Pace University SBDC

On January 17, the Pace University Small Business Development Center (SBDC) co-hosted a Meet the Small Business Lenders Forum & Networking session. Held here at  Pace University’s downtown campus, the event attracted over 100 existing small business owners and aspiring entrepreneurs seeking practical strategies for financing their business venture.

The session was highlighted by two panels of small business lenders who provided insight into what they look for when evaluating a loan application, their typical loan terms, and the documents needed to apply. The panels were moderated by Pace SBDC Director Andrew Flamm, and included representatives and loan specialists from Chase, TD Bank, Santander Bank, HSBC, Carver Bank, Accion, BOC Capital, Business Center for New Americans, Excelsior Growth Fund, Hebrew Free Loan Society, Lower East Side People's Federal Credit Union, Renaissance Economic Development and TruFund Financial Services​.

Before and after the panels the thirteen lenders met one-on-one with small business owners to assess the source of capital that was best suited for their respective needs. We were also very pleased to welcome Evelyn Cruz, District Director for

U. S. Congresswoman Nydia Velazquez, who presented and highlighted the importance of small business financing and U.S. Small Business Administration (SBA) loan programs in driving local economies, as well as the Congresswoman’s support of the national network of SBDC centers as the Chairwoman of the House Committee on Small Business. ​

Finding and acquiring new clients is integral to a small business’ growth for both existing and new ventures. Whether you're a general contractor seeking new construction projects, or a designer looking to test your products in the marketplace, a wide range of web-based platforms exist to help connect small business owners with new client prospects.

Government procurement is the process by which government entities obtain needed goods and services. Securing government contracts is a process that can be learned. Keep in mind that a business does not have to be big to sell goods and services to the government. The most important thing is the company’s ability to fulfill the obligations of its contract, not the number of employees on its roster.

Procurement opportunities can be broken down into three levels – those at the Federal level, with New York State and New York City government, and government authorities (MTA, Port Authority, Dormitory Authority etc).

These are the general steps when embarking on your government procurement journey.

1)       Obtain a http://Data Universal Number System (DUNS) Number  

2)      Enroll your business in the System for Award Management (SAM), the official website to register to do business with the Federal Government. There is no cost to use SAM.

3)      Create an account with the New York State Contract Reporter (NYSCR), NYS' official source of contracting opportunities . All state agencies, authorities, state universities and public benefit corporations advertise bid opportunities valued at $50,000 or more on this website. In addition, many New York municipalities, museums, libraries, and elementary and secondary schools, as well as eligible not-for-profits, advertise bid solicitations on the NYSCR site.

4)      Complete your CAPABILITY STATEMENT, a one- or two-page document that summarizes your (you guessed it!) capabilities. It's an at-a-glance cheat sheet for government agency procurement officers and prime contractors that tells them the essentials about your business to help assess your experience and whether you offer the products/services they're seeking. It is effectively a resume for your business.

5)      Complete the application for relevant certifications.  As you gather required documents, be sure to keep copies as some will be required for more than one application.

6)      Contact your SBDC Business Advisor to sign up for BidLinx™ , New York SBDC's government contract “bid-matching” service. It is a Web-based program that monitors thousands of Federal, State, County/Local Government bid sources and sends email notices of opportunities tailored to match a firm’s products, services and capabilities.  BidLinx™ is free to SBDC clients in New York State but you can only be enrolled by an SBDC Business Advisor.

The Pace University SBDC was pleased to host three SBDC team members from the Instituto Tecnológico y de Estudios Superiores de Occidente (ITESO) in Guadalajara, Mexico to share best practices in providing targeted small business assistance programming. The ITESO team is meeting with a number of NYSBDC centers as part of the Small Business Network of Americas (SBNA) program, which is sponsored by the US Department of State to develop partnerships and expand the SBDC model in the Western Hemisphere.

Happy Social Media Day! Founded in 2010, this holiday was formed to recognize and celebrate the impact of social media on global communication as well as small business. In honor of Social Media Day, we've decided to share some insight into some of the many social media channels that small businesses use on a daily basis to market themselves. With so many options, it’s important to recognize that not all content needs to be shared across each platform. Rather, it’s more effective to post material to each social media platform that is most relevant to the users of that specific platform.

