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From : john
Location : st. petersburg , fl |
Question :
hi thomas we are a small business with a sba freedom loan, my bank tells me the sba guide lines are still not clear on loans what can you tell me. thanks |
Reply :
Hello John - I am not familar with a freedom loan. Your best bet is to contact your local SBA chapter. Thanks and good luck! |
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From : U.S. Small Business Administration
Location : Washington , DC |
Question :
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Reply :
Thank you all for participating in this months online chat. I would like to close with these comments. Going into business is not for everyone. You need to realize how much you will sacrifice and how hard you will have to work. However, it is the greatest thing I have done business wise and I enjoy it tremendously. Think long and hard and do a lot of planning. Thanks again, good luck and follow your dreams! Tom Masterson |
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From : Amanda
Location : Tallahassee , FL |
Question :
My apologies! Trying to reach a constituency base with information they need to engage on issues that affect their industry and bottom line. They're members in my association and I am trying to engage them on grassroots. Thanks so much! |
Reply :
What is your industry? |
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From : Filipe
Location : , NY |
Question :
How can I get a loan right now? |
Reply :
Hello Filipe - Start with the SBA and work through them. Hope this helps and good luck! |
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From : Brad
Location : , MO |
Question :
Getting capital is very difficult right now. How can my business get by with no help from banks? |
Reply :
Hello Brad - You are right getting capital rightnow is difficult but not impossible. It really just depends on your business and financial situation. Ten years ago I had to put my house and all my personal assets up to get a loan. I still have personal guarantees with many vendors. However my line of credit was INCREASED this year. It can be done. Hope this helps! Good Luck! |
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From : Dottie
Location : , |
Question :
Also, congratulations to you. |
Reply :
Thank you Dottie for your congrats. Good Luck with your future endeavors. Tom Masterson |
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From : Amanda
Location : Tallahassee , FL |
Question :
Did you get my question from yesterday about spending on outreach technology? |
Reply :
Yes Amanda we did and I aplogize for not answering sooner. I need more information to give you a logical answer. What is your target audience? What information are you trying to communicate? |
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From : Dottie North
Location : , |
Question :
What help did SBA provide to you with your business - getting starting and growing? Any other resources that were a help to you? |
Reply :
Hello Dottie - The first five years the SBA was very involved with every aspect of my business. They aided in getting work. They aided in getting financing. They aided in getting bonding. They aided in my business and marketing plans. I really owe a lot of my sucess to the SBA and their programs. Thank you for your question. |
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From : Phillip
Location : Phila , Pa. |
Question :
What would you do differently in bussiness, if anything? |
Reply :
What a wonderful question Phillip. I would have gotten more help faster than trying to do everything myself. This is a huge statement. I tried to do everything myself and sometimes made big mistakes. |
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From : DON F.
Location : Miami , FL |
Question :
How long is the partcipation in the SBA 8a program? |
Reply :
Don the participation term for the 8a program is 9 years. |
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From : Phillip
Location : Phila , Pa. |
Question :
Do you plan to expand your business? At what point do you recommend for others, especially in our current economy. |
Reply :
Hello Phillip. First off this is a great question. In the current economy I am just trying to survive. But we intend to come out of this downturn a lot stronger. We are laying the foundation to be able to expand once the economy comes back. Hope this helps! |
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From : Joann
Location : , |
Question :
Hello Tom, can you give me some tips on what you did early on to get your business off of the ground? Im in the early point of beginning my business and the advice is helpful. |
Reply :
Hello Joann - The number one thing is that I worked lots of hours myself to keep my costs to a minimum. I worked out of my home and my wife worked with me and we paid ourselves very little. Money earned went right back into the business. I worked 7 days week for the first 3 years. This schedule is not for everyone but I had a goal in site. Hope this helps, good luck. |
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From : kiara dorsey
Location : forest hill , tx |
Question :
is there an up front fee |
Reply :
Hello Kiara - Could you give me more information? I would like to help but am not sure what you are asking. |
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From : Roxann
Location : Jacksonville , FL |
Question :
My husband and I started a trucking business 2 years ago. We have sunk in all we have and were doing well till this year. We need working capital but our own personal credit is shot. Any ideas? |
Reply :
Hello Roxann - This is a tough question. Look for partnerships or investors. You may have to give up some equity in your company but in the long run the key is to survive. Hope this helps, good luck! |
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From : DON F.
