Financial Literacy Month, Changes in SBA Size Standards, America's Seed Fund Expo and More

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The Tar Heel Newsletter
April 2022

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Photo of a person sitting at desk, pointing a pen at a tablet with the following text, Financial Literacy Month. The SBA logo is at the bottom.

 

Celebrating Financial Literacy Month

April is Financial Literacy Month and a good reminder to reach out to an SBA resource partner for free financial counseling and training. Connect with a Community Navigator, Small Business and Technology Development Center, SCORE, Veterans Business Outreach Center or a Women's Business Center near you.

Financial literacy is the ability to understand and use several financial skills including personal financial management, budgeting, and investing. Financial literacy is the base of your relationship with money, and it is a continuous  journey of learning.

Locate a Resource Partner

 


 

SBA Administrator Guzman Announces the Launch of Inaugural America’s Seed Fund Expo Competition for Small Businesses, Startups and Inventors, using SBIR Developed Technology

Applications will be accepted until April 22, 2022

 

Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) announced the launch of America’s Seed Fund Startup Expo 2022, a new initiative aimed at identifying innovative startups and supporting them with resources to help them scale, grow, and thrive. This competition comes in the midst of a historic economic recovery and record growth in new business applications as American entrepreneurs continue to start and grow their businesses and startups.

“Every day, in communities across America, entrepreneurs are advancing innovative solutions to our nation’s most pressing challenges. The SBA is committed to helping ensure that those good ideas from everywhere and anywhere connect to federally-supported ecosystems and partners to commercialize and grow into resilient American businesses,” said Administrator Guzman. “With the launch of SBA's first America's Seed Fund Expo, we will showcase exceptional entrepreneurs who have leveraged federal R&D funding in key industries and highlight the resources to advance these game-changing innovations right here in America.”

America’s Seed Fund Startup Expo 2022 will:

  • Provide broad exposure for innovative small business startups to nationwide innovation networks and local ecosystems across America;
  • Provide a platform for connecting innovative startups with networks that can enable these companies to scale, grow, and thrive;
  • Raise public awareness of the opportunity to commercialize critical innovation necessary for continued American competitiveness in the global marketplace; and
  • Showcase American entrepreneurial ventures at the forefront of AgTech, Climate & Energy, National Security, and Supply Chain Resiliency that are building a better America through innovation and choosing to manufacture their products at home in the U.S.

How to Apply

The SBA is now seeking applications for companies to present at the inaugural competition, providing a new and notable opportunity for entrepreneurs that have developed technology through the Small Business Innovation Research/Small Business Technology Transfer (SBIR/STTR) programs to raise their profiles and grow their networks --- a critical element for small business startup success. Competition rules, requirements, and additional information can be found at sbir.gov/startupexpo.

Submission period: Now – April 22, 2022

Winners to Be Announced: May 2022

Attend the Expo

Members of the innovation and venture capital community, SBA resource partners, media, and other entrepreneur support organizations are also invited and encouraged to attend. The Startup Expo will be virtual and held on May 25 at 12:30 p.m. – 4:30 p.m. EDT. The Expo is open to the public, and individuals can sign-up to attend at https://bit.ly/SeedFundExpoRSVP.

To learn more visit: SBIR.gov

 


money

GSA & SBA Present: A MONEY SMART Series 

Ready to start or grow your small business?

 

Join us for our Money Smart Series. We’re teaming-up with the Small Business Administration (SBA) to offer a six-part training series. It will explain how to start and manage a business. We’ll also offer training to help you understand how to use SBA’s loan programs to get money for your business. 

To help small business entrepreneurs—those who want to start a business and those who already have one—the SBA  and the Federal Deposit Insurance Corporation developed this series. 

We will cover the following topics:

Thursday, April 14, 2022 at 2:00 PM ET
Module #2: Financial Management—This module provides an overview of business financial management. It’s designed to help you understand how effective financial management can help your small business.

Register Here

Thursday, April 21, 2022 at 2:00 PM ET
Module #3: Record Keeping—This module will help you understand why record keeping is important and how it helps you. If you are in federal contracting, then you will want to attend this session.

Register Here

Thursday, April 28, 2022 at 2:00 PM ET
Module #4: Managing Cash Flow—This module introduces basic cash flow concepts. You’ll learn how to run a profitable business.

Register Here

Thursday, May 5, 2022 at 2:00 PM ET
Module #5: Strong Business Credit—This module gives an overview of credit reporting. You’ll learn how reporting credit can benefit your small business.

