FREQUENTLY ASKED QUESTIONS

Prospective business owners often have the false belief that there are many sources or "federal", or "state" grant money available to start or grow their small business. Even though many publications and talk shows publicize grants to small businesses, grant money is very hard to find and is usually available for existing businesses to carry out certain specific tasks. Neither the Florida Women’s Business Center nor the SBA has grant money available.

Lenders will review all aspects of a loan application including credit history, which is a reflection of your credit worthiness. It may be difficult to get a loan from a lending institute until such time you can show that credit worthiness has been reestablished. Lenders will review the most recent years of credit history as well as other credit factors. For additional information you may attend our "Credit Repair 101" workshop.

Yes, your business will need an Occupational License (also referred to as a business license) to operate in any form within the city, county or state in which business is being conducted. Occupational Licenses are issued by the Tax Collector. Anyone providing merchandise or services to the public, even though a one person or home-based occupation, must obtain an occupational license. Some businesses are also subject to county or municipal (city) zoning codes and local, state and federal regulations.

Credit-worthy potential small business owners and existing small business owners who require capital to start or expand their business may find that SBA's financial assistance programs can help them secure the financing that they need. The FWBC offers loan assistance with obtaining financing for your business by providing management and technical assistance and help to package your loan. The SBA has no funding for direct loans but has an excellent financial assistance program, which encourages bankers to help small businesses. This "loan guaranty" program is the agency's priority. In partnership with your bank, the SBA may offer a government guaranty of the loan. SBA programs are especially valuable for new business start-ups and in instances where collateral is weak and/or a longer repayment term is needed.

Yes, about 20% of new small businesses are operated from home. Home-based businesses are subject to many of the laws and regulations as other businesses. You will need to check your city zoning regulations or ordinances. The business may also be subject to local and/or state licensing requirements.

The Women's Business Center does not currently write business plans for clients, however, we offer seminars/workshops on how to write a plan and one-on-one consultation is also available. We can also refer you to other resource partner who may be able to write the plan for you.

“Fictitious Name” means any name under which a person transacts business within this state, other than the person’s legal name. Please note that a corporation is considered to be a person and, under some circumstances, may register a “fictitious name.” Ordinarily, a corporation doing business under its own name does not need to register a fictitious name. A person may not conduct business under a fictitious name unless the person first registers the name with the Secretary of State. Registration is for public notice only and gives rise to NO PRESUMPTION of the registrant’s rights to own or use the name registered nor does it affect trademark, service mark, or corporate name rights previously acquired by others in the similar name.

Committing your own funds is often the first financing step and is certainly the best indicator of how serious you are about your business. Risking your own money gives confidence for others to invest in your business. You may want to consider a partner for additional financing. Banks are an obvious source of funds. Other loan sources include commercial finance companies, venture capital firms, local development companies and life insurance companies. You will need to evaluate your situation and decide what kind of loan or investment you are willing to take.

The FWBC provides access to capital to women business owners to assist with forming and expanding their business. Financial services include financial literacy training, a comprehensive feasibility assessment, loan packaging and grant proposal assistance. The Women's Business Center utilizes its expertise and relationships with community partners to help secure funds needed to finance business start-up and expansion activities.

Bankruptcy can have a negative impact on a credit report, which affects the credit score. This information will be on the credit history from 7-10 years. Work on reestablishing credit as well as credit worthiness, and build a personal relationship with your current financial institution.

• Talk with an experienced professional;
• Select an appropriate name;
• Select an appropriate Legal Form for the business;
• Register the company with the Secretary of State;
• Obtain a Federal Employer Identification Number from the IRS;
• If a sub-chapter “S” corp., register it with the IRS;
• Obtain City and County Occupational Licenses;
• Obtain a State Sales and Use Tax Registration/Identification;
• Obtain a Dun and Bradstreet Free Registration;
• Open a Bank Account for your business; and,
• Set up your Office either at home or elsewhere

Yes, when applying for a business loan, lenders will want to see information about your business and yourself in the form of a business plan. A business plan provides direction and focus for the business. It demonstrates that you have the knowledge, managerial competence and technical capability to run a business. For additional information you may attend our "Business Plan" workshop series.

“Certification” is an official recognition given to businesses by certain government and private entities. Businesses can be certified as small business (SBE), Woman Owned Business (WBE), Minority Owned Business (MBE) and HUB Zone Business. Certification may help you qualify for bid preferences on certain contracts. Being certified can also officially establish the fact you are doing business in certain designated geographical areas. Different types of certifications are available with federal, state and local governments, as well as for private industry. You should consult with a professional who has experience in this field or call our office for additional information.

A business plan precisely defines your business, identifies your goals and serves as your firm's resume. It describes the products and services you will sell, the customers to whom you will sell them, production, management and marketing activities needed to produce your offerings, and the projected profit or loss that will result from your efforts. The business plan should provide answers to: Who are you? What are you going to do? Where are you going? How are you going to get there?

Completing a business plan forces you to examine all decisions of management, marketing, personnel and finance issues in an objective and organized way. Another important benefit of the planning process is that you will project the amount of financing needed for start-up and the early stages of your business.

Business insurance should be considered because chances of loss can begin the first day of business. The type of insurance coverage needed will depend on the specific business operation. The limit of coverage will depend on the inherent risk of your business. Consult with an insurance professional for further information or attend our Insurance and Risk Management workshop.

Sole Proprietorship; General Partnership; Limited Partnership; Limited Liability Company (LLC); Sub-chapter “C” Corporation; Sub-chapter “S” Corporation; Not-for Profit Corporation.

An EIN is a nine-digit number assigned by the federal government to business entities (i.e., sole proprietors, corporations, partnerships, estates, trusts) for tax filing and reporting purposes. Businesses having employees are required to obtain and EIN along with N. C. withholding tax number.