2014 NH Small Business Development Center s Guide to: Plotting YOur Path
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1 2014 NH Small Business Development Center s Guide to: Plotting YOur Path to Success
2 Welcome from the NH SBDC Message from Mary Collins and arnold garron Pick up the phone at any SBDC office in NH and you will get the question where do I look for startup funding? or we re a young company with orders and growth potential but we need capital. With the economy on an upswing and new opportunities present, the SBDC chose to answer those exact questions. From angels to value added investing this edition offers you many early stage funding sources. As the NH SBDC celebrates its 30th anniversary as an outreach program of UNH s Paul College of Business & Economics, we looked back to measure our contribution to small business success in our state. Since 1984 the SBDC has provided confidential business advising to more than 23,000 businesses and trained 49,000 entrepreneurs in our educational programs. In just the last 10 years SBDC helped clients create 2,382 new jobs, raise $193.7 million in new capital and SBDC clients represent $1.64 billion in annual sales. The Paul College is proud of the SBDC s accomplishments and looks forward to working with them in the future. Mary Collins is State Director of the NH Small Business Development Center. Arnold Garron is Interim Dean of the Paul College of Business and Economics. State Director s Office UNH s Peter T. Paul College of Business and Economics, Durham Business Advising Offices Southwestern Region Keene State College Manchester Region UNH Manchester Pandora Greater Nashua Region Nashua Community College North Country Business Services North SBDC Locations Fueling Small Business Success By Rich Grogan Seacoast Region 1 Washington Center, Dover Belknap & Grafton Counties BEDC (Laconia), and GCEDC (Plymouth) Program Offices Environmental Management UNH Manchester Pandora Educational Programs Manchester Community College As the story goes, acclaimed trumpeter Wynton Marsalis had the occasion to meet Dizzy Gillespie as a youngster. Gillespie asked Marsalis to play something. Marsalis snatched up Dizzy s horn, but could only muster a weak toot because he wasn t familiar with that particular instrument. Dizzy looked at him and angrily commanded: practice! Small businesses can feel similarly misunderstood when seeking capital, particularly early in their business life, to prove they are worthy of a loan. And if the lack of capital was a problem 10 years ago, it is even more pronounced now. According to a 2012 survey by the National Small Business Association (NSBA), 43 percent of small businesses tried but failed to seek capital in the four years prior to the survey. Still, businesses continue to start at a rapid pace: The SBA estimates over 700,000 businesses start per year. Many won t make it. While there is a 50 to 80 percent failure rate within five years of opening, those that do succeed have the following traits: they know their market, have a clear value proposition, and seek advisers to help them build skills in weak areas. Those are the businesses that could be successful faster, and grow larger, if they had access to capital at an earlier stage. Where capital is lacking, businesses often turn to higher-interest sources of capital such as personal credit cards, and this bad debt constrains growth for years to come. But there is reason to believe that all of this is changing, as we witness an explosion of financing alternatives for small businesses. In particular, the 2012 JOBS Act regulations will ease rules for private investors to invest in small businesses. At the NH Small Business Development Center (SBDC), we work hard to keep up with these trends and serve as experts for our clients, helping them to navigate this landscape. That is why this year we are featuring the myriad financing strategies that exist in our state to fund new and growing small businesses. Topics covered include: microlending, value-added investing, revolving loan funds, and angel investing. We hope you find this publication useful. If you are a business owner, financing organization, or anyone interested in small business growth, please don t hesitate to reach out to the SBDC to discuss how to apply these methods to your situation. Rick Grogan is the regional manager in Keene of the NH Small Business Development Center.
