Published on January 11, 2012 by Curt Brown, SouthCoastToday

DARTMOUTH — Kia Motors, the South Korean automaker, plans to open a dealership at the site of the former Saturn franchise on Faunce Corner Road.

Jose Adao of the Adao Automotive Group Inc. said he expects to buy the property at 143 Faunce Corner Road on Jan. 17 and open the dealership in March, after renovating the building.

Adao said he is moving his Kia franchise, currently located at 547 Belleville Ave., New Bedford, to Dartmouth and will call it Kia of Dartmouth.

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Starting a business at any time is a difficult proposition. In the aftermath of the Great Recession, it can seem nearly impossible. But according to a number of organizations – both public and private – engaged in helping small business, starting a business today is a good idea. And they are willing to help entrepreneurs who want to take the plunge.

“In a down economy it’s a great time to start a business if you plan right and have enough capital to get you through,” said Tamarah Bacon, business-development and assistance manager for the South Eastern Economic Development Corp., or SEED. “If you have a good business model and a good product or service, and you keep expenses low, you should make it through this economy and then do better when things pick up.”

SEED is a nonprofit corporation headquartered in Taunton that is certified by the U.S. Small Business Administration and was created 30 years ago to improve the economy of the region by helping small businesses. Throughout the year, the agency offers free workshops and seminars to help potential entrepreneurs start or increase their business.

Despite its Bay State roots, SEED holds workshops across Rhode Island as well as southeastern Massachusetts. Its basic entrepreneurship workshop features the fundamentals of financial statements and are held monthly or even more frequently based on the demand.

“They’ve offered the workshops on how to start your own business for as long as I’ve been here, at least the last seven years,” said Bacon, who organizes and produces the workshops as well as teaches ownership basics.

She said the workshops are in demand. “Depending on the venue, we’ve done workshops with anywhere from 10 to 45 people,” she said. “There has always been a lot of interest.”

One slight shift is that more people with small businesses are attending and refreshing their skills. “We’ve had an increase in existing businesses attending the workshops. They’re trying to do something a little different to make it through the economy,” Bacon said.

She said that today, entrepreneurs are forced to become more realistic. To obtain a loan, most institutions require a business plan that helps determine feasibility, and should also include market research.

She admits that although starting and running a business might be someone’s dream, the process is an exercise in practicality. “The workshops discuss the importance of being conservative, watching the bottom line and sharpening the pencil when it comes to expenses.”

Samuel Carnevalla of South Kingstown is enrolled in SEED’s February workshop. After spending more than 20 years in construction, he has run his own business, Sam Carnevalla Construction, for the last two years. According to Lois J. Carnevalla, Samuel’s wife who also works in the business, the largest difficulty is getting the word out. “We’re new to the area, and we’ve made some contacts, and the workshop should help even more,” she said.

While SEED is a nonprofit in operation for three decades, one local businessman decided a year ago that he wanted to take on helping the region’s entrepreneurs as a collective project. Founded in January 2011, the Rhode Island Small Business Recovery Program is the brainchild of David E. Nash, a retired 21-year veteran of the Central Rhode Island Chamber of Commerce, where he served as its president and CEO. The organization offers a curriculum of courses designed to move Rhode Islanders “from unemployment to self-employment,” he said, and aid the success for existing businesses as well.

Nash downsized his own consulting practice to serve as programming director for the new group. He has since rallied local businesses, chambers of commerce and professionals to sponsor and volunteer in the program. “It’s a collaborative effort with 35 organizations across the state,” he said. “We have trained more than 2,400 people in the first year,” said Nash, “an indication that there is a lot of need for what we do.”

The free training, which takes place monthly, is tailored for entrepreneurs, and focuses on business growth, generating Internet income and business coaching. Classes include basic entrepreneurship, bank financing, business design and strategy. He estimates that about 70 percent of those who attend courses have existing businesses. “We’ve got about 80 programs already scheduled for 2012.”

Nash is the only staff person in the otherwise all-volunteer organization, whose annual $20,000 budget is covered by private-sector contributions. Most of the events are held at the Centerville Commons Office Park in Warwick. “We owe it all to our collaborative partners, corporate sponsors and the faculty that volunteers their time and services. We also have a great landlord who’s worked with us and provided us with furniture,” said Nash.

