Take aways from Retail Merchant Association Event

On Tuesday I attended “Navigate Your Loan Process” at the Retail Merchants Association.  The local SBA office, along with 12 banks were there to answer questions and outline the loan options available to small businesses through the SBA loan guarantee program.   There are currently 75 active banks in the SBA program.  I thought it was very useful and informative.  Not only did I gain some insight and knowledge that will help me provide better service to my clients, but it also exposed my business and the services I provide to the different banks in attendance.  The most important thing stressed by the banks when applying for an SBA loan is that every applicant needs a well thought-out and informative business plan.  This worried a few of the business owners sitting around the table with me.  Many of them just didn’t know how to produce a solid business plan.  Needless to say I handed out quite a few of my business cards – not only to the business owners, but also to the bank representatives who thought that many of their clients could benefit from the resources provided by Steiner Business Solutions.

The other key take away from this event is that the SBA is making loans.  Because of the 2009 Recovery Act, the SBA’s budget this year doubled; therefore allowing them to make more loans.  To spur the growth of loans, the SBA is now guaranteeing up to 90% of the loan and is not charging any fees.  The warning was put out…..get your loan done before the end of this year because the funds aren’t expected to be around in 2010!

Part of what we do here at Steiner Business Solutions is help you find financing – whether it be through traditional commercial lending, SBA backed lending, or private investors.  I invite anyone reading this to contact us if you’re looking for funds for your business.  We can help you put together a business plan that the banks are looking for.  We work hard to understand and keep up with the lending processes and develop working relationships with the various lenders – all with a purpose of  providing you an advantage that you might not have if you tried this endeavor on your own.

New Virginia Employment Laws Passed

Governor Kaine has signed the following employment-related legislation into law, effective July 1:

1.  Increased workers compensation tax to go to the Uninsured Employers Fund (UEF).  The tax will go from .25% to .5%.  This tax is paid by insurance companies (and self-insured employers), but employers should not be surprised if the increased expense to their insurance companies is passed on to them.

2.  There will be a new employment poster to add to the wall.  The Virginia Department of Social Services will provide a notice to employees about their possible eligibility for federal or state earned income tax credits.  The IRS already publishes a similar poster, but its use is voluntary.  The Virginia notice will not be voluntary.

3.  Increased reporting requirements to the Virginia Division of Child Support Enforcement.  Currently, employers are required to notify DCSE of the termination of a non-custodial parent.  The new law will require employers to also notify DCSE of the termination of a custodial parent, if that parent was carrying the child(ren) on their health insurance plan.

4.  Paying employees electronically by “loading” a debit card.  This practice will no longer require the employee to sign a consent for this method of payment, but only if the employee does not provide another means of paying them electronically (namely, bank account information for direct deposit).  This change will apply to any employees hired after January 1, 2010.

If you have any questions about these changes in Virginia law, please let me know.

Regards,

Charlotte

Cole James Associates, Inc. provides Human Resources services and support to small and medium sized businesses.  To learn more about these services, please visit our website at www.colejamesassociates.com or call (804) 339-5576.

Glen Allen Business & Professional Association

June 26, 2009 by Trevor Dickerson

When Stan Bohanon moved to Richmond from Williamsburg, there were plenty of networking groups to choose from all over town. But Bohanon had the vision of building a different kind of networking organization. He’s now the Founder and President of the recently-organized Glen Allen Business & Professional Association.

Bohanon said he noticed there was a need that wasn’t being met with the current networking organizations in the West End. Many of the existing groups were too large and didn’t focus on building business relationships. Bohanon set out to create one that would cap its members at around 200 people and keep its sights on helping those who attend acquire highly-personal, hyper-local business contacts.

Bohanon set up a group on Meetup.com, a website devoted to matching people with others that share similar interests and forming meetups based on those connections, promoting the idea of starting a group in the Far West End. Interested business people soon came forward.

Dan Steiner, owner of Steiner Business Solutions, found the Meetup group and subsequently helped get the association on its feet.

“Stan came to me and found out what I did,” Steiner said. “He asked me to help him build his company and I wrote his business plan.” Steiner now serves as Treasurer of the organization.
“The biggest difference between us and an event such as one held by the Chamber of Commerce is our introduction system.” That system matches new members with businesspeople already in the group at organization meetings.

“We want to make sure that people that come in get effectively introduced throughout the room to people and their business opportunities. That’s the thing we keep focused on. They come to network, and we want them to leave thinking, ‘Wow, this was a good event and I got several new prospects.’”

Bohanon says he’s seen a lot of reciprocal business within the organization since its inception just over six months ago. “I’ve seen a lot of business being done from member to member.” He pointed out examples such as a landscaper using an accountant and vice versa, both of whom are members of the organization.

“We foster the building of business relationships. That’s really our job. Part of that of course is to give as many member benefits as we possibly can to make sure the member is getting true value for their membership.” Bohanon wants every member to get at least a tenfold return on their membership investment. Many members choose to offer discounts on products and services their businesses offer to other members as part of that commitment.

The Glen Allen Business & Professional Association hosts monthly “After 5″ networking meetings and has been gathering at one member’s furniture showroom, Cort Furniture on West Broad Street. Meetings will be moved into a ballroom at the new Wingate Hotel behind Dominion Chevrolet in Short Pump possibly as soon as the end of the summer.

The larger meeting space will allow the organization to initiate other plans it has in the works, such as vendor booths and more space for food catering tables.

Trevor Dickerson founded DowntownShortpump.com, where this story first ran.

New Employment Poster Requirements

The new Virginia EITC postings are now available and are required to be posted by all employers.  The posters can be found at Virginia EITC postings, at the bottom of the page.  There are two posters that must be displayed:

1.  There are two federal poster options.  Employers can choose the one they want to post.

2.  There are also two state posters, but the only difference is color versus black/white.  Either option is acceptable.  You will also notice there is a Spanish version.  This version only needs to be posted if you have a significant employee population that does not speak English.

Posters must be displayed alongside your other federal and state posters by July 1.

Finally, if you have an employee wanting to take advantage of EITC, you can download a form W-5 from the IRS website for them to fill out.  Payroll companies and most payroll software are equipped to handle EITC.

If you have any questions, please let me know.

Regards,

Charlotte

Cole James Associates, Inc. provides Human Resources services and support to small and medium sized businesses.  To learn more about these services, please visit our website at www.colejamesassociates.com or call (804) 339-5576.