3 Angels Guide the Way By Hollis McGuire Live Free and Start is a joint initiative between the Governor s Office, the NH Business Finance Authority and the NH Department of Resources and Economic Development that aims to create jobs and make it easier for innovative companies to start, grow and succeed in New Hampshire. The advisory council will also work to expand startup financing and investment opportunities and more effectively market the state as a place where innovative businesses can thrive. Live Free and Start will work with an advisory council that brings together accomplished business leaders and entrepreneurs statewide, including Hollis McGuire of the NH Small Business Development Center. The council will work to address concerns raised by New Hampshire s high-tech business community, including the need to modernize business regulations and improve technology used to do business with the state. Liz Gray will lead the initiative on behalf of the Business Finance Authority as the new director of entrepreneurship. For more information on the Live Free and Start initiative, please contact Liz at lizg@nhbfa.com. What To Know about Angels To be an angel, you must have a net worth of at least $1 million excluding a house, or have made $200,000 a year ($300,000 if married) for each of the last two years. Angel investments are competitive. Alex Hollis, COO There are no set rules. Every group creates its own process for applying. Angel investing is person-by-person and groupby-group. New Hampshire has a few angel groups that maintain a public presence. The process for engaging with each group differs by group. Northeast Angels, Nashua northeastangels.com 10x Venture Group, Manchester ecoast Angel Network, Portsmouth Granite State Angels, Bristol 1st Run Angels Group, Conway Bobby Touran, CEO and Founder ApplyKit Alex Bellman, Marketing ApplyKit is a free software platform that helps students identify colleges and submit applications. The site went live in September 2013 and has since assisted over 50,000 high school students and their parents globally to navigate and manage the college submissions process. The company was founded in late 2012 by Bobby Touran and iis located at Alpha Loft in Manchester. It has been funded by angel investment, the majority of it from New Hampshire. Apply Kit has raised over $200,000 from Wasabi Ventures, 10X Venture Partners, Northeast Angels Investment Group, Fort Port Angels, and private angel investors. The company added paying institutional customers in the summer of 2014 and is currently growing its paying customer base, while it continues rapid growth in the student space. Bristol Nashua Manchester Conway Portsmouth Helping people in need is the job of angels; helping businesses grow and succeed is the job of angel investors. Angel investors are accredited investors working individually or in groups to fund entrepreneurial ventures. Many angel investors/groups have no public presence, and the majority of people involved in angel investing keep a low profile. Groups change over time, with most experiencing times of active investment and times of little to no investment. These private individuals can be found with intensive networking and introductions. Working with others who have been through the process successfully increases the chance of being prepared to engage with investors. The NH Small Business Development Center has assisted hundreds of entrepreneurs to navigate this process with success. The NH incubators, including Alpha Loft and DEN, also provide significant assistance in preparing entrepreneurs for funding. Is it worth the effort to seek angel investment? Here is the story of a NH company who used angel Investments to fund development and growth.
4 Microloans Reap Big Rewards By Jon Freeman Promising entrepreneurs looking for hundreds of thousands or millions in start up capital may have a tough time moving to the front of the line, but there are options. Not so for small loans under $50,000, as banks and other financiers avoid smaller loans and less established businesses. White Mountain Cafe, Main St., Gorham In the North Country, the Northern Community Investment Corporation (NCIC) provides SBA Microloans up to $50,000 to help small businesses The cafe, a Business Services North client, received a SBA microloan program through NCIC in April 2013, and sales start up and expand in the northern three counties (Carroll, Coos, and Grafton). These loans average about $13,000. Starting in late 2014, the Grafton since have increased over 10 percent. It s hard to overstate the importance of NCIC to the County Economic Development Council will also be launching a microloan White Mountain Cafe and Bookstore... We re growing. We re adding staff, and making program to assist Grafton County s small businesses obtain loans under $25,000. renovations, says Owner Doug Microloans can be used for working capital, inventory or supplies, furniture Mayer. or fixtures and machinery or equipment. Proceeds from an SBA microloan cannot be used to pay existing debts or to purchase real estate. NCIC specializes in integrating loans with coaching services to stimulate business growth, viability and success. These services are offered as part of the Business Services North (BSN) collaborative network which includes NCIC, White Mountain Community College and the NH Small Business Development Center, providing the business access to expanded business coaching and other services. For more information about NCIC, visit: Business Loan Requirements Have a credit score of 575 or higher* Have sufficient cash flow to comfortably support monthly loan payments Have not declared bankruptcy in the past 12 months or forclosure in the past 24 months* Have not had any late payments on your rent/mortgage in the past 12 months** Have no more than four mortgaged properties Is not currently more than 30 days late on any bills, loans, credit cards, or other payments totaling over $3,000** Gorham Accion Startup Loan Requirements Have between zero and six months of business sales Have a business located at home or in a business incubator Is not currently more than 30 days late on any bills, loans, credit cards or other payments totaling over $500 Can present two recent paystubs showing an outside source of income Have a business plan with a 12-month cash flow projection *For loans under $2,500, credit score must be higher than 525 or show no prior credit history **This requirement is flexible for loans under $2,500 Accion Cultivates Businesses By Lauren Yothers Frank DiVincenzo, a retired veteran, uses his business, Basil World in Salem, to supplement his social security income. Basil Word sells organically grown basil plants, but when DiVincenzo expanded his operations to include larger market chains, he needed a trailer to make deliveries. Unfortunately, he ran into a common problem: he needed capital, but didn t qualify for a bank loan. I m retired and it s very hard to borrow money, explained DiVincenzo. If I didn t get the financing, I would ve missed the opportunity. The NH SBDC, which partners with microlender Accion, connected DiVincenzo with Accion. He applied for and received a small loan from the Samuel Adams, Brewing the American Dream program, a partnership between the Samuel Adams brewery and microlender Accion. Microlenders are community-based organizations that provide financial support. They look beyond a credit score, consider alternate forms of collateral, cash flow and character. Accion loans range from $500 to $50,000. With interest rates ranging between 8.99 percent and percent, Accion is a safe and affordable alternative for businesses that don t qualify for bank financing. Accion team members work directly with borrowers to ensure that they understand cash flow and ensure they can comfortably meet monthly payments. Last year, Accion provided loans to nine NH businesses, including Basil World. To learn more, visit or call an NH SBDC business advisor. Salem Frank s Basil World I m retired and it s very hard to borrow money, says DiVincenzo. If I didn t get the financing, I would ve missed the opportunity.