In the future he hopes to work closer with the region’s chambers of commerce, helping to provide free workshops for their members.

In fact, there are a number of resources available to new and existing small businesses in the region, including Every Company Counts, the small-business initiative of the R.I. Economic Development Corporation, the Rhode Island Small Business Development Center located at Johnson & Wales University and the U.S. Small Business Administration’s Rhode Island office, all of which provide individual and online counseling as well as group seminars to businesses for minimal or no cost.

The Center for Women & Enterprise is a well-established nonprofit dedicated to helping women start and grow their own businesses. Established in 1995, CWE is considered a national leader in promoting woman-owned business. “Locally our workshops are held in Providence, Worcester and Boston,” said Julie Bilodeau, program assistant.

For a cost of about $35, the center specializes in two entrepreneurial courses that cover business basics and business planning. In addition, the center provides networking opportunities, advanced training and consulting. •

The South Eastern Economic Development Corporation has made two loans to Hair, Heart and Soul, in Bristol, and Yoga Antara, in Providence.

Hair, Heart and Soul received a $50,000 U.S. Small Business Administration loan for working capital and the purchase of equipment for an existing salon. Owners Sarah and Michael Redman purchased the business in 2003.

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Small business lending on the rise

Published on February 3, 2012 by Mary Ellen Biery, The Washington Post

In his recent State of the Union address, President Obama urged Congress to help “tear down regulations that prevent aspiring entrepreneurs from getting the financing to grow.”

This raises the question: Is access to credit still one of the biggest issues facing entrepreneurs and small business owners? The answer is that the picture appears to be improving.

Citibank recently reported a 30 percent jump in lending to small business. J.P. Morgan Chase said it boosted lending to small businesses (which it defined as businesses with less than $20 million in annual sales) by 52 percent in 2011.

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The South Eastern Economic Development (SEED) Corporation has closed on two small business loans to Hair, Heart and Soul, Inc. and Yoga Antara, LLC  in Rhode Island totaling $60,000.  The loans enabled the businesses to start-up and expand.

“I congratulate these entrepreneurs for their business expansion and am pleased that SBA has played a role in their growth,” said Mark S. Hayward, director of the SBA Rhode Island District Office. “The access to capital that small businesses need to grow and succeed would not be available without the commitment of SBA lending partners like SEED.”

Hair, Heart and Soul, Inc. received a $50,000 U.S. Small Business Administration micro loan for working capital and the purchase of equipment for their existing salon.  The business is located at 407 Hope Street in Bristol, Rhode Island.

“I could have never made my dream come true if it was not for SEED Corporation.  It is all happening and I owe it all to the whole team at SEED for making it possible,” stated co-owner Sarah Redman of Hair, Heart and Soul.  “All the hard work I have put into growing my business over the years has paid off.  Most importantly, SEED made it possible for me to add talented, well-rounded staff to my Hair Heart & Soul family!! Thank You SEED Corp…Dreams can come true.”

Owners Sarah and Michael Redman purchased Hair, Heart and Soul in 2003.  Currently, their artistic team consists of ten hair stylists, two nail technicians and one make-up artist.  The expansion will allow the salon to provide new services such as facials, massage therapy, electrolysis, hair extensions and wigs for clients with thinning hair and cancer patients.  In addition, their new wellness studio will include Reiki and Reflexology, and nutrition and weight-loss programs.  Hair, Heart and Soul is open Tuesday through Thursday, 9:00 a.m. to 8:00 p.m. and Fridays and Saturdays, 9:00 a.m. to 5:00 p.m.  Their website is www.hairheartandsoul.com.

“Sarah and Michael Redman are extremely dedicated to Hair, Heart and Soul and its growth,” stated Laurie Driscoll, Assistant Vice President and Commercial Loan Officer at SEED.   “I was pleased that SEED could provide financing to help expand the business and I look forward to seeing them move to the next level!’

Yoga Antara, LLC received a $10,000 SBA micro loan for working capital and the purchase of furniture and fixtures to assist in the start-up of their yoga studio.  The business is located at 189 Governor Street in Providence, Rhode Island.

