Nashpreneurs Partner Profile: US Small Business Administration
Nashpreneurs Partner Profiles put the spotlight on organizations in Middle Tennessee that help entrepreneurs succeed. To be featured in an upcoming profile, email Jordan Taylor Sloan at jtaylorsloan@nashvillechamber.com.
The US Small Business Administration's State Director for Tennessee, LaTanya Channel, talks about the power of partnership to support entrepreneurs in our region.
What is the SBA’s premier service?
The US Small Business Administration (SBA) helps small businesses obtain counseling, credit, and contracts – and our premiere program is the 8(a) Program. The 8(a) Program, formally known as The Minority Small Business and Capital Ownership Development Program, provides small businesses with training, technical assistance, and contracting opportunities in the form of set-aside and sole-source contracts within federal government. In federal government, an 8(a) set aside award is a contract in which only 8(a) contractors may compete, whereas an 8(a) sole-source award is a contract awarded without competition to only one firm.
Who is the target business that you work with?
We work with all small businesses and many are surprised to find that, by the federal government’s definition, firm receipts can get as high as 33 million and firm employees can get as high as 1,000 to still be considered small. Small business get to receive government backed SBA loans, federal contracts set-aside for small businesses, and free or very low cost one-on-one management and technical assistance to launch and scale.
Why do you do what you do?
I firmly believe in the sign I have posted in our Nashville office: “We are here to make good things happen for other people.”
What is your favorite part of the SBA?
Most of SBA’s services are done outside of the SBA office by “Resource Partners” – SBA Resource Partners receive SBA funding to provide counseling directly to small businesses. Here in Nashville, this includes SCORE, the Small Business Development Center (SBDC) at TSU and, at Pathway, the Women’s Business Center (WBC) and Veterans Business Outreach Center (VBOC).
My favorite part of the SBA is our amazing staff members who serve as “Business Opportunity Specialist” or “BOS”. Every nationwide office has one, and the BOS monitors and measures the progress of firms throughout its nine years in the 8(a) program and serves as a FREE consultant in business planning, identifying potential contract opportunities, and marketing the firm’s technical capabilities to federal agencies. The BOS position is the only position within SBA where Congress requires an official certification to do the job. A good BOS is invaluable to a small business – and, in Nashville, we have one of the best, nationwide. She has planned our 2nd annual "Business Development Academy" to be held on May 8 here in Nashville (you should come!).
What advice do you have for Nashpreneurs?
Be efficient and strategic in creating an Advisory Board. An Advisory Board does not govern and does not represent shareholders, but rather serves as to provide advice, to serve as a sounding board or, even better, provide industry expertise to that entrepreneur about achieving current business goals. We’ll cover this at our May 8 "Business Development Academy".
Why is the Nashville region a great place to be a small business?
With 80 to 100 people a day moving to Nashville, how can it not be?! It is prime time to gain customers and business partners!