Facebook: It is the largest platform of them all, and is great for building brand loyalty and relationships with followers by letting them know targeted information about the business such as sales, events and new product launches. It has a very strong advertising platform to reach consumers of all ages as they go through their newsfeeds. This is a good platform to post on when you have more to say.

Twitter: This is an effective platform where your business can establish a brand voice and converse directly with your audience. This is a great platform for sharing shorter messages, specifically 280 characters or less. It is used to share news and articles, with hyperlinks to your website or other content. It can also serve as a platform to address customer service issues and public relations information.

Instagram: This platform is simply focused on high resolution images that can speak “a thousand words” about your brand. The content a business shares on Instagram is a visual representation of your brand, encouraging consumers to take action. More recently, short videos have become popular as well. With the right utilization of hashtags and geotagging, potential consumers can be exposed to your brand from all over the world.

LinkedIn: This is the best platform for B2B interaction, serving as a great way to network with prospective customers as well as partners. Additionally, many users publish industry articles and trends to gain exposure and be seen as a trusted expert. It is also an invaluable resource when it comes to small businesses that are prescreening and assessing candidates for job opportunities.

Tumblr: This platform is primarily used as a blog extension for small businesses that want to share regular educational articles related to the product or service they offer. Businesses write articles that provide insight and value to potential customers who are researching and in the decision making process. As it caters to a younger population, it is recommended to be used by businesses that are marketing to younger audiences.

Pinterest: Another visual platform that enables retail and food businesses to showcase their products in a lifestyle setting. This platform makes it easy for fans to pin themselves in pictures with the products. Additionally, businesses can create organized boards with their variety of offerings and followers can re-pin to easily share your product and brand with others in a digital word-of-mouth form.

This is just a sample of the many platforms out there for small businesses to leverage for lead generation. For more specific marketing strategies tailored to your particular business, email or call us to schedule an appointment with a business advisor to discuss further.

The Pace University Small Business Development Center (SBDC) partnered with Turner Construction Company to host a third cohort of entrepreneurs for the MWBE & Small Business Contractor Training Program. This free twelve-session program focused on building the capacity of minority and women-owned business enterprises (MWBEs) and other small businesses in construction or related fields, and helping them develop strategies for landing new contract opportunities. Many of the sessions were led by Turner Construction employees who are experts in their respective fields, and also included presentations by Pace SBDC staff, small business lenders as well as City and State agency procurement and certification leads.

Throughout the program participants learned the essentials of the construction management business, from the technical (Building Information Modeling, estimating, procurement) to the managerial (field operations & management, small business financing, and site safety) to the administrative (responding to an RFP, insurance and bonding). As a complement to the workshop sessions, the Pace SBDC provides 1:1 counseling sessions to a number of program participants on securing working capital, developing capability statements, identifying relevant procurement opportunities, and building a website.

In addition to coursework, the program creates opportunities for participants to network with peers, instructors and others in the construction industry. The program concluded with a graduation ceremony in which 32 program participants were awarded with a workshop completion certificate, many of whom we continue to work with on a one-to-one basis.

Earlier in June, the Pace University Small Business Development Center (SBDC) hosted a Financial Resources Night, welcoming six financial institutions, the U.S. Small Business Administration, and Turner Surety and Insurance Brokerage. This session was part of the MWBE & Small Business Contractor Training Program the Pace SBDC is hosting with Turner Construction Company to help build the capacity of small businesses in construction or related fields, and develop strategies for landing new contract opportunities.

The Financial Resources Night featured a panel discussion with the six small business lenders: Carver Federal Savings Bank, Excelsior Growth Fund, JPMorgan Chase Bank, Santander, TD Bank and TruFund Financial Services, that was moderated by Pace SBDC Director Andrew Flamm. We were also very pleased to welcome Evelyn Cruz, District Director for U. S. Congresswoman Nydia Velazquez, who presented and highlighted the Congresswoman’s support of small business’ access to financing and of the national network of SBDC centers as the Ranking Member of the House Committee on Small Business.

