SCORE National Honors Lancaster Volunteer

SCORE Counselor Ed England was honored by the National SCORE Association recently for his creativity and service to existing businesses in Lancaster County.

Under Ed’s leadership, SCORE Lancaster initiated a series of business roundtables designed to help businesses in similar industries by:

• sharing best practices
• discussing issues and challenges
• drawing on SCORE counselor experience and expertise
• sharing resources
• improving processes.

Two roundtable groups – retailers and contractors – are active and a new one is forming among members of the Lancaster Chamber of Commerce. This outreach to existing businesses reflects SCORE’s proactive commitment to the local business community. There is no charge to participate in the roundtables.

Ed was presented with the award by SCORE Lancaster Chapter Chair Jerry Glenn (right) at the January 20th Chapter meeting.

The citation presented to Ed reads:

“The SCORE Gold Member Award and Certificate is the highest national award that can be given to a volunteer.

To be eligible, a member must have provided a minimum of seven years of distinguished service and made an exceptional contribution to the chapter through activities such as workshop participation, administrative roles, community service, and outreach programs.”

SBA Microloan Programs Available

The SBA Microloan Program provides small loans to start-up, newly established, or growing small business concerns.

Under this program, SBA makes funds available to nonprofit community based lenders (intermediaries) which, in turn, make loans to eligible borrowers in amounts up to a maximum of $35,000. The average loan size is about $13,000. Applications are submitted to the local intermediary and all credit decisions are made on the local level.

Terms, Interest Rates, and Fees:
The maximum term allowed for a microloan is six years. However, loan terms vary according to the size of the loan, the planned use of funds, the requirements of the intermediary lender, and the needs of the small business borrower.

The maximum loan amount is $35,000, however, the average loan amount is around $13,000.

Interest rates vary, depending upon the intermediary lender and costs to the intermediary from the U.S. Treasury. Generally these rates will be between 8 eight percent and thirteen percent.

Collateral:
Each intermediary lender has its own lending and credit requirements. However, business owners contemplating application for a microloan should be aware that intermediaries will generally require some type of collateral, and the personal guarantee of the business owner.

Technical Assistance:
Each lender is required to provide business based training and technical assistance to its microborrowers. Individuals and small businesses applying for microloan financing will be required to fulfill training and/or planning requirements before the loan application is considered.

SCORE programs and counseling provide assistance meeting these micro-loan application requirements.

How to Apply:
Small businesses that are interested in applying for a microloan should contact SCORE to find a microlender in their area.

For more information about participation in this and other Microloan Programs contact SCORE Lancaster at 717-397-3092.

Laid Off and Thinking of Starting a New Business?

Starting New Business? Tools to check out:

LAID OFF, NOW WHAT?
Incorporate. Learn how to protect your assets and start a business.
Assess. Take SCORE's Small Business Assessment.
Ask. Get help from expert counselors at SCORE.
Succeed. Inspiration from a SCORE success - this happened after a layoff!

SMART BUSINESS PLANNING
Start. Get started with SCORE's Business Planning Quiz.
Plan. Read the 60-second guide to writing a Business Plan.
Utilize. Check out our Resources to Start your Business Plan.
Visualize. Think of the future with Scenario Planning.

CABIN FEVER? LEARN ONLINE.
Download. VISA and SCORE's FREE Financial Management Workbook.
Learn. Take our FREE small business online courses.
Read. Check out planning articles in our Reading Room.
Prep. Tax courses for small businesses from the IRS.

GET ORGANIZED
Listen. To our new podcast, Get More Done in Less Time.
Download. Julie Morgenstern, offers Tips on Organizing.
Organize. Lisbeth McNabb's Organizing post at the Women's Success blog.
Learn. Fast help to start you on your way in 60 seconds.

Surviving the Recession in 2009

Small Businesses face challenges on many fronts, including lower consumer spending, rising unemployment and tightening credit. Inflation pressures have hit both businesses and customers. By acting quickly and decisively to protect your business today, your business can make it through the recession in a profitable position.

SCORE Lancaster offers a free business review and planning session.

The volunteer experts at SCORE have experience in a wide range of business areas, including: strategic planning; cash flow management; financial assessments; sales forecasting; sales pipeline planning; and business mentoring.

SCORE Lancaster Chairman Jerry Glenn says, “Small businesses feel the credit crunch first. We have seen difficulty accessing capital and collecting payments from customers.” Glenn adds, “Don’t wait. Now is the time to meet with a SCORE mentor to make plans to tighten credit policies, cut expenses and look at holding cash in your accounts. Experienced SCORE mentors are here to help you plan actions to survive the recession and grow when the economy turns around.”

SCORE Lancaster Offers Advice with Five Smart Strategies for Surviving the Recession in 2009:

Small Business Survival Tips

1. Don’t panic! Be calm and realistic as you review your business. Focus on the fundamentals and what you can control about your business. Look for new ways of doing business. Your competitors may be struggling too. Take steps to make sure your business survives.

2. Consult your mentors. Get feedback from informal advisors you trust. Ask SCORE for advice and meet to review the health of your business. Plan for a profitable year in 2009, even with potentially little or no growth.

