While not a local resource, every small business owner should be familiar with Business.gov, “The Official Business Link to the U.S. Government.”  This online resource designed specifically for small businesses offers information for all aspects of a business’ operations and life cycle.  Since various Federal agencies run Business.gov, the site emphasizes helping small business owners comply with regulations and connect with government programs. That is the core purpose, to give small businesses a one stop portal through which they can find all the information they need to stay in compliance with regulations from multiple agencies and take advantage of opportunities to work with the government.

The site’s resources are effectively organized by topic.  General Business resources are organized by business phase and resources sorted by specific industry can be found under the “Industries” tab. Users can also find state specific resources, such as the North Carolina Small Business Guide. Another useful feature of the site is the Business.gov Community page, where small business owners can find active forums and discussions on all things small business.

Business.gov does not supply all the resources one would need to get started but it is a great place to begin learning about the legal and regulatory issues involved with opening a new business. And if doing business with the government plays a large role in the business plan, getting familiar with Business.gov is a must.

News from the week ending August 7th

• The Better Business Bureau of Eastern North Carolina warned consumers of scams involving the Cash for Clunkers program.  Information about the program itself can be found here.
• Wake Tech Business students did tremendously well at this year’s Phi Beta Lambda National Leadership Conference.
• Local Harrington Bank received notice from federal regulators that it needed to improve its lending practices or face closure.
• It look like the tax provision that caused Amazon to cut ties with its North Carolina affiliates is still around.
• The Green Plus Program formed an exciting partnership with the American Chamber of Commerce Executives that will make the program available to the 1.2 million businesses represented by ACCE members.
• The Chapel Hill - Carrboro Chamber of Commerce is headed to China.

Facts and Figures

• Forbes magazine recently evaluated U.S. cities with working mothers in mind. Raleigh placed 18th on that list out of 50 cities considered.
• The Census Bureau reports that U.S. Capital spending has increased 17 percent, or almost $201 billion, over the period 2000-2007.
• Income growth slowed in the Triangle during 2008. Not surprsing really, but now we have the numbers, thanks to a federal report.

[where: 27514]

Launched in June 2007, the North Carolina Lawyers for Entrepreneurs Assistance Project (NC LEAP) could be a crucial resource for small business owners hoping to continue operations, expand, or even start a new venture during the recession. Just as it becomes more important to watch every little detail, business owners have fewer funds and less time to tend to every aspect of their operations. Legal issues are as important as any other for a start-up or expanding business, and NC LEAP’s pro bono legal services for low-wealth entrepreneurs could make the difference for anyone opening a new business or trying to keep an existing business going. The North Carolina Bar Association Foundation saw that business owners and entrepreneurs had difficulty accessing high-quality legal services and that making affordable legal services available could have a tremendous impact on the success of many small businesses.

So attorneys from the Business Law Section of the NC Bar Association created NC LEAP to provide pro bono services to low-wealth entrepreneurs. The following, from the Project’s website, describes some of the services they offer:

“NC LEAP and our volunteer attorneys offer a full range of civil and transactional legal services to low-wealth entrepreneurs including:

The program very specifically targets low-wealth entrepreneurs, defined as “an individual who makes 80% or less than the state median income relative to the size of his or her household.” Detailed eligibility guidelines are found on the NC LEAP website, as is the Small Business Application.  Small businesses can also apply for services online.  NC LEAP also puts on free legal clinics which are open to all business owners; the Center for Sustainable Enterprise will host a legel clinic on October 21st, at the UNC Kenan-Flagler Business School.

For more information, contact the program directly:

PO Box 3688
Cary, NC 27519
Email:  ncleap@ncbar.org
Phone:  (919) 677-0561
Fax:  (919) 657-1585

[where: 27514]

