Posted: February 12, 2010

By Philip Newswanger

philip.newswanger@insidebiz.com

If you need advice about uncovering financing options, you might want to attend a small business seminar in Norfolk later this month.

With the economy wracked by tight credit and mounting job losses, small businesses need a helping hand now more than ever.

According to the U.S. Department of Commerce, small employers - those with fewer than 500 employees - in the U.S. numbered 6 million in 2006, representing 99.7 percent of the nation's employers and 50.2 percent of its private-sector employment.

Seven out of 10 new employer firms survive at least two years, and about half survive five years.

Last week, President Obama was campaigning to send $30 billion to community banks that agree to lend to small businesses as part of his package to stimulate the economy, outlined in his State of the Union Address on Jan. 27.

Part of the package also included $33 billion in tax cuts for firms that create jobs or wages.

Meanwhile, Norfolk Redevelopment and Housing Authority, the city of Norfolk's department of development and the U.S. Small Business Administration have partnered to host a seminar, entitled "We Care About the Success of Your Business." It will be held from 9 a.m. to 1 p.m. on Thursday, Feb. 25, at the Workforce Development Center, 201 East Little Creek Road in Norfolk.

Experts from the city, the federal government and the housing authority will counsel small businesses on where to get financing at a time when the credit markets have nearly dried up.

The seminar is open to the public; registration is required. Contact Joann Johnson at 314-1533 or ecoopstemp@nrha.us to register.

This is the first time the housing authority has partnered with the city on a seminar of this type, according to NRHA spokeswoman Kelly Williams.

"These business seminars are something the city of Norfolk through our Department of Development has been doing as a service to our business community for some time," said Carla Howard, business development manager for Norfolk's department of development.

Last year there were six seminars with topics such as how to write a business plan, how to do business with the government, how to get SWaM-certified, how to market your business and how to finance your business, all designed to be helpful to companies here in the region, in particular small business owners and entrepreneurs looking to start a business.

"These seminars are free and a valuable way for understanding the different options, services, knowledge and training participants need to become or remain successful in these challenging times," Howard said. "This seminar, co-sponsored with NRHA, is already attracting a great deal of interest, and we would encourage anyone interested to register early."

The following individuals will discuss selected topics on financing opportunities:

• Leroy Harris, U.S. Small Business Administration, SBA loans.
• Monique Harrell, Center for Community Development, micro lending.
• William S. Brown, Brown and Brown Flagship, bonding opportunities.
• Leonard McCoy and Lynne Hancock, Navy Federal, business opportunities through credit unions.
• Stephen Patterson, city of Norfolk, Norfolk Purchasing Department.
• Anne Gutherie, city of Norfolk, Commercial Aesthetic Improvement Grants through the city department of development and economic development authority.
• Pat Gomez, Tidewater Business Financing Corp., 504 fixed asset financing.

  Tidewater Business Financing Corp. is a certified development corporation set up to provide financing to small businesses through private lenders and the SBA. CDCs like Tidewater Business provide fixed-rate financing for fixed assets, such as land and buildings.nib