Since the onset of the COVID-19 pandemic, an increasing number of people have moved to rural America seeking to establish a livelihood fueled by entrepreneurship. In fact, according to the U.S. Census Bureau, in July 2020 alone more than 550,000 new businesses were established in rural areas nationwide – which is a 95 percent increase over the previous year.  The pandemic may have forever changed the way we all do business, but the one constant that has not changed is the U.S. Small Business Administration’s (SBA) commitment to helping entrepreneurs access the resources they require to make their business dreams a reality.

Much of the agency’s work nationwide over the last 18 months has been to help businesses survive the pandemic with programs such as the Paycheck Protection Program (PPP), Restaurant Revitalization Fund, COVID Economic Injury Disaster Loan program (EIDL), and Shuttered Venues Operator Grants. Many main street businesses, agricultural entities, and non-profit organizations in rural communities utilized these programs to retain employees and pay everyday expenses.

Take Mountain Meadow Wool Mill in Buffalo, Wyoming, for example. In 2008, Karen Hostetler created a business that ballooned into the largest full-service spinning mill west of the Mississippi. Started in a community of under 5,000 people, Hostetler fashioned a footprint locally and nationally – creating jobs at home while exporting products across the world. The mill experienced COVID-19 related setbacks in 2020 with lost customers and business uncertainty. With help from the PPP, the owners were able to maintain their workforce and focus additional efforts on social media advertising.

Stories like this reverberate across rural America. More than 2.5 million rural small business owners took part in the PPP, and many are now working through the forgiveness process with local lenders. Businesses that received a PPP loan under $150,000, and have not yet submitted forgiveness applications, should check with their lender to see if they are eligible to use the SBA’s new Direct Forgiveness Portal, a streamlined tool that can simplify the loan forgiveness process.

Many entrepreneurs are also deciding that now is the time to start or expand their business but need help accessing capital. For these entrepreneurs, an SBA guaranteed loan might be the right fit. These are loans, made by SBA’s extensive network of participating lenders, can be used to provide long- and short-term working capital, purchase equipment, machinery, or supplies, buy real estate, establish a new business, or expand an existing business, or refinance existing business debt.

Small business owners should know that the COVID EIDL Program can assist them with their cash flow challenges. This program remains available to small businesses, including agricultural businesses and nonprofit organizations, until December 31, 2021. Recently, the dollar limit on these loans was raised to $2 million.

Entrepreneurs needing assistance with business counseling, preparing a business plan, and/or creating financial projections should work with their local SBA resource partner such as a Small Business Development Center, Women’s Business Center, Veterans Business Outreach Center, or local SCORE chapter. Most of these business development resources have locations within rural parts of your state.

Regardless of your business’ location or community size, the SBA remains steadfast in helping you secure the capital and training resources you need to strengthen your business. For further assistance, please connect with your local SBA district office or SBA Resource Partner by visiting www.sba.gov .

(Amy Lea is the SBA’s acting regional administrator and Wyoming District Director.  As district director she oversees all of the agency’s programs and services across the state.)

October 1 is National Manufacturing Day

Adam Pauli was a middle school metal shop teacher in Douglas, Wyo. when he decided to partner with a fellow educator to create an entrepreneurial elective course designed to introduce students to the world of business. Pauli, a veteran of the Wyoming National Guard, says he always had an interest in small business and wanted to pass along that passion to his students.

“Over the course of the semester, we’d help them develop a product and marketing strategy, and towards the end they’d actually pitch the idea to local business owners,” Pauli said. “It was a rewarding experience, but it got me thinking, ‘maybe I should start practicing what I preach and start something for myself.’”

In 2018, Pauli started Symmetry Trailers, a fabrication shop where he builds custom off-road trailers for those interested in overlanding. Overlanding is type of self-reliant adventure travel that has taken the camping industry by storm; rigs are designed to allow the user to spend days, weeks or even months off-grid. They can feature solar panels, portable showers, roof-top tents, mobile kitchens and everything in-between.

The company has sold custom-built trailers for customers in California, Arizona, Colorado, Montana, Wyoming and even Connecticut. We’d like to wish Adam and all Wyoming manufacturers a happy Manufacturing Day. 

Wyoming SBDC Network Biz Tip

It goes without saying that every business strives to build a professional team of employees to serve their customers. But not everyone sees the importance of building a team of professionals to serve the business. Let’s talk about that.

It is rare to find a business owner or entrepreneur that is really good at all aspects of running the business. They are generally good at producing a product or delivering a service, sometimes they are competent at sales, but seldom are they good at both of those and managing the financial side of the business. It takes all three to have a successful business long-term and the sooner the owner recognizes their strengths and weaknesses, the better.

Build Your B.A.I.L. Team

One of my colleagues used the term building a B.A.I.L. team, and I like that acronym. It stands for Banker, Accountant, Insurance Agent, and Lawyer. Having a good team of these professionals is important as you establish and grow a business. As I work with clients I generally mention these professionals and their importance, so I wanted to share some thoughts here.

Banker

At some point in starting or growing a business, a bank plays an important role. This can simply be as a depository, but more often also as a lender to help finance some aspect of the business start-up or capital to purchase equipment, a building, vehicles, or fund working capital to allow a business to grow. Having a good relationship with a banker can speed up the process and improve your chances of getting a positive response to your request.

Accountant

Having a good accountant can help you make better management decisions by providing timely, accurate financial information as well as tax reporting. You may also want to think about having them take care of payroll to make sure it is done correctly.

Insurance Agent

Appropriate insurance coverage is important to account for those unexpected events. It is one of those things we hate to pay for but don’t dare be without. Having a good insurance agent on your team can be the difference between your business surviving an unforeseen event (think fire, cyber attack, or unexpected death of a partner) or being forced to close as a result.

Lawyer

And finally, a good lawyer can help you structure the business properly, protect the owners, write or review contracts with clients or vendors, and help structure an exit strategy when the time comes to sell or retire.

These professionals charge a fee for their services as well they should. After all, they are businesses too. And while it is sometimes hard to write that check, allowing these team members to do their job and help your business allows you more time to do what you do best, and probably sleep better at night.

The Wyoming SBDC Network is on Your Team

Your Wyoming SBDC Network advisor can help you think about these various services, which might be appropriate for your business, and formulate questions to ask prior to visiting with ‘the team’. We can help you structure a loan application, think about possible insurance coverages you might need, and ask other questions about what you are comfortable or competent to perform in-house versus what you might want to have a professional do for you.

Reach out to your Wyoming SBDC Network advisor today for no-cost, confidential assistance with your B.A.I.L. team, or other business related questions here.