Jim Carroll is Vice President, Small Business for the Hampton Roads Chamber and Executive Director of the Small Business Development Center of Hampton Roads, Inc.
Entrepreneurship and small business ownership is the backbone of the economy of this region, the commonwealth, and the nation. The U.S. Small Business Administration reports that small businesses account for over 99% of all businesses in the country.
“Water, water, everywhere, nor any drop to drink” is a line from the poem, “The Rime of the Ancient Mariner,” written by Samuel Coleridge and published in 1798. Unfortunately, in 2021, it aptly sums up the situation that has been facing small businesses in Hampton Roads when it comes to access to capital. While there are funds available for lending, there is a paucity of resources available for smaller and/or startup businesses.
As the year progresses, many of us are starting to see COVID in our rearview mirror. The percentage of people receiving at least one vaccination is approaching 70%; herd immunity is increasing; masks are disappearing; restrictions on crowd sizes are easing; even New York state, after 474 days, has finally declared an end to its state of emergency. Locally, the latest survey from the Retail Alliance shows signs of increasing optimism in our local business community. Europe has even reopened to outside visitors. The only thing left to do, start singing a resounding rendition of “Happy Days Are Here Again!”
With the formation of Tropical Storm/Hurricane Elsa in the Atlantic Ocean, the annual "will it or won't it" speculation begins. Small-business owners must begin, if they have not already done so, to look at how a tropical storm or hurricane might affect their business and what options are available to them.
The US Small Business Administration (SBA) recently announced that it will be opening the portal and accepting applications for this program starting on Thursday, April 8th.
For operators of entertainment related businesses this is welcome news. However, in order to ensure a smooth process, applicants have to be prepared to provide a considerable amount of documentation. Fortunately, the SBA will be conducting a national webinar from 2:30 pm to 4:00 pm on the 30th of March. The SBA is also soliciting questions from attendees in advance of this training session. If an potential applicant has a specific question, they are to submit it to SVOGrant@sba.gov by noon on Monday March 29th.
Now that 2020 is in our rearview mirror and now, with the start of the New Year, it appears that things will slowly, yet gradually, improve. Small business owners need to look forward and plan ahead for their future operations in the upcoming year. While many aspects of business practices have changed and, in some instances rather dramatically, there are two constants on which you must rely; the need for information and the need to communicate.
The Small Business Development Center of Hampton Roads (SBDC) has received a $40,000 grant from Truist Financial Corporation. These funds will support the Center's activities in helping small business owners gain access to capital during the coronavirus pandemic. The grant is part of the financial services company's Truist Cares initiative, a $25 million philanthropic pledge announced in March to support basic needs, medical supplies and financial hardship relief due to COVID-19.
They seem to be popping up everywhere, in magazines, store displays and, for more intrepid and unconventional marketers, even on bodies. What is this latest marketing device; Quick Response (QR) Codes. The ubiquitous squares that enable companies to provide a wide-range of information about the products or services they are selling.
I recently had the privilege of being part of a group of regional businessmen and women selected to attend a series of discussions on economic development and job creation with administration officials from the White House Business Council. This program was sponsored by Business Forward, a national organization whose mission is to bring business leaders into the policy making process.
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