3. Look for local funding. Contact your city, county or state governments when you seek capital. Sometimes there are programs with grants or loans in specific industries. Many economic development offices have programs for qualified small firms. Community banks also may be a source for a line of credit. A solid business plan can help you make your case.

4. Find ways to cut costs. Monitor cash flow weekly. Cut overhead and hold the line on price increases. Make sure you have good collection policies and diligently seek timely payment. Keep good records of your inventory and be careful not to overstock your shelves.

5. Continue your marketing. This is the time you need marketing the most. It reassures your customers that you are still there to serve them, and it can help you reach new markets to sustain your business. Visit your existing clients to find out how their needs may have changed. Adjust your product and service mix to meet changing demand.

For more information, call 717-392-3097 Visit SCORE Lancaster online at www.scorelancaster.org

SCORE Offers Free Software

Did you know we offer free software to people starting or growing small businesses?

SCORE Lancaster, working with several major business software providers, has free copies of ‘starter’ software for business and financial planning, accounting and how to accept credit and debit cards at retail.

To get copies of this software go to www.scorelancaster.org to request a one-to-one business counselor or to register for a workshop … or visit our office at Suite 231 Liberty Place, Lancaster, weekdays between 10:00 a.m. and 2:00 p.m.

Here are some examples of free software:

“Financial Management” – an interactive workbook in collaboration with Visa. Includes case studies, check-lists and solutions for managing finances and cash flow.

“QuickBooks®: Simple Start” – a coupon to download a free copy of “Simple Start” from quickbooks.com. Covers basic business finances, one-click reports for taxes, and estimates and invoices. Save time and reduce paperwork.

“Peachtree Accounting – Trial Version” – covers double-entry accounting, inventory management, information security, flexible payroll options and audit protection. Links to www.peachtree.com

“Growing Your Business Resource Kit” – covers basic business-, marketing- and financial- planning. Produced by Palo Alto Software, creators of “Business Planning Pro” and “Marketing Planning Pro” in collaboration with Duct Tape Marketing®.

“Accepting Credit Cards” from Intuit, creators of QuickBooks and TurboTax®. Covers the basics, including animated examples; solutions, including actual applications; and an interactive quiz to help you qualify for lower rates.

Learn more at www.scorelancaster.org, or call us at 717-397-3092 weekdays between 10:00 a.m. and 2:00 p.m.

New Organization Structure Sharpens SCORE Focus

SCORE Lancaster is the local chapter of SCORE, a non-profit association dedicated to entrepreneur education and the formation, growth and success of small businesses.

For 2009, SCORE Lancaster has reorganized its leadership team to improve and enhance delivery of services to the business community in Lancaster County Pennsylvania.

Led by Chairman Jerry Glenn, the SCORE Lancaster leadership team manages Chapter functions such as Client Services, Education, Marketing, Operations and Member Services.

The officers are elected by the membership and they function much like a business team with accountability for their particular areas. They assist and guides some 50 volunteers who provide consulting and education services to new and existing businesses.

SCORE Lancaster Leaders and their new roles include:

Jerry Glenn, Chairman – former President & CEO, Armstrong World Industries International Floor Operations; 35 years experience in sales, marketing and business management in the U.S., Europe and Asia.

Ed England, Vice Chairman, Client Services -- former senior business executive in the food processing, flexible packaging, consulting and furniture industries; expertise in manufacturing, quality assurance, process development and organizational development.

Hugh MacMaster, Vice Chairman, Education – former executive at Case New Holland with 33 years experience in global product development and general management; expertise in product definition, project proposals, budgeting, design, prototyping, testing and cost management; familiar with general farming practices.

Tom Burgum, Vice Chairman, Marketing – former Director, Global Sales Excellence, Armstrong World Industries; 43 years experience in marketing and sales management, training and development, and process improvement.

Bill Graham, Vice Chairman, Operations –experienced with business start-ups turn-around situations and rapid growth management; 35 years in sales and marketing management in branded consumer products. Companies include Trek Bicycle Corp, Charles Chips and Wise Foods.

Dave Templeton, Vice Chairman, Member Services – Partner and President, Turfteg, LLC, manufacturer and marketer of outdoor power equipment; Partner and Owner of CB Structures, Inc., producer of Conestoga Buildings sold in seven states; former senior manager in engineering and product development for Case New Holland.

Larry Marshall, Treasurer & Office Manager – former Manager, Pensions & Insurance, Case New Holland; functional expertise in internal auditing, financial forecasting, consolidation and pricing.

Lloyd Bull, Secretary – former Senior Manufacturing Engineer, Federal Mogul Corp.; 42 years experience in product engineering, tool and gauge engineering, industrial engineering, and manufacturing engineering.

Andrew Zourides, Past Chairman, Advocacy – former executive with General Electric [Power Generation, and Environmental Services,] Envirotech, and RCA; 47 years experience in quality assurance and control, reliability engineering, project management and operations systems analysis.

To learn more about SCORE Lancaster's free consulting services, about the experiences and skills of all 50 of our counselors and about our low-cost business education workshops, go to http://www.score;lancaster.org/ or call 717-397-3092 or visit us at Suite 231, Liberty Place, Lancaster, weekdays between 10:00 a.m. and 2:00 p.m.