Issue link: https://nebusinessmedia.uberflip.com/i/957441
www.HartfordBusiness.com • March 26, 2018 • Hartford Business Journal 9 FOCUS since 2003; the economy has added nearly 3 million jobs since the Presi- dent Trump's election; and over 4 mil- lion Americans have received bonuses, wage increases, or other new benefits that have been directly tied to the pas- sage of the Tax Cuts and Jobs Act. Q. SBA Administrator Linda McMahon recently said she was surprised by the lack of understanding among small businesses of the full breadth of servic- es the SBA offers. To raise awareness, SBA is launching an "SBA re-imagined" campaign. What will that entail? A. The goal of SBA Reimagined is to have consistent messaging across the country. It includes a new logo, new marketing messaging, an update to our website and is focused on outreach. SBA's headquarters will provide the field offices here in New England and across the country with the tools we need to help grow our lender reach and to help us help our resource partners with the important work they do coun- seling and training small businesses, which is a major part of what SBA does. McMahon often refers to the SBA as the best kept secret in the govern- ment. We are working to ensure that is no longer the case. The SBA has resources available to help start, grow and recover businesses and we want the public to know about that. Q. What's the lending environment out there right now for small business? SBA lending increased last fiscal year in Connecticut. Is that a sign banks are anxious to lend and more small busi- nesses are willing to borrow? A. In New England, we are currently up 9 percent over the same time last year in the number of loan approvals and up 10 percent in dollar amount. I am optimistic that this will continue as the year progresses. This increase in lending is a good sign that busi- nesses are seeing the importance of finding small business financing. The Connecticut numbers are even more encouraging: The state has seen a 25 percent increase in lending since 2017. The appetite for capital is palpable. Small business confidence is surging in 2018 as optimism rises among small business owners. As an aside, the SBA is contemplat- ing new changes to its loan programs, which could have a positive impact on the lending climate. Q. You've got lots of Connecticut roots. You live in Amston and went to Central Connecticut State University for your undergrad. Your previous job was as the managing partner of DCB Law Group LLC in Connecticut. What makes a lawyer interested in running a regional SBA office? A. I have worked with small businesses most of my legal career and, in fact, most of the firms I have worked at or owned were small businesses. I have walked the small business walk and talked the small business talk. It is exciting to be in position now to impact many more busi- nesses and many more people than I was able to reach as an attorney. much time as possible," Carter said. "That way they can focus on their business." In fact, over the past five years, the state's SBDCs have helped clients se- cure more than $200 million in fund- ing, including $54 million last year. "Our centers do not lend money," Carter says, "but we help our clients better pre- pare to look for funding and help educate them so they know what to expect from whatever fund- ing source they're approaching." First-time entrepreneur The educational resources of the SBDC have benefitted Linda Lon- gobardi, founder of ReGift the Wrap, a startup that provides eco-friendly, reusable fabric gift wrap. The stretch- able fabric can be used to wrap a gift without scissors or tape in 15 seconds, says Longobardi, while eliminating wrapping paper waste that accounts for 4 tons of landfill waste annually. While the inspiration for her com- pany and early product development provided creativity and fun, the busi- ness side of bringing her product to market was more challenging for the first-time entrepreneur. "I realized how much I didn't know," Longobardi said. "But the SBDC has helped guide me and helped connect me with resources I would have never known existed." In addition to helping develop her business plan, the SBDC also helped connect Longobardi with a four-month acceler- ator program through reSET, a non- profit that helps startup entrepreneurs. "It's helped me meet mentors, other entrepreneurs and angel investors," she said. Under the guidance of her advi- sor, Shelly Koehler, one of 11 SBDC advisors in the state, Longobardi is currently exploring distribution channels for her products, including QVC Sprouts, a crowdsource-funded competition through the video and eCommerce retail giant. She's also le- veraging free small business resources from SBDC's university partners. For example, through UConn School of Law's Intellectual Property clinic, she's receiving help with design patents and trademarks. Lon- gobardi said that no-cost support from UConn law students saved her around $40,000. "UConn is a huge stakeholder in our SBDC programming," Koehler said. "It gives students a chance to practice [in intellectual property] what they're learning in class, while giving back to the small business community." And it's not just students and clients that benefit, says Carter. It's also a win for the state's economy, too. "For every dollar our SBDCs receive in state funding, we put $44 back [into the economy] in Connecticut," Carter said. In fact, in the past five years, SB- DCs have helped start more than 300 businesses statewide. Support toolbox Many clients — as their company's grow — continue to rely on the SBDC's expertise, Carter said. And the organization's recently revamped website has been enhanced to direct clients and prospects more efficiently to the most relevant resources. "Through our 'Request Advis- ing' feature, we can connect people, through three or four basic questions, to the most appropriate resource [for their need]," Carter said, noting her organization inventory of small busi- ness support tools includes webinars, industry benchmarking research, databases and software tools. Nearly a decade-and-a-half into his growing business venture, Bittner, Triple Helix Corp.'s CEO, said he still promotes the SBDC to business own- ers and startups looking for support. "The SBDC really helps prioritize what's immediately important [to the business owner] and comes prepared to work with you on that," Bittner said. "They're not afraid to get in the mix with your business and continuously push you [as an entrepreneur] forward." Gregory Lewis of the Connecticut Small Business Development Center counseling Bill and Peggy Pastyrnak at their brewery, Counterweight Brewing Co. in Hamden. Emily Carter, State Director, Connecticut Small Business Development Center Focus on your jobs and we'll focus on your money. Loans, deposits and cash management – a Simsbury Bank advisor can help build your success. Find your answers: simsburybank.com/commercial Simsbury Bank helps me mind my business. Fast, local decisions and proven solutions customized for how you do business. Commercial Banking Your Way SimsburyBank_QtrHoriz_HBJ_FEB2018.indd 1 2/8/18 2:07 PM