5 NH School of Mechanical Trades By Andrea O Brien When Robert Millard, his son Dean and business partner John Duff decided to open a trade school, they came to the NHSBDC Manchester Regional office for help. Their goal was to provide a first of its kind, top shelf educational facility dedicated solely to the trades such as plumbing, electrical, HVAC and oil and gas furnaces and boilers. They envisioned a school that would draw students from Massachusetts and New Hampshire so choosing a location that would tap into their customer base would be crucial. Working with the NHSBDC, they were able to connect to state and local economic development programs, choose a key location, and prepare a comprehensive business plan needed to access first and second rounds of financing through the Concord Regional Development Council and TD Bank totaling $95,000. In November of 2012, they opened The New Hampshire School of Mechanical Trades (TNHSMT). They have hired 11 employees, offer 30 classes, and have trained over 1000 students. Dean says working with the NHSBDC made all the difference to their success, They helped us from soup-to-nuts. TNHSMT is projected to have a 300% increase in sales for the coming year. For more information visit: Regional Development Corporations Fund Growth By Mark Scarano The Grafton County Economic Development Council (GCEDC) is a recognized New Hampshire Regional Development Corporation lender that encourages the creation of jobs and wealth in the county. The GCEDC offers a variety of financing opportunities for businesses seeking to grow and create jobs. For instance, thanks to the Community Development Block Grant program, the GCEDC can make loans up to $480,000 to businesses that create jobs. Other programs the GCEDC uses for lending include the Intermediary Relending Program and Rural Business Enterprise Grant program from USDA Rural Development. Together, these programs provide a variety to loan options for Grafton County businesses, big and small. Mark Scarano is CEO of the Grafton County Economic Development council. To learn more visit. or call The Grafton County Economic Development Council (GCEDC) programs: Community Development Block Grant program: Loans up to $480,000 to businesses that create jobs. Intermediary Relending Program Rural Business Enterprise Grant program To learn more, visit or call Manchester GCEDC CEO Mark Scarano, left, with Woodstock Inn Station & Brewery Owner Scott Rice, center, and Bob Walker, GCEDC loan officer. Woodstock Inn received a Community Development Block Grant through the GCEDC.