Register Here

Thursday, May 12, 2022 at 2:00 PM ET
Module #6: SBA’s Financing Options to Start or Scale Your Business—During this session, SBA representatives will explain the following loan programs:
• 7(a) Loan Program
• Certified Development Company or 504 Loan Program
• Microloan Program
• Small Business Investment Company Program

 

Register Here


 

Opportunities 2022 Making Dollars and Sense Selling to the Government

One Day. One Sales Call.

 

The North Carolina Small Business and Technology Development Center (SBTDC) in partnership with the South Carolina Small Business Development Center (SBDC) present Opportunities 2022, an in-person marketing day. You will have the chance to market your company to federal, state, and local government agencies plus prime contractors. It would require considerable time and expense to visit all the exhibitors represented at Opportunities on your own time and with personal resources. You will also get the chance to learn new skills by attending seminars designed to provide the latest information on selling products and services to the government, and learn about contracting opportunities under the Bipartisan Infrastructure Law. This forum will allow you to make connections by networking with other small businesses while at Opportunities, potentially leading to contracting partnerships.

June 6, 2022

8am - 5pm

Renaissance Asheville Hotel

Asheville, NC

Register early and save $50.

Register Here

 

Make Your Hotel Reservation by May 9, 2022

A block of rooms has been reserved for Opportunities 2022 attendees at the Renaissance Asheville Hotel at a special conference rate of $169 (+ tax) until Monday, May 9.

Call (828) 252-8211 and ask for the "Opportunities 2022" room block. Reservations can also be made online via the Opportunities website.

 


 

Administrator Guzman Announces Expanded Efforts to Aggressively Crack Down on Bad Actors and Prevent Fraud in Programs

Newly Appointed Special Counsel Will Oversee Enhanced Strategies Alongside Dedicated Leadership Board, Building on Previous Fraud Control Measures Deployed by the SBA

 

Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA)  announced an all-hands-on-deck, multi-faceted expansion of efforts to identify and support the SBA Inspector General’s recovery of fraudulently obtained COVID economic relief funds and to prevent potential future theft of taxpayer dollars.

Recognizing that managing fraud risk in agency programs and operations is integral to responsible stewardship of taxpayer resources and effective service delivery to the American public, the SBA’s efforts will encompass a multi-pronged approach that builds upon current activities the Agency has undertaken to limit fraud. The SBA’s work in the Biden-Harris Administration to enhance fraud controls in pandemic programs has been recognized by federal accountability agencies and watchdogs. These new efforts will expand that work as SBA continues to undertake measures to ensure the integrity of its programs.

Key measures being announced are:

  • The designation of Peggy Delinois Hamilton to a new role as SBA Special Counsel for Enterprise Risk to advise Administrator Guzman on fraud and risk management activities across the Agency.
  • The creation of the SBA’s Fraud Risk Management Board (FRMB) to provide anti-fraud oversight and coordination.
  • Consistent with new efforts to bring bad actors to account for their fraudulent acts, the SBA fully supports the work of the Interagency COVID-19 Fraud Enforcement Taskforce and DOJ’s Chief Pandemic Prosecutor and Director for COVID-19 Fraud Enforcement. The SBA believes these new initiatives can enhance the Agency’s fraud risk framework and further strengthen its fraud risk mitigation efforts.

Peggy Delinois Hamilton as Special Counsel for Enterprise Risk in the Office of the Administrator

Administrator Guzman has designated Peggy Delinois Hamilton as SBA Special Counsel for Enterprise Risk in the Office of the Administrator. In this role, she will advise the Administrator on risk management activities enterprise-wide and directly support the Administrator in the development of strategies for mitigating the dynamic risks facing the Agency, focusing on potential fraud exposure as a top priority, as well as the development of plans to reduce risks to SBA operations. As a result of her extensive and unique bank regulatory experience and deep knowledge of agency priorities, she will provide strategic insight into potential enterprise-wide risks that have a clear impact on key agency programs. Peggy has served as SBA’s General Counsel since February 2021, and another senior SBA official will take on these duties in the interim.

SBA’s Fraud Risk Management Board

The Fraud Risk Management Board (FRMB) was established to serve as the designated anti-fraud entity responsible for oversight and coordination of SBA’s fraud risk prevention, detection, and response activities. The FRMB is composed of experienced agency executives across the SBA enterprise. They will report to the Enterprise Risk Management Board (ERM Board) and, through the ERM Board, to the Administrator. In coordination with the oversight community, the FRMB will take additional steps to assess and address fraud risk on an agency-wide basis. 

SBA’s Ongoing Fraud Control Enhancements and Efforts

The SBA has taken tangible steps to control for and mitigate fraud risks in its COVID-19 related relief programs by working in tandem with other agencies across the federal government and using a whole-of-government approach to reduce risks.

