Frequently asked questions
1. What is the Small Business Development Center
The COCC Business Development Center (BDC) is part of a statewide network which provides assistance to entrepreneurs and small businesses. We are dedicated to helping small businesses achieve success and to promoting economic development through free, confidential business advising and offering workshops and training. For more information go to http://noncredit.cocc.edu/Small+Business/default.aspx
What type of licensing do I need for my business?
There are several agencies that a new business must check with regarding registration and licensing. You should first contact the State of Oregon at http://www.filinginoregon.com/. Here you can check on State regulations for your industry, apply for your business registration and use their handy “business wizard”. In addition check with the City or County in which your business is located to find out about local licensing requirements.
How do I check the name I have chosen for my business?
Once you have chosen a name for your business, it is important to do some research to make sure that another company does not already have that name. You can search the State list of registered business names http://egov.sos.state.or.us/br/pkg_web_name_srch_inq.login. In addition, there are general resources that a business owner may access to determine if a business is already using their proposed name, including telephone books, the internet and associations.
Are there any special loan programs available for minority groups or women?
The best resource for loan programs that are directed towards minorities and women is the Small Business Administration (www.sba.gov). Also check out some of the links below:
Online Women's Business Center (Resources & Financing)
SBA Office of Women's Business Ownership
SBA Minority and Women's Pre-Qualification Pilot Loan Program
Wachovia
Center for Womens Business Research
National Association of Women Business Owners
Capital Across America
New Vista Capital
Business Women's Network
How about Grants?
Please Note that the U.S. Small Business Administration does not offer grants to start or expand small businesses, though it does offer a wide variety of loan programs. While the SBA does offer some grant programs, these are generally designed to expand and enhance organizations that provide small business management, technical, or financial assistance. These grants generally support non-profit organizations, intermediary lending institutions, and state and local governments. For more information see the SBA.gov web site.
What about taxes?
A successful business pays taxes. The best resource for questions regarding self-employment taxes, business tax deductions, employee withholdings and other business tax related issues is the IRS business site at http://www.irs.gov/businesses/index.html.
What criteria do banks use in either approving or denying a small business loan?
Bankers generally evaluate a loan package based on the 5 Cs of credit. These are:
Capital – The amount of equity (cash) you are investing in the project
Collateral – The assets that you are pledging to secure the loan
Cash flow – Your ability to make the loan payments
Character – This includes your work experience and personal credit history
Conditions – this includes things such as location, form of ownership, overall economy and other tangible and intangible factors, length of time you have been in business