The panel focused on the range of financial programs that benefit firms in the construction and related industries, including the contract financing programs launched by New York State and New York City to help small businesses execute government contracts (Bridge to Success and the NYC Contract Financing Loan Fund, respectively). Several panelists also highlighted the benefits of SBA 7(a) and 504 small business loan programs and how they can help provide much needed working capital as well as financing for fixed assets such as equipment and real estate.

At the 2018 NYSBDC staff training conference, the Pace Small Business Development (SBDC) team attended a range of workshops and connected with NYSBDC colleagues from throughout New York State to learn best practices for small business assistance.

Our client, Leonardo Molina was awarded with the Impact Business of the Year award. Leonardo has been a client of the Pace SBDC since 2009 when he was working to launch his first restaurant, Arepera Guacuco. He has recently opened his third restaurant, Guacuco Bed Stuy.

Pace SBDC director Andrew Flamm and business advisor Anish Thakkar earned designations as New York State-certified business advisors. Andrew also co-moderated a Small Business Contract Financing panel with Bronx SBDC director Clarence Stanley, featuring small business lending panelists from Excelsior Growth Fund, Carver Bank, TruFund Financial Services , and Newtek.

Earlier this week, Pace SBDC partnered with City Bar Justice Center’s Neighborhood Entrepreneur Law Project (NELP) to host a free legal clinic where volunteer attorneys from Cleary Gottlieb Steen provided 1:1 assistance to entrepreneurs on specific legal issues their businesses face. Attendees came in prepared with a range of legal questions on operating agreements, and were also able to receive assistance on how to determine the best legal structure for their business as well information on drafting and reviewing business contracts.

The Pace University Small Business Development Center (SBDC) has partnered with Turner Construction Company to host a third cohort of entrepreneurs for the MWBE & Small Business Contractor Training Program. The program's focus is on building the capacity of minority and women-owned business enterprises (MWBEs) and other small businesses in construction or related fields, and helping develop strategies for landing new contract opportunities.

This year’s National Small Business Week was held from April 30-May 5 to recognize and celebrate the impact that outstanding small business owners from across the nation have on their communities. The Pace University Small Business Development Center (SBDC) participated in and hosted a range of small businesses activities. The Pace SBDC enjoyed hosting a table as part of the US Small Business Administration (SBA) New York District Office’s International B2B and Small Business Resource Forum, which provided an opportunity for hundreds of small businesses to connect with 40 government agencies and other small business service providers. As part of the event Pace SBDC Director Andrew Flamm had an opportunity to both present to attendees regarding business plan best practices, as well as co-lead an “elevator pitch” demonstration for SBA Emerging Leaders and other participating small business owners. In support of Small Business Week, the Pace SBDC also partnered with the City Bar Justice Center’s  Neighborhood Entrepreneur Law Project (NELP) to host a commercial lease negotiation workshop, providing an in-depth understanding of key terms and factors to consider when entering into a commercial lease.

Leading up to Small Business Week, center director Andrew Flamm presented at a ‘Meet the lender’ forum hosted by the SBA New York District office, where he spoke about the range of services that the NYSBDC network offers. Held at the SBA’s office in Lower Manhattan, the event was highlighted by an engaging panel of bankers and alternative lenders moderated by SBA New York District Director Beth Goldberg, as well as a presentation detailing SBA’s key small business loan programs. The SBDC’s from Pace University and NYC College of Technology (Brooklyn) also partnered to host a table where they met with entrepreneurs seeking to grow or launch their business

March 15, 2018

The Pace University Small Business Development Center (SBDC) is proud to support the growth of women-owned small businesses here in New York State, In fact, nearly 60% of our small business clients are women.  

New York is home to over 725,000 women-owned businesses who account for over $105 billion in annual sales (source: 2012 US Census data). In recognition of National Women’s History Month, we wanted to shine a light on/celebrate a few recent women-owned business success stories.

Dominique Taylor

The Storyscape

Founded by Dominique Taylor in 2016, Storyscape is a web-based platform that provides entertaining interviews with authors and book reviews via video, serving as a “Reading Rainbow for millennials." Since launching Storyscape Ms. Taylor won a $50,000 award at the National Black Programming Consortium Pitch Black Forum from a panel of public media and industry executives to produce four episodes of a literary arts web series project.

