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In this month's issue of Small Business News: April 2009
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Revolving Loan Fund, SBA Loans, and Credit Crisis Counseling
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SFMTA Central Subway Project RFP
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Make Me a Match! Procurement Summit
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SEACC's Victor Hsi: Strategies to Cope with the Economic Downturn
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News and Events |
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Small Business Loans
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Before applying, please 1) review the details about the program and 2) attend one of their workshops (see below). After doing both of these things, then contact Sandy Mackovich at Working Solutions at
415-655-5472 to discuss your business and determine eligibility. You will receive a call back within 24 hours. Working Solutions suggest you wait to hear if your project is eligible before completing the
application.
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Start-up Businesses Basic Eligibility Requirements:
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Significant experience in the same exact industry
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Secondary source of income
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A completed business plan
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Owner's equity injection into the business of at least 20% to 30% of the requested loan amount
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Existing Businesses Basic Eligibility Requirements:
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Workshops in English
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are at the SBA Entrepreneur Center, 455 Market Street, 6th Floor, San Francisco, CA 94105
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12pm to 1pm, Monday, April 20, 2009
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6pm to 7pm, Thursday, April 23, 2009
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10am to 11am, Tuesday May 5, 2009
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Workshops in Chinese
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are at the Working Solutions office: 611 Front Street, San Francisco, CA 94111
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2pm to 3pm Thursday, April 23, 2009
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2pm to 3pm Thursday, April 30, 2009
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2pm to 3pm Thursday, May 7, 2009
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Workshops in Spanish
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are at the Working Solutions office: 611 Front Street, San Francisco, CA 94111
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10am to 11am, Wednesday, April 22, 2009
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3pm to 4pm, Monday, April 27, 2009
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4pm to 5pm, Tuesday, May 5, 2009
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Other Loan Programs:
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$1,000 to $35,000 - 7(m) Microloans - contact SEACC, which is one of only two designated 7(m) lenders in the Bay Area. 7(m) microloans are direct loans to small businesses that need
$1,000 to $35,000. Typically, the business borrowers are unable to qualify for a bank loan. SEACC has a more flexible loan criteria than banks and can often make loans to businesses that are unable to obtain bank
financing. Businesses interested in this program should call SEACC directly at 415-885-2743.
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Over $35,000 - SBA 7(a) program is a small business loan guarantee program. Loans are made by commercial banks and guaranteed by the SBA for up to 90% of the value of the
loan. These loans are generally range from $50,000 to $2,000,000, but can be smaller in some cases. Businesses need to apply for these loans by way of a private bank. As part of the stimulus package, the
payment of a guarantee fee by the borrower is waived - a savings of up to 2% to 3.5% of the loan amount. The maximum loan amount for a 7(A) loan is $2 million. Loans can be used to repay existing debt, purchase
machinery, equipment, fixtures, and leasehold improvements. Contact your local banking institution or another 7(a) lender.
List of lenders (PDF):
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Minimum of $500,000 - HUD Section 108 Business Loans -We anticipate funds will be available for lending towards the end of 2009. Preliminary information: $500,000 minimum; interest rates
range from 0% to 8% depending on repayment term and level of risk, and loan terms must be no longer than 15 years fully amortized. Borrower must operate a business within the boundaries of the City and County of San
Francisco. The borrower must create or retain at least 14 full-time equivalent jobs that are filled by a low- to moderate-income San Francisco resident. If interested in being put on an information list including
updates, please fill out this
form.
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SBA 504 Loans - loan maximum amounts vary depending upon lender and borrower terms and equity injection. Contact your local lender or a financial institution from
this list (PDF) for more information on SBA 504 loans.
Architects and Engineers: A 30% SBE participation goal has been established for
Central Subway Project
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A pre-proposal conference will be held on April 28, 2009 at 10:00 AM at 1 South Van Ness Avenue, 2nd Floor, Atrium Conference Room to discuss the RFP and Small Business Enterprise (SBE)/Non-Discrimination
Requirements.
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Proposals are due by 5:00 PM on May 22, 2009.
