SBA New England Region One Review - May 27, 2022

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SBA New England Regional Office - May 27, 2022

u s small business administration

May: Celebrating the Entrepreneurial Spirit

image of RA Valcich

Mike Vlacich

Regional Administrator

New England Regional Office

U.S. Small Business Administration

 

In the first week of May,at the SBA and across the country, we celebrated National Small Business Week.  You can read President Biden's proclamation here→  A Proclamation on National Small Business Week, 2022 | The White House.  In his proclamation, President Biden spoke of the Nation's entrepreneurial spirt that has driven our economy forward. 

Every year during National Small Business Week (NSBW), the U.S. Small Business Administration recognizes the achievements of our nation’s 32.5 million small businesses and innovative startups.  While the way we celebrate has changed over time, the sentiment is the same. National Small Business Week is a time for us to highlight the impact of outstanding entrepreneurs, small business owners, and others who support entrepreneurship across the country.

This year we have celebrated the resiliency and tenacity of our nation’s entrepreneurs who are powering our nation’s historic economic growth and who are helping to “Build a Better America through Entrepreneurship”. 

Across New England we are  celebrating a number of award winners from all of the six New England states at awards events and business visits during the month of May.  You can read a little more about our Small Business Month celebrations below.

I am especially proud of the achievements of this year’s New England Small Business Week Award Winners. These business owners and advocates demonstrate the hard work, drive, and determination of entrepreneurs across New England and across the nation.  They have proven their staying power, they create jobs, have shown response to adversity during unimaginable setbacks and they give back to their communities through their businesses and on their own time. For the last two years, these small businesses have faced uncertainty, disruptions, and hardships on an unprecedented scale. Yet, they have overcome these challenges and achieved hard-won successes, innovating, and creating to find new ways to serve customers, support workers and sustain our communities.

As we continue to face unique challenges together, it is important for us to recognize the crucial role businesses like these play every day in building a strong and vibrant country.  

I am happy to recognize these small business giants and their impact on our economy and in our communities.

Congratulations to the SBA New England Small Business Week Award Winners!

SBA Celebrates Small Business Across New England

Connecticut

images from Connecticut District Office NSBW Event

On May 4, 2022, New England Regional Administrator Mike Vlacich and SBA Connecticut District Director Catherine Marx celebrated National Small Business Week and the contributions of the Connecticut small business community in Building a “Better Community Through Entrepreneurship” at an awards reception in New Haven Connecticut.  Congresswoman Rosa DeLauro was on hand to help present the awards to the Connecticut Winners.  Viron Rondo of Viron Rondos Osteria, the Connecticut Small Business Person of the Year was recognized at the event.  Two New England Regional Award Winners were also recognized, the New England Regional Women’s Business Center of Excellence, the Women’s Business Development Council - Central CT, New Haven and the New England and Connecticut Small Business Exporter of the Year, Timothy Kane of Goodway Technologies Corporation in Stamford. 

Maine

image of maine SBW award winners

On May 25, 2022 the Maine District Office held its annual Small Business Awards ceremony in Hallowell. During the event, nine award winners were recognized for the contributions they provide to their communities and the success of their businesses. Regional Administrator Mike Vlacich and District Director Diane Sturgeon provided opening remarks on behalf of the SBA, and Deputy District Director Tim Hobbs introduced the award winners. The award winners represented a broad array of industries, from a brewery to a translation and interpretation company, a jewelry maker, and a digital marketing firm. These businesses also used many different SBA programs including standard SBA loans, Resource Partner mentoring, and Covid-19 disaster programs.

Massachusetts

image of massachusetts award winners

On May 5, 2022 the Massachusetts District Office held its annual National Small Business Week Awards Breakfast at the Newton Marriott, with over 250 guests attending. District Director Bob Nelson and Regional Administrator Mike Vlacich opened the event along with Outreach and Marketing Specialist Diane Darling, serving as Awards Ceremony Emcee. As part of the program, welcoming remarks were provided by Senator Ed Markey (video msg), Congressman Jake Auchincloss, and Commonwealth of MA Secretary of Housing and Economic Development Mike KennealyKeynote speaker David McGillivray, Boston Marathon Race Director, provided an inspirational talk on resilience and attainment of goals. 

New Hampshire

image of NH SBW Award Winners

On May 12, 2022 New England Regional Administrator Mike Vlacich and New Hampshire  District Director Amy Bassett recognized small businesses from across the state and shared letters from all New Hampshire members of Congress. Each of the 11 winners accepted their prestigious award and had time to share their small business journeys with a crowd of 150, including family, friends, and SBA resource partners from SCORE, CWE, and NH SBDC. There was tremendous synergy among the award winners and audience members, sparking follow-up to ensure the award-winning businesses can continue to grow and thrive. 

