Tag: First

Consult the Expert – Business First Louisville – CUB: A Kentucky Community Bank #business #taxes

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Consult the Expert Business First Louisville

Topic:
The Era of Smart Technology

Nearly all of us today have a Smart Phone, but what is a Smart Safe?
A Smart Safe is key to managing the challenges of cash in a retail environment. A Smart Safe automatically accepts, validates and stores notes while recording each transaction.

Smart Safe features include:
• Note Validation – tracks and records each note while checking for counterfeits
• Cash Tracking – deposits tracked by each user of the safe by Login ID
• Reporting – various reports can be generated to streamline reconcilement
• Connectivity – stores can provide online access to an armored car carrier and the bank

Benefits of this technology:
• Eliminates the employee risk of taking cash to a bank branch.
• Can lower expenses associated with armored car services as frequency of pickups may be reduced.
• If your bank has online access to the cash deposits they may be willing to provide you advanced availability even though the cash may still be sitting in the safe. If your business consists of managing large amounts of cash, get safe smart.

Online Banking

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Hire Your First Employee #start #up #business

#how to start a business

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If your business is booming, but you are struggling to keep up, perhaps it’s time to hire some help.

The eight steps below can help you start the hiring process and ensure you are compliant with key federal and state regulations.

Step 1. Obtain an Employer Identification Number (EIN)

Before hiring your first employee, you need to get an employment identification number (EIN) from the U.S. Internal Revenue Service. The EIN is often referred to as an Employer Tax ID or as Form SS-4. The EIN is necessary for reporting taxes and other documents to the IRS. In addition, the EIN is necessary when reporting information about your employees to state agencies. Apply for EIN online or contact the IRS at 1-800-829-4933.

Step 2. Set up Records for Withholding Taxes

According to the IRS, you must keep records of employment taxes for at least four years. Keeping good records can also help you monitor the progress of your business, prepare financial statements, identify sources of receipts, keep track of deductible expenses, prepare your tax returns, and support items reported on tax returns.

Below are three types of withholding taxes you need for your business:

  • Federal Income Tax Withholding
    Every employee must provide an employer with a signed withholding exemption certificate (Form W-4) on or before the date of employment. The employer must then submit Form W-4 to the IRS. For specific information, read the IRS’ Employer’s Tax Guide [PDF].
  • Federal Wage and Tax Statement
    Every year, employers must report to the federal government wages paid and taxes withheld for each employee. This report is filed using Form W-2, wage and tax statement. Employers must complete a W-2 form for each employee who they pay a salary, wage or other compensation.

Employers must send Copy A of W-2 forms to the Social Security Administration by the last day of February to report wages and taxes of your employees for the previous calendar year. In addition, employers should send copies of W-2 forms to their employees by Jan. 31 of the year following the reporting period. Visit SSA.gov/employer for more information.

  • State Taxes
    Depending on the state where your employees are located, you may be required to withhold state income taxes. Visit the state and local tax page for more information.

Step 3. Employee Eligibility Verification

Federal law requires employers to verify an employee’s eligibility to work in the United States. Within three days of hire, employers must complete Form I-9, employment eligibility verification, which requires employers to examine documents to confirm the employee’s citizenship or eligibility to work in the U.S. Employers can only request documentation specified on the I-9 form.

Employers do not need to submit the I-9 form with the federal government but are required to keep them on file for three years after the date of hire or one year after the date of the employee’s termination, whichever is later.

Employers can use information taken from the Form I-9 to electronically verify the employment eligibility of newly hired employees by registering with E-Verify .

Visit the U.S. Immigration and Customs Enforcement agency’s I-9 website to download the form and find more information.

Step 4. Register with Your State’s New Hire Reporting Program

All employers are required to report newly hired and re-hired employees to a state directory within 20 days of their hire or rehire date. Visit the New Hires Reporting Requirements page to learn more and find links to your state’s New Hire Reporting System.

Step 5. Obtain Workers’ Compensation Insurance

All businesses with employees are required to carry workers’ compensation insurance coverage through a commercial carrier, on a self-insured basis or through their state’s Workers’ Compensation Insurance program.

Step 6. Post Required Notices

Employers are required to display certain posters in the workplace that inform employees of their rights and employer responsibilities under labor laws. Visit the Workplace Posters page for specific federal and state posters you’ll need for your business.

