In commemoration of Black History Month, the Small Business Administration (SBA) takes great pride in celebrating the remarkable journey of a Black-owned small business that has flourished through the invaluable support of the SBA’s 8(a) Business Development Program. On today’s episode of the SBA Update, we are honored to have Vickey Evans, the esteemed President and CEO of the CORG Management Group, and Allen Thomas, the distinguished Regional Administrator of the SBA, join us. 

CORG Management Group was established in 2008 after Evans spent 15 years in corporate America. CORG is a construction facility and maintenance company primarily located in Columbia, South Carolina, but touches all across the southeastern region. 

Key Takeaways 

1. The SBA 8(a) program is an excellent initiative to highlight during Black History Month. Apart from all of their other programs, the 8(a) program creates an equal playing field for historically economically disadvantaged populations in the country. The program was designed and developed to establish opportunities for government contracting for all. It creates generational wealth opportunities for populations of color who have historically been excluded.

2. Thomas noted that during World War II, large companies had access to all of the contracts, and every year, the federal government has nearly $600 billion in government contracts. However, through the SBA, they ensure that 23% of government contracts are reserved for small businesses.

3. Over the past several decades, the program has served as a trustworthy business development platform. Since enrolling in the program, Evans, for example, has been educated about the assets of her business she wasn’t confident in, such as marketing, joint ventures, and sub-contracting. Furthermore, Evan notes that the application process can be tedious, but it won’t take as long if all your books are in order. For example, it only took Evans six months to be approved for her loan.

4. Thomas highlights some additional criteria of the loan application process, including prior work experience in 8(a) firms and the majority ownership of minority or equally disadvantaged segmentation. To learn more about those specifications, you can visit SBA.gov. Individuals must also have had a business operational for at least two taxable years.

5. The program is a nine-year program that allows businesses to have opportunities to learn, grow, and mentor those further down the economic chain. For example, Evans has received several 8(a) awards, including a construction build project, a multimillion-dollar contract; in Puerto Rico, they have a construction five-year $25 million contract, and then the most recent contract was the ten-year $80 million contract. “So being in this program has helped us move along and receive these additional contracts,” Evan says.

"Try to focus on those areas you have proven past performance, and that will yield you a better chance of being awarded a contract." – Vickey Evans.

Small business owners are the backbone of the U.S., creating jobs and generating wealth for their communities. But many entrepreneurs feel that they are ignored by their government, left to flounder as big corporations take all the credit for American prosperity.

Small Business Administration (SBA) Deputy Administrator Dilawar Syed and Southeast Regional Administrator Allen Thomas join The SBA Update to discuss how government policy is driving small business growth and diversity.

Syed is a successful entrepreneur and public official who oversaw various commerce-focused initiatives during the Bush, Obama, and Biden Administrations. He has played a crucial role in bridging the gap between the small business community and lawmakers, giving entrepreneurs a voice in politics and helping Congress make informed policy decisions. Syed and Thomas discuss what the federal government is doing to support small businesses in 2024 and beyond.

Key Takeaways

1. Small business creation is at an all-time high, with more and more entrepreneurs seeking to launch their own startups than ever before. Both the SBA and the Biden Administration have played a key role in fueling this economic boom.

2. Capital is a necessity for fledgling entrepreneurs. To help the growing number of new businesses access critical funding, the SBA removed a moratorium on small business lending, allowing the number of loan providers to increase, and streamlined lending guidelines to make the loan application process easier and faster.

3. The SBA not only oversaw a record-breaking number of business applications in 2023 but also saw diversity among entrepreneurs improve. Syed attributes this to bipartisan legislation that has led the government to invest in American communities at a rate not seen in decades.

4. Syed recently attended the White House Initiative on Asian Americans, Native Hawaiians, and Pacific Islanders Economic Summit. The event is part of a series of programs dedicated to discussing and solving the difficulties facing under-served communities. Syed notes such meetings are especially important for minority entrepreneurs, who often struggle to start or grow their businesses due to systemic inequality.

5. The SBA is helping small business owners from diverse backgrounds achieve success. Syed notes that more women are becoming entrepreneurs than ever before. The Biden Administration is also looking to distribute 15% of all government contracts to socially disadvantaged businesses in 2024.

6. Many entrepreneurs feel too intimidated by bureaucracy to pursue government contracts. However, Syed notes that the SBA is there to support small business owners and can help guide them through the process.

"Try to focus on those areas you have proven past performance, and that will yield you a better chance of being awarded a contract." – Vickey Evans.

One of the best times to support small businesses is during the holiday season. On the latest episode of the SBA Update, Sherry Hartley, President of Alabama Goods, and Allen Thomas, SBA Regional Administrator, join us. The SBA has helped support Hartley’s business during the pandemic, and now her company will be opening its third location just in time for the holiday shopping season. 