Location : Miami , FL |
Question :
Have you partnered with other businesses to help you in your success? |
Reply :
Hello Don - Yes. I have currently have five joint ventures going on at this time. Hope this helps! |
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From : Justin
Location : Sarasota , Fl |
Question :
I would like to get a Small Business Loan! I want to become a successful entrepreneur ! Hopefully you can Help me out . Or Steer me in the correct direction! |
Reply :
Hello Justin - I would seek out help from your local SBA chapter. They will be very instrumental in your sucess. Start working on a business plan as soon as possible! Thanks and good luck! |
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From : Kaye Sandlin
Location : Wetumpka , Alabama |
Question :
I presently own a millwork that retails windows, doors, and moulding for construction. I have had to lay off employees, who are ex-inmates. They have done a great job. We also have given them and other ex-inmates home plans; however, with our present economic situation, construction is at an all time low. I am a female and would like to know if there are any grants available for situations such as mine. |
Reply :
Hello Kaye. First let me say that I like your idea and your business. Unfortunately since all of construction is at an all time low, this is an unprecidented situation. To my knowledge there are no grants available for you to use to assist these people. Thanks for the question and good luck. |
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From : Mizanur Rahman
Location : ELMHURST , NY-11373 |
Question :
What Kind of Business I dodnt know .Can i get the buseness now .Please give me easy away of business . |
Reply :
Hello Mizanur. I would really need more information to answer your questions. Thanks! |
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From : DON F.
Location : Miami , FL |
Question :
I see that you are still part of the SBA 8a program. What specific direction did the being part of the program help your business in? |
Reply :
Hello Don - Being in this program has separated me from my competition and provided opportunities I would have never been able to participate in. Thank you for your question. |
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From : Sheila
Location : Hartford , CT |
Question :
As an 8(a) participant, please give examples of how your business was elevated. Also, are you in the mentor/protege program? |
Reply :
Hello Sheila - Yes I am in the mentor/protege and I am a mentor to one company and I am a protege to another company. The 8a program separated me from my competition. It has been the catalyst for my sucess. Examples of my elevation in business are getting sole sourced for a large VA project. Also working with Bechtel here in Kentucky on a 20 billion dollar contract. Hope this helps. Thank you for your question. |
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From : Jaime Ruiz
Location : Auburn Hills , MI |
Question :
Good afternoon Mr Masterson, My wife and I are planning to open a small production and distribution center of homemade salsas. We want to market this product to individuals as well as to restaurants specialized in Mexican food (family and gourmet). Is there any financing support from SBA for this type of business ?. |
Reply :
Hello Jaime - First of all I LOVE salsa! Good idea! I believe there are programs through the SBA to help with finance. An example is a "lowdoc" loan. Get with your local SBA and they can show you the options. Hope this help! Good Luck! |
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From : Barbara Platnick
Location : Minneapolis , MN |
Question :
How did you deal with the overwhelming list of things to do before starting your business? |
Reply :
Hello Barbara. This is an excellent question. The first thing I did was to purchase a Franklin Covey planner. As you know at the beginning it was overwhelming. I am huge on writing lists, even to this day. As you finish something on your list it will give you a sense of accomplishement to mark it off! I also utlized MicroSoft Outlook and still do. Since I was working out of my home in the beginning, my wife was very instrumental in helping me stay organized. Once the business started to take off I was able to hire an assistant. Hiring her was a HUGE deal for me because until then it had just been my wife an me and we were overwhelmed. You will need to get someone to help you to get organized and to stay organized. Today I have many people on my staff to take care of the day to day operations but I have never lost sight of what it took to get to this point. Thank you for the question and I hope my answer was helpful. |
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From : Cindy Turks
Location : San Diego , Ca. |
Question :
How have become success as a small business owners? What helped you the most? |
Reply :
Hello Cindy - What helped me the most was preparedness. Having all of your ducks in a row is imparable. I worked with the SBA and they really helped in getting me going. Thanks for your question made me think! |
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From : Jeff Swinea
Location : Huntsville , Alabama |
Question :
I have been trying to get a dream of mine off the ground for about 5 years now...Did you use any kind of government grants and if so how did you go about it? |
Reply :
Hello Jeff - I never used any grants, I sought out the assistance of the SBA to develop a business plan and help with getting capitalization. I worked on my dream for 13 years before I went into business. It can be done. Hope this helps, Good Luck. |
