SBA Region One Review - January 2020

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New England Regional Office  - January 2020

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New Year, New Business 2020

2020: New Year, New Business

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By: Wendell G. Davis

New England Regional Administrator

U.S. Small Business Administration

 

It is that time of year, we have crossed from one year to the next into a season of new beginnings. For me, the new year stirs up feelings of hope and optimism, it is a sign of good things to come.

Many of us tend to celebrate the new year by setting goals. Maybe your goal in 2020 is to start that business you have been dreaming of opening. Or maybe you are working on a side project or hobby and think it is time to pursue it fulltime.

This year might be the right time for you to get started.  Small Business optimism is on the rise and there are many resources for you to use that can make this important undertaking easier.

Starting a business involves planning, making key financial decisions, creating new relationships, and developing a marketing strategy. Take a look at our guide to find out where to start → 10 Steps to Start Your Business.

As you get started, remember that the SBA has offices throughout New England to help you at any stage in your small business journey! We look forward to working with you in the coming year and beyond!

National Mentoring Month

National Mentoring Month

January is National Mentoring Month. If you are looking for a business mentor, SBA can help! 

For your business mentoring needs, consider reaching out to SCORE. 

SCORE is the nation's largest network of volunteer business mentors. Experienced executives share real-world knowledge as often as you need, in person, via email or over video chat. 

SCORE has chapters and counseling locations in all of the New England states. 

Connecticut: SCORE Mentoring Locations

Maine: SCORE Mentoring Locations

Massachusetts: SCORE Mentoring Locations

New Hampshire: SCORE Mentoring Locations

Rhode Island: SCORE Mentoring Locations

Vermont: SCORE Mentoring Locations


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8 Marketing Resolutions for 2020

It’s not only the start of a new year, but the beginning of a new decade. So, it’s the perfect time to re-examine your marketing efforts and resolve to shake it up — at least a little — and try some different marketing tactics.

According to a report from Mailchimp 31% of small business owners say marketing is their number-one challenge. Here are marketing resolutions for 2020 to help you find the solutions.

  • Resolution #1: Resolve to integrate your marketing.

    Far too many small business segregate their marketing into siloes and don’t cross-promote within their various channels. Instead connect your marketing methods (search engine marketing, mobile, email, content, voice, direct mail, public relations, advertising, social media, etc.) with one another—all leading back to your business and/or your website.

To see the complete list, read the complete blog → 8 Marketing Resolutions for 2020


SBA Lending Across New England

7(a) Lending

The 7(a) loan program is the SBA's primary program for providing financial assistance to small businesses and offers guarantees on loans to small businesses of up to $5 million on reasonable terms and conditions. 7(a) loans are commonly used for acquiring land, purchasing equipment, or working capital. The top 5 7(a) lenders so far for Fiscal Year 2020 (October 1, 2019 - December 31, 2019) by number of loans are:

Eastern Bank - 106 loans for $11,663,800

TD Bank - 78 loans for $4,362,100

Webster Bank - 46 loans for $9,001,300

People's United Bank - 39 loans for $5,364,700

Citizens Bank - 22 loans for $12,085,300

 

504 Program

The CDC/504 loan program provides capital to small businesses for the acquisition of fixed assets to promote economic development in the form of long-term fixed-rate financing on reasonable terms. Under this program, the SBA authorizes Certified Development Companies (CDCs) to provide financing to small businesses with the help of third-party lenders (typically banks). The maximum loan amount is generally $5 million; however, certain eligible energy-efficient or manufacturing projects may qualify for up to $5.5 million. The top 5 New England Certified Development Companies for the same time period are:

Granite State Economic Development Corp - 77 loans for $33,619,000

New England Certified Development Corp - 18 loans for $17,115,000

Bay Colony Development Corp - 29 loans for $14,964,000

Ocean State Business Development Authority - 15 loans for $8,764,000

South Eastern Economic Development Corporation - 12 loans for $6,596,000

To learn more about these funding options and more, go to → https://www.sba.gov/funding-programs

To see the complete SBA New England December Lender Ranking Report go to https://www.sba.gov/offices/regional/i/resources/756242