Frequently Asked Questions about Small Business development.
How can the SBDC help my business?
The SBDC provides free one-on-one confidential counseling and low cost business training workshops. Business counseling is offered in the areas of financial management, marketing, human resources, operations, and information technology. Workshop topics include starting a business, business plans, creating business financial projections, marketing your products or services, understanding financial statements, managing a business, legal issues, selling & salesmanship, new product development, issues and accessing financing through federal procurement.
Where can I get information about how to start a new business? A:
Contact American Samoa Small Business Development Center, and we will assist you in discovering the steps you will need to start your new business. Also, you can set up an appointment with a counselor. Contact AS-SBDC.
I already own a business; can I still use the SBDC? A:
Yes, because our SBDC consultants have extensive professional knowledge and expertise in areas of business development such as marketing, management, operations, expansion, we want you to feel confident that we can help your existing business grow and prosper.
Does the SBDC loan money for my business start-up? A:
The SBDC will assist you in preparing the proper documents and a business plan and direct you to specific lending institutions that can assist you in obtaining a small business loan. The SBDC does not provide loans or grant money.
Where can I find a grant to start my small business? A:
nt monies are usually not available to start or grow a for-profit business, with the exception of a few high technology businesses. You may find grant information at your local library, www.cfda.gov., or www.sba.gov/expanding/grants.html.
Does the SBDC provide legal services? A:
The SBDC will provide you with a list of various legal providers in your area for specific legal services. They will be able to assist you in areas such as incorporations, trade names, business partnership agreements, or other legal needs.
What specific services does the SBDC provide? A:
We have a variety of professional services on just about any topic of business you can think of.
How do I register my business name? A:
You must select from one of several options for your business. You can set up as a personal identity in which your business does not exist apart from you, the owner. Or, you can set up as a corporate identity in which the business exists in its own right. Or, you can set up as a limited liability, which is a combination of the two. This is an important decision that affects your ownership options, personal liability, tax structure and administrative requirements such as record keeping. This is one area where you and your management team would benefit from qualified legal counsel. Registering your business name varies based on the legal entity status you chose.
How often will I need to meet with the SBDC before I can get a business loan?
This all depends on your ability to commit time and energy toward the writing of your business plan. Of course, there are never guarantees as to whether or not the lending institution will provide you a loan. You must have a business plan prepared before you can meet with them. This applies to anyone seeking to start a business or existing businesses wanting to expand.
Funded in part through a Cooperative Agreement with the U.S. Small Business Administration.
The American Samoa Small Business Development Center was created as result of an
American Samoa Community College (ASCC) and U.S. Small Business Administration (SBA)
Partnership. Neither SBA funding nor that from ASCC is an endorsement of any
products, opinions or services. SBA and ASCC Programs are extended to the
public on a non-discriminatory basis.