new ventures business development provides resources for starting and growing businesses

Frequently asked questions

Following are answers to the most frequently asked questions of the South Piedmont Community College Small Business Center.

How do I get a loan?

First, you must determine everything you'll need to start a business. For example, you may need equipment, initial inventory, fixtures, rent or real estate costs, or other employees who must be paid. Also, you will need working capital, and a reserve fund. You must then determine the most likely scenario for your sales forecast - and stay on the conservative side!

Next, you put all of this information into a business plan. There are dozens of web sites and software packages that will help you do this. American Express Small Business Services and Microsoft are two examples of on-line business planning programs.

If you need further assistance, call the SPCC Small Business Center.

You then present your business plan to a loan officer at a bank that handles commercial loans, along with any forms and applications that institution requires.

What if I get turned down for my loan?

Chances are you will be turned down if you are a new business owner. If the bank sees potential, they will then apply to the Small Business Administration (SBA) for you. The SBA backs up loans made by banks. If you default in your loan payments or go bankrupt, the SBA will see that the bank is repaid 75% of your loan balance.

You may try other banks, loan companies, credit unions, or other sources of capital. The majority of loans are FAF loans - Friends And Family!

What licenses and permits do I need?

The answer is: it depends. It depends on the type of business you have and where it is located. Food businesses require different permits than plumbing businesses.

The easiest way to find out is to call 1-800-228-8443. This is the North Carolina Business Licensing Office. Tell them what you are planning to do and where you live. They'll tell you who to call. You might also check with your local Town Hall if you live inside city limits or will be doing business in an incorporated area.

Should I incorporate?

If your business could possibly cause harm to a person or to property, or if you are borrowing money from several sources, you should incorporate. This will help protect your personal assets in the event of a lawsuit. The type of corporation most small businesses choose is an S-Corporation.

For more information on incorporation, refer to INC Magazine or purchase the book "INC Yourself" by Judith McQuown.

What if I need more help?

Call your nearest Small Business Center: In Monroe, 289-8588; in Wadesboro, 694-6505.

Also, contact New Ventures Business Development for assistance.

Contact SBC

In Anson County, the Small Business Center maintains a resource center at the Lockhart-Taylor Center. Contact Vince Holloman at 704.694.6505.

In Union County, the SPCC Small Business Center representative is available at the New Ventures Business Development Center by appointment. Contact Vince Holloman at 704.289.8588.

The Small Business Center is headquartered at the South Piedmont Community College Old Charlotte Highway Campus at 4209 Old Charlotte Highway, Monroe, NC 28110. Contact Vince Holloman at 704.289.8588.

SBC seminars

If you are an employer, employee, business owner, or hope to start, buy, or expand your business, the SPCC Small Business Center invites you to attend any seminar or workshop that interests you. Registration is $5.00 per seminar unless stated otherwise on its schedule.