2011 sw entrepreneurship conference

SMB Mission Statement

Facilitate the growth, development and expansion of smalland minority businesses by helping them gain access to valuable information, new market opportunities and financial resources.

SMB Today

• Small and Minority Business is a division of the Arkansas Economic Development Commission – a state agency

• 4 employees

• Seven member Minority Advisory Council

• This Council meets quarterly.

Minority Business Advisory Council

• Council Members are appointed to by the Governor, President Pro Tempore of the Senate and Speaker of the

House of Representative

• Term of office of the council shall be at the pleasure of the appointing officer

Council Members

• Leanna Godley – Goddess Products, Little Rock• Terri Hollingsworth –Arkansas Baptist College -

Little Rock• Ivan Hudson – Arkansas Scholarship Lottery – Little

Rock• Excell LaFayette – WalMart - Bentonville• Phanie Wicks – Entrepreneur – Little Rock• Greg Hunt – Sandstone Real Estate Group - Conway

What SMB Does

• Minority Business Certification Program• Procurement Reporting and Coordination of Act 1222 • Financing/ Minority Loan Mobilization Revolving Fund

Program• On-line Directory• Technical Assistance

Certification

Certification is a review process designed to ensure that a minority business is actually owned, controlled, and operated by the applicants and meets the eligibility criteria of the program.

Benefits of Certification

• Receive an official CMBE certificate• Business appears in the online directory as certified

Minority Business Enterprise (CMBE)• Receive access to training opportunities• Receive notification of state bid opportunities• Receive notification of special events targeting MBE

owners

Eligibility Requirement

• Must be at least 51% owned by a minority or group of minorities, (African American, Hispanic American, Asian American, American Indian, Pacific Islander)

• Legally entitled to conduct business in the United State and can demonstrate the capacity to conduct business with the State of Arkansas.

• The firm must be owned by a permanent resident or residents of the state of Arkansas, and its annual revenue must not exceed $10,000,000.

Supporting Documentation

• Completed application Copy of the Articles of Incorporation or Fictitious Name Certificate

• Copy of Bank Authorization Document• Copy Federal Tax Identification Number issued by the

Internal Revenue Service (IRS) • Copy of Birth Certificate, Passport, Green Card or Tribal

Card • Copy of resume of owner(s)

Supporting Documentation

• Proof of state and federal income tax filing for previous three (3) years, business or personal (at least two years of business filings)

• Copy of insurance* • Bonding information* • Copy of professional license* • Partnership or Operating Agreement for businesses with two

(2) or more owners, evidencing division of shares and profit distribution

*If required or accepted as a normal function of the business

Procurement

• Act 1222 of 2009 established a minimum goal that 10 percent of purchases made by each state agency will be done through a minority business. It also required that each agency would appoint a minority business officer and develop an annual minority procurement plan.

• The Small and Minority Business Division of the Arkansas

Economic Development Commission is charged by this Act to coordinate activities that will lead to successfully implementing Act 1222 and to assist agencies in creating a plan to reach the 10 percent goal.

Procurement

• SMB works collaboratively with numerous state agencies to collect procurement data and provide statistical analyses and reports regarding the State’s procurement of goods and services from minority vendors.

• The Procurement and Reporting Area focuses on the two very important aspects of the Procurement Initiative: increasing expenditures with minority vendors through match-making and providing accurate statistical data.

Financing

• Minority Business Loan Mobilization Revolving Fund Program (MBLMP).

• The program will provide guarantee to Certified Minority Business Enterprise (CMBE) firms for contract start-up and emergency working capital needs involving Arkansas State Procurement contractual agreements and/or other legally recognized contracts that are acceptable to the Commission.

• This program is designed to promote the development of minority business enterprises to compete for contract opportunities and sustain the economic growth of Minority Business Enterprises (MBE) in Arkansas.

On-line Directory

• Did you know that SMB currently has an online directory of small and minority businesses that is accessible to anyone with Internet Access?

• The directory is used by government agencies, private corporations and other small businesses to identify eligible minority and/or women-owned businesses for their procurement opportunities/bids as well as locating businesses that provide the products and services needed.

Online Directory

• How do I list my business in the Directory? It’s easy as 1,2,3.1. Go to our website: www.arkansasedc.comm, Small and Minority businesses link.

2. Complete the directory submission form.

3. It’s Done! Now your information is ready to be submitted to our agency for publishing in the directory.

Technical Assistance

• Start-up kit customized to your particular business.• A copy of "Starting A New Business in Arkansas" -- a simple-

to-use guide for both new start-ups and seasoned business owners.

• Information on state-level licenses, fees, permits and regulations affecting your business and copies of many state forms.

• Assistance in obtaining a sales tax number.• Help in communicating and resolving problems with state

government agencies.• Information on sources of financing.

Technical Assistance

• Referral to local, state and federal agencies, professional associations and local organizations that provide business education and counseling.

• Information on writing a business plan.• Help in locating an Arkansas supplier or manufacturer of

specific products and services.• Provide training sessions and workshops.

Upcoming Events

• Procurement Opportunities Pre-Conference TrainingMarch 9, 2011 Pine Bluff – UAPB Economic Research and Development CenterMarch 16, 2011 El Dorado – El Dorado Chamber of Commerce

March 23, 2011 Little Rock – AR State Chamber of Commerce• MBE Certification Workshop

April 5, 2011 Ouachita Valley Business and Technology Development Center 6:00 pm. – 8:00 pm

• Procurement Opportunities ConferenceApril 28, 2011 Verizon Arena

http://arkansasprocurement.org/ Training times not mentioned will be 8:30 a.m. – 11:45 a.m.

Assistance is Available to You

We are always willing to Help.• Patricia Nunn Brown – Director of Small and Minority Business

(501) 682-2559 – [email protected]

• Karen Castle – MBE Certification and Minority Procurement (501) 682-7782 – [email protected]

• Felecia Whitley – Business Analyst and Financing Resources (501) 682-5060 – [email protected]

• Clay Marks – Administrative Director and Small and Minority Business Directory (501) 682-6105 – [email protected]

Arkansas Economic Development CommissionSmall and Minority Business Division

900 West Capitol, Suite 400Little Rock, AR 72201

501.682.6105www.ArkansasEDC.com

Contact Us