• The chatter of returning students won’t be the only new sound on Franklin Street in August. The Chapel Hill Downtown Partnership and the Chapel Hill Mayor’s Office have launched “Franklin Street comes Alive!” a six week initiative designed to attract more people to the downtown area and support local businesses. The initiative will hire local artists to entertain in three locations on Franklin Street and hopes to bring more people downtown while showcasing local talent at the same time.
• Executives from chambers of commerce all over the country gathered this week in Raleigh for the 2009 annual convention of the American Chamber of Commerce Executives. Stephen R. Covey, Rahaf Harfoush and Stuart Varney featured as the keynote speakers for the event which took place at the brand new Raleigh Convention Center.
• The Chronicle of Higher Education named Wake Tech one of the “Great Colleges to Work For” in 2009. The school recieved recognition in the categories of Work/Life Balance, Confidence in Senior Leadership and Internal Communications.
• A recent class-action settlement with Nationwide Mutual Insurance Co. could affect close to 305,000 North Carolinians. Consumers can find more information online about the settlement, which addressed  concerns that Nationwide underpaid policyholders when compensating them for damaged property claims.

Facts and Figures

• Sales of new homes rose dramatically in June, 11% over May’s figure.
• Out of the nations 100 largest labor markets, 98 experienced job losses over the past year.

[where: 27514]

It looks like the A.R.C. Loan program of the SBA may underachieve.  Previously, we’ve mention changes or new programs of the SBA in its efforts to get capital flowing to small businesses.  But now we’d like to echo this New York Times blog post entitled “Have You Tried to Get an  A.R.C. Loan?”

If you have any stories or experiences of trying to get A.R.C Loans in the Triangle specifically, share them with us and your fellow entrepreneurs in a comment or an email!

We’ll fix this economy yet!

Starting any business can be hard. Starting a business that tries to pay attention to three bottom lines can be even more difficult. Though accustomed to managing a financial bottom line, managers and entrepreneurs face new challenges when they attempt to look after the environmental and social impacts of their operations.   Understanding this, the Kenan-Flagler Center for Sustainable Enterprise started the Business Accelerator for Sustainable Entrepreneurship (BASE) in the spring of 2008 to assist triple bottom line businesses. It is the first business accelerator of its kind in the state

BASE clients have access to workshops, training, funding sources, networking sessions and pro bono services from the program’s Resource Partners, which include B Lab, NC LEAP, Smith Anderson, The Change and Sustainable Capitalism (view a full list here). Below is a graphic (from the BASE website) which illustrates the full network of resources BASE seeks to mobilize for fledgling companies. From BASE’s perspective, area entrepreneurs are not the only ones to benefit from the program. BASE’s vision includes the UNC academic community and the broader, state-wide community. UNC Business students participate in consulting projects with BASE clients and gain valuable experience and insight into triple bottom line business practices. The larger community benefits from a growing sustainable business sector.

The BASE program began with a pilot program and has since moved into its full scale operation.  Some of the current participants include: Cara Green, North Carolina Choices, and JustNeem.  The most recent call for applicants is closed, but BASE will make another call for applicants in November 2009.  Interested entrepreneurs can find the application and a description of the application process here. The BASE program collects an annual membership fee, listed as $600 for businesses with 5 employees or fewer and $1000 for businesses with more than 5 employees. The website does say that partial and full scholarships are available.

Interested entrepreneurs should visit the webpage (here) and review the application page (here). For more information contact:

Jessica Thomas

919-962-4259

jessica_thomas@unc.edu

Center for Sustainable Entreprise, Kenan-Flagler Business School

• The R&R Grill opened on Tuesday, offering Franklin St. a new place to eat. The new restaurant features indoor and outdoor seating, and a late nite menu. The owners, father and son team Rob and Ross Moll, hope to build a broad customer base with competitive prices and an inviting atmosphere.
• Metro Magazine recognized four area restaurants in the 2009 Best Of issue. Readers voted to honor 411 West, 518 West, Mez and Squid’s, all operated by the Chapel Hill Restaurant Group.
• Entrepreneur Magazine picked Chapel Hill as one of the best start up cities in the country. According to this article in the Triangle Business Journal, however, in the content of Entrepreneur Magazine’s article there may have been some confusion between Chapel Hill and Raleigh.
• In Washington, members of the House and Senate will have to work out the details between two bills which modify the Small Business Innovation Research program. What could the modifications mean? According to this article in the Triangle Business Journal, “bigger, but fewer, SBIR awards.”  Also, read this New York Times blog post for more commentary on what is at stake with the changes.

