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FAQs
How do I get a business loan?
Different types of financing are available to small business owners. The major
items that most lenders will require when you apply for a loan are: Legal papers
to establish ownership of the business; Description and history of the business;
Resumes of owners and managers of the business; current personal financial
statements of proprietor, partners, officers, and major stockholders of the
business; Business plan; Tax returns for the previous three (3) years; Current
and projected financial statements (Balance Sheet, Income Statement, Cash Flow
Statement, Profit & Loss Forecast, etc.) of the business; List of proposed uses
of the loan; List of assets and debts of the company; List of collateral of the
company. You should include any additional documents that might be useful in
establishing the quality of the business in terms of management, experience,
credit worthiness, and ability to repay the loan. Workshops to help you with
locating and applying for financing are available from the
SBDC. We also have
publications and one-on-one consulting available. Please contact the office
directly (phone, fax or email) for more information. ( Back To
Top )
Do you give out Small Business Administration loans?
The SBDC does not give out financing. We can help you locate sources of
financing, and assist you with applying for it, however. Small Business
Administration (SBA) loans, and loan guarantees, are handled through the banks.
You must go through the normal application process for a loan, and you must
supply all the pertinent records required, as listed above. Please go to
http://www.sba.gov/financing/
for more information. ( Back To Top )
Is the SBDC the same as the SBA?
No, the Small Business Development Center is funded in part by the U.S. Small
Business Administration, but we are two separate entities. ( Back
To Top )
What are the basic skills you need to run a business?
The basic skills include a working knowledge of recordkeeping; financial
management; personnel management; market analysis; breakeven analysis; product
or service knowledge; federal, state and local tax knowledge; legal structures;
and communication skills. ( Back To Top )
What kind of registration and licenses are generally required to start my
business?
There are different specific requirements in each different location, county and
state, but a few basics are:
Local---An occupational license from your city, and county is usually required.
In addition, you have to meet any zoning laws, building codes or similar
regulations. Information on requirements can usually be obtained at the local
City Hall or Occupational License Bureau. Their phone numbers are listed in the
"Government" listings of the phone book.
State---If your business is not a corporation and the business name is not your
exact, given name, you'll have to file a "Fictitious Name" registration. For
more information on this, go to
http://www.sunbiz.org/corpweb/inquiry/ficmenu.html.
Call (850) 245-6058 or write Fictitious Name Registration Section, Division of
Corporations, Department of State, P.O. Box 6327, Tallahassee, FL 32314 for
information on how to do that in Florida. Inquiries can also be sent via email
to corphelp@mail.dos.state.fl.us. You will probably also need a sales and use
tax number. More information on this tax can be found at
http://www.myflorida.com/dor/taxes/sales_tax.html.
For Central Florida, this may be obtained from the State Revenue Department,
Maitland 200 Building, Suite 150, 2301 Mailtand Center Parkway, Maitland, FL
32751, (407) 475-1200.
Federal---An employer's identification number should be obtained from the
Internal Revenue Service. This can be done online at
http://www.irs.gov/businesses/small/article/0,,id=97860,00.html
Or you may complete an SS4 application and call (800) 829-4933 or mail the form
to Internal Revenue Service, Attn: EIN Operations Holtsville, NY 00501. Tax
forms and publications may be completed or downloaded online at
http://www.irs.gov/formspubs/index.html
or ordered for delivery by U.S. Postal Service by calling 1-800-829-3676. (
Back To Top )
Can you help me if my business is set up as a not-for-profit business?
Because of the funding guidelines for the SBDC, we are not able to assist those
businesses that are established as not-for-profit. ( Back To Top
)
Do you have to be in business to use the services of the Small Business
Development Center?
No. You only have to be considering the idea of opening a business or
researching the feasibility of a proposed profit making venture. (
Back To Top )
Do I have to attend the seminars offered by the SBDC before I can receive
individual counseling?
No, however, attending the seminars is highly recommended if you have never run
a small business before. The seminars can provide the basic information and will
clear up many questions. After attending the seminars, if you have more specific
questions, our counselors are more than happy to meet with you and answer those
questions on an individual basis. ( Back To Top )
Do you need a lawyer to start a business?
No, but it is usually a good idea to get the best advice possible, including
that of an attorney, accountant, banker, and insurance agent. (
Back To Top )
Are there any "grants" available for my start-up business?
Generally speaking, grants given to business start-ups are very rare.
Information on possible grants may be obtained at your local public library in
the following publications: "Getting Yours", "Directory of Research",
"Government Assistance Almanac", and "Catalogue of Federal Domestic Assistance
Grants."
SBA's grant programs generally support non-profit organizations, intermediary
lending institutions, and state and local governments in an effort to expand and
enhance small business technical and financial assistance. Other federal grant
programs generally support non-profit organizations, and state and local
governments and are not given directly to small businesses. A list of Federal
Grant programs can be found on SBA's web site at:
SBA Federal Grant Resources.
Unfortunately, some unscrupulous operators sell manuals, workshops and other
materials on how to obtain "free money."
Other information on "free money":
Home Business Grants: Is There Really Free Money Available for Your Home
Business Needs?
Wealthbuilding Scams
( Back To Top )
Will the SBDC do a feasibility study for me?
The SBDC cannot do a feasibility study for you, but we can advise you on the
process. Feasibility studies are normally conducted by a firm to determine
whether or not a business idea will work. Market research and feasibility
studies are offered commercially through over 25 Market Research firms in
Orlando. Also, the information used to complete such a study is often the same
as the information needed for a Business Plan. ( Back To Top
)
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