Alabama Goods is a locally owned retail establishment focusing on Alabama-made goods situated in Homewood and Huntsville. The proprietors, Sherry Hartley and Beth Staula, take great delight in selecting regionally produced goods from Alabaman artisans, food makers, and craftspeople that can be bought as souvenirs or added to gift baskets. When they opened their second site in Huntsville, the pandemic caused a lot of anxiety and uncertainty. However, thanks to the Paycheck Protection Program (PPP) granted by the US Small Business Administration, they were able to keep their employees and proceed to open a second store. 

Key Takeaways: 

1. Small businesses have undoubtedly been the most affected by the pandemic. Still, they continue to develop into the most ambiguous, innovative, and creative companies in terms of evolving their operations to suit what they need for success.

2. In the past two years, the SBA has witnessed the opening of over 14 million new enterprises, with a notable increase in the number of women-owned businesses. Moreover, Thoams believes the number of small businesses has increased in recent years primarily due to the transition of corporations to online shopping. 

3. After Hartley’s store closed during the pandemic, they had to adapt and develop innovative ways to deliver fresh products to their customers to meet global demands. For instance, candle vendors started producing hand sanitizers instead of candles, and textile vendors began making face masks for the locals. 

4. November 25 was Small Business Saturday. “Small Business Saturday generated 17.9 billion in revenue alone in 2022, and we anticipate a 25% increase for 2023,” Thomas claims. Thomas further mentions that for every $100 spent on local small businesses, $73 is returned to the community. 

5. Despite inflation and current interest rates, Hartley isn’t worried about the recent opening of her third store in Hoover, Alabama, because they have advertised and built on that anticipation. She says, “There are things consumers can get from small businesses that larger stores don’t provide.” In addition, “We continuously modify our products in response to customer feedback. 

6. Head to your local chamber of commerce online or SBA.Gov/Saturday to learn more about small businesses in your area. 

"Try to focus on those areas you have proven past performance, and that will yield you a better chance of being awarded a contract." – Vickey Evans.

October is National Women’s Small Business Month, and there are over 13 million women-owned businesses in the U.S. As a result, organizations like the SBA provide resources to help women entrepreneurs. On this edition of the SBA Update, we’re joined by Leslie Zinn, CEO of Arden’s Garden, and Allen Thomas, SBA Regional Administrator.

Zinn developed a deep-seated fascination for health and nutrition at a young age since she was raised drinking various nutritional concoctions as Arden’s daughter. She continues to create and cultivate the business, cementing Arden’s Garden’s position as the finest juice company in the Southeast. 

Key Takeaways:

1. In the 1970s and 1980s, SBA was used as a vessel to assist Zinn’s mother in navigating how to sell her cold press smoothies and juices. 

2. Thomas noted, “With the post-pandemic era, we saw a trend of women exploding the entrepreneurial landscape.” 

3. SBA assists women entrepreneurs daily by helping them with training and resources for free. “SBA’s goal is, every new business idea, we want banks competing for your products, so we have 136 women’s business centers across the country, so for free, you can set up an appointment, walk in, and we find you partners to launch your business,” says Thomas. 

4. The federal government gives out $368 billion in contracts annually; currently, 23% of that goes to small businesses, and 5% is specifically designated for women-owned SMBs.

5. SBA had over five million more women lending last year than in the previous three years. 

6. Thomas said, “If you’re an entrepreneur, come see us at SBA. If you’re in it for the long run, understand cycles will come and go, but good products and good ideas will follow through.”

"Try to focus on those areas you have proven past performance, and that will yield you a better chance of being awarded a contract." – Vickey Evans.

Expanding your business can be difficult, especially if you don’t have the necessary funds. However, you can get funding through an SBA loan. We’re joined on today’s episode of the SBA Update by Allen Thomas, SBA Regional administrator, and David Dafoe, the CEO of Flavorman.

One of the nation’s foremost experts on flavor is David Dafoe, founder of Flavorman. Dafoe founded a business focusing on technical development after realizing the need for technological innovation in the beverage sector. Flavorman is a trend-setting force because of his dedication to establishing the best standards for research, quality, and customer assistance. Flavorman stands out in a cutthroat business thanks to its distinctive, team-based approach to client interactions.

Key Takeaways:

1. Dafoe secured building spaces for Flavorman by utilizing the Small Business Administration’s (SBA) 504 loan for the first 15 years of operation. 

2. SBA commends Dafoe for his perseverance because it’s common for entrepreneurs to foster tunnel vision. David believes, “Dafoe is a shining example of how entrepreneurs don’t have to go it alone.”

3. SBA provides free training on connecting with investors, lenders, partners, and exceptional mentors for startups and even highly successful businesses. 

4. The SBA’s Community Advantage Loan Program gives women, minorities, veterans, and underserved communities access to the resources they often lack. 

5. The program also works with incarcerated people because they want to ensure that every one in three Americans achieves the American Dream. “Every American deserves the tools necessary to grow, scale, and manage their businesses.”

6. “It’s our job to amplify these available resources for SMBs to connect.” For example, due to the tremendous success of the community program, SBA intends to implement the program permanently to aid the funding gap. 