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From : JAMES DANIEL
Location : HONOLULU , HAIWAII |
Question :
I COMPLETED A B-PLAN FOR A SOULD FOOD RESTAURANT IN HONOLULU AND HAVE BEEN DENID A SBA LOAN ARE THERE ANY OTHER OPTIONS FOR START UP CAPITAL |
Reply :
Hello James - Honestly if you can't convince the SBA then you will have a hard time convincing a conventional lending institution. My advice would be to seek out other investors and work on your business plan. The SBA can be very instrumental in helping you suceed. Hope this helps and good luck! |
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From : Cathi Locati
Location : Tarrytown , New York |
Question :
I am presenting a proposal to a non-profit hospital to become their Art Director with a new idea that has artist's work rotating the halls of the hospital for sale. Percent of sales will be distributed between the artists,the hospital and myself as an employee of the hospital. I am seeking information on writing the business plan for this idea. Besides all the on-line sites, is there something more specific available to me with assistance in writing the plan and structuring the business? |
Reply :
Hello Cathi. First let me say that I think your idea is wonderful and full of potential. As for writing a business plan your local SBA office will be very instrumental in helping you. In addition there are other avenues in which to take. Namely, there are courses available at local community and educational institutions. Taking an SBA class on writing would be a tremendous help. Hope this helps and good luck with your business venture. |
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From : ri778@hotmail.com
Location : fairfax , va |
Question :
thinking of starting a business, I currently get an unemployment check. At what point in the process would I not qualify for unemployement benefits. Please e.mail me your answer. thanks |
Reply :
I believe that you can start working on building your business and until you start "drawing" a paycheck from this business you would still quality for unemployment benefits. Hope this helps. Good Luck. |
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From : Marcia DaCosta
Location : Arlington , VirginiaI |
Question :
I want to open an import/export home business here in VA, with paterniship with my sister. I want to be able to bring products made in Brazil and sale them here, and I want to buy a lot of stuff here, to sale in Brazil. How should we start these business?? How could we get a start-up financing for it?? Thank you. |
Reply :
Hello Maria = To be honest I have no experience in the import/export business but I really your idea. Put down on paper your business plan and then seek out help from your local SBA chapter. Hope this answer was helpful. Good Luck. |
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From : STEVE JOHNSON
Location : FALLBROOK , ca |
Question :
I wanted to see if you can steer me in the right direction on getting a grant for some land I would like to put some Avocado trees on the land? There was some big fires here about 7 or 8 months back and theirs a lot less tree and getting a grant I but be able to get things going. Well, anyway if u can help I'd REALLY apisheat it. use this email if u can help stev8@sbcglonal.net please forgive my spelling |
Reply :
Hello Steve. My best recommendation would be to work your local SBA office or search for programs in your area that would aid in starting the paperwork necessary to get grants and or investors. Here in Louisville, KY there is a company called "Community Ventrures". There sole purpose is to find investors for small businesses. Hope this answers your question. |
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From : Lee Anne Carmack
Location : murfreesboro , TN |
Question :
Need counsel on developing/marketing an on-line business - no brick and morter. Best way to let people know about my website |
Reply :
Hello Lee Anne. To be honest, I really have little experience in this area as I am in construction. Sorry I can't be of more help. |
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From : shirlene
Location : baltimore , maryland |
Question :
Do i have to be a member of the sba in order to apply for an 8a program |
Reply :
Hello Shirlene. There is no membership in the SBA they are there to assist you. You need to have all the necessary paperwork to be a legal buisness entity before applying. Hope this answers your question. |
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From : Judith Yankee
Location : north attleboro , Ma |
Question :
I want to start a small hair salon..I don't know where to start. |
Reply :
Good Afternoon Judith. The first thing I would do is sit down and write a buisness plan. If you need assistance with this please contact your local SBA office. They can be very instrumental in getting you started. The three key things about starting a business are: 1. The ability to attract customers. 2. The ability to do the work and do it profitably. 3. The ability to manage your finances. Thanks for the question, hope my answer was helpful. |
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From : Regina Rideout
Location : Chicago , Illinois |
Question :
What were your obstacles and how did you overcome them when you started in your livingroom? As sucess came how did you know when to expand and how far to expand? What material did you read and meditate when you first got started? |
Reply :
