Help is available for small-business owners who know where to look

The spread of the covid-19 virus, beginning four years ago, crippled small businesses across the nation and motivated LaTeasha Gaither-Davis to gather more information that would protect her pediatric occupational therapy clinic in West Memphis from the onslaught.

Therapeutic Focus began operations in 2011 and for the first decade, Gaither-Davis says she was on her own to figure out how to run a small business — how to market, how to scale, how to plan.

As the pandemic wiped out small business after small business, Gaither-Davis discovered a national small-business support initiative offered by Goldman Sachs. That led her to the U.S. Small Business Administration, which specializes in providing lending, mentoring and technical support to startups across the nation. Gaither-Davis had no idea the support was available.

Apparently, she’s not alone.

Goldman Sachs reports that a great majority of small-business owners across the nation have a dim view of the U.S. Small Business Administration — the federal agency primarily responsible for lending, mentoring and providing technical expertise to companies starting up or in the early stages of development.

Goldman’s small-business program, 10,000 Small Business Voices, released a survey that revealed 92% of nationwide participants called on the SBA to do a better job of modernizing and increasing efforts to make business owners aware of the agency’s services and programs.

More than 60% gave SBA a C level or below letter grade and 71% gave the federal government a C or below on marketing and communicating programs, services and tax credits available to small businesses.

Lack of awareness hindered Therapeutic Focus in its first decade of operation, according to Gaither-Davis. “It took a while,” she says. “Until a few years ago, I did not know anything about the programs and support that SBA offered. There was a lot of trial and error on my own, and I feel like my business would be a lot further along had I known about SBA programs earlier.”

Nevertheless, success followed once she connected with SBA. “It was like a whole new world opened up that I never knew existed,” Gaither-Davis said.

Participation in the Goldman Sachs program built awareness of SBA programs and resources, including an initiative to support emerging leaders where she connected to other small-business owners, including companies across Arkansas, and found help and direction to build and scale a business.

The SBA emerging leaders initiative has provided essential help in key areas to support that growth: planning and budgeting, tips to scale a business, insight on interviewing job prospects. “I feel like I can make better decisions because I have a more

holistic view of the foundational issues around running a business,” she added.

With support from Goldman and SBA, Therapeutic Focus has doubled in size over the past few years.

Despite the concern over SBA’s role, 75% of small businesses reported they are optimistic about their financial path and their business opportunities, with 57% saying they expect to add jobs this year and 62% projecting an increase in profits.

While just 28% rate the economy as good or excellent, that’s up 9% compared with findings from the end of 2023.

ACCELERATING HEALTH CARE

Two Little Rock entrepreneurial support organizations are teaming up to support the growth of health care startups owned by socially and economically disadvantaged innovators.

BioVentures, established by the University of Arkansas for Medical Sciences, will join the Little Rock Venture Center to offer a yearlong program that includes a boot camp and mentoring and guidance to operate and scale health care companies. The program, called ACTIVE, is open to 25 participants and the application process closes April 25.

The program will promote better health outcomes throughout Arkansas by backing early-stage companies focused on innovative health care services. “This initiative represents a significant step towards equality and inclusion,” said Kevin Sexton, principal investigator for BioVentures. “This isn’t merely a financial boost; it’s a clarion call for innovation and inclusivity in Arkansas’ health tech domain.”

Health care entrepreneurs will be offered insight on funding options, networking and mentoring support and legal advice on health care compliance and intellectual property.

Applications can be submitted to bioventures.tech.

The selection process includes reviews of applications and interviews. Participants will be chosen based on the uniqueness of the health care service, viability of the business model and potential for societal impact.

MARKETING & SALES TRAINING

Researchers and entrepreneurs involved in emerging technologies can sharpen their innovations and business skills with a free online seminar April 18.

The session will focus on marketing and sales techniques to help participants turn research-and-development projects into commercial enterprises. Details will focus on key areas and marketing milestones to advance product promotion, including customer segmentation principles, determining market size and buyers, and developing a value proposition.

Participants also can request a no-cost custom market research report from the Arkansas Small Business Technology and Development Center, which is hosting the event. The report will help businesses outline their marketing properties.

The session is scheduled from 10 a.m.-noon and registration and more details are available at asbtdc.org.