Facts and Figures

• The Triangle Business Journal announced who it will recognize at its 12th Annual Women in Business Awards luncheon in early August.
• The SBA raised the limit for guarantees of surety bonds from $5 million to $10 million.

[where: 27514]

Four businesses recently received recognition for using of one of the area’s unique small business resources to become more sustainable and competitive. The Green Plus Program from the Institute for Sustainable Development aids businesses in evaluating and implementing sustainable business practices.  The Institute promotes triple bottom line sustainability and from through collaboration between local universities, chambers of commerce, businesses and philanthropic organizations.

For $550, businesses gain access to a web based diagnostic tool which evaluates the company’s practices in regards to “People, Planet, and Performance”.  Registering also grants businesses access to an extensive sustainability How To guide and the national Green Plus Directory. A reduced fee, $350, is available for businesses who register through their chamber of commerce and sole proprietorships can register for $75. (A listing of participating chambers of commerce can be found on the website). Businesses can also pose questions to the Institute for Sustainable Development and its partner organizations through the “Ask Us” feature. In addition to the Green Plus tools, businesses benefit from the learning community which has sprung up among the many participating businesses and institutional partners, such as Duke University, UNC Chapel Hill and various local chambers of commerce.

On July 9, The Redwoods Group, Riley Life Industries, Bland Landscaping, and Zemo Trevathan & Associates became the most recent businesses to recieve full Green Plus certification.

To get started towards certification of your own company, visit the Green Plus registration page.

For more information call 919-357-9992 or send an email to info@gogreenplus.org

You can also read the Green Plus blog here.

[where: 27514]

• On July 10th, the SBA took further action to make more capital available to small businesses. Changes to the SBA’s Small Business Investment Company Program increase the availability to SBICs of SBA guaranteed funding, require that 25 percent of investment go to “smaller” businesses, and raise the levels of SBA funding that can go to SBICs. Read the SBA’s press release here and an article from the Triangle Business Journal here.
• The well known Siena Hotel and Il Palio Restaurant have been sold for $7.3 million. The new owner, Aanika Hotels of Morrisville, plans to spend about $3 million for renovations according to this article by Jeff Drew from the Triangle Business Journal.
• Plans to build the Triangle Expressway, the state’s first toll road, got a boost on Monday when the U.S. Deptarment of Transportation approved a $386 million loan for the project.
• A bill under consideration in the N.C. Senate provoked a strong response from the Carolinas chapter of the National Association of Theater Owners. The bill would increase the tax on movie tickets from 1 percent to 7 percent. The National Association of Theater Owners makes the case that the increased costs would reduce consumer’s entertainment options, place a greater burden on already struggling theaters, and hurt surrounding small bussinesses due to decreased foot traffic.
• North Carolina home builders may soon have the option of deferring payment of county and municipal property taxes on unsold inventory. State lawmakers sent the bill to Governor Bev Purdue on Thursday, July 9.

Facts and Figures

• Both Forbes and Money magazine ranked Apex as a great place to live. The Town placed as the 3rd best place to move in the country according to Forbes and  the 44th best place to live according to Money magazine.

Whether or not they view it this way, the business owners and executives who volunteer with SCORE Chapel Hill - Carrboro give back a valuable resource to their communities: experience and wisdom. The nation wide Service Corps of Retired Executives (SCORE) offers free counseling sessions to small business owners and entrepreneurs looking to strengthen an existing business or start a new one. Clients meet with highly educated and experienced SCORE counselors who are also members of the communities in which most of their clients do business. The Chapel Hill - Carrboro chapter began providing its services in 1981 and currently serves Orange and Chatham counties. It boasts more than 20 counselors who volunteer their time with local small businesses. In addition, SCORE coordinates training seminars with small business centers at local community colleges.

SCORE also provides online resources through the local chapter’s website, the national organization’s website or the SBA, with whom SCORE is a resource partner.