7. The Community Advantage (CA) pilot program expires September 30, 2023. CA pilot lenders interested in transitioning to a Community Advantage Small Business Lending Company should contact SBA at caloans@sba.gov.

"Try to focus on those areas you have proven past performance, and that will yield you a better chance of being awarded a contract." – Vickey Evans.

This month the Small Business Administration, SBA, is celebrating 70 YEARS of assisting entrepreneurs nationwide with resources, capital, educational programs, and so much more. The agency made the commitment back in 1953 and has been playing a pivotal role in small businesses since. On today’s SBA Update, we’re joined by Allen Thomas, SBA Regional Administrator, to share how they’re helping entrepreneurs today.

Whether you’re trying to start a local business or have world-domination aspirations, the SBA is the place for you. For example, companies like Nike, Apple, Ben & Jerry’s, Chipotle, Under Armour, and so much more began their journey with the advice, investment, and details provided by the SBA. Allen claims that as an entrepreneur, you may be great at technology or great in your particular business, but you may have no clue how to put the structure together. So, the SBA provides resources like the small business development centers, SBDC. Allen says, “That’s the real secret of SBA; we have a circle of resource partners in every community.” 

The sole purpose of SBDCs is for entrepreneurs to walk in with an idea that will later get turned into a business plan or model. Then retired executives will determine whether you’re funding ready, or if not, they’ll give you ways to improve it. 

New initiatives:

As of recently, SBA launched its new initiative catered to the women and men surrounding the military and their families. The Military Spouse Pathway to Business program exposes military spouses to the essential components of entrepreneurship through a live or online course. The course provides a focused curriculum, peer group, and schedule tailored to the needs of military spouses. The program teaches the fundamental skills needed to create a business plan and assess business ideas. The program also offers avenues for spouses to get start-up money, technical support, and land contracting opportunities.

In addition, SBA’s Veteran Business Outreach Center offers training, government contracting opportunities, and programs to highlight specific advantages to push its free Boots to Business initiative that demonstrates business fundamentals from walking in and starting from the beginning. Allen says, “All we need is your passion to be successful.”

Technology:

The ability to grow and change has been detrimental to the organization as America continues to change. Statistics show that this decade will be for women entrepreneurs, particularly the women of color entrepreneurs. Allen asserts, “Our team is trying to meet them where they are, show them they can access capital, and show them we can get them the proper support and resources to launch their business and do so internationally.”

For more information, go to SBA.Gov or reach out to Allen personally at Allen.Thomas@SBA.gov

"Try to focus on those areas you have proven past performance, and that will yield you a better chance of being awarded a contract." – Vickey Evans.

For decades, the U.S. Small Business Administration (SBA) has supported small businesses with guidance, funding, and other resources. In ASBN’s newest exclusive, The SBA Update, we’re joined by Allen Thomas, SBA Regional Administrator, to give us insight into the latest news and updates. 

As Region IV Administrator, Allen Thomas will oversee SBA programs, offices, and operations in the SBA’s Southeast region, serving Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee. Thomas is a former three-term mayor, businessman, entrepreneur, and public and private enterprise leader. 

COVID restrictions reintroduced many small businesses to the SBA. The organization has billions of resources and is the gatekeeper for over 35 million small businesses. Thomas notes, “The core mission of SBA has always been having access to traditional lending, to capital, and aids businesses on launching a business, building a business, and how to do government contracting and disaster contracting.”

This year, Thomas asserts, “We are celebrating our 70th anniversary.” He continues, “The great thing about SBA; it brings all these resource partners like small business development centers, the scoring chapter of retiring executives, women business centers, and all those entities work together to measure our success.”

The element

“Today, only at times of disaster response do we directly lend money,” asserts Thomas. In those incidents, SBA ensures everyone is safe while offering ongoing assistance for slight business recovery. In 2022, there was $43 billion in lending that SBA served as a financial backing for those lends. The organization also provides 90% of the support for any loan to small businesses through traditional banks. However, Thomas notes that the 504 and 7A loans, which cover everything from starting or launching a business from $500 to $5 million- depending on what firms require- have been found to have quite favorable lending terms and rates.

Getting started

Every year, $700 billion in federal contracting are left with the $1.2 trillion of the recently passed infrastructure, the most significant infrastructure infusion the country has seen since the ‘New Deal.’ Thomas asserts, “If you are any small contractor unaware of the infrastructure, you should be.” 23% of the annual $700 billion government funding must go to small businesses in the underserved, minority, Women, and veterinarians markets. Therefore, you don’t want to miss the opportunity for SBA to provide your small business resources to federal contracts or help establish your credit. SBA utilizes your financial profile to prepare business owners on the steps to be financially prepared. 

For more information on accessing traditional loans and more SBA resources, visit SBA.Gov.

"Try to focus on those areas you have proven past performance, and that will yield you a better chance of being awarded a contract." – Vickey Evans.