Good Afternoon Regina. My obstacles were the same as most businesses that are first starting. Mainly bank financing, bonding and inexperience at being an owner/president of a company. Also the stuggle of working out of a "home" office rather than an actual office. I had three small children at the time as well. I expanded as I was able to monetarily. I only used cash to make purchases and I took on no long term debt. I took a lot of SBA short courses back then. I would also recommend reading the book "Good to Great" by Jim Collins. I would also recommend the book "The 51 Fatal Business Errors and How to Avoid them" by Jim Muehlhausen, CPA, JD Thanks for the question and I hope my answer was helpful. |
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From : Miguel Contreras
Location : Woodbridge , Virginia |
Question :
I recently started my business in Facility Service Maintenance, I dont have Past performance and certainly dont have the income for us to apply for the 8a program. A company in Florida has everything they need to qualify for this program,so we want to merge our company and apply for 8a Program. Is this possible? |
Reply :
Hello Miguel. First let me ask you a question. How much do you think it costs to make an 8a application? The SBA will assist you for free. Second, merging is not necessarily the only option. There are joint venture agreements, teaming agreements and possible subcontracting agreements. Does this answer your question? |
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From : Amanda
Location : Tallahassee , Florida |
Question :
How do you think small businesses should balance their media and program outreach to their customers when some, especially the elderly, do not even have computers, but a sizeable contingent wants you to invest and communicate with them through every type of technology available. What do you recommend as the best, most cost-efficient ways to reach everyone? |
Reply :
Good afternoon Amanda. I need more information to give you a logical answer. What is your target audience? What information are you trying to communicate? Thanks and good luck. |
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From : Robert Huggins
Location : Orangeburg , South Carolina |
Question :
Is there any help for small business that don't qualify for sba loans or traditional loans? |
Reply :
Hello Robert. Other than standard banks and lending institutions I would look into investors. Here in Louisville, KY we have a company called Community Ventures. They basically look around for small businesses and pair them with investors. Hope this answer is helpful. Good Luck! |
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From : daron gregory
Location : davenport , iowa |
Question :
we were approved last spring by two banks for a 1.5 mil sba loan to open a paul mitchell franchise cosmetology school, we found structural issues with the building we had in escrow so we backed out bought another building that has a temporary loan and now cannot get reapproved due to the economy and our credit score being lower due to our assets being in las begas real estate, we have already invested $250,000 towords our project..can anyone help or suggest anything? |
Reply :
Hello Daron. If you cannot get standard bank financing I would look to investors. Louisville, KY has a business called Community Ventures. They basically go around and look at small businesses to invest in. Hope this answer helps! Good Luck. |
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From : Ravi Gaur
Location : Alexandria , VA |
Question :
Hi, I have a Green sedan service in MD, Dc and VA. I have fleet of hybrid Toyota Camry 2008,Hybrid Highlanders 2008 and Mercedes Blue Tech 2008 cars. All the cars are hybrid. I am trying to promote green business in these states. Government and different agencies talk about going green but I am struggling to get business. My car rates are same as of a Taxi. Kindly advise me how do I get contracts from the various Federal Government agencies and News agencies. Ravi Gaur |
Reply :
Good afternoon Ravi. I like your concept and what you are trying to do. However I just do not have the experience and knowledge to answer your question intelligently. The best the answer I can give is for you to perservere. Thanks and have a good day. |
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From : Janice Brown
Location : Washington , DC |
Question :
Can an 8A Certified Business have subsidiaries? |
Reply :
Hello Janice. This is an excellent question. The easy is yes but there are stipulations. You can have joint ventures, subsidiaries, and or teaming agreements, however, all gross revenue or personal income derived from those subsidiares is counted towards your 8a gross revenue agreement. Hope this answer is helpful. Thanks again for the question. |
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From : Sheila
Location : Hartford , CT |
Question :
Are you a grad of the 8(a) program? If yes, what was your business success before joining 8(a)? |
Reply :
Good afternoon Sheila. I am not a grad of the 8a program. I am only a participant. I was sucessful as an electrical contractor and that has been my life long passion. But the 8a elevated me to heights I would not have been able to reach alone. |
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From : U.S. Small Business Administration
Location : Washington , DC |
Question :
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Reply :
Good Afternoon Everyone - I am thrilled to be participating and hope that I am able to help you today. |
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