Step 7. File Your Taxes

Generally, employers who pay wages subject to income tax withholding, Social Security and Medicare taxes must file IRS Form 941, Employer’s Quarterly Federal Tax Return. For more information, visit IRS.gov .

New and existing employers should consult the IRS Employer’s Tax Guide to understand all their federal tax filing requirements.

Step8. Get Organized and Keep Yourself Informed

Being a good employer doesn’t stop with fulfilling your various tax and reporting obligations. Maintaining a healthy and fair workplace, providing benefits and keeping employees informed about your company’s policies are key to your business’ success. Here are some additional steps you should take after you’ve hired your first employee:

Set up Recordkeeping

In addition to requirements for keeping payroll records of your employees for tax purposes, certain federal employment laws also require you to keep records about your employees. The following sites provide more information about federal reporting requirements:

Complying with standards for employee rights in regards to equal opportunity and fair labor standards is a requirement. Following statutes and regulations for minimum wage, overtime, and child labor will help you avoid error and a lawsuit. See the Department of Labor’s Employment Law Guide for up-to-date information on these statutes and regulations.





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Business First Greater Richmond #cool #business #ideas

#business first

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We re Here to Help Your Business

We identify your needs connect you with resources.

We have lots of resources available to help businesses. And if we can t help you directly, chances are we know who can. What can we do for you today?

  • Hiring workforce training
  • Financing
  • Real Estate
  • Operations planning management
  • Investment hiring incentives
  • Downsizing Management
  • and much more!

Free Confidential

because we re managed by a non-profit

Business First Greater Richmond is funded by public and private investors. Our confidential services are offered at no charge and we leave all the profit-making to you. When your business succeeds, we succeed.

A strong business community is the key to an amazing life in Greater Richmond.

Businesses are the backbone of our community. Strong businesses create a strong economy and improve everyone s quality of life. Our goal is to grow the regional economy by helping you prosper.

The Business First Visit

So you’ve decided to participate in a Business First visit. We’re looking forward to talking to you!

This is a great oppurtunity to voice your opinion, connect with resources that might help your business today, and form a lasting relationship with your local economic development department for any needs that may arise in the future.

Business First | Greater Richmond is a program supported by the Greater Richmond Partnership, Inc. in collaboration with the economic development offices of Chesterfield, Hanover, Henrico and the City of Richmond.

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Vets First Verification Program – Office of Small & Disadvantaged Business Utilization #register #business

#business loans for veterans

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Office of Small & Disadvantaged Business Utilization

Vets First Verification Program

Temporary Change in Document Submission Policy for Current and New Verification Applications

During the month of September the Verification Program is undergoing a major transformation in response to feedback provided by the Veteran-Owned Small Businesses community. The modifications and enhancements will result in significant changes to our application process to improve the Veteran experience as we establish MyVA Verification. Document Submission Policy Changes

Help Desk: (866) 584-2344
Monday Friday
8:00am to 8:00pm (Eastern)

The Department of Veterans Affairs (VA) has special authority for Service-Disabled Veteran-Owned Small Business and Veteran-Owned Small Business (SDVOSB and VOSB) set-aside and sole source contracts.

Public Law (P.L.) 109-461 entitled Veterans Benefits, Health Care, and Information Technology Act of 2006 provides VA with unique authority for contracting with SDVOSB and VOSB. A new procurement hierarchy within VA for open market procurements was created which places highest priority with SDVOSB then VOSB. These small business groups are followed by 8(a), HUBZone, Women-Owned Small Business, then all other small businesses. This procurement authority, and its subsequent implementation, is a logical extension of VA s mission to care for our nation s Veterans. VA refers to this program as the Veterans First Contracting Program. See VA Acquisition Regulation Part 808, Required Sources of Supplies and Services. for the priorities in acquisition.

In order to qualify for participation in the VA Veterans First Contracting Program, eligible VOSB owners must first be verified. Start Verification

Center for Verification and Evaluation (CVE) Transformation

Candid feedback from SDVOSB and VOSB stakeholders indicated that CVE needed to increase customer service touchpoints within the existing Vets First Verification process. The MyVA Verification Application Transformation Trial outlines this organizational transformation and the improvements to Verification processing.