In addition, SBA’s fraud risk management framework supports information sharing across SBA programs. As flags and alerts are placed on businesses and business owners, fraud indicators can be applied across various SBA programs, utilizing a whole-of-SBA approach to preventing, detecting, and responding to fraud risks.


SBA Size Standards

 

SBA Revises Small Business Size Standards in 16 Industrial Sectors to Increase Eligibility for Its Federal Contracting and Loan Programs

Changes Will Expand Access to SBA Programs for 59,000 Small Businesses

 

The U.S. Small Business Administration issued four final rules to modify revenues-based small business size standards in 16 North American Industrial Classification System (NAICS) sectors that will increase small business eligibility for SBA’s federal contracting and loan programs for approximately 59,000 additional firms. The final rules are part of the second five-year review of size standards, as required under the Small Business Jobs Act of 2010

As part of the review process, the SBA received more than 1,100 public comments during the proposed rule stage of the four rules.  As a result, the SBA will increase 229 size standards across 16 sectors.

In addition to expanding access to SBA programs for approximately 59,000 additional firms, SBA estimates that the four final rules will create contracting opportunities estimated at $1 billion for 844 newly qualified small businesses and extend 96 7(a) and 504 loans to newly qualified small businesses worth nearly $45.0 million.

The size standards revisions adopted in these final rules reflect SBA’s considerations of the relevant data, public comments, and impacts of the ongoing COVID-19 pandemic on small businesses and the overall economy and government response. In response to the pandemic, the SBA will retain current size standards where otherwise data suggests that size standards should be lowered. The increases in size standards in 16 sectors will enable some mid-sized businesses to regain their small business status and current small businesses to retain their small business status for a longer period, thereby allowing them to benefit from SBA’s procurement and loan programs. 

As part of the ongoing review of size standards, in the coming months, SBA plans to issue additional rulemakings on size standards in Sector 42 (Wholesale Trade), Sector 44-45 (Retail Trade), and Sector 31-33 (Manufacturing).

For more information about SBA’s revisions to its small business size standards, visit “announcements about updating size standards” at http://www.sba.gov/size.

 



Government contracting

 

Defense Contract Audit Agency

Government Contract Training

 

The Defense Contract Audit Agency (DCAA) will host an information session for small businesses on agency operations and discuss the contractor’s role in complying with the agency’s requirements. The online training will cover the following:

Wednesday, April 13, 2022 - 10:00 am to 12:00 pm
• Introduction and DCAA Overview
• DCAA’s Audit Process

Register Here

Thursday, April 14, 2022- 10:00 am to 12:00 pm
• Accounting System Requirements

Register Here

 

The DCAA audits all U.S. Department of Defense (DoD) contracts and provides advisory services to DoD components responsible for acquisition and contract administration.

All SBA programs are extended to the public on a non-discriminatory basis. Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance. Contact Erin Connell at 704-344-6590.

 

 


 

7(j) Management and Technical Training

 

SBA has partnered with Stover & Associates Inc to offer online government contracting training. These courses are taught by a live instructor on a scheduled day and time. Students receive course materials in advance, participate in real time using a broadband connection and interact directly with the instructor and their peers. From your computer, you’ll link to an instructor in a live, real-time, interactive learning experience. You’ll become part of a virtual classroom where you can ask questions, seek guidance and participate in class discussions and interactive exercises.

 

April 2022 Schedule Developing the Cost Proposal
April 13, 2022
1:00—4:00 pm EDT
Managing & Administrating Government Contracts
April 25, 2022
1:00—4:00 pm EDT
Audits & Accounting Systems
April 26, 2022
1:00—4:00 pm EDT
Federal Acquisition Regulations (FAR) Primer
April 27, 2022
1:00—5:00 pm EDT
Strategic Planning for Small Business
April 28, 2022
1:00—2:30 pm EDT

 

To enroll click the link below.

Click Here 

 



 

SBA Account Login and Registration Portals

Wondering how to access your SBA account login for loans, grants, or contracting?  This webpage has details of how to do that for your Paycheck Protection Program, Economic Injury Disaster Loans, 7a and 504 loans, Shuttered Venues Operators Grant, and more.

It can help existing borrowers and contractors monitor their loan status, find the pages to set up and manage online payments, and more.  

Click Here

 


Helpful Links

Disaster (EIDL loans or advances/grants): DisasterCustomerService@sba.gov or (833) 853-5638.

SBA PPP Webpage

To report waste, fraud, or abuse: OIG hotline (800) 767-0385 or OIGHotline@sba.gov

 


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About the U.S. Small Business Administration 

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov