their customers. Sal and Mookie’s restaurant has Millsaps College and graduated with a degree in received numerous awards including Best New Business Administration. Blumenthal earned an Restaurant, Best Pizza Restaurant, and Best Kid Economics degree from the University of Califor- Friendly Restaurant. nia at Santa Cruz and later attended California Culinary academy in San Francisco. In 1994 they Jeff Good and Daniel Blumenthal were the re- met up again, quit their jobs and started Man- cipients of the 2013 Mississippi Small Business gia Bene, a three-restaurant group that includes Person(s) of the Year Award presented by the Mis- BRAVO, Broad Street Baking Company and Sal & sissippi District Office of the U.S. Small Business Mookie’s New York Pizza and Ice Cream Joint. Administration. The award is presented to a small business that exhibits staying power, growth in Sal & Mookie’s New York Pizza and Ice Cream number of employees, an increase in sales and/or Joint offer signature pizza and pasta dishes, sig- unit volume and contributes to community-orient- nature flavor ice creams, a unique blend of bever- ed projects. ages and a full dessert menu. The overall concept for Sal & Mookie’s came from both owners. Good For information regarding SBA’s loan programs wanted to create an ice cream parlor, and Blu- and services, call the Mississippi District Office menthal wanted to get involved in a pizzeria that at 601-965-4378, the Gulfport Branch Office at encompassed the concept of serving traditionally 228-863-4449 or visit the Mississippi SBA web large New York style pizza pies. To realize this, site at www.sba.gov/ms. they merged the two ideals together and formed Sal & Mookie’s. The inspiration behind the name Jeff Good, President/Managing Partner “Sal & Mookie’s” captures the characters of, Spike Dan Blumenthal, Executive Chef/Partner Lee’s movie, “Do the Right Thing”. Fittingly, the Sal & Mookie’s New York Pizza movie filmed in 1988 takes place in a pizzeria & Ice Cream Joint located in the Bronx with its two main characters 3317 North State Street bearing the names of Sal and Mookie. Jackson, MS 39216 601-368-1919 Good and Blumenthal have also followed the www.salandmookies.com motto of “Do the right thing” when it comes to im-

Visit us online: www.sba.gov/ms Mississippi Small Business Resource — 51