By Dave Rozzell
Department of Minority & Women Business Development
Indianapolis – Rolls-Royce recently hosted an event designed to educate minority- , women- , and veteran-owned small businesses on the processes of certification, the ins and outs of capitalization, and effective ways to do business with government and corporate buyers. This was the fourth “Tools For Progress” event sponsored by the Historically Underutilized Small Business (HUsB) Coordinators, a not-for-profit organization that provides development and contract opportunities and serves as a forum for the exchange of best practices and ideas for its members.
More than 40 businesses and government agencies registered to be available for the 100-plus local-area small businesses gathered in the Rolls-Royce Training Center, to network with them in a “speed-dating” format, as characterized by Linda Parrett, HUsB Chairperson. She told the participants, “This event is an opportunity for you to meet face to face with the people who make decisions about buying your products, or including your business in contract projects...so take advantage of the networking time.”
Representatives from the Small Business Administration (SBA), Indiana Department of Transportation (INDOT), Minority and Women Business Enterprise (M/WBE) programs for the State of Indiana and the City of Indianapolis/Marion County, the Indiana Minority Supplier Development Council (IMSDC), and the Women’s Business Enterprise National Council (WBENC) explained the various processes and advantages of certification with their respective authorities.
Some small business owners asked the panel to clarify the differences in certifying authorities, and expressed concerns about the apparent lack of reciprocity between them. The panelists pointed out that, while true reciprocity does not exist, companies seeking certification with one authority may request that a copy of their file that was used by another to certify them, be transferred to be used in conjunction with the new application. The representatives agreed that helps to speed up the process significantly, generally cutting in half the processing time from 90 to 45 days.
Another important presentation dealt with financing their businesses. The SBA’s Joyce Able, Glenn Farmer of Regions Bank, and Jim Pickens, President of Putnam Industries, formed a panel to share insights about capitalization for small businesses. They stressed that in order for a small business to approach a lender for capital, they must first have a solid business plan.
They also pointed out the importance of good personal credit along with having a good credit rating for the business. Farmer encouraged the business owners to consider securing lines of credit before they need it. “Don’t wait until you’re in trouble before you approach a lender for cash just to stay afloat”, he said. He added, “Get the money when you’re healthy. Lenders look more favorably on that.”
Another highlight of the event was the “Matchmaking” networking exercise. Parrett conducted the vendors through two-and-a-half hours of 10-minute sessions with the buyers and purchasing officers representing more than 40 government and private sector entities on hand. Vendors moved about from table to table “courting” the representatives. Parrett said “The ‘speed-dating’ format helps the vendors to stay on point with their message and sells pitch. They get better as they move from one table to the next.”
Lastly, Tasha Phelps, CEO of Phelco Technologies, Inc., unveiled a new website for HUsB that her company designed. She admitted, “Although we were happy to do this on a pro bono basis, we get something out of it, too. Along with the sense of satisfaction, we get great exposure for our business every time anyone accesses the Web site.”
That Web site address is: http://www.husb.org/
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