“My experience with SEED Corporation was fantastic! As a small start up business, I felt overlooked and like a “little fish” when I approached banks about a business loan,” stated owner Rebecca Quigley of Yoga Antara.  “SEED connected with me on an individual basis and helped me through the process step by step. I would highly recommend this company.”

Owner Rebecca Quigley is a yoga and Reiki practitioner who offers beginning, intermediate and advanced level adult yoga classes.  In addition, she provides Prenatal Yoga, Gentle Yoga, Vinyasa, and Zumba classes. Yoga Antara also holds workshops on a monthly basis that focus on a particular style of yoga or are geared toward a specific group of people; for example, workshops for soldiers and their families, couples yoga workshops, or Restorative Yoga.  Rebecca also sells yoga mats, towels and clothing.

“The small loan that SEED provided Rebecca, in addition to her own funds, was enough for her to open Yoga Antara’s doors and cover expenses for several months,” said Driscoll.  “I wish her great success as she’s worked very hard to get to where she is today!’

SEED can lend up to $200,000 for working capital and other uses.  The term on the loans is up to 10 years with longer repayment periods, if necessary.  Interest rates range from 5 percent to 6 percent fixed depending on whether there is bank participation.

SEED Corporation is a non-profit economic development organization certified in 1982 by the U.S. Small Business Administration. Under various programs, SEED makes loans from $1,000 up to $5.5 million to assist small businesses to grow and create jobs throughout the region.

For more information about the SBA 504 Program and other SEED loan programs, please call 508-822-1020 or visit SEED at www.seedcorp.com.

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Event features awards, forums and the naming of National Small Business Person of the Year — events open to the public

The nation’s top entrepreneurs will be honored at the U.S. Small Business Administration’s National Small Business Week events May 20-22 in Washington, D.C.  A series of award ceremonies, small business events and educational forums will mark the 59th anniversary of the agency and the 49th annual proclamation of National Small Business Week.

National Small Business Week is cosponsored by the SCORE Association as well as numerous corporate and trade sponsors to be announced.

More than 100 outstanding small business owners from across the country will receive awards while gathering for three days at the city’s Mandarin Oriental Hotel. They will meet with top administration officials, congressional representatives and national business leaders.  The highlight of the celebration will be the announcement of the National Small Business Person of the Year.

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Up to 90% OF CURRENT APPRAISAL!

Cash Out for Business Expenses.

Low Fixed Interest Rate for 20 Years at 5%!

CALL US AT (508) 822-1020

Refinance Small Business Clients with High Interest, High Monthly Payments on Buildings or Heavy Machinery and Equipment.

Refinance Small Business Clients Needing Cash Out of Their Building for Business Expenses- Rent, Utilities, Salaries, Inventory or to Pay Down a Line of Credit.

SBA 504 general structure of 50/40/10 applies – Bank 50%; SBA “504″ 40%; Client 10% (equity on building);

Eligible business expenses must be substantiated by bank statements, cleared checks or paid invoices. (Incurred prior to refinancing or up to 18 months afterwards);

Debt to be refinanced qualifies if the original loan financed at least 85% of eligible “504″ fixed asset costs.  The bank must certify that the debt meets all requirements;

Current commercial loan is eligible if it is the most recent refinancing of the original loan.  The loan must be “current”, no payments more than 30 days past due on original or modified payments including deferments (modifications by 10/12/11);

The commercial debt to be refinanced must have been incurred at least 2 years prior to date of application for the refinancing;

The project refinancing is based on appraised value. Appraisal can be no older than 6 months;

The debt to be refinanced must have been secured by the “504″ eligible assets, and they must be collateral for the “504″ loan;

The small business must have been in operation for at least 2 years prior to the date of application;

Expansion projects are not eligible as part of the refinancing;

Escrow account is not required for same institution debt;

Federally assisted loans such as SBA 504, SBA 7A and USDA are not eligible;

Business has to occupy at least 51% of an existing building at time of refinancing;

Job creation/retention requirements have to be met.

THE SEED ADVANTAGE

Knowledgeable & Experienced Staff in Your Region.

Lower Interest Rate & Fees for Your Client.

No Deposit.  No Application Fee until The SBA 504 Closes.  Legal Fees Can Be Funded.

