Tarheel Business Briefs September 2012

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September 2012

Tar Heels Business Briefs

Brought to you by the U.S. Small Business Administration North Carolina District

Small Business Owners Speak Project

Have you used an SBA service to start or grow your small business? SBA wants to hear from you! As part of the SBA’s Small Business Owners Speak project, SBA is seeking creative videos from small businesses that show how they have been assisted by an SBA service (counseling, training, guaranteed loans, government contracts, disaster recovery, etc.).
Videos may appear on the Small Business Owners Speak page at SBA.gov.  Your participation in the Small Business Owners Speak project will help educate other entrepreneurs and small business owners on how SBA programs and services may help them start, grow and succeed.
A video may be posted on the Small Business Owners Speak webpage when SBA determines that the small business and the submitted video comply with the terms herein, and SBA receives consent form(s) for minors as outlined below.
There are a few video requirements. Please go to http://www.sba.gov/stories  for all the details.  Submit your questions to opengov@sba.gov.  SBA will accept video submissions until December 31, 2012.

 Got a Big Idea for a Unique Food Product or Business?

Enter the Big Tasty contest!  Blue Ridge Food Ventures and Mountain BizWorks announce the launch of The Big Tasty! Making’ It to Market Food Product Idea Contest with the generous support of the Tobacco Trust Fund.   Objective: To find and help grow a small business in North Carolina that wants to introduce a new food product or service to the market. Entries will be judged on their commercial appeal and business viability, as well as their flavor, unique qualities, and best use of local ingredients. Prizes valued at more than $10,000 in cash and services will be awarded.  Eligibility: Any North Carolina resident is eligible to submit a food product or food-related service that is not a packaged meat, dairy or low-acid product. The product cannot contain more than .5% alcohol. Other restrictions may apply. How the Contest Works: Contestants submit a packet that includes an entry form, a $10 non-refundable entry fee, and an “inspiration” board or booklet that could include photos, videos, web links, packaging ideas, or even magazine clippings to explain and illustrate the product or service idea or concept. Deadline for submission is October 15, 2012.
Entry form and details at www.blueridgefoodventures.org  or call 828.348.0130.  A panel of judges will review the entries and select semi-finalists by November 1, 2012.  Prizes: The grand prize winner gets $2,500 in cash and 100 free hours of incubator time, including use of the commercial kitchen and equipment at Blue Ridge Food Ventures.
Up to two runners-up each receive $1,000 each and 50 hours of incubator time. All winners also receive a free Foundations Business Planning Course through Mountain BizWorks. In total, prizes valued at more than $10,000 in cash and services will be awarded.
photo of fruits grains vegetables

Important Changes in Computing Net Economic Loss

The North Carolina Department of Revenue has issued new guidance regarding changes in the calculation of Net Economic Loss (NEL) for businesses.
North Carolina General Statute 105-130.8 allows a deduction to a corporation that has sustained a net economic loss in any or all of the 15 preceding income years. The purpose of allowing the deduction is to grant some financial relief to a corporation that has incurred economic misfortune.
More detailed information on calculating NEL:   www.dornc.com/taxes/corporate/impnotice_8-12.pdf