Verification Guides and Popular Fact Sheets

  • Initial Verification Application Guide – Outlines regulatory requirements in 38 CFR Part 74; assists applicants to comply with when applying for Verification.
  • 4 Steps to VA Verification – Provides snapshot of steps associated with Verification process.
  • What documents do I need to apply? – Lists required documentation necessary to apply for Verification.
  • Verification Application Required Documents Rationale – Provides insight on what documents are needed for Verification and how CVE reviews them to process Verification applications.
  • Reverification Process Fact Sheet – Read more about the Reverification process.
  • Average Verification Processing Time – View the average processing time of Verification applications over the last three months.

Verification Webinars and Town Halls

  • Verification Webinars and Town Halls – CVE hosts recurring training for interested SDVOSBs/VOSBs on different aspects of the Verification process.

Verification Assistance Program

VA has developed a Verification Assistance Program to help Veterans understand Verification policy and processes. The goal of this program is to reduce the risk of denial due to lack of understanding and misinterpretation of the regulation. Partnering Veteran service organizations and small business support organizations can provide assistance to Veterans who are interested in applying for the Vet First Verification Program.

VA Certified Verification Counselors

VA Certified Verification Counselors are trained by VA OSDBU to provide Verification application assistance to SDVOSBs/VOSBs. Counselor assistance is available at no cost to the Veteran and available throughout the United States, Puerto Rico, and Guam. Additional counselor assistance features include:

  • Provide insight regarding the interpretation of regulation 38 CFR Part 74
  • Review a firm s business model
  • Answer questions on how to use the Verification Self-Assessment Tool
  • Status Checks on where an applicant is in the Verification process

If you are a SDVOSB/VOSB applicant in need of assistance, visit the list of VA Certified Verification Counselors.

Verification Assistance Counselor Training

VA continues to offer its Understanding the VA Verification Process training series to certify Verification Counselors nationwide. Interested Procurement Technical Assistance Center (PTAC) Counselors and Veteran Partner Organizations interested in becoming VA certified to counsel Veterans are encourgaged to participate. View Upcoming Training Dates and Register for Training

Laws and Regulations

  • 38 CFR 74 – VA Veteran-Owned Small Business Verification Guidelines
  • 38 CFR 74 RIN 2900-AO49 – Interim final rule regarding the two-year Verification eligibility term for SDVOSB/VOSBs (See page 1, Center Column )
  • 38 U.S.C. 8127/8128 Veteran Benefits
  • P.L. 111-275, Sec. 104 Small Business Verification Act
  • 48 C.F.R. Parts 802, 804, 808, 809, 810, 813, 815, 817, 819, 828 852 Veterans First Contracting

Center for Verification and Evaluation Standard Operating Procedure (Last reviewed on September 29, 2015)

VA Moves Against Non-Compliant and Fraudulent Firms

CVE has established a process to report firms alleged to be non-compliant with one or more of the regulatory requirements for the Vets First Verification Program. Report firms believed to be non-compliant of 38 CFR Part 74 .

The VA Office of Inspector General is committed to protecting the rights of SDVOSBs/VOSBs by vigorously investigating and seeking prosecution of those who deprive Veterans who have earned the right to set-aside government contracts. Report fraud to VA OIG Hotline .

Sorry, your browser does not support JavaScript. Please use the right-column to sign-up to receive email updates from Office of Small and Disadvantaged Business Utilization





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Louisville Business First: 20 People to Know: Trey Riddle #discount #business #cards

#business first louisville

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Louisville Business First: 20 People to Know: Trey Riddle

Favorite way to spend time away from work:

Describe your company:

Sunstrand is a manufacturer and supplier of biomaterials for a variety of technical and industrial applications. Our focus markets are polymer composites, plastics and technical nonwovens. Basically, we take raw agricultural feedstocks (bamboo, kenaf, flax, hemp) and manufacture our products that take the form of fibers and fillers (particulates).

Our customers (upstream manufacturers) then incorporate these materials into their products. Ultimately, our materials will be used in a variety of applications, including consumer goods, automotive, building materials and sporting goods.

What is the biggest hurdle for entrepreneurs in the area?

Acquisition of capital is probably the No. 1 most challenging issue facing startups in the area. The community has done a really good job of highlighting some of the bigger names in local investment, but that is just the tip of the iceberg, so to speak.

How do we get below the water line? Additionally, there are way more companies needing capital than investors, and that breeds deal partiality.

What is some advice for people who want to start a company?

Seek out help. I have found that people are generally willing to have open discussions with you about a variety of business-related topics if you just ask nicely. The key in those situation is to not push product, but rather reach out for advice. Be dedicated and stay vigilant — there will be ups and downs. It is not all about the money. If you are not passionate about the business, don’t even think about starting it.