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For questions regarding the Pre-Proposal Conference, contact Mr. Mario Gallardo at 415-701-4348.
District 1 Neighborhood Merchants Summit
Wednesday, April 29, 2009 ,8:00 – 10:30 am
Yet Wah Restaurant, 2140 Clement Street (at 23rd Avenue)
The San Francisco Chamber of Commerce is pleased to present
the
District 1 Neighborhood Merchants Summit in conjunction with Supervisor Eric Mar, local businesses and neighborhood associations to bring merchants toge
ther with
the
ir supervisor and city officials to discuss merchant specific issues.
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Supervisor Mar will make a presentation and conduct a question-and -answer session.
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Additional presentations will be scheduled on relevant small business topics.
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Merchants will also have a chance to speak with representatives from city departments and small business resource providers who will also be present.
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In addition to hearing relevant presentations,
the
Neighborhood Merchants Summit is an excellent opportunity to network with o
ther merchants in district 1 and streng
then neighborhood ties.
There is no fee to attend. Complimentary refreshments provided. Merchants not located in District 1 are welcome.
To register, contact
Paula Zamudio at 415-352-8818. More information can be found here:
http://www.sfchamber.com/eventsprogs/bizdev/programs_nms.php.
Make Me a Match! Procurement Summit - Attend Educational and Networking Roundtables providing expert discussions on many aspects of procurement and
opportunities to do business with other women business owners corporations, along with their Prime Suppliers, so they can explore contracting opportunities.
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Friday, May 15, 2009, 8:00 AM – 11:30 AM, Westin St. Francis Hotel
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*PLEASE NOTE: Registration to be matched and attend one-on-one appointments is now CLOSED. Registrants after April 1 can still attend Roundtables and corporate networking at the Procurement Summit.
Come to Sacramento to ensure that the Voice of Small Business is heard!
You are invited to participate in NFIB/California's first-annual Small Business Day at the Capitol, affording their members the opportunity to meet and discuss important small business issues
with state legislative and administration leaders.
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Tuesday, April 21
5:30 – 7:00 pm | Welcome Reception
Hyatt Regency Sacramento | 1209 L Street
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Wednesday, April 22
7:30 – 8:00 am | Registration
8:00 am – 12:30 pm | Small Business Day Program
1:00 – 4:00 pm | Legislative visits at the Capitol
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2.
Small Business Commission |
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April 13 meeting highlight:
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Streamlining the Procurement Process
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SBC is collaborating with the Mayor's Office, Supervisor David Chiu, and the Human Rights Commission (HRC) on improving the procurement process for small business.
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SBC's focus is to work with City departments to direct and increase the amount of dollars prime vendors allocate into the local San Francisco economy and increase Local Business Enterprise (LBE) participation.
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At the SBC meeting, Rob Black, Director of Public Policy at the SF Chamber of Commerce, shared research and best practices from other jurisdictions' procurement processes.
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SBC to work with HRC to gather information on the services and products the City needs, as well as increase the number of certified vendors available for department's Request for Proposals (RFP).
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Get LBE certified today.
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Watch the SBC meetings on
SFGTV
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Meeting times, agenda, and minutes are available on the
website.
A Joint Entertainment and Small Business Commissions Forum The Night Time Economy - Survive and Thrive. Entertainment
Commission President Audrey Joseph and Small Business Commission Past-President Michael O'Connor hosted a forum to talk late-night strategy encouraging businesses to work together. Presentations by the City's Chief
Economist, banks, industry vendors, including beer and liquor distributors, and the SF Chamber of Commerce.
Here are some highlights and findings:
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The economic impact for the City from the night-time entertainment industry is just as important as the City's tourism industry.
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To obtain advocacy support, the forum encouraged the industry to work together and communiciate their concerns.
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State Senator Mark Leno spoke on the importance of the industry during these times.
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The industry should share promotional resources, and prioritize and seek solutions for Alcoholic Beverage Control (ABC) issues.
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The Entertainment and Small Business Commissions will continue to work together.
