SBA Connecticut's September 2020 Newsletter

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Connecticut District Office  - September 2020

u s small business administration

September is back-to-business month!

hayward

The SBA will be celebrating National Small Business Week by honoring America’s most successful small businesses during the week of September 20-24, 2020.  This year's ten winners are led by the Connecticut Small Business Person of the Year along with the five New England regional winners and nine state-level awardees. Stay tuned for more info....

Also, the SBA has recently launched a website for rural businesses highlighting resources available specifically for them. I strongly suggest that any rural business take a look at what resources may help their business succeed, take look: sba.gov/rural

When opportunity presents itself some will attempt to take advantage. The Office of Inspector General continues to investigate fraud and schemes to defraud using private citizens personal information. If you believe you're personal information has been compromised or used in a fraudulent SBA disaster loan please contact OIG fraud hotline by clicking Click here

As always, for any questions or concerns contact the SBA Connecticut office at Connecticut_DO@sba.gov

At the U.S. Small Business Administration “We keep moving forward, opening new doors, and doing new things, because we're curious, and curiosity keeps leading us down new paths” - Walt Disney.


Beware of Scams and Fraud Schemes

Beware of malicious COVID-19 phishing

The Office of Inspector General recognizes that we are facing unprecedented times and is alerting the public about potential fraud schemes related to economic stimulus programs offered by the U.S. Small Business Administration in response to the Novel Coronavirus Pandemic (COVID-19).  The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the largest financial assistance bill to date, includes provisions to help small businesses. Fraudsters have already begun targeting small business owners during these economically difficult times.  Be on the lookout for grant fraud, loan fraud, and phishing.

Scams and Fraud Schemes

Grants

  • SBA does not initiate contact on either 7a or Disaster loans or grants.  If you are proactively contacted by someone claiming to be from the SBA, suspect fraud.

Loans

  • If you are contacted by someone promising to get approval of an SBA loan, but requires any payment up front or offers a high interest bridge loan in the interim, suspect fraud.
  • SBA limits the fees a broker can charge a borrower to 3% for loans $50,000 or less and 2% for loans $50,000 to $1,000,000 with an additional ¼% on amounts over $1,000,000.  Any attempt to charge more than these fees is inappropriate.
  • If you have a question about getting a SBA disaster loan, call 800-659-2955 or send an email to disastercustomerservice@sba.gov.
  • If you have questions about other SBA lending products, call SBA’s Answer Desk at 800-827-5722 or send an email to answerdesk@sba.gov.

Phishing

  • If you are in the process of applying for an SBA loan and receive email correspondence asking for PII, ensure that the referenced application number is consistent with the actual application number.
  • Look out for phishing attacks/scams utilizing the SBA logo.  These may be attempts to obtain your personally identifiable information (PII),to obtain personal banking access, or to install ransomware/malware on your computer.
  • Any email communication from SBA will come from accounts ending with sba.gov.
  • The presence of an SBA logo on a webpage does not guaranty the information is accurate or endorsed by SBA.  Please cross-reference any information you receive with information available at www.sba.gov.

Report any suspected fraud to OIG’s Hotline at 800-767-0385 or online at, https://www.sba.gov/about-sba/oversight-advocacy/office-inspector-general/office-inspector-general-hotline.

 


2020 Small Business Profiles For Congressional Districts

Office of Advocacy

The Office of Advocacy is pleased to continue its Small Business Profiles for the Congressional Districts series. The congressional district profiles are part of Advocacy’s state profile series, which provides user-friendly snapshots of national, state, and congressional district small business statistics.

Each profile focuses on the impact of small businesses in 436 congressional districts. Within, readers can find the congressional district’s total number of small employers and their industry breakout, plus the number of workers employed and payroll expended by small businesses. Additionally, the profiles provide a map showing the total number and distribution of self-employed workers across the district.

The profiles cover the 436 congressional districts in the 50 states and District of Columbia, and they are based on data from the U.S. Census Bureau. The profiles use the latest small business economic data available at the congressional district level from government sources.  However, the data were collected before the COVID-19 pandemic.  District lines are based on the 116th Congress. Notes on the data and methodology used are available here. See the profiles here

Powering Rural: Creating a stronger economic environment for rural America

In April 2017, President Trump issued an Executive Order promoting agriculture and rural prosperity. In support of that effort, the SBA signed a Memorandum of Understanding with the USDA that commits to a deeper collaboration and coordination of resources.

The SBA is working to increase access to capital, improve opportunities for public and private investments in rural America, help rural businesses export products around the world, and increase the resiliency of rural communities through small business development. The effort aims to achieve the President’s vision of a rural America with world-class resources, and the tools and support necessary to build robust and sustainable communities.

The SBA has debuted a website devoted to rural businesses. The site covers topics including COVID Resources for rural businessfinancing optionsexporting assistancepartnership with the USDArural opportunity zones and HUBZonesresearch and development, and the Office of Rural Affairs. Visit sba.gov/rural to see what is available for your rural business.


NPM

Prepare for emergencies

Smart planning can help you keep your business running if disaster strikes. You’ll want to take the right steps to prevent and prepare for disaster, and know where to get aid if disaster strikes. National Preparedness Month is recognized each September to promote family, community and business disaster planning now and throughout the year. As our nation continues to respond to COVID-19, hurricanes and wildfires, there is no better time to be involved this September. Learn more


State Trade Expansion Program (STEP)

State Trade Expansion Program (STEP)

STEP provides financial awards to state and territory governments to assist small businesses with export development. The purpose of this Funding Opportunity is to invite proposals for funding from eligible state entities interested in and capable of providing assistance and guidance to eligible small business concerns to increase the number of such firms that export and the value of small business exports. Learn more


Small Business Resource Guide Connecticut Edition 2020

resource guide 2020

Check out our latest Connecticut Edition 2020 - Small Business Resource Guide now available online!


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