What’s the most interesting question a potential investor has ever asked you?

What is your plan? Not what is the business plan, but where do I see myself personally in 10 years. I think the key here was that the potential investor was interested in my personal goals because he knew that it would affect the business in the long run.

Share This Story, Choose Your Platform!





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Business First Healthiest Employer Award #small #business #management

#business first louisville

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Business First Healthiest Employer Award

The University of Louisville was chosen as the 2010 Healthiest Employer in the 5,000-employee-plus category of Business First’s inaugural Greater Louisville’s Healthiest Employers awards program. The winners in each of the five categories were announced at a luncheon on Thursday, Nov. 18, 2010 in the Cascade Ballroom at the Louisville International Convention Center. A special publication profiling the finalists was included in the Nov. 19 issue of Business First.

Additional Media recognition:

Health Fitness Corporation’s monthly newsletter, HealthWire: December 2010 edition

Excerpt From UofL Today

Business First awards UofL as healthiest employer

by UofL Today — l Nov 18, 2010

The University of Louisville is the healthiest employer in Louisville of companies with 5,000 or more employees.

Get Healthy Now director Patricia Benson accepted the Business First award at a Nov. 18 luncheon at the Kentucky International Convention Center.

The luncheon, said Business First publisher Tom Monahan, not only paid tribute to the 15 award finalists (three in each of five categories by business size), but it also was a way to help employers learn from each other how to create healthy workplaces.

As he presented the awards, he asked each employer’s representative a question related to an aspect of his or her company’s program.

Noting that UofL’s five-year-old Get Healthy Now program has a 70 percent participation rate among faculty and staff and that the number of insurance claims among participants is significantly lower than that among non-participants, Monahan asked Benson to explain the program’s success.

Get Healthy Now is successful, she said, because of the support it has received since its beginning from President James Ramsey and Provost Shirley Willihnganz. She also explained that Get Healthy Now’s staff continually solicits feedback from its members on program components and works to tailor the program to their needs and wants.

“It’s the employees’ program,” she said.

Business First started the Healthiest Employer award this year and asked companies to complete a 75-question survey designed to measure six core areas of wellness:

  • cultural and leadership commitment;
  • foundation components;
  • strategic planning;
  • communications and marketing;
  • programming and intervention;
  • and reporting and analysis.

Healthiest Employer LLC, in Indianapolis, developed the survey and scored the Louisville ones to determine the winners.

Each of the finalists is featured in the publication “Healthiest Employers of Greater Louisville” that will be part of the Nov. 19 Business First paper.

Besides UofL, the other two finalists in the 5,000-plus employees category were GE Appliances and Lighting and Norton Healthcare Inc.





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Business – First Capital Bank of Kentucky – Louisville, KY #business #finance #loan

#business first louisville

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Allow the business expertise of First Capital Bank to be your most important financial resource. We work with our clients to develop a keen understanding of their businesses and personal lives, as they are often closely interwoven. We can then evaluate financial hurdles and opportunities intelligently, recommending solutions that make sense on a personal and professional level. We respond to our business customers by designing an approach that asks the right questions and provides the solutions necessary to meet the unique needs dictated by today s changing business climate. Allow our experienced, knowledgeable and highly qualified team to provide you with the most responsive financial products and services available to you and your business. Check out our options, use our helpful financial tools, and schedule a visit with us today. We re eager to help you get started.

Contact Us

Thank you for your interest in First Capital Bank of Kentucky. We strive to make ourselves available to you, via email, telephone, postal mail and in person at any of our branch locations. or use the secure form found on our Contact Us page.

First Capital Bank of Kentucky
293 N. Hubbards Lane
Louisville, KY 40207





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Over-the-Rhine Chamber: Cincinnati, Ohio: Business First Grant #getting #a #small #business #loan

#business first

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Business First Grant (BFG)

Business Recruitment Initiative for Over-the-Rhine

The mission of the Business First Grant Program (BFG) is to benefit the city by strengthening the local economy, increasing business and employment opportunities, and animating the sidewalks of OTR.


To be eligible for a grant, the incoming business must:

  • Be new to Over-the-Rhine. New businesses and businesses previously established in other locations are permitted to apply. It is preferred that established businesses are currently located outside of the City of Cincinnati boundaries.
  • Occupy a storefront or occupy other location in OTR that is consistent with the neighborhood tenanting strategy.
  • Sign a three-year lease with the landlord (see note below regarding letters of intent).

