(M-BIG) PROGRAM I Information S ession - December 8, 2016 Carver - - PowerPoint PPT Presentation
City of Peoria Economic Development Department Office of the City Manager MINORITY BUSINESS IMPLEMENTATION GRANT (M-BIG) PROGRAM I Information S ession - December 8, 2016 Carver Center www.growpeoria.com M-BIG - Presentation Outline 1.
Economic Development Department
Office of the City Manager
MINORITY BUSINESS IMPLEMENTATION GRANT
I Information S ession - December 8, 2016 –Carver Center
▫ Peoria City Minorities – 37.6% (2010 Census) ▫ Peoria City MBE’s – 13.5% (2007 SOBO)
▫ City RLF Program (March 2016) ▫ City MBE Grant Opportunity Study (May 2016) ▫ City Micro-Lending Study (Nov 2016) ▫ City M-BIG Program (Jan 2017)
▫ Streamline Permitting Process - $12,500 (contracted) ▫ Synergize Business Resources - $25,000 (contracted) ▫ Support MBE’s
▫ MBE Grant Opportunity Study - $2,500 ▫ Minority Business Im plem entation Grant - $10,000
▫ Private business within City of Peoria ▫ Business under 50 employees ▫ Minority owned/operated by 51% (existing or startup)
Identify Opportunity Define Resources Itemize Budget Develop Workplan Obtain Funding
PROJECT PLAN Determining and documenting a list of specific project goals, deliverables, tasks, costs and deadlines.
REALIZING YOUR PROJECT
Identify Opportunity Define Resources Itemize Budget Develop Workplan Obtain Funding
PROJECT PLAN Determining and documenting a list of specific project goals, deliverables, tasks, costs and deadlines.
REALIZING YOUR PROJECT – Identify Opportunity
What is Your Unique Point Of View (P.O.V.) ?
REALIZING YOUR PROJECT – Identify Opportunity
The Ansoff Matrix
REALIZING YOUR PROJECT
Identify Opportunity Define Resources Itemize Budget Develop Workplan Obtain Funding
PROJECT PLAN Determining and documenting a list of specific project goals, deliverables, tasks, costs and deadlines.
REALIZING YOUR PROJECT – Define Resources
The Timmons Model of Entrepreneurship
What’s Needed to Take Hold of Your Big “O”?
REALIZING YOUR PROJECT – Define Resources
Right-Size Your “M’s” to Sieze Your Big “O”?
REALIZING YOUR PROJECT
Identify Opportunity Define Resources Itemize Budget Develop Workplan Obtain Funding
PROJECT PLAN Determining and documenting a list of specific project goals, deliverables, tasks, costs and deadlines.
REALIZING YOUR PROJECT – Itemize Budget
What are the Costs, in Detail?
a) Startup Cost (non-reoccurring costs, capital expenditures), b) Fixed Costs (remains constant regardless of sales) c) Variable Cost (increases or decreases with sales)
STARTUP COSTS (Set Up Costs) One‐Time Fixed Monthly Variable Monthly Real Estate Rent/Lease Utilities Improvements Insurance Inventory Machinery & Equipment Salaries Direct Labor Furniture & Fixtures Loan Payments Commissions Professional Fees Depreciation RUNNING COSTS (Operating Costs)
REALIZING YOUR PROJECT
Identify Opportunity Define Resources Itemize Budget Develop Workplan Obtain Funding
PROJECT PLAN Determining and documenting a list of specific project goals, deliverables, tasks, costs and deadlines.
REALIZING YOUR PROJECT – Develop Workplan
MARKETING PROGRAM WHO Oct Nov Dec Jan Feb Mar
I
TARGET COMPANIES Idenfify Lead Sources CJS
DONE
$0 Purchase Database CJS
DONE
$5,000 Establish Search\Screen Criteria CJS $0 Establish System for DM & TS CJS $1,000
II
DIRECT MAIL (DM) Develop Series of Messages BH $0 Produce Callateral Materials BH $5,000 Send Mail in cycles (2,000 @ $0.25) CJS $500
III
TELESALES (TS) Develop\Modify Script CJS
DONE
$100 Develop Tracking System CJS $500 Conduct Cold Calls (2,000 @ $2.00) CJS $4,000 Follow-Up \ Personal Visits CJS $5,000 1999
Determine: Who? Does What? When? and for How Much?