Read more about Storyscape here

Jessica Schreiber

FABSCRAP

​FABSCRAP is a non-profit organization that repurposes textile waste from fashion clients such as Nautica, Eileen Fisher, and the BF+DA. Founder Jessica Schreiber was awarded $65,000 by the judges of Lifetime Network's Project Runway Fashion Startup, and also won a $2,500 first place award at the NY Small Business Development Center Pitch Competition. A self-described “trash nerd” who managed the NYC Department of Sanitation’s e-waste and clothing recycling contracts, Ms. Schreiber is expanding the business in April to a larger space in the Brooklyn Army Terminal.

Read more about FABSCRAP here

Katie Osborn

Via Collective

Katie Osborn launched her firm Via Collective in 2009 after serving in graphic and wayfinding design roles in both the private and public sector. Since that time Via Collective has landed wayfinding service projects from clients such as the MTA, NYU, and New York City Parks Department. To prepare for new opportunities arising outside the tristate area, Ms. Osborn’s firm secured a $50,000 revolving line of credit and added two new jobs.

This week the Pace University Small Business Development Center (SBDC) partnered with certified Wix Web designers James and Lorraine, to host an interactive workshop on how to build a small business website from scratch. Our hands on training session allowed attendees to begin building out their website as they followed along. The web designers provided detailed instructions on how to create a website from pre-designed templates, and demonstrated how to navigate through the WIX editor and use its “drag and drop” features. By the end of the workshop, many attendees had built an initial draft of their own small business website.

The Pace University Small Business Development Center (SBDC) recently partnered with the renovation matchmaking platform Sweeten to host a small business financing workshop. The session was geared toward firms in the construction industry, and featured presentations from lender representatives from Carver Federal Savings Bank ,  New York Business Development Corp , and TruFund Financial Services.

Check out the Pace SBDC's workshop calendar, including sessions on Small Business Accounting, Kiva Crowdlending Platform's 0% Interest Loans, Government Procurement Strategies, Financial Statements, and Franchising.

The United States Small Business Administration (SBA) is a Federal agency that offers financial assistance programs in support of its mission to “help Americans start, build and grow businesses.” While the SBA does not make direct loans to small businesses, they do offer two key longer-term financing programs that enable new or expanding small businesses to secure permanent working capital and purchase equipment and/or real estate.

The first of these programs is the SBA 7(a) Loan Program, through which participating banks and other small business lenders receive a guarantee that the SBA will repay a portion of the loan if the business borrower defaults on payments. This guarantee significantly reduces the risk to the lending partners, helping new businesses, those with imperfect credit and others who would otherwise have difficulty securing financing. Small businesses may use 7(a) loans for working capital, inventory, machinery and real estate purchases, as well as to start a business or refinance debt.

Participating SBA 7(a) lenders make loan determinations and negotiate terms with borrowers, with fixed or variable interest rate typically up to 2.25% and 2.75% higher than an underlying index for loans up to seven years and more than seven years, respectively. The term of loan is up to 25 years for real estate, 10 years for equipment and seven years for working capital.

SBA 7(a) loans of more than $150,000 each carry a guarantee fee ranging from 3% to 3.75% for loans with a term of more than one year that can be included in the overall loan proceeds. The guarantee covers 85% of loan amounts up to $150,000, and 75% for larger loans up to $5 million. Borrowers must also provide a personal guarantee and a lien will be placed on available assets (both business and personal), though the SBA will not decline a guarantee if the only unfavorable factor is insufficient collateral.

Businesses apply for a 7(a) loan directly through participating lenders, who use their own forms and review business’ submissions such as personal and business tax returns, projected financial statements and business plan to make their determination. In turn, lenders submit their request for a guarantee to the SBA to originate the loan. Alternately the SBA Express Loan Program provides a guarantee of up to 50% for loans of up to $350,000. This program provides small business borrowers an accelerated turnaround time within 36 hours, while lenders offer interest rates of up to 4.5% and 6.5% higher than an underlying index for loans up to $50,000 and more than $50,000, respectively.