SBA Massachusetts Newsletter | August 2015

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August 2015

Awards & Announcements Roundup

U.S. Small Business Administration - Massachusetts District Office

Inaugural White House Demo Day

whdemoday

On Tuesday, August 4th, the White House hosted the first-ever Demo Day where innovators from across the country were showcased.  You can watch the recorded event here

As part of Demo Day, the SBA announced the winners of two competitions (Startup in a Day/Growth Accelerator Fund) and the launch of the second round of another competition (InnovateHER). 

Congratulations to all of our Massachusetts winners!

Startup in a Day - Start Small Competition ($50,000)

  • City of Boston

Growth Accelerator Fund Competition ($50,000)

  • Greentown Labs
  • Incite Health
  • Fraunhofer Techbridge

> Complete Demo Day Fact Sheet

InnovateHER 2016: Innovating for Women Business Challenge

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Building on the success of the SBA’s inaugural 2015 InnovateHER Business Challenge, which we piloted in early 2015, Administrator Contreras-Sweet and the Office of Women’s Business Ownership are pleased to announce the launch of the SBA’s InnovateHER 2016: Innovating for Women Business Challenge in partnership with Microsoft.  The InnovateHER Challenge is a national prize competition aimed at unearthing products and services that impact and empower the lives of women and families through local business competitions that culminate in a live pitch Final Round. Up to 10 Finalists compete for the Top Three cash prizes totaling $70,000 provided by Microsoft. 

InnovateHER’s first round goes live early August 2015.  From August 5, 2015 through December 2, 2015, universities, accelerators, Resource Partners, Microsoft stores and other organizations will host local competitions.

> Read more

Interested in Hosting a local
InnovateHER Business Challenge? 

Massachusetts District Office is looking for host organizations to help facilitate local business competitions.  In general, this means holding a local business competition between now and December 2, 2015, selecting a winner from that competition, and submitting a Nomination Package to the SBA no later than December 3, 2015.  
If interested, please contact: RHNelson@sba.gov


Office of Women's Business Ownership

Erin Andrew, SBA Assistant Administrator for Women's Business Ownership, recently visited our office!  The Massachusetts District Office hosted a series of visits to partners and friends throughout the state including: Center for Women & Enterprise in Boston, the new Fairmount Innovation Lab in Dorchester, Roxy's Grilled Cheese in Allston, CraftRoots Brewery in Milford, TechSandBox in Hopkinton, and Greentown Labs in Somerville.  

new
 

In the picture above are: Bob Nelson, MA District Director; Seth Goodall, New England Regional Administrator; Susan Rittscher, CWE President & CEO; Erin Andrew, Assistant Administrator for Women’s Business Ownership;  Susan Byers, Program Manager, Office of Women's Business Ownership; Lisa Gonzalez-Welch, Economic Development Specialist/Women's Business Center Rep.  

fairmount

In the picture above is Seth Goodall, New England Regional Administrator; Liora Beer, Founder & Executive Director of Fairmount Innovation Lab; Melanie Grenier; Erin Andrew, Assistant Administrator for Women’s Business Ownership; Bob Nelson, MA District Director; Junior Gustavo; and Anne Hunt, MA Deputy District Director.   

Massachusetts Lending *as of 8/7/15

MA is #3 in Overall Loan Approvals

 

Grand Total: 59,230
LA District Office2,936
MICHIGAN District Office: 2,290
MA District Office: 2,224

 

MA is #1 in Loan Approvals Under $50,000

Grand Total: 18,669
MA District Office: 1,161
CLEVELAND District Office: 862

MA is #2 in Loan Approvals Under $150,000 and Underserved

Grand Total: 16,923
LA District Office: 888
MA District Office: 773

MA is #3 in 7(a) Loan Approvals

 

Grand Total: 54,317
LA District Office: 2,622
MICHIGAN District Office: 2,144
MA District Office: 2,012

 

MA is #5 in 504 Loan Approvals

 

Grand Total: 4,913
LA District Office:  314
ILLINOIS District Office: 261
SOUTH FLORIDA District Office: 237
SF District Office: 220
MA District Office: 212

 


Lender of the Quarter (3rd Quarter 2015) Congratulations Spencer Savings Bank!

This award is being presented to Spencer Savings Bank in recognition of their excellent SBA activity for the quarter. During the 3rd quarter (4-1-2015 – 6-30-2015) Spencer Savings Bank had 10 SBA loan approvals, for a total of 19 loan approvals for the fiscal year, making them the 14th most active lender in Massachusetts, out of 129 lenders. The 19 loan approvals match the lender’s entire lending activity for Fiscal Year 2014, their best SBA year ever. Congratulations to Spencer Savings Bank! 

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Did You Know SBA Has a Surety Bond Program?

Contractors obtain surety bonds from surety companies or agents representing surety companies. Most public construction contracts and many private contracts require one, so if you’re a construction or service contractor bidding on a project, you’ll probably need a surety bond.

SBA guarantees bid, performance and payment bonds issued by surety companies. This Federal guarantee encourages surety companies to bond small businesses who are having difficulty obtaining bonding on their own.

Learn more about surety bonds here.

So far in Massachusetts, our network of surety companies/agents have secured bonding in the amounts: 

Bonds: 61
Total: $39,952,520

For more local information, contact:
David Polatin, 617-565-5562 or david.polatin@sba.gov



Free Employee Savings Program for Employers: myRA from the Department of Treasury

Source: U.S. Department of the Treasury

 

The U.S. Department of the Treasury has developed myRA (my Retirement Account), a new retirement savings account that can help people start saving for their future. If you don’t have access to a retirement savings plan through your job, myRA could be a good option for you. It’s simple, safe and affordable. It costs nothing to open the account, and there are no fees for maintenance of the account. You choose the amount to contribute automatically via direct deposit each paycheck.* Opening an account is easy – it only takes a few minutes. Visit http://www.myRA.treasury.gov to learn more and start saving today.

UPCOMING EVENTS

SPECIAL VETERANS EVENT!

VetsinTech NE
Startup Mixer and Pitches
August 26, 2015
6:00pm - 8:00pm
MIT Sloan School of Management 
100 Main Street 
Building E62 Room 450 
Cambridge, MA 02142
Register


How to Become a GSA Federal Supply Schedule Holder and Government Contracting 101

August 19, 2015
10:00am - 1:30pm
10 Causeway Street, 1st Floor, Training Room A, Boston MA 02222
Register


Opening Doors to Federal Government Contracting

(note corrected date)
August 26, 2015
10:00am - 11:30am
Shrewsbury Public Library
214 Lake Street
Shrewsbury MA 01545
Register: lisa.gonzalez@sba.gov or 617-565-5588


Grow Your Business via 8(a) Business Development

August 27, 2015

10:00am - 11:15am

10 Causeway Street, RM265

Boston, MA 02222

Registration contact:

Pauline.Swanson@sba.gov

or (617) 565-5564