HIRE YOURSELF! Oswego County

7/27/2019 HIRE YOURSELF! Oswego County

1/4

Senator Patty Ritchie reports to Oswego County

IMAGINE THEPOSSIBILITIES

Advice for Small Business Ownersand Entrepreneurs Looking to OpenTheir Own Business

HIRE YOURSELF

Do you know where to find the help your business needs?

Start-up adviceWhere to Find helpSmall business loans

WHATS INSIDE

Oswego Office:

46 E. Bridge St.Oswego, NY 13126Tel: (315) 342-2057

Albany Office:

815 Legislative Office Bldg.Albany, NY 12247Tel: (518) 455-3438

E-Mail: [email protected]

Web: ritchie.nysenate.gov

Senator Patty Ritchie48th Senate District


2/4

SMALL BUSINESS STARTUP ASSISTANCENew York State Small Business Development CenterThe Small Business Development Centers provideexpert business advice to both new startups andestablished businesses. Whether you need towrite a business plan, need help with accounting,marketing, nancial planning, cost analysis,training, construction management, loan informationassistance or teleconferences, the SBDC can helpand its free!

SUNY Oswego SBDC103 Rich HallOswego, NY 13126-3599(315) 312-3492

New York Business Development CorporationNYBDC works in partnership with banks to provide loans tobusinesses which may not meet the requirements for traditionalnancing. In many cases, NYBDC includes multiple participations,SBA guarantees, exible amortization and long-term payouts.

215 Washington StreetSuite 102Watertown, NY 13601(315) 785-7907

New York State Tax Guide For New BusinessesThe State Tax Department provides a 36-page publication

on tax issues that affect newbusiness owners, includingtypes of organizations andtax responsibilities, FederalEmployer IdenticationNumbers, ling requirements

for employers, sales and usestax, miscellaneous taxes andsales tax consequences ofpurchasing a business. Alsoincluded is information onrecord keeping, accounting,bookkeeping and more. TheDepartment of Taxation andFinance can be reached byphone at (800) 225-5829, oron the Internet atwww.tax.state.ny.us.Ask for Pub. 20.

TYPES OF BUSINESSES IN NEW YORK STATEThe most common forms of businesses are sole proprietor, partnership, limited liability company and corporation. Ifyou plan to conduct business under a name other than your own, you must register that name. Here is a chart of the mostcommon business entities.

Business Form Description Filing Forms

Sole Proprietorship

Partnership

Limited Liability

Company (LLC)

Corporation

This is the simplest form of businessstructure owned by one individual. Allbusiness responsibilities and decisionsare those of the single owner. Theowner has unlimited liability for thebusiness.

This is the relationship between twoor more individuals or companies thatconduct business together. In theabsence of a partnership agreement,the New York State Partnership Lawsets forth the rights and duties of thepartners.

A Limited Liability Company is an

unincorporated business organizationof one or more persons having limitedliability for the contractual obligationsand other liabilities of the businessother than a partnership or trust.

This entity is separate and distinctfrom the individual(s) who own andmanage the business. A corporationcan sell, buy and inherit property inits own name and is legally endowedwith rights, powers and duties toconduct lawful activities. Corporationsoperate for prot and can raise capitalby selling shares of interest in thecorporation. A corporations debts andobligations are distinctly its own.

Certicate of Conducting Business as aSole Proprietor. Please le a completedand notarized form with the county clerkin each county in which the business islocated. You should have three copies: theoriginal for the county clerk, one for thebank, and one for the business.

Certicate of Conducting Business asPartners. Please le a completed andnotarized form with the county clerk in eachcounty where the business is located. Youshould have three copies: the original forthe county clerk, one for the bank, and onefor the business.

The New York Department of State requires

the ling of Articles of Organization. An LLCmust publish a notice in two newspapers inthe county where the business is locatedeach week for six successive weeksspecifying the details of the limited liabilitycompany within 120 days after ling.

Source: Governors Office of Regulatory Reform

A Certicate of Incorporation


3/4

local funding sources as well as bank nancing which isalways the primary source of funds for any project.

Operation Oswego County is a Certied DevelopmentCompany for the Small Business Administration (SBA)504 loan program which can fund up to 40% of xed assetnancing for eligible businesses at below market rates.

Micro-Enterprise Program: Operation Oswego Countyworks cooperatively with SUNY Oswego and the Cities ofOswego and Fulton on helping small businesses get started

or to expand. OOC also partners with the Small BusinessDevelopment Center in providing business counseling.

Federal, state, and local nancing programs OperationOswego can help you with include the following:

U.S. Small Business Administration - 504 Loan Program:Real estate, machinery and equipment

County of Oswego IDA - HUD Revolving Loan Fund: Realestate,machinery and equipment and working capital maybe nanced for individuals with low to moderate incomes.