* The tenant and business owner/landlord negotiate the required build out, renovation and
preparation required of the building and disclose the cost of build out and the monthly rental
amount.
* The incoming tenant/ business will submit a copy of its current business plan to the building
owner/landlord before lease negotiations will be completed.
* Building owners and/or landlords must agree to participate fully in the program and tri-party
meetings will be held between the applicant, Chamber and Landlord.

  • Agree to be open at least 50 hours per week .
  • Submit a complete application prior to opening .

* This includes a thorough and well-organized business plan with a start-up budget and projected
cash flow statements for the first three years of operation.

  • Once awarded funds, agree to actively participate in the Business First mentoring program, which includes attending regular meetings with a mentor to discuss business details and providing annual financial statements for the period of the lease.

* The new business meets with the Mentor to discuss concerns and review financial information
regularly for three years. As needed, a new business owner may be teamed up with an
experienced business owner to work together to address a specific need.
2016 Program Goals

  • Promote diversity among business owners in OTR.
  • Increase customer traffic, safety, and return on investment.
  • Support capital improvement in unused and underutilized storefronts for business occupation in OTR.
  • Mentor and encourage businesses that strengthen the neighborhood as a viable and diverse place to live, work and play.
  • Provide an environment for individuals, entrepreneurs, investors and businesses to thrive.

Desirable businesses include retail, neighborhood services, large employers who hire from within OTR, Women/Minority Business Enterprises, and those that locate in an area that is compatible with the tenanting strategy for the neighborhood. Ineligible businesses include convenience stores, check-cashing services, temporary labor services, churches, social services, not for profits, home-based businesses, and businesses that are not compatible with adjacent residential uses.

Businesses that are selected through the Business First Grant Program s competitive process will be awarded a matching grant up to $20,000 for furniture, fixtures and equipment (FFE) and tenant improvements (TI). The funds will be distributed through a reimbursement process through the OTR Chamber.

Additionally, the BFG Program works to create a support network for the new business. Ongoing mentoring will be provided for the three year duration of the program. The Review Committee will match the new business owner with a committee member mentor based on the needs of the business. The Review Committee may also refer the new business to local business resources to strengthen areas of the business that present a challenge to the business success. A member of the Review Committee will meet with the business owner regularly to address any concerns the business owner may have and assist the business owner in updating her/his Business Plan.

Applications will be reviewed twice annually through a competitive process. Applications will be due December 6, 2016.

Applicants must submit a completed application to the OTR Chamber prior to opening up for business. At the time of application submission, expected project completion date should be within 9 months to a year. The Application form can be downloaded at the bottom of this page. The submission should include a:

  • Professional Business Plan that clearly articulates the business model, industry analysis, demographics of target population, hours of operation and corresponding staffing schedules, experience of personnel, marketing strategy, and includes detailed cash flow projections. (Note, click the link above “Professional Business Plan” to read tips from Forbes)
  • Three Year Lease including the landlord s contact information so the OTR Chamber can contact her/him to discuss the terms of the lease. Please note, a signed letter of intent by landlord and applicant can be submitted initially if a signed lease is not in place at the time of submission. Awarding of any grant money would be contingent upon a signed three year lease.
  • Detailed Build-Out Costs of space clearly defining what will be provided by the landlord and what is the responsibility of the tenant. Detailed budget for FFE is also required.

The applications will be reviewed semi-annually in a competitive process by the Business Attraction and Retention Review Committee.

This program is administered by OTR Chamber of Commerce with the support of a Review Committee to oversee leases, programs and funding.

The Business First Grant program is made possible by the following corporate and foundation partners: BB T, The Carol Ann and Ralph V. Haile, Jr. / U.S. Bank Foundation, Over-the-Rhine Chamber of Commerce, PNC Bank, and P G.





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How to Apply for Your First Business Loan #business #email

#apply for a business loan

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How to Apply for Your First Business Loan

Continue Reading Below

Unless you plan to fund this enterprise solely with savings—not recommended unless you are fabulously wealthy—you’ll need a business loan. As any lender can tell you, the better prepared you are before making your request for business credit. the greater the likelihood of getting approved.