The Chapel Hill - Carrboro chapter resides at the Chapel Hill - Carrboro Chamber of Commerce. Interested entrepreneurs can contact SCORE via their website or by phone at:

(919) 968-6894

104 South Estes Drive

Chapel Hill, NC 27514

Other local chapters include Raleigh SCORE and Greensboro SCORE

[where: 27514]

• InnerOptic received a $99,462 Small Business Innovation Research Grant from the National Institutes of Health. The Hillsborough-based company, which spun off from UNC-CH, has received a total of $300,000 in grant funding so far.
• Citizens for Responsible Government recently formed in order to add a pro-development voice to the debates surrounding the upcoming Town Council and Mayoral election in Chapel Hill.
• State regulators shut down North American Real Estate Services for fraudulent activities. Affected customers can apply for a refund through the N.C. Commissioner of Banks.
• Greenfire Development received approval from the Historic Preservation Commission for the nine story office building it has  planned for Downtown  Durham.
• Orange County Commissioners recently voted down a ban on drive thrus, but the issue may come up again in the fall.
• Former stockbroker Hugh Anthony Wilson from Chapel Hill pleaded guilty to fraud on Monday.
• The Franklin Hotel has new ownership. Wintergreen Hospitality bought the hotel for $14 million.

Facts and Figures

• The Institute for Sustainable Development certified four N.C. businesses through the Green Plus program and recognized nine others for having completed the first step in the small business sustainability certification program. The Redwoods Group, Riley Life Industries, Inc., Bland Landscaping and Zemo Trevathan & Associates all received full Green Plus certification.
• UNC-CH received the honor of being one of the nation’s “Great Colleges to Work For” according to the Chronicle of Higher Education. Go Heels!
• Seasonlly adjusted initial claims for unemployment insurance fell by 52,000 for the week ending July4.

Click on the post’s title to see all the great events happening next week! Click on the event title for more information including location and registration information. If you would like to submit to the Coming Up! Calendar, send an email to tarheel.ledger@gmail.com with the date, time, location, title and link to online information.

July 14

Business After Hours 5:30pm - 7:00pm (Apex)

Sustainability Committee Meeting 6:30pm

July 15

Chapel Hill Leads Group 7:45am - 9:00am

Lunch & Learn Seminar “Prospecting Like Your Business Depends on it” 12pm -1:30pm (Knightdale)

July 16

Business After Hours @ Performance Auto Mall 5:30pm - 7:30pm (Chapel Hill)

In 2000, when EmPOWERment, Inc. opened the first small business incubator in Orange County, they had visions of rejuvenating the Midtown Business District. To see that vision become reality they started the Midway Business Center and gave it a special focus on the local economy and creating jobs for low- to moderate-income people.

At the business center, start up companies can take advantage of various resources Midway hopes will help them succeed. First, the business center offers office space and access to office equipment and a conference room. Charles Williams, who manages the Midway Business Center, tries to maintain between 10-14 tenants in the facilities on the N. Graham Street. Tenants occupy various size offices and benefit from sharing the cost of things like copiers, faxes, and electricity.

Secondly, the Midway Business Center offers businesses technical assistance and continuing business education. Some of these opportunities occur on site; for example, on July 15^th the Business Center will host a workshop entitled “Building Your Business Brand and Your Marketing Message.” Williams also makes sure tenants are aware of the many opportunities available through local community colleges and other business development organizations. All tenants must complete three hours of continuing education per quarter and seminars off and on site may count towards this requirement.

The best resource though, may come from Williams himself. As the on-site manager, he surrounds young businesses with entrepreneurs working to achieve similar goals and exposes them to new information and resources. Aside from acting as the landlord, Williams sees his role as helping the businesses make the connections they need to succeed during the start up phase. He frequently sets up new entrepreneurs with mentors from SCORE or the SBTDC. He directs people to events like the SBTDC’s Pre Venture Orientation, and always makes sure his tenants know what’s coming up at local small business centers.

While all of Midway’s current members are also tenants, associate memberships are also available. An associate does not occupy office space at the Business Center but can utilize the other services for a monthly fee of fifty dollars.

Interested entrepreneurs make first contact with Williams. He guides businesses through the application and helps them evaluate if working with the Business Center is the right move for the company. While some business incubators focus on a particular industry or sector, Midway does not seek out one particular type of business. Although the facilities cannot support a restaurant and are not well suited to high tech research and development, the building enjoys a diversity of businesses; the building’s directory includes a taxi service, tax preparation service, a home design build firm, an online gift marketplace, and an international development non-profit.

