Dr. Willie Jolley and Gene Cornelius, Deputy Associate Administrator Office of International Trade, Small Business Administration
“Wealth comes when you make money, make up your mind on how to manage the money, and then decide how you will multiply the money.” – Shirley Luu
Eugene “Gene” Cornelius, Jr., hailing from the south side of Chicago, IL, leads the division within the U.S. Small Business Administration (SBA) that manages the international small business division.
Small business is the key to America’s greatness. 97% of all U.S. business is small business! That means our economy thrives because of small businesses.
Two thirds of the net jobs, since The Great Recession, have been created by these small businesses.
The mission of the SBA is to help create jobs. With 68 district offices, Gene Cornelius and the SBA staff have systematized ways to teach small businesses how to grow.
There are several ways a small business can be defined:
- If you have 100 employees or less, you are a small business.
- If you average $6 million or less in sales over a 3-year period, you are a small business.
- Or, depending on your industry code and size, you may be identified as a small business.
The big question is, how does the Small Business Administration help entrepreneurs?
- Through access to credit. The SBA guarantees (through banks) loans up to $90k and up to 75% of that loan, if the loan is international. The SBA provides access to the capital by taking away the risk that banks would have to shoulder.
- The SBA has the small business investment corporation that will match up to $10 million in seed money to help small businesses.
- The SBA provides access to credit, training and counseling through the women’s business centers.
- With over 1000 counseling and training programs at many colleges throughout the nation, you can get help with your business plan, loan application, forecasting, pricing your products, etc.
- If you live in a “historically underutilized” business zone, you may be in what is called a “Hub-Zone” and may qualify for other business support which may provide a positive economic impact to your local community.
As the largest procurement service in the world, the United States Government purchases 23% of its goods and services from the small business sector annually!
Apple, Amazon, Google, Nike, HP, Black Enterprise, Federal Express (FedEx), Nike, McDonald’s and Costco are all companies who have been helped to grow by the Small Business Administration!
The U.S. Small Business Administration is the best-kept secret around, and Gene Cornelius is working to make sure that secret is made public.
Go to SBA.gov and register for free resources. Locate your local SBA office; make an appointment to get your business building help!