SBA Hot Topic Tuesday – Nominate a Borrower Small Business Person of the Year!

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October 7, 2014

NationalSmallBusinessWeekHere is an easy and thoughtful way to promote one of your borrowers by nominating them for Small Business Person of the Year

Small Business Persons of the Year Award winners will be selected at the State and National Levels

1) In those states served by a single SBA district office, the district office will select the
State winner.

2) In those states served by more than one SBA district office, each district office will select
a district level winner and the State winner will be selected at the regional level.

3) SBA districts that serve more than one state will send their top nominee for each state for
a runoff decided by the SBA regional office. For example, if the SBA Richmond District Office and SBA Washington DC Metropolitan Area Office both select winners for Virginia, those awardees will compete to be the Virginia State Winner.

Winners at each level will be selected by a panel of judges that may be comprised of both SBA employees and non-Federal employees.

What is being judged?

1) Staying power — a substantiated history as an established business; including:
• Number of years in business (minimum three years).
• Sustained expansion, addition of territories, growth in square footage occupied.
• Steady growth in net worth as evidenced by total assets less total liabilities on calendar year end annual balance sheets for 2011, 2012 and 2013.

2) Growth in number of employees — a benchmark to judge the impact of the business on the job market.
• Sustained over a minimum of three years.
• Increases over the three years must be in excess of growth in Gross National Product.

3) Increase in sales and/or unit volume — an indication of continued growth over the three years.
• Consistent growth in net income as evidenced by annual profit-and-loss statements for calendar years 2011, 2012 and 2013.

4) Current and past financial performance — financial reports substantiate an improved financial position of the business.
• Profit-and-loss statements for calendar years 2011, 2012 and 2013, reflecting sustained upward growth.
• Balance sheets for calendar years 2011, 2012 and 2013, showing consistent increase in net worth and/or partners’ return.

5) Innovativeness of product or service offered — an illustration of the creativity and imagination of the nominee.
• Specific description of uniqueness of product or service.
• Explanation of how the product or service fits a niche not being adequately addressed by the competition.

6) Response to adversity — examples of problems faced in the nominee’s business and the methods used to solve them, including:
• Specific description of financial, physical, legal or other crisis.
• Substantiation of the threat to the continuity of the business.
• Defined actions taken by the nominee to resolve the crisis.

7) Contributions to community-oriented projects — evidence of the use of his/her personal time and resources, including:
• Listing of specific contributions of money, time, or resources to charitable causes.
• Membership in councils, boards, and clubs providing support and services to the community.

8) If applicable, a description of the products exported and markets served.

The deadline for nominations is January 5, 2015.

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