By Debbie Gregory.

This week, the U.S. Small Business Administration (SBA) announced that it will be launching an innovative tool on its website that will allow entrepreneurs looking for a small business loan to connect directly with an SBA lender.

The tool is called LINC, short for “Leveraging Information and Networks to access Capital.” By filling out a short online form, LINC connects entrepreneurs to lenders within 48 hours. The SBA hopes that through the utilization of LINC, the federal agency will be better able to provide guidance and ensure that more capital is reaching our nation’s small businesses.

“Effective today, LINC will bring entrepreneurs and SBA lenders together,” said SBA Administrator, Maria Contreras-Sweet.  She continued, “There’s a hunger among entrepreneurs to find financing to get their business off the ground or take the next big step in their expansion plan. The SBA stands there ready to help them, now with a few simple clicks.”

LINC users fill out a twenty-question online form, and their answers are sent to every lender in their county, as well as lenders with a regional or national reach. Once these lenders have reviewed the information, they respond directly to the entrepreneur within 48 hours. There are no fees and no commitment associated with LINC. It is a free federal initiative offered exclusively through the SBA

Contreras-Sweet went on to say, “Across the country, thousands of small business owners pound the pavement every day, looking for term loans, equipment financing, lines of credit, invoice financing, and real estate loans to help them hire and grow. If you have a bankable business idea backed by good credit and sound financial planning, the SBA wants to streamline the process for you to get the capital you need.”

It is the hope of the SBA that LINC will free entrepreneurs from feeling like their only lending option comes from one neighborhood bank. By using technology, LINC will help entrepreneurs get their foot in the door at multiple institutions, in one shot, and improve their access to the capital they need to start or maintain their small business.

Currently, there are 124 lenders across the nation participating in LINC. The SBA will look to expand into more traditional banking institutions that offer a more diverse menu of financial products.

For more information about LINC or to connect with SBA approved lenders, please visit https://www.sba.gov/tools/linc

The Veteran and Military Business Owners Association (VAMBOA) is a non-profit business trade association that promotes and assists Veteran Business Owners, Service Disabled Veteran Owned Businesses (SDVOB) and Military Business Owners. Small businesses are the backbone of our economy and responsible for job generation. That is why VAMBOA provides its members with Business Coaching, Contracting Opportunities, a Blog that provides information, Networking contacts and other resources. Membership is FREE to Veterans. Join Now!

VAMBOA: SBA Launches Program Connecting Entrepreneurs to Lenders: By Debbie Gregory

By Debbie Gregory.

Bottom line, it takes hard work, know-how, and tremendous determination for owners of small firms to be successful. Small business ownership is not about avoiding a forty hour work week, as many business owners put in closer to eighty hours a week to get their businesses up and running.

Close to 40 million businesses are started each year. Of these, approximately 350,000 survive and make money. So how can small business owners overcome the odds and make their company one of the success stories? Some of the keys to success depend on luck and timing. But many successful people and companies have sworn by a few key factors of success that they rely on, again and again.

Have a plan: Everyone in the business world agrees that having a plan is important. But plans don’t have to be big undertakings. Nor should they be a bar that you must always measure your current situation up against. Plans should start small, and expand over time. Initial plans should include identifying your target customers/clients, figuring out what their needs are, and how your business is going to meet those needs. Internal plans include establishing responsibilities, setting realistic short and long term goals, and devising ways to track your company’s performance.

Build a Dream Team: Just like in sports, one player cannot win championships. Yes, superstars make winning easier. But teams win when everyone knows their roles and plays their positions well. You may be a superstar worker at your company, but you can only do so much. Surround yourself with great players who are willing to follow your lead and play within your system. And don’t be afraid to add a few other superstars to your team, they can only add to your team’s talent level.

Consider your product: Is there demand for your product? Does it solve a customer’s problem? Are there products similar to yours in your market? How can you improve upon or out-do your competitions’ product or product delivery method? While running a successful business does require a lot passion, it must also fill a need (or serious want). And once you decide on a product, be sure to use your passion for your product to ensure that it is the best product of its kind in the market.

Constantly re-evaluate your process: Once you have the right product, people, and plan in place, it is important to generate and constantly improve upon your company’s process of creating, selling and distributing your product. Most business fail to do so, and as a result, fail to meet customers’ expectations. These expectations fluctuate, so it is important to stay on top of consumer trends.

The Veteran and Military Business Owners Association (VAMBOA) is a non-profit business trade association that promotes and assists Veteran Business Owners, Service Disabled Veteran Owned Businesses (SDVOB) and Military Business Owners. Small businesses are the backbone of our economy and responsible for job generation. That is why VAMBOA provides its members with Business Coaching, Contracting Opportunities, a Blog that provides information, Networking contacts and other resources. Membership is FREE to Veterans. Join Now!