U.S. Dept. of Housing and Urban Development - SmallCities Community Development Block Grant: Real estate,machinery and equipment, and working capital may benanced where a low-to moderate- income impact isdemonstrated.

U.S. Dept. of Housing and Urban Development - OswegoCounty Micro Enterprise Loan Program: Real estate,machinery and equipment, and working capital may benanced for Micro Enterprise course graduates fromthe cities of Fulton and Oswego, or the Oswego Countyprogram.

NYS Job Development Authority: Real estate, machineryand equipment may be nanced under the statesestablished guidelines; no retail or hotel.

County of Oswego Industrial Development Agency - TaxExempt Industrial Revenue Bonds: Real estate, machineryand equipment may be nanced for manufacturing

applicants only. NYS Empire State Development - Environmental ServicesUnit: Real estate, machinery and equipment, and researchand development may be funded for waste reduction andrecycling projects.

County of Oswego IDA - Taxable Industrial RevenueBonds: Real estate, machinery and equipment, and workingcapital may be nanced for any approved project.

Oswego County Civic Facilities Corporation - Civic FacilityRevenue Bonds: Real estate and machinery and equipmentmay be nanced for 501(c)(3) organizations.

County of Oswego IDA- PILOT Economic DevelopmentFund: Real estate, machinery and equipment and working

capital may be nanced for approved projects. County of Oswego IDA - Economic Development Fund:Real estate, machinery and equipment and working capitalmay be nanced for approved projects.

County of Oswego IDA USDA Intermediary RelendingProgram (IRP), the County of Oswego IDA is an approvedlender for the USDA IRP program which can be used tonance working capital and machinery and equipment.

County of Oswego IDA is a designated non-Traditionallender for the USDA Business and Industry GuaranteedLoan Program

NYS Empire State Development Fund: Real estate,machinery and equipment and related infrastructure may be

nanced for eligible projects; no retail.CNY Regional Planning and Development Board -Enterprise Development Fund: Real estate, machinery andequipment and working capital may be nanced for eligibleprojects; no retail.

Minority and Women-Owned Business EnterpriseProgram: OOC can help new and expanding businessesobtain MWBE State designation, as well as othernecessary development support City of Fulton CommunityDevelopment Agency and the City of Oswego also offer loanprograms for business projects located in their communities.

Operation Oswego County, Inc.

44 West Bridge StreetOswego, NY 13126(315) 343-1545

Health InsuranceYou can obtain health insurance for you and youremployees by joining your local Chamber of Commerce

and taking advantage of the benets of group purchasingor contacting your local insurance agent:

Greater Oswego-Fulton Chamber of Commerce

44 E Bridge St., Oswego, NY 13126

(315) 343-7681

Another option is enrolling in Healthy NY. Theprogram was designed to help provide healthinsurance coverage for small business employeesand individuals. Program benets include essential in-patient and outpatient services, physician and surgicalservices, maternity care and preventative health services,

diagnostic and emergency services and a limitedprescription benet.

Eligibility requirements are as follows:

The business must have 50 or fewer employees whohave not had group health insurance coverage during the12-month period before applying.

At least 30 percent of the employees must have annualwages at or below $36,000; and at least 50 percent of theemployees, including one employee earning $36,000 orless, must participate, and

Employers must contribute at least half of the premium costs.

For more information, including a Healthy NY Consumer

Guide, please visit the HealthyNY website at www.ins.state.ny.us, or call 866-healthyny (866-432-5849).

Property Casualty InsuranceAn essential part of running a small business isensuring that you have enough insurance coverageto minimize nancial risks. Businesses need propertyand casualty insurance to protect their assets, replaceproperty damage, provide for lost income, cover liabilityfor negligent acts and provide coverage for workerscompensation. Just one uninsured loss in any of thesecategories could devastate a business so it is critical thatbusinesses have adequate insurance coverage to coverthe needs of their particular business type.

To obtain more information concerning businessinsurance, including small business insurance guides,visit the New York State Insurance Department on theInternet at www.ins.state.ny.us

Many small entrepreneurs need help starting up anew business or expanding an existing business. Yourbusiness may be eligible for a low interest loan. In mostcases youll be required to put up a share of the nancing,but you may be eligible for low interest nancing whetheryour project is $5,000 or $5 million

Local Loan Funds in Oswego County

Operation Oswego County (OOC) is a not-for-proteconomic development corporation that helps rmsaccess appropriate nancing from the federal, state and

INSURANCE


4/4

The Minority and Women Revolving Loan Trust Fund ProgramThe Minority and Women Revolving Loan TrustFund Program is administered through Empire StateDevelopment (ESD) to make low-cost nancial assistanceavailable to minority-owned and women-owned businessesthat are unable to access traditional nancial services.To date, ESDC has capitalized loan pools totaling morethan $3.5 million for 18 community-based economicdevelopment organizations located throughout the State.

These organizations administer the program at the locallevel and provide working capital loans of up to $35,000and xed asset loans of up to $50,000.