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For more,
Watch the NBC news coverage.
The next SBC Meeting is on Monday, May 11, 2009. The SBC meets on the 2nd Monday of the month at 5:30 in room 400 of City Hall.
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Small Business Week |
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Save the Dates - May 16-23 is San Francisco Small Business Week.
From Survive to Thrive in 2009, Join Small Business Week in San Francisco
From May 16-23, join the Small Business Administration (SBA), Mayor Gavin Newsom, San Francisco Small Business Commission, San Francisco Chamber of Commerce, Wells Fargo Bank, Council of District Merchants, Small Business
Network and many more as we celebrate Small Business Week in San Francisco and turn our outlook from survive to thrive! Small Business Week is a national celebration that honors the spirit and impact of small businesses.
Locally, we offer a wide array of events that honor those who make our community unique by hosting a wide range of events that inspire, educate and connect us.
On May 16, merchants all over San Francisco will hold sidewalk sales in more than 19 different neighborhoods to show off the style, creativity and plain old neat stuff that you'll find throughout San Francisco's
local business corridors.
On May 18, we have our Gala Kick-off, Flavors of San Francisco, hosted by the Mayor Gavin Newsom, San Francisco Small Business Commission, SBA, SF Chamber of Commerce and Wells Fargo Bank. The celebration is a
must attend networking opportunity for small business owners which also includes a resource fair, awards ceremony, and highlights some of the unique City's restaurants and lounges.
Register now for Flavors of San Francisco.
All week long we host free workshops on hot topics including Lean and Green: How Sustainable Business Practices Can Help In The Downturn; Online Marketing & Social Media for Small Businesses; Brand Building
101; How to Navigate the FX Markets in a Turbulent Global Economy; Access to Capital Workshop; How to Start a Small Business; Low Cost, Big Return Marketing for Your Small Business, Mine Your Own Business; Small Business Cash Flow
Management and more. Additionally the Chamber of Commerce will host an After Hours Grand Expo at AT&T Park, a green business conference hosted by PG&E as well as networking events! Click on the
Calendar of Events.
San Francisco Small Business Week is made possible by the generous support of the following sponsors: Wells Fargo, Pacific Gas and Electric, HP, Visa, First-Step Marketing, Straus Events, Comcast and the San
Francisco Business Times.
Please support your local merchants by coming out for the
sidewalk sales on May 16th!
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4.
Shop Local SF Campaign |
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The Shop Local campaign launches in May. Visitors and Bay Area residents will see posters and messaging on bus shelters, bus tails, inside the buses on car
cards, and on small local business store front windows. The campaign showcases locally-owned businesses and reminds patrons to shop local, that doing so benefits our local economy at a higher rate (3 times more!)
than buying from online or non-local business.
Click here to learn more about why you should shop local.
The Bay Guardian is a featured sponsor of the campaign. ShopLocalSF is also on
Twitter.
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The Small Business Assistance Center is the city's central point of information and assistance for small businesses located in San Francisco, providing one-to-one case management assistance
including information for licenses and permits, business technical assistance, tax credits, and business resources to help business grow and thrive.
Last month, we omitted the following: SBAC would like to thank Assemblywoman Fiona Ma and her office for helping our clients resolve the Seller's Permit issue. Our office would not
have gotten the quick response to clarify the type of identification required to obtain a permit without her office's intervention.
Car Washers, Did You Know?
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Workshops and Technical Assistance Resources
Small Business Administration April, May, June Classes - the SBA offers a variety of classes including the following:
Credit Crisis Counseling Workshops
Contact Gary Marshall at 415-744-6771 from SBA and inquire about a schedule and location of upcoming workshops.
Location: The Entrepreneur Center, located at 455 Market St., 6th Floor in downtown San Francisco. For more information, please contact Gary Marshall at (415) 744 6771 or
gary.marshall@sba.gov
Northeast Community Federal Credit Union Workshops
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Thursday, May 21, 2009 – "How to Start a Business"
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Thursday, June 18, 2009 – "How to apply for a Business Loan"
Workshops are conducted in Cantonese or Mandarin (with English translation).