Bank Closing & SBA 504 Closing Can Be Simultaneous
When Feasible.

SEED Pays the Bank Participation Fee of .5% up to $31,250 on a $12.5 Million Project.

Published on February 5, 2012 by Danielle Douglas, The Washington Post

A steady flow of new loans backed by the Small Business Administration in the Washington area is helping some institutions return to the pace of lending that was common in the pre-boom years.

Through the three months ended Dec. 31, the start of the agency’s 2012 fiscal year, 126 loans totaling $43.4 million were made to local mom-and-pop shops, comparable to loans issued during the early 2000s, according to the SBA. The volume is still below the soaring numbers from 2006 and 2007.

“We are seeing numbers back to the pre-recession pace; we’re off to a start that can lead us to project a really great year for 2012,” said Bridget Bean, who oversees the Washington region for the SBA. “It’s a great sign that we have the infrastructure and the economic ecosystem here to support this kind of lending to our small businesses.”

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The free workshops are being held in cooperation with the U.S. Small Business Administration (SBA), MA Small Business Development Center (MSBDC), Hyannis Area Chamber of Commerce, Community Development Partnership and SCORE (For the Life of Your Business). 

Both workshops will be held at Cape Cod Five Cents Savings Bank, 171 Falmouth Road, Hyannis, on Thursday, March 22, 2012.  The first of these workshops entitled “Learn the Fundamentals in Planning, Preparing, and Financing Your Business” will be held from 9:00 a.m. to Noon.  Registration begins at 8:30 a.m.  Breakfast and lunch will be provided free of charge to attendees. 

This workshop is geared toward helping potential entrepreneurs evaluate and understand the fundamentals of owning one’s own business.  Information on how to get started, where and how to get financing and the loan application process will be presented.  Attendees will also be provided with a free guide to writing a business plan and other materials.

The second workshop entitled “Understanding the Purpose of Financial Statements and How They Can Help Determine the Health of Your Business” will be held from 1:00 p.m. to 4:00 p.m.

The focus of this workshop is to help attendees understand a balance sheet, income statement, and cash flow statement. The workshop also explains how a small business owner can anticipate financial needs in order to operate his/her business more efficiently.

Please call SEED Corporation at 508-822-1020, to register for either or both sessions by Thursday, March 15th and for directions to Cape Cod Five Cents Savings Bank.  SEED Corporation holds this entrepreneurial workshop series on a monthly basis throughout the region.  For information on future sessions, please contact SEED. 

SEED Corporation is a non-profit organization certified by the U.S. Small Business Administration (SBA) and designated as an Intermediary under the SBA’s Microloan Program.  This program is designed to provide loans to new and existing business owners in amounts
up to $50,000.

As a regional economic development organization, SEED also offers a full range of financing programs providing loans up to $5.5 million to assist small businesses to grow and create jobs in Massachusetts and Rhode Island.  SEED works with other economic development and financing institutions throughout the region to ensure that individuals who are committed to owning and operating a small business in the region are able to get the assistance they need to be successful.

For more information on SEED and its programs, please call the SEED office at 508-822-1020 or visit SEED’s website at www.seedcorp.com.

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The South Eastern Economic Development Corporation will hold free basic  business workshops throughout the region this winter/spring aimed at assisting  potential and existing entrepreneurs. The workshops are co-sponsored by local  banks and credit unions, the Small Business Development Center Network, local  community and economic development organizations, chambers of commerce, SCORE  (For the Life of your Business) and the U.S. Small Business Administration.

The first of these workshops, entitled “Learn the Fundamentals in Planning,  Preparing and Financing Your Business,” is geared toward helping potential  entrepreneurs evaluate and understand the fundamentals of owning one’s own  business. Information on how to get started, where and how to get financing and  the loan application process will be presented. Attendees will also be provided  with a free guide to writing a business plan and other materials. Breakfast and  lunch will be provided free of charge to attendees.

Read more: BUSINESS NOTES: Feb. 8 – Plymouth, MA – Wicked Local Plymouth http://www.wickedlocal.com/plymouth/news/business/x1341763606/BUSINESS-NOTES-Feb-8#ixzz1mSrs8Feu