To help these businesses survive and grow, theorganizations also provide related technical assistanceservices to minority and women entrepreneurs, such as:

assistance with completion of loan applications;

business plan development;

mentorship and peer group programs; and

credit union services (where available).

Regional Revolving Loan Trust Fund Program

Empire State Development also created the RegionalRevolving Loan Trust Fund through programs thatare operated regionally by not-for-prot organizations.This program provides working capital loans and loanguarantees to businesses employing fewer than 100people. This program offers working capital loans of upto $75,000 or 50% of the total project cost, whichever isless, and working capital loan guarantees of up to 80%of the loan amount, up to $80,000. A list of administeringcorporations is available through the Empire StateDevelopment Corporation by visiting its Web site at www.empire.state.ny.us, or by calling 1-800-STATE-NY.

Micro Enterprise Loan FundThese loans are available to beginning and existingminority and women-owned micro businesses with lessthan $100,000 in annual gross revenues. To participate

PERSONAL ASSESSMENTThe rst and mostimportant thing you should do is a self-evaluation.Knowing your strengths and weaknesses will helpyou focus on things you do best and where you needimprovement.

WRITING YOUR BUSINESS PLANA business planprecisely denes your business, identies your goals andserves as your business resume. Basic business plansinclude a current and projected balance sheet, an incomestatement and cash ow analysis. It will help you allocateresources properly, handle unforeseen complications andmake good general business decisions. Because of thespecic nancial organization that is included within abusiness plan, an accurate and exhaustive plan is criticalto loan applications.

KNOW ALL YOUR EXPENSESYou should know all ofthe on-time and start-up expenses starting a business willendure, as well as the extent of your resources to cover

these expenses. Itemize each purchase and research itsrealistic cost.

SECURE NECESSARY CAPITALThis can be in anyform, including bank loans, personal savings and familycontributions.

LEGAL CONSIDERATIONSDetermine any legal issuesyou will need to resolve, including the contracts withvendors and nancial institutions and the terms of a lease.

REGISTERING YOUR BUSINESSYou must decidewhat type of entity should be set up and register that entityappropriately.

ESTABLISHING A BUSINESS BANK ACCOUNTEstablish a bank account that is separate from any of yourpersonal accounts. Make sure you have a bank account

in this program, businesses must have received, orhave been scheduled to receive, business training. Thefunds may be used for working capital, acquisition ofmachinery and equipment, revolving lines of credit andseasonal inventory and accounts receivable loans of upto $7,000.

Source: Small Business Development CorporationSmall Business Incubators

Operation Oswego County manages two incubatorbuildings with affordable rental space for non-retail,industrial and service businesses to help businessesachieve signicant growth and development during therst few years of business with the intention of eventuallymoving out of the building and into private commercialspace.The Start-up Facility (SUF) in the Oswego CountyIndustrial Park in the town of Schroeppel consists of10,000 square feet including three receiving docks, andis located immediately off state Route 481, exit 14.The Business Expansion Center (BEC), located on EastSeneca Street in Oswego, is ideal for hi-tech and IT

businesses as it was recently wired for computer andtelephone network capabilities including 13 ofces andtwo manufacturing spaces. The wiring installation isdesigned to support 1,000 MBPS (gigabit) in the future ifneeded. The building also has a receiving dock.

Operation Oswego County, Inc.44 West Bridge StreetOswego, NY 13126Tel: (315) 343-1545email: [email protected]

that best fullls your needs, and consider the strength ofthe bank you use.

SETTING UP YOUR ACCOUNTING SYSTEMTodetermine the success of your business, you must keeprecords about your sales, inventory, expenses and cash

ow. These records help you compare your projectedbusiness to your actual results and will be necessary tole taxes at the end of the year.

ASSESS YOUR REAL ESTATE NEEDSWhat type ofspace do you need? Pay particular attention to the costof the space compared to similar businesses, as well asthe appropriate layout of your business. Make sure yourefer to local zoning regulations before you sign a lease.

IDENTIFY YOUR VENDORSIdentify the companiesand organizations that will provide the supplies andservices you need to run your business.

ASSESS YOUR PERSONNEL NEEDSIdentify other

positions you will need to ll. Establish job descriptionsand qualications to ll these positions.

START NETWORKINGJoin trade associations andyour local Chamber of Commerce to help promoteyour business and receive advice from other businessowners.

RESEARCH TECHNICAL ASSISTANCEOPPORTUNITIESContinue to attend workshops,seminars and counseling services that will help youto fully understand the workings of your business.You will have particular strengths, but you will needto understand every aspect of your business. Hiringadvisors such as accountants and attorneys can be avaluable investment in your success.

Source: NYC Business Solutions (www.nyc.gov)

SMALL BUSINESS START-UP CHECKLIST

Documents

HIRE YOURSELF! Oswego County