6 7th Settlement Community Supported Brewery By Warren Daniel A Revolving Door to Capital By Dan Barufaldi For new small businesses with little Dave Boynton and Josh Henry first met in 2004, turning out to be the beginning of a long lasting friendship and partnership that resulted in the November 2013 capital and a short track record, access to opening of the 7th Settlement Community Supported Brewpub. Henry s hobby was capital can be tough, so flexible terms brewing beer at home and Boynton had a passion in local business, utilizing local are more important than interest rates. sourcing as a supply chain. One program available to small businesses is a revolving loan fund based 7th Settlement opened in November 2013 after more than a year of planning. The local brewpub aspect and the local sourcing business model provide a competitive advantage to 7th Settlement that is a unique business proposition. on the you scratch my back, I scratch They financed the company with a combination of traditional bank financing, yours theory: For small businesses that an equity raise, a City of Dover Economic Development revolving loan, a invest in a city and/or create or save Strafford County Economic Development loan and crowdfunding. All these jobs, cities offer loans through federal sources contributed to raising over $750,000 between their opening costs Community Development block Grant and their second funding round. We raised money the hard way... We could not have done this without the funding partners (CDBG) programs. understanding their roles in the big picture, Boynton said. A city Revolving Loan Fund can add The team requested assistance from my office with access to capital relationships, financial the missing piece when combined with projections, management infrastructure and attorney referrals as well as referral to an SBA 504 guaranteed loan segment and organizations within NH. The partnership with the management team was key in a local or regional bank loan. Because the providing Boynton and Henry with additional expertise in the restaurant industry. Warren Daniel is the Seacoast Regional Manager for NH SBDC. Revolving Loan Fund accepts subordinate positions to other lenders in a package, and will often provide funding in higher risk conditions, the interest rates charged are usually somewhat above market bank interest rates. This funding source can be, and often is, the last critical funding piece that allows a business to start, or a young business to expand to the next level. The Seacoast Office of the Small Business Development Center has expertise in utilizing this valuable tool for its clients. They have worked with the City of Dover Economic Development Office frequently and regularly to support the vibrant Dover economy with projects ranging from advanced manufacturing companies to unique restaurants and boutique retail operations. Dan Barufaldi is director of economic development at the Dover Business & Industrial Development Authority. Dover REVOLVING LOAN FUND A revolving loan fund (RLF) is a gap financing measure primarily used for development and expansion of small businesses. It is a selfreplenishing pool of money, utilizing interest and principal payments on older loans to issue new ones. The amounts available depend on several factors including jobs added/saved, investments made, the loan fund balance and the perceived viability of the project. We raised money the hard way... We could not have done this without the funding partners understanding their roles in the big picture. - Dave Boynton, 7th Settlement Community Supported Brewpub in Dover
7 Value-Added Investing By John Hamilton Small-business owners face numerous challenges, especially in the early stages of company growth. The largest of them can be cash flow. If you re growing your business for longevity, it can be beneficial to think long-term when seeking a financial relationship. While money matters, there is much more that can be gained from an investor. As a small-business owner, it s easy to fall into the mindset of thinking you have to do everything yourself. You don t and you shouldn t it s a recipe for burnout. A value-added investor can al leviate this and literally be your savior. The Small Firms Enterprise Development Initiative recently documented that 70 percent of small businesses that tap into mentors survive five years or more (twice the rate of those that don t). A beneficial financing source will take time to get to know your business and offer expertise to help you grow it. Having a mentor or advisor adds important non-cash value to your company. Ask the lender or investor for references from borrowers they ve worked with. Specifically ask: Moonlight Meadery When Moonlight Meadery found a national distributor for its award-winning mead (wine made with honey), it needed capital to ramp up production. The company was profitable, had excellent gross profit margins, and was poised for rapid growth. But it lacked the collateral most lenders needed. Since the loan, sales have expanded from 7 to 30 states, and it expects to sell over 8,000 cases this year and closer to 34,000 next year. Vested for Growth (VFG) examined Moonlight s projections, its management, and the new distribution agreement, and considered the company an excellent investment. VFG created a royalty investment that Moonlight could repay from future earnings. VFG also invited Moonlight s owner, Michael Fairbrother, to participate in a CEO Peer Group. Growing a company becomes easier when you can rely on ideas and support from other CEOs who care about your success and bring a fresh perspective, says Fairbrother. Thanks to the partnership with VFG, Moonlight Meadery continues to win awards and is sold in 30 states, along with exporting its mead to Australia. Was the lender understanding during rocky times? Did the investor ask helpful questions or make introductions to people who could help with growth? So instead of seeking loans or simply raising business capital, think about building a relationship with someone who can add value to your business long term. Growing a company becomes easier when you can rely on ideas and support from other CEOs who care about your success and bring a fresh perspective. - Michael Fairbrother, owner, Moonlight Meadery in Londonderry Londonderry
8 A perfect fit for your business Not too big...local decision making. Not too small...money to lend in NH. Our global reach and in-state accessibility offers the convenience, expertise and value of a local institution with the strength and resources of a national bank. Service Credit Union is large enough to handle your most ambitious business objectives and perfectly positioned to support our members and their business growth. Headquartered in New Hampshire since 1957, we also have the responsive and personalized service you can only get from a local, member-owned credit union. Call or visit servicecu.org today! Live Person Service 24/7 federally insured by ncua Must be a member of Service Credit Union or eligible for membership.
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