REALIZING YOUR PROJECT
Identify Opportunity Define Resources Itemize Budget Develop Workplan Obtain Funding
PROJECT PLAN Determining and documenting a list of specific project goals, deliverables, tasks, costs and deadlines.
REALIZING YOUR PROJECT – Obtain Funding
SHORT TERM LONG TERM Operations ‐ Retained Earnings Self Financing Stocks Operations ‐ Profit Tax Credits Friends & Family Convertible Debt Investors Angel Investors Venture Capitalist Trade Credit ‐ from Suppliers Personal Credit Card Friendly Loans Term Loans Promissory Note ‐ Unsecured Home Mortgage Asset‐Based ‐ A/R, Inv./M&E Commercial Mortgages Quick Cash Loans ‐ Payday/Title/TaxReturn Business Card Credit Bank Line of Credit #@ Predatory Lenders ?/@ EQUITY FINANCING DEBT FINANCING OTHER Grants Tax Exemptions / Tax Abatements Crowdfunding (Indiegogo, Crowdfunder) Factoring / Bank Overdrafts /
What are Your Sources and Uses of Funds?
A. One Stop Shop B. Startup In A Day – Initiative C. Industrial Development Bonds
E. Historic Tax Credits F. EB- 5 Foreign Investor Program G. Other Bonding Programs 1. Façade Improvement Program 2. Tax Increment Financing 3. E-Zone & River Edge Redev. Zone 4. Revolving Loan Fund Program
REALIZING YOUR PROJECT – Obtain Funding
REALIZING YOUR PROJECT – Obtain Funding
Organization/Contact Description Low High Low High App. Closing Contact 1 Justine Peterson A variety of micro‐loan products and services, including personal credit builder. $300 $150,000 8.5% 16.0% 2.0% 5.0% Mikayla Eldridge METEC 309‐676‐3832 x 308 http://www.justinepetersen.org/ 2 Accion Chicago Loans for startup and existing business, including financial counseling. Secured loans with good credit $500 $100,000 Chicago Office 312‐275‐3000. http://accionchicago.org/programs/ 3 IL Business Financial
Services
For businesses with no credit history, but good personal credit (FICO Score 680 plus)., a nearly “no doc” unsecured business credit card. $10,000 $150,000 5.0% 25.0% None 9 to 12% Jerry Nutt 309‐495‐5971. http://www.ibfs.org/unsecured‐business‐credit‐cards‐.html 4 City of Peoria Loans for startup and existing business. Secured loans with decent credit. $5,000 $250,000 4.0% 10.0% 100.00 $ 1.0% Cesar Suarez 309‐494‐8645 http://www.growpeoria.com/wp‐content/uploads/2014/10/CITY‐of‐Peoria‐RLF‐2016‐Guide‐Application‐160524.pdf 5 County of Peoria Loans for startup and existing business. Secured loans with decent credit. $5,000 $150,000 3.0% 3.0% None None Mark Rothert 309‐672‐6065 http://www.peoriacounty.org/countyadmin/governmentassistance/ 6 Wood Forest Bank Business ReLi ‐ Unsecured and Secured Lines of Credit, based on decent credit. $500 $50,000 8.0% 12.0% None None Kathy Wallace 309‐691‐3790 https://www.woodforest.com/Business‐Banking/Products/Loans Loan Amount Interest Rate Fees
STARTUP & WORKING CAPITAL LOANS ‐ UNDER $15,000
REALIZING YOUR PROJECT – Obtain Funding (Micro-Loans)
▫ a) create new market opportunities, ▫ b) capture new market share, or ▫ c) meet untapped/emerging market demand
▫ Determining and documenting a) opportunity, b) needed resources, c) itemized budget, d) workplan, and e) sources and uses of funds.
▫ Submittal Deadline - January 13, 2017 ▫ Prize Award Notice- January 27, 2017 ▫ Funds Disbursed – According to Proposal
Cesar Suarez Senior Development Specialist City of Peoria 419 Fulton Street Peoria, IL 61601 309-494-8645 csuarez@peoriagov.org