- New Year - New Business? "Planning" is the First Step!
- Goal Digger - Entrepreneurship: Creating and Achieving Your Goals
- 2017 SBA Microlending Results
- Third Annual Meet the Buyers Conference
- Community Hope Federal Credit Union Open House and Ribbon Cutting
- U.S. SBA Recognizes Community Development Resources June 21, 2013 in Washington, D.C.
- Alice’s Integrity Loan Fund Client on 10/11 News: Retail Businesses Hiring Help for Holidays Now
- CDR Client on 10/11 News: Gluten Free Bakery Meeting High Demand
- CDR Receives Grant from Woods Charitable Fund
- SBA to Unveil Lincoln’s CDR as a Certified Development Company
New Year - New Business? "Planning" is the First Step!
By Wayne Bell, Acting Regional Administrator, U.S. Small Business Administration
You want to start a business! You are passionate about the product or service you want to sell! Maybe you even have a hobby with a customer or two already – and this makes you so passionate you want to start right away!
Passion is good, and often the most successful small business owners express this deep-felt desire to start a business. Sometimes, though, doing some upfront planning can mean the difference between success and failure. So what can you do as a first step to increase your chances of success?
Many first-time entrepreneurs are surprised to find out the first step recommended to entrepreneurs by the U.S. Small Business Administration on its website. It is not picking a business name and business structure, calculating start-up costs, writing a business plan or finding financing, although each of those steps have a place.
The SBA recommends doing research. And we recommend the two types briefly explained here.
First, SBA recommends conducting market research to see if your idea might have potential customers in the area in which you hope to do business. This step helps you determine whether the body of your knowledge about your product or service really has strong enough legs to walk your endeavor towards success as you consider the answers to many questions.
By researching the market, you may find that potential customers aren’t in the area in which you had hoped to start your business. But you can find out where they are and whether you can devise marketing methods to reach them.
The second research task involves analyzing the businesses like yours in your market area. It is called a competitive analysis and is necessary because a potential customer base is not limitless. You may very well believe your product or service can be offered more innovatively, conveniently, less expensively or is just the best…but unless you know who you are up against you don’t really know that for sure.
Through competitive analysis you can find out who your competition is serving, whether they are serving those customers well and whether there will be a growing demand for your product or service as indicated by business trends.
“Planning” is something you can do right now. You can find an in depth explanation of these research types, outside research websites where you can find information and even an online tool which will give you beginning data at www.sba.gov/business-guide in the “Plan Your Business” section.
Goal Digger - Entrepreneurship: Creating and Achieving Your Goals
success noun / suc·cess / \sek-ses\ the fact of getting or achieving wealth, respect or fame, or a desired outcome.
Many people work for most of their lives to become successful.
To us, a goal digger is someone who knows what she wants and is willing to put in the time and work to achieve success, no matter what.
Please join us as we introduce three of our favorite “goal diggers” as they share their stories of designing, launching and running their business.
We will also be presenting on legal issues that many startups face, including:
- Entity formation
2017 SBA Microlending Results
According to the Small Business Administration, 2017 was another record year of providing microloans and technical assistance to thousands of entrepreneurs across the United States. In FY17 SBA Microlenders collectively made 4,906 loans worth $68,061,393 - creating and/or retaining 18,377 jobs. This represents the second highest number of loans ever made in one year and the highest dollar value of loans ever made. In terms of dollar value it is 11% higher than last fiscal year and 8% higher in number of loans.
Just as impressive is the degree to which these microloans were made to underserved borrowers. Collectively, 55% of the loans were made to minority small business owners and 46.7% were made to women. To put these numbers in perspective you should know that SBA loans made by conventional banks were only 31.4% to minority and 13.6% to women-owned small businesses. Microloan Program intermediaries made 11 times more loans to Black-owned businesses than conventional banks in our 7(a) program.
One of SBA’s top priorities in FY18 is increasing loans to socially and economically disadvantaged borrowers in urban and rural areas by 5% in the next two years. As SBA’s lenders with the best track record of lending to underserved borrowers, the SBA will be depending on Microlenders to continue their record-setting performance in FY18 and beyond.
Third Annual Meet the Buyers Conference
November 3, 8:15-3:45 P.M., UNO College of Business Administration
Keynote speaker, breakout sessions, networking.
Agencies attending include: Ellsworth Air Force Base, Offutt Air Force Base, Omaha Public Schools, City of Lincoln, Lancaster County, GSA, National Park Service, Department of Veteran Affairs, U.S. Marine Corps, City of Omaha, U.S. Army Corps of Engineers, Nebraska Department of Transportation, Department of Homeland Security | Dept. of Housing and Urban Development.
Community Hope Federal Credit Union Grand Opening
Community Hope Federal Credit Union is open! Their office, located at 1625 N Street in Lincoln, Nebraska, will help serve low-income individuals with affordable financial services and financial literacy training programs. Their open house and ribbon cutting is set for October 5 from 3:30 p.m. to 6:30 p.m. Check out their Facebook page for more information.
NDED Awards CDR Funds to Create Low-income Credit Union
The Nebraska Department of Economic Development has awarded $10,000 in Community Development Assistance Act tax credits to help establish a credit union. Community Development Resources Inc., will use $10,000 in tax credits to establish the Community Hope Federal Credit Union in a Lincoln location that serves 12 contiguous census areas primarily home to low- and […]
Group hoping to form city’s first low-income credit union
February 02, 2014 3:45 am • By NANCY HICKS / Lincoln Journal Star People who live, work, go to school or church in the core area can fill out a survey related to starting a low-income credit union. The survey is available on the Community Development Resources website, www.cdr-nebraska.org. Click on Federal Credit Union Survey. […]
U.S. SBA Recognizes CDR as National Small CDC of the year for 2013
Community Development Resources of Lincoln has been named a National Small Certified Development Company of the Year for 2013 and selected for an Award of Excellence by the U.S. Small Business Administration. [Link to Journal Star Article May 31, 2013] SBA Director Karen G. Mills congratulated Exec. Director Rick Wallace and Community Development Resources on May 6th 2013.