Today, many Veterans are struggling to transition into corporate jobs, even as their own bosses. Many lack the specific business skills and confidence needed to succeed in this new environment. But why do these men and women, who thrived in uniform, consistently continue to struggle after separating from the military?

To answer to this question, Veterans should think back to the start of their military careers. Did they enter their branch of service automatically able to find success? Of course, the answer is no. Service members had to spend time learning the fundamentals of how to do their jobs, so that they would be capable of working and leading in their military occupation. And before that, they were sent on a crash-course, called Basic Training or Boot Camp.

Can anyone who served ever fathom beginning their military career without going to basic training first? That would be ludicrous. How would anyone expect to know about the basics of military life without going to boot camp first? In the same vein, Veterans can’t be expected to spontaneously know all they need to know in order to be successful in civilian careers and entrepreneurial ventures? But in reality, too many Veterans attempt to do so.

The good news is that there are programs, such as the one through the Entrepreneurship Bootcamp for Veterans with Disabilities (EBV) Foundation to assist them. The EBV program is designed to open the door to economic opportunity for Veterans and their families. This is done by developing their competencies in creating and sustaining an entrepreneurial venture. EBV is basic training for Veterans looking to start their own companies, but who need to learn the fundamentals of business and business ownership first.

Veterans who graduate from EBV leave with the knowledge, skills and confidence needed to start their post-military careers as businessowners. The program also offers graduates grant funding and a support system to better ensure success. EBV is free to all Veterans with a disability rating from the VA. To see all eligibility requirements and apply for an EBV program near you, please visit www.ebvfoundation.org

If you are interested in becoming an EBV mentor, donating to the program, or otherwise supporting EBV or Veteran businesses, please get involved here.

The Veteran and Military Business Owners Association (VAMBOA) is a non-profit business trade association that promotes and assists Veteran Business Owners, Service Disabled Veteran Owned Businesses (SDVOB) and Military Business Owners. Small businesses are the backbone of our economy and responsible for job generation. That is why VAMBOA provides its members with Business Coaching, Contracting Opportunities, a Blog that provides information, Networking contacts and other resources. Membership is FREE to Veterans. Join Now!

VAMBOA: Why You Need Bootcamp: By Debbie Gregory

Owning and operating a small business is one of the most demanding career choices that Veterans can make. Starting a new business is not a get rich quick scheme. Most newly-minted small business owners may have to put in a lot of hours and hard work in the beginning, but it pays off in the long run. Here are some tips provided by Veteran business owners that new small business owners might find useful:

Set the standard: As the owner, your employees will do as you do. Therefore, you need to lead by example. Whether its customer service, personal grooming, keeping your business clean or any other function specific to your company, hold yourself to the highest standard, one your employees can proudly emulate.

Put customer satisfaction before profits: When your customers are thrilled with the products and service that your company provides, they will return again and again, giving you repeat business. If, as an owner, you are more concerned with profits than your customers, it will show, and customers may not do business with you in the future. Customers are what generate profits.

Don’t neglect to pay yourself. You and none of your employees should ever go without pay. If your personal finances are a mess, it will distract you from what you need to do to help your business grow.

Learn from your mistakes: Small business ownership is not an exact science. There is not one book with all of the definitive answers containing the hidden secrets that your business can use to guarantee success. Small business ownership is all about learning your customer base, the community, and how to bring your business to them. Be aware of the risks, make bold decisions, and then learn from them.

Employees are your business’ most effective resource: Learn how to delegate, and don’t micromanage. Start by hiring the right individuals to work for you, and then, let them do their jobs with you as their confident, but not stifling leader. This ties in with customer satisfaction; customers who want good service know when they are dealing with employees who truly understand their job and do it to the best of their ability, and when an employee is handcuffed by micromanagement. No customer wants to repeat business with a firm whose employees aren’t capable of providing good service.

Show up: There will be days when you won’t feel like going to work. And as the boss, it would be easy to just take the day off. But don’t let the temptation to slack off a little ruin your business… because it will, if you let it.

Keep your integrity intact: At the toughest times, it may seem conceivable to shortchange a customer or employee, or hide a receipt from the taxman. But taking ethical shortcuts will always cost you in the long run. Besides, would you do business with someone who acted unscrupulously? Others might feel the same way.

The Veteran and Military Business Owners Association (VAMBOA) is a non-profit business trade association that promotes and assists Veteran Business Owners, Service Disabled Veteran Owned Businesses (SDVOB) and Military Business Owners. Small businesses are the backbone of our economy and responsible for job generation. That is why VAMBOA provides its members with Business Coaching, Contracting Opportunities, a Blog that provides information, Networking contacts and other resources. Membership is FREE to Veterans. Join Now!

VAMBOA: Tips from Veteran Small Biz Owners: By Debbie Gregory