Part of this preparation is understanding what bankers will need to approve you. Banks make a major portion of their profits from loans. They’re not in the business of saying no; they just say it when your application doesn’t meet lending requirements, which are much stricter now than before the financial crisis. But be aware that start-ups are almost always considered risky bets, and many lenders are reluctant to finance them. Also know that many larger banks won’t even consider small loans, which are less profitable than larger loans but require the same amount of time to analyze and administer.

Don’t let these discourage you. Get organized. How small is small? According to the Small Business Administration (SBA), the median small business loan from a financial institution is roughly $135,000, with highest around $250,000. SBA loans, which are not underwritten by the US Government but by SBA partners (lenders, community development organizations and microlending institutions), range from $5,000 (a microloan) to $5 million, with the average around $371,000.

Do Your Homework So what exactly are lenders looking for? Basically, they’re searching for clues that your business will be able to repay the loan, plus interest, with metronomic regularity. Most financial institutions will expect the loan to be fully secured. either with business assets or personal collateral. Having some skin in the game, meaning you have your own equity invested in the business, strongly works in your favor.

Lenders also will be looking at opportunities to profit from your success, so as your business grows, so will your business relationship. The buzzword in banking circles these days is cross-selling, so your business loan provider may also seek to be the issuer of your business’s credit cards and holder of your treasury accounts. Lenders will also be looking at you—your personal finance record, your credit score. your assets, your work experience, and your character. If you’re starting a business for the first time, having partners with the experience and track record that you lack may also be a requirement.

Continue Reading Below

The Questions You Need to Answer Once you’re ready to make your request, ask the financial institution for the documentation it requires. Then, be prepared to answer the questions, in depth, on the right side of the chart. Once you’re ready to make your request, ask the financial institution for the documentation it requires. Then, be prepared to answer the questions, in depth, for each of the categories listed below.

Purpose: What will the funds be used for? (Note that banks won’t lend for speculating, passive investments, pyramid sales or gambling.)

Amount: How much money do you want to borrow? Why that particular amount? Term and

Repayment Plan: For how long will you need the money and what is your specific plan for repayment?

Collateral: What assets, business or personal, do you intend to use as collateral? What is their market value? What portion of their value can you use as collateral?

Asset and Liability Statement: Your current, complete business asset and liability financial statements (your balance sheet).

Current Income and Financial Performance Statement: Your current, complete business statement of income and expenses (your profit and loss statement, or P L).

Business Plan Details: Your written plan for your business including goals and action steps, timetable, resource allocation, funding required, and related financial data. You may be asked for cash flow projections for at least a year.

Historic Financial Performance Information: Past business financial performance information under your ownership or under the previous owner’s ownership.

Other Information As Required: Information about you (your C.V. your loan Guarantor—someone who will pledge his/her assets and financials to guarantee repayment of the loan should you default. Guarantors can be a legitimate tipping point factor in getting a “yes” to the credit request.

If You’re Turned Down What do you do if you get a no? Don’t give up. Pursue the reasons for the rejection. Was it a procedural thing—a missing piece of information on the application—or something else? Then ask what would it take to get a yes.

You can then either alter your request accordingly and resubmit it, or take it elsewhere. If you keep hitting a brick wall, consider alternative sources of funding. Many entrepreneurs seek out financing from family and friends. Some use their available credit from credit cards or home equity lines of credit to finance their businesses.

If your no comes from a commercial bank, consider community banks and credit unions, many of which specialize in small business loans. You may also want to look into alternative sources of business credit, like Kabbage.com, which offers cash advances of between $500 and $50,000 to businesses that already have a performance record, such as online sales. If you do decide to go online to fund your business, be sure you understand all of the terms and conditions of the financing, as they can differ from conventional small business loans.





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Vets First Verification Program – Office of Small & Disadvantaged Business Utilization #business #bankruptcy

#business loans for veterans

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Office of Small & Disadvantaged Business Utilization

Vets First Verification Program

Temporary Change in Document Submission Policy for Current and New Verification Applications

During the month of September the Verification Program is undergoing a major transformation in response to feedback provided by the Veteran-Owned Small Businesses community. The modifications and enhancements will result in significant changes to our application process to improve the Veteran experience as we establish MyVA Verification. Document Submission Policy Changes

Help Desk: (866) 584-2344
Monday Friday
8:00am to 8:00pm (Eastern)

The Department of Veterans Affairs (VA) has special authority for Service-Disabled Veteran-Owned Small Business and Veteran-Owned Small Business (SDVOSB and VOSB) set-aside and sole source contracts.