Time and Location: 7-9 pm at 17 Walter U. Lum Place in Chinatown.
Strategies to Cope with the Economic Downturn: What you can do to reduce operational expenses and increase sales, by Victor Hsi, Business Director at SEACC
These are specific strategies we have suggested to our small business clients to help them survive in these difficult economic conditions.
1. Cash Management – Owners should keep a written record of daily sales and expenses. Based on these records, owners can make better decisions on what to do each day/week, e.g. 1) Are sales declining
or growing? 2) Are expenses at budgeted levels? 3) Are there unexpected sales or expenses? Use your monthly bank account statements as tools to help you manage your money. Compare your written records of daily transactions with
your bank statements. They should match closely.
2. Vendor negotiation – Owners may be able to get price reductions from vendors for higher volume purchases, by switching to different brands, or secure better credit terms. These should be discussed
with all vendors where purchases are substantial.
3. Lease negotiation – Even if you're locked into a multi-year lease, it may be possible to renegotiate lease terms with landlords. Landlords may be willing to do this in order to avoid future defaults
and vacant properties.
4. Staffing - Owners need to seriously consider whether to lay off staff that are consistently underperforming in terms of your expectations for them. Some businesses are also reducing all staff
compensation by a small percentage (e.g. 5%) in order to save money and avoid individual terminations. But this should be discussed with staff beforehand so that everyone understands what is at stake.
5. Health benefits and employment taxes – If the business offers these, owners can look at the option of switching to less expensive health plans. Higher deductibles or less coverage. Employee
contributions to healthcare costs can also be raised. If taxes on workmen's compensation insurance, or state disability are high, you may also be able to get these reassessed to a lower rate by discussing these with the appropriate
government agency staff.
6. Debt negotiation – Some banks may be willing to renegotiate loan payments or loan interest rates. Or they may be willing to refinance at a lower rate. Credit is tight these days but banks are
also interested in keeping you current and avoiding loan defaults.
7. Financing – If the business is doing well, owners should apply for additional business financing. Owners should seek to have extra money in the bank to prepare for sharp slowdowns in sales or
unanticipated expenses. A line of credit is preferable to a term loan since it provides more flexibility and can be tapped or paid off as needed.
8. Sales and Marketing – All small business owners need to do each of the following in today's market:
a) Understand your target customer base. Who are they? Why do they like to buy from you?
b) If you have repeat customers, who are your top customers? What can you do to retain them?
c) Who are the most likely new customers? How can you get information to them about your products and services in inexpensive ways? Make a list of these potential customers.
d) Develop a sales strategy for the next 6 months. Prepare a list of weekly tasks you and your staff need to follow through on. Have weekly meetings with staff and assess what you have
accomplished the previous week and your tasks for the coming week. After 2-3 months, assess how you are doing and whether you need to modify your sales strategies.
9. Accounting Records – Keep good accounting records. These will help you determine whether the above efforts have been effective.
Victor Hsi is the Business Director at the Southeast Asian Community Center (SEACC), a non-profit small business lender and technical assistance provider in San Francisco. They are funded under the Mayor's
Office of Community Investment and are one of two designated SBA 7(m) Microloan lenders for the SF Bay Area. For more information on the loan programs and services for small businesses, call 415-885-2743 or e-mail Ada Lu at:
seaccada@yahoo.com. They provide services to all small business owners regardless of ethnicity.
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Comments, Suggestions, or Questions?
Do you have any comments, suggestions, complaints, or questions about our newsletter or anything else small business related? Email us at
sbac@sfgov.org or call the office at 415-554-6134.
Remember to Shop Local in San Francisco! |
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Small Business Assistance Center
City Hall, Room 110, 1 Dr. Carlton B. Goodlett Place, San Francisco, 94102
Monday through Friday, 8AM to 5PM.
website:
http://www.sfgov.org/sbac
415-554-6134 (general)
415-554-6181 (en Espanol)
415-554-6489 ( )
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