The U.S. Small Business Administration and Shaw University are teaming up on a Strategic Alliance Memorandum.

Cassius Butts, the SBA's Southeast Regional Administrator, and Dr. Dorothy Yancy, president of Shaw University, will sign the memorandum, which "will signify a joint effort by the University and SBA to promote small business through education and community outreach," according to a press release. The signing also allows the school and organization to address the needs of local minority small business interests.

Butts and Yancy will sign the memorandum on May 9.

The U.S. Small Business Administration's Office of Advocacy released its annual report, The Small Business Economy 2012, on Monday.

According to the report, the economy has improved for small businesses for the second straight year, although some of the recession's challenges remain.

“The Small Business Economy 2012 demonstrates that small businesses have been at the core of our economy's growth over the past few years,” said Dr. Winslow Sargeant, the Office of Advocacy's chief counsel. “Thanks to hardworking small business owners across the country, 2011 represented the second full year of economic expansion since the peak of the recession in 2009, with small businesses representing half of the private-sector output. We still have a lot of work to do, but this report tells an inspiring story: output, business income and profits are rising for small businesses, and bankruptcies and unemployment are declining.”

Click here for the full report.

The U.S. Small Business Administration has created a website and blog that focuses on the Affordable Care Act and how it relates to small business owners.

According to the news release, the website will offer "a glossary of key health care reform terms, an interactive timeline with dates for when certain reforms will be implemented, a state-by-state breakdown of health care options, and how to learn more about specific tax provisions and regulations."

Health Care Business Pulse, the new blog, will contain updated information about the Act.

“The Affordable Care Act provides small business owners with access and opportunity to provide affordable health care options for their employees,” said SBA Administrator Karen G. Mills. “SBA’s new Affordable Care Act web page and blog will serve as a resource for small business owners who want learn more about how to take advantage of these benefits.”

Source: SBA

Veterans and other members of the military community could be eligible for a variety of low-interest loan programs, according to Raleigh SCORE, a nonprofit association that offers information resources, training, and free counseling.

The Patriot Express Loan Pilot Loan Initiative, created by the U.S. Small Business Administration to provide expedited loans of up to $500,000, is the most popular, according to a recent Raleigh SCORE blog entry. To qualify, at least 51-percent of the company has to be owned and controlled by veterans or military community members.

“Patriot Express loans feature the SBA’s lowest business loan interest rates—generally 2.25 to 4.75 percent over prime depending upon the loan’s size and maturity,” the blog entry states. “The loan can be used for most business purposes, including start-up, expansion, purchases of equipment and/or inventory, working capital, or business-occupied real-estate purchases. Following approval by the lender, most Patriot Express applications receive SBA approval within 24 hours.”

The SBA and its resource partners can also help reservists prepare their business before deployment, manage their businesses, sell goods and services to the government, and obtain other SBA financing and financial assistance.

Veterans can learn more about financing and other small business issues from Raleigh SCORE. For more information, call Raleigh Score at 919-856-4739 or visit its website here.

It's flu season again. How will your business operate during a flu-related staffing shortage?

The Small Business Administration is offering tips on how to prevent your employees from getting sick and how to operate if people are out.

1. Appoint a point person: Assign someone on staff to be responsible for setting up steps on how to deal with sick staff members. This person will also seek advice from health workers on how to deal with and prevent the flu.

2. Review sick leave policies: Remind employees about company sick policies. Also, set up a plan that allows workers to telecommute in case of an illness or an illness of a family member.

3. Get your employees a flu shot: Offer a clinic that allows your employees the opportunity to receive the flu vaccine. Also, the Centers for Disease Control offers free marketing materials that explain flu prevention and precautions.

4. Establish a list of essential employees and business functions: Set up communication plans with these people in case there is an interruption in business due to an illness.

5. Communicate with employees: Use your Intranet and office to spread the word about flu-related plans.

6. Have a continuity plan: Come up with a plan so the flu doesn't interrupt your business operation.

7. Have a communications plan: Create a communications plan that spreads the word to suppliers, customers and employees in case of an illness.

For more information, go here.

source: SBA

Since I started writing for Shop Talk two months ago, I have recognized two key components of successful small businesses.
The first is a business owner’s ability to identify and connect to customers. The second, especially for new entrepreneurs, is a realistic business plan that helps the owner understand how much of the goods or services needs to be sold in order for the business to make money.
There are many local organizations, such as SCORE and Small Business Centers at Wake Tech and Durham Tech, that will help small business owners put together a plan.
The U.S. Small Business Administration has also created a “Build Your Business Plan” tool that can be found here.
For a less formal introduction to creating a basic business plan, check out a previous blog post here.

Federal loans are available for some North Carolina small businesses and other entities impacted by the 2012 drought.

According to the Small Business Administration, "federal economic injury disaster loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes located in North Carolina as a result of the drought and excessive heat between April 1 and July 31, 2012."

The declaration includes entities in Wake, Durham, Granville, Person, Franklin and Vance counties that experienced financial loss because of the drought.

Farmers, ranchers and agricultural producers are not eligible. Loan applications are due no later than Aug. 12, 2013. For more information and to apply for a loan, go here.

The holiday season is the busiest time of the year for a lot of small businesses. Here are tips from the Small Business Administration on how to get the most from holiday shoppers.

Are you, or have you been, a small business owner? Do you enjoy passing your experience to others? Are you willing to commit six to 10 hours per month assisting other entrepreneurs start or expand their business dream?

If so, Raleigh SCORE, which is looking for volunteer counselors, would love to talk with you.

The Small Business Adminsitration will offer counseling and resources to small business owners in cities around the country, including Raleigh, affected by the National Hockey League lockout, according to an SBA press release.