Small Business Services

Get Business Counseling

The Roanoke Regional Small Business Development Center offers no-cost, confidential business counseling to entrepreneur hopefuls and established small business owners. If you are interested in taking advantage of our service, please follow the link listed below after which one of the experienced business counselors will contact you to set up an appointment. CLICK BELOW FOR LINK.

REQUEST COUNSELING SERVICES

As a client of the Roanoke Regional SBDC, you can rest assured your information will be held in strict confidence.

Meet our counselors: click here for more information

Prior to Meeting an SBDC Counselor

First-time/Start-up Business

Fill out the "So you want to start a business" questionnaire

Existing Businesses

Have a list of questions for the counselor prepared prior to the session
Bring a copy of your business plan (if you have done one yet), you may also email prior to meeting.
Bring any financial information such as a Profit and Loss statement and a balance sheet if you want to discuss financial information
Bring last three years of tax returns for review, if necessary
Bring along any other pertinent information

Prior to Starting a Business

Conduct an analysis of personal costs of living expenses
Determine if the business will be successful and how long it will take to reach break-even
Complete the business plan and financial projections. Prior to taking the plan to the bank, allow the SBDC counselor to take one final look to ensure that there are no issues that could jeopardize the loan package
Work with the bank and obtain financing (either conventional or SBA guaranteed)
Register with the State Corporation Commission if incorporating your business
Obtain an Employer Identification Number (this can be done online at www.IRS.gov)
Register with the Clerk of the Court if operating as a Sole Proprietor
Obtain a city business license, if required
Ensure any zoning issues are adequately addressed
Ensure liability and any other insurance policies (e.g. Key man insurance) are arranged
Get certification from the state Department of Professional Occupational Registry, if required
Check with the Virginia Employment Commission concerning employees and independent contractors, if required
Check with the state Department of Taxation and ensure provisions are made for payment of any taxes
Obtain a personal credit report for you and any member who has a 20% or greater equity share in the company

Review and check for the following:

Owe back taxes to the IRS? ___ Yes ___ No
In arrears on any government backed loan? ___ Yes ___ No
In arrears on alimony payments? ___ Yes ___ No
In arrears on child support payments? ___ Yes ___ No
Any unexplained bankruptcies? ___ Yes ___ No
(A yes answer to any of the above questions will seriously jeopardize the loan application)
Prepare a Personal Financial Statement listing all assets and liabilities
Determine if the loan will be conventional or guaranteed by the SBA
Do you have adequate:
Collateral ___ Yes ___ No
Owner Cash In (usually 20% or greater) ___ Yes ___ No
Have you made the provision of from 3% to 6% of the total loan amount to be paid for closing costs for a conventional loan and closing costs and guarantee fees for an SBA guaranteed loan?
Provide the bank with three years of back tax returns (either personal or business returns)
Do your cash flow projections demonstrate you have the ability to service your debt (e.g. make loan payments)?