Recently, making arrangements for three new tenants has kept Midway’s manager busy. A sense of momentum and the idea of bringing entrepreneurs together around shared interests and educational opportunities excites Williams. “My goal is for it to be the living room of the small business community,” Williams said.

For more information, visit the website and view the Midway Business Center FAQ. Entrepreneurs interested in taking advantage of the Midway Business Center should contact Charles Williams at:

(919) 967-8779

cwilliams@empowerment-inc.org

109 N. Graham Street, Suite 200

Chapel Hill, NC 27516

• Bloggers and news media have set the web abuzz with news of Amazon.com’s decision to end its affiliate program in North Carolina. Amazon’s action came in response to pending state legislation which would force the online retailer to collect sales tax on “remote sales” made through affiliates located in North Carolina. The move could have a significant impact on mnay online small businesses who include commissions from the program in their revenue stream.
• Southern Village’s Subway has become the first stand alone LEED-certified restaurant in North Carolina. LEED certification signifies that a building has been constructed to a high level of green standards.  This store is only the second in the Subway family to recieve LEED certification.
• The Chatham County Chamber of Commerce is now accepting applications for its business leadership program.  The Leadership Chatham program operates on a first come, first serve basis and aims to develop leaders for Chatham County.

Facts and Figures

• In the Census Bureau’s report released this week, local cities ranked among the top 25 fastest growing large cities in the nation. Cary was ranked third, Raleigh eighth, and Durham 16th amongst the nation’s fastest growing cities between July 1st, 2007 and July 1st, 2008. (An article about the rankings is available here.)
• The Consumer Confidence Index published by the Conference Board dropped 5.5 points to 49.3 in June. (Article here.)

Click on the post’s title to see all the great events happening next week! Click on the event title for more information including location and registration information. If you would like to submit to the Coming Up! Calendar, send an email to tarheel.ledger@gmail.com with the date, time, location, title and link to online information.

July 7

NXLevel Business Planning First Session 9am - 12pm

July 8

Chapel Hill Leads Group 7:45am - 9am

Economic Development and Public Policy Committee 8am - 9:30am

Voter Owned Election Public Information Session 7pm

July 9

Small Business Roundtable on Health Reform 6pm - 8pm, Pittsboro (info towards bottom of page)

July 10

Business Before Hours with Breakfast Briefing 7:30am - 9:30am

Business in Education Partnership 8am - 9:30am

A recent post on the New York Times blog You’re the Boss discusses potential shortcomings of the changes to the SBA’s 504 loan program. The article highlights some of the complexity of the 504 program, complexity which may mean the changes have a diminished impact.

The article interested me however, with another reason it gave for why this particular stimulus effort may underacheive. The 504 program targets expansion projects. Based on interviews with lenders, the article suggests that the rule changes, which now allow 504 funds to be used for refinancing, could have little impact since expansions are few and far between in the current economic climate.

But I’ve read, that despite the recession, Triangle growth and business activity has remained relatively strong. If that’s true, the SBA’s changes could have a significant impact locally, even if the national splash is small.

Triangle entrepreneurs, what do you think? What kind of impact will the SBA’s changes to the 504 program have on your small business during a recession? Could it be the difference between hunkering down and stepping forward to seize an opportunity?

When it created the Carrboro Revolving Loan Fund in 1986, the Town of Carrboro aimed it squarely at the task of creating jobs . That focus continues today and is especially relevant as unemployment rises in the Triangle. The Revolving Loan Fund provides loans to for-profit and non-profit businesses for projects including, but not limited to: construction and renovation, acquisition of property and equipment, and inventory. There is a minimum loan size of $1,000 and no strict maximum, though the largest loans are typically around $50,000 or $60,000. The length of the loan term can also vary, but it is usually tied to the length of any lease involved in the project.  The program considers other projects but always evaluates proposals through the lens of job creation or retention. While it is not its only aim, a requirement that projects create or retain at least one job for every $10,000 they recieve from the loan fund ensures that the program promotes job growth in Carrboro.  Furthermore, the Town of Carrboro specifies that the fund targets jobs for low or moderate income persons.