Rhode Island

image of Rhode Island Small Busine

On Tuesday, May 3, New England Regional Administrator Mike Vlacich joined SBA Rhode Island District Director and the Rhode Island District Office for 2022 Small Business Week awards celebration.  There were over 250 attendees at the event at Quidnessett Country Club in North Kingstown. The 2022 winners are 14 small business owners, advocates, and champions across 11 different categories.

Vermont

image of vermont business visits

On April 22, 2022 New England Regional Administrator Mike Vlacich had the opportunity to join SBA Vermont District Director Darcy Carter on several business visits to Vermont's Small Business Week award winners.  The group started the day at the Vermont & New England Minority-Owned Small Business of the Year, Global Village Foods in White River.  Global Village Foods specializes in African cuisine. Next they visited the owners of Blake Hill Preserves the 2022 Vermont Small Business Person of the Year where they learned about the jam making process. They finished off the day at Fat Sheep Farm, the SBA Vermont & New England Microenterprise of the Year.  The Vermont District Office will hold their 2022 Small Business Week Awards ceremony a little later in June.  


SBA Administrator Isabella Casillas Guzman visits SBA New Hampshire

SBA New England Regional Administrator Mike Vlacich and SBA New Hampshire District Director Amy Bassett welcomed Administrator Isabella Casillas Guzman and Associate Administrator for SBA's Office of Entrepreneurial Development, Mark Madrid, to New Hampshire on April 29th.

The busy day started in Londonderry at aluminum casting manufacturer Uni-Cast with U.S. Senator Jeanne Shaheen (D-NH) – a senior member of the Senate Committee on Small Business and Entrepreneurship. During this visit, the group discussed the state of manufacturing across New Hampshire, supply chain challenges amid the pandemic, and workforce needs for small businesses.

image of visit to uni cast

At Uni-Cast

Administrator Guzman, RA Vlacich, and DD Bassett moved on to the New Hampshire School of Mechanical Trades for a roundtable with Community Navigator Hub, Community Development Finance Authority (CDFA). New Hampshire CDFA was awarded $2.5million to support its work helping New Hampshire businesses in underserved communities.

Next, they traveled to Nashua, NH, and were joined by U.S. Senator Maggie Hassan (D-NH) to visit two small businesses. Monument Construction owner veteran Dan Proulx grew his business with help from SBA loans and government contracting and WH Bagshaw Company, who utilized various SBA programs to help with their economic recovery.

image of monument construction

At Monument Construction

The day concluded with Administrator Guzman, RA Vlacich, and DD Bassett visiting government contractor Industrial Protection Services of Salem, a family-owned small business. The business distributes safety footwear and eyewear for workers across New England and utilized SBA relief programs to pivot and recover during the pandemic. Administrator Guzman met the entire New Hampshire district office team during her visit. 

image of new hampshire district office staff with administrator guzman

Administrator Guzman with New Hampshire District Office Staff


image of ambassador jayme white aa for sba office of international trade gabriel esparza and emma wade-smith

 

Invitation to the 5th United States-United Kingdom Small and Medium Enterprise Dialogue

 

Wednesday, June 22, 2022

8:00am - 2:00pm EDT

Boston, Massachusetts

 

Small business stakeholders are cordially invited to attend the 5th United States-United Kingdom Small and Medium Enterprise (SME) Dialogue on Wednesday, June 22, 2022, 8:00am – 2:00pm EDT in Boston, Massachusetts.

The SME Dialogue is convened by the Office of the U.S. Trade Representative, the U.S. Department of Commerce, and the U.S. Small Business Administration with the UK Department for International Trade, and the UK Department for Business, Energy and Industrial Strategy.

At the U.S.-UK Dialogues on the Future of Atlantic Trade held in Baltimore, Maryland and Aberdeen, Scotland in March and April 2022, U.S. Trade Representative Ambassador Katherine Tai and United Kingdom Secretary of State for International Trade Anne-Marie Trevelyan committed to reestablish the U.S.-UK SME Dialogue to continue to bring together SMEs from both sides of the Atlantic to identify ways to further support trade and investment.

The 5th U.S.-UK SME Dialogue in Boston on June 22, 2022 is co-hosted with the U.S. Commercial Service/U.S. Department of Commerce in Boston, the Massachusetts Export Center/Massachusetts Small Business Development Center Network, the British Embassy, and the UK Consulate in Boston.

Topics for discussion include an update on U.S.-UK trade; opportunities for U.S.-UK SME trade and cooperation in emerging technologies; global expansion best practices for U.S. and UK companies; access to capital for SME global expansion; and trade resources for small businesses. Attendees will be able to engage in discussion with experts as well as learn about tools and resources to grow their businesses internationally.