Public Law (P.L.) 109-461 entitled Veterans Benefits, Health Care, and Information Technology Act of 2006 provides VA with unique authority for contracting with SDVOSB and VOSB. A new procurement hierarchy within VA for open market procurements was created which places highest priority with SDVOSB then VOSB. These small business groups are followed by 8(a), HUBZone, Women-Owned Small Business, then all other small businesses. This procurement authority, and its subsequent implementation, is a logical extension of VA s mission to care for our nation s Veterans. VA refers to this program as the Veterans First Contracting Program. See VA Acquisition Regulation Part 808, Required Sources of Supplies and Services. for the priorities in acquisition.

In order to qualify for participation in the VA Veterans First Contracting Program, eligible VOSB owners must first be verified. Start Verification

Center for Verification and Evaluation (CVE) Transformation

Candid feedback from SDVOSB and VOSB stakeholders indicated that CVE needed to increase customer service touchpoints within the existing Vets First Verification process. The MyVA Verification Application Transformation Trial outlines this organizational transformation and the improvements to Verification processing.

Verification Guides and Popular Fact Sheets

  • Initial Verification Application Guide – Outlines regulatory requirements in 38 CFR Part 74; assists applicants to comply with when applying for Verification.
  • 4 Steps to VA Verification – Provides snapshot of steps associated with Verification process.
  • What documents do I need to apply? – Lists required documentation necessary to apply for Verification.
  • Verification Application Required Documents Rationale – Provides insight on what documents are needed for Verification and how CVE reviews them to process Verification applications.
  • Reverification Process Fact Sheet – Read more about the Reverification process.
  • Average Verification Processing Time – View the average processing time of Verification applications over the last three months.

Verification Webinars and Town Halls

  • Verification Webinars and Town Halls – CVE hosts recurring training for interested SDVOSBs/VOSBs on different aspects of the Verification process.

Verification Assistance Program

VA has developed a Verification Assistance Program to help Veterans understand Verification policy and processes. The goal of this program is to reduce the risk of denial due to lack of understanding and misinterpretation of the regulation. Partnering Veteran service organizations and small business support organizations can provide assistance to Veterans who are interested in applying for the Vet First Verification Program.

VA Certified Verification Counselors

VA Certified Verification Counselors are trained by VA OSDBU to provide Verification application assistance to SDVOSBs/VOSBs. Counselor assistance is available at no cost to the Veteran and available throughout the United States, Puerto Rico, and Guam. Additional counselor assistance features include:

  • Provide insight regarding the interpretation of regulation 38 CFR Part 74
  • Review a firm s business model
  • Answer questions on how to use the Verification Self-Assessment Tool
  • Status Checks on where an applicant is in the Verification process

If you are a SDVOSB/VOSB applicant in need of assistance, visit the list of VA Certified Verification Counselors.

Verification Assistance Counselor Training

VA continues to offer its Understanding the VA Verification Process training series to certify Verification Counselors nationwide. Interested Procurement Technical Assistance Center (PTAC) Counselors and Veteran Partner Organizations interested in becoming VA certified to counsel Veterans are encourgaged to participate. View Upcoming Training Dates and Register for Training

Laws and Regulations

  • 38 CFR 74 – VA Veteran-Owned Small Business Verification Guidelines
  • 38 CFR 74 RIN 2900-AO49 – Interim final rule regarding the two-year Verification eligibility term for SDVOSB/VOSBs (See page 1, Center Column )
  • 38 U.S.C. 8127/8128 Veteran Benefits
  • P.L. 111-275, Sec. 104 Small Business Verification Act
  • 48 C.F.R. Parts 802, 804, 808, 809, 810, 813, 815, 817, 819, 828 852 Veterans First Contracting

Center for Verification and Evaluation Standard Operating Procedure (Last reviewed on September 29, 2015)

VA Moves Against Non-Compliant and Fraudulent Firms

CVE has established a process to report firms alleged to be non-compliant with one or more of the regulatory requirements for the Vets First Verification Program. Report firms believed to be non-compliant of 38 CFR Part 74 .

The VA Office of Inspector General is committed to protecting the rights of SDVOSBs/VOSBs by vigorously investigating and seeking prosecution of those who deprive Veterans who have earned the right to set-aside government contracts. Report fraud to VA OIG Hotline .

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