All of the criteria the Economic Sustainability Comission uses when evaluating a loan can be found on the program’s website, but here are some highlights:

• the proposed project must be located within the area for which the Town of Carrboro has planning authority
• the fund does not make loans for working capital or debt refinancing.
• The fund will only make a loan to any individual one time.
• Applicants must show proof that they have been rejected by at least two banks.

The town uses this last requirement as a way to direct their funds towards those who truly need them. This mechanism helps keep the town’s lending program from overlapping with other sources of funding available to entrepreneurs; instead, the Carrboro Revolving Loan Fund provides a unique and useful funding source in the capital landscape for the entrepreneurs of Carrboro.

Interested business owners or entrepreneurs can access the application at the Carrboro Revolving Loan Fund’s website. Funds are subject to availability. For more information, and to find out if funds are available, contact James Harris, the Town’s Community and Economic Development Director:

(919) 918-7319

jharris@townofcarrboro.org

301 W. Main St.

Carrboro, N.C. 27510.

Readers can also find an article about the Carrboro Revolving Loan Fund from the News and Observer in 2007 here.

[where: 27510]

• On Wednesday the SBA announced changes to the 504 Loan Program that will help small businesses refinance  eligible existing debt and improve their cash flow. During any downturn improved month to month cash flow can allow a business to keep operating and maintain, if not create, jobs. According to the SBA News Release, “Small businesses seeking to expand will be able to refinance existing loans used to purchase real estate and other fixed assets.”
• You can also read about the SBA’s ARC Loan Program here. This program provides bridge loans to viable small businesses who are really   feelilng the squeeze of the recession.
• Hillsborough may separate the Town into two fire districts with the hopes of improving safety and reducing insurance costs. The proposal being considered may have its own costs, though, since it includes some new fire prevention codes. The proposal would create two fire districts in the town, a primary district covering the central downtown area and a secondary district covering the rest of town. Having separate districts would allow for differing insurance rates which the Town hopes will create an overall cost saving on insurance.  The Town is gathering information to present to the Town Comission “by late July, at the earliest.” The proposal would also help the Town comply with the 2011 International Code. You can read a press release about the proposal here.

Facts and Figures

• According to the Commerce Department, sales of new homes fell 0.6% in May, while the National Association of Realtors reported that sales of used homes increased 2.4%. The Mortgage Bankers Association also reported a 7% increase in mortgage loan applications from the week before. You can read a summary article about the housing market from AP Real Estate Writer Alan Zibel here.
• Durable goods orders rose 1.8% in May. You can read an AP article breaking down more of this week’s economic data here.
• Chapel Hill has recieved 3.75 million in stimulus money so far. In total the town aims to recieve 4.74 million.
• For the week ending June 20, seasonally adjusted initially claims for unemployment insurance increased 15,000 over last week’s revised figure.

Click on the post’s title to see all the great events happening next week! Click on the event title for more information including location and registration information. If you would like to submit to the Coming Up! Calendar, send an email to tarheel.ledger@gmail.com with the date, time, location, title and link to online information.

June 29

USA Baseball Extra Innings Triangle Networking Event 5:00pm - 7:30pm (for members of the Chamber of Commerce and the Triangle Networking Group)

July 1

Chapel Hill Leads Group 7:45am - 9:00am

How to Stay Competitive in Tough Economic Times 11:30am - 1pm

[where: 27514]

I missed this event when I made the Coming Up! Calendar for this week but when I discovered it I thought it deserved special attention. Social networking technology like Facebook and Twitter have become quite the fad lately. While they have their more nefarious and inane uses, they can be used for good! Sites like Facebook, Twitter, and Linked-In offer powerful networking and communication tools. Relationships and the ability to communicate effectively rank among the most prized assets of a small business owner or entrepreneurer.

The National Association of Professional Organizers is offering a workshop entitled: “What Social Networking Will Do For Your Company’s Bottom Line.” Martin Brossman will lead the class, which will last from 5:30 - 8:30pm on Thursday, June 25th. The event is open to the public and there is a $35 cost.

The workshop is taking place at the Hampton Inn & Suites located at:

6121 Farrington Rd.
Chapel Hill, NC 27517

For more information, visit the link above. You can also call (919) 345-2846.

If you go and get started using twitter, you can subscribe to updates from the Tarheel Ledger. Just search tarheel_ledger.