Established in 2018 in Washington, D.C. and London, and convening subsequently in New York City and Bristol, the SME Dialogue is an ongoing exchange bringing small and medium businesses and stakeholders on both sides of the Atlantic together with government officials to identify ways to deepen U.S.-UK trade and investment ties and strengthen cooperation on issues of mutual interest to SMEs. Trade between the two countries is about $230 billion per year, and together there is around $1 trillion invested in each other’s economies.

This invitation is for SME stakeholders from the United States and United Kingdom only. RSVPs are accepted on a first-come, first-serve space available basis. Participants are responsible for their own travel expenses and accommodations. Light breakfast and lunch will be provided. The location of the meeting and a detailed agenda will be provided to registered participants closer to the date of the event.

 


THRIVE: Are you a SMALL Business Owner? T.H.R.I.V.E. Emerging Leaders Reimagined may be a great fit for you. www.sbathrive.com

Grow Your Business with T.H.R.I.V.E., Executive Level Business Training for Entrepreneurs Ready to Maximize their Full Potential

The Small Business Administration is accepting applications for a free executive entrepreneurship training series slated to begin in the summer.  

T.H.R.I.V.E. Emerging Leaders Reimagined is a 6-month intensive training program that helps CEOs and Executives get unstuck and take their business to the next level.

Accelerate your leadership skills, learn an MBA-level curriculum, receive tailored business coaching, and build relationships with a community of business owners, advisors, and experts. Apply today to become a 2022 T.H.R.I.V.E. participant!

The T.H.R.I.V.E. Emerging Leaders Reimagined advanced training series is open to small business owners and executives that:

  • Have annual revenues of at least $250,000
  • Have been in business for at least three years
  • Have at least one employee, other than self
  • Can commit to completing the full program, including trainings, submitting assignments, participating during sessions, and reaching out for help
  • Are coachable, ready to be challenged and supported, and willing to put in the necessary work to accelerate growth

Classes are forming in Maine, Massachusetts and Vermont.  The application process closes on May 31, 2022 so act on this soon! 

You can apply at: https://sbathrive.com/.

 


In Case You Missed It...

On April 17, Regional Administrator Vlacich had the opportunity to join Erin Fehlau on WMUR's Close-Up to talk about the future of small business across New Hampshire. You can watch the interview here: CloseUp: The future for small businesses (wmur.com)


fund your business with an SBA loan

SBA Lending Across New England

7(a) Lending

The 7(a) Loan Program, SBA’s most common loan program, includes financial help for businesses with special requirements. This is the best option when real estate is part of a business purchase, but it can also be used for: 

  • Short- and long-term working capital 
  • Refinance current business debt 
  • Purchase furniture, fixtures, and supplies 

Find out more about 7(a) Loans.

So far in Fiscal Year 2022 (October 1, 2021 - April 30, 2022) SBA approved 1363 7(a) loans across New England for $440,448,200.  

The top 5 7(a) lenders for this time period by number of loans are: 

Lender Name

# of Loans

$ Amount

Webster Bank

149

$41,738,000

Eastern Bank

142

$22,680,700

TD Bank

123

$19,949,800

Manufacturers and Traders Trust Company

69

$8,688,600

Newtek Small Business Finance, Inc.

44

$30,704,100

 

504 Program

The CDC/504 Loan Program provides long-term, fixed rate financing of up to $5 million for major fixed assets that promote business growth and job creation.

504 loans are available through Certified Development Companies (CDCs), SBA's community-based partners who regulate nonprofits and promote economic development within their communities. CDCs are certified and regulated by the SBA.

Find out more about 504 Loans.

For the same time period, the 504 Certified Development Companies approved 459 loans across New England for $308,781,000. The top 5 504 lenders for this time period by number of loans are:

504 CDC

# of Loans

$ Amount

Granite State Economic Development Corporation

185

$122,201,000

Bay Colony Development Corporation

102

$67,936,000

New England Certified Development Corporation

73

$59,126,000

Community Investment Corporation

30

$17,301,000

South Eastern Economic Development Corporation

17

$12,108,000

 


Local Business Assistance

Stay up-to-date on SBA programs, changes, reforms and training webinars by subscribing to SBA email updates (if you aren't already on our mailing list) at: https://www.sba.gov/updates.  And by following the New England SBA office in your state on twitter: 

New England: @SBA_NewEngland

Connecticut: @SBA_Connecticut

Maine: @SBA_Maine

Massachusetts: @SBA_MA

New Hampshire: @SBA_NH

Rhode Island: @SBA_RhodeIsland

Vermont: @SBA_Vermont