Business News for April 6, 2022
Today's message includes the following news, best practices, and online courses:
  • Understanding Your Business Credit Reports
  • Free Digital Tools for Small Businesses
  • Main Street Bounceback Grants
  • Free Webinar with WWBIC Introduces KIVA Lending

Client Features
  • Duncan's Dog Daycare owner supported by sister, local resources
  • Stoughton Coffee4All Bistro Cafe Owner Honors Husband's Memory

Upcoming SBDC Learning Opportunities
  • HR Basics for Non-HR Professionals
  • Fearless Performance Management
  • Buy, Build or Sell: Deciding the Next Steps for Your Business (new date! now online!)
  • Hire Badgers: Student Staffing Opportunities for Small Business
  • Financial Management - Sprint!
Business News, Updates, and Best Practices
Understanding Your Business Credit Reports
from the ASBDC blog
by Sharita M. Humphrey
A company’s capacity to buy something now and pay for it later is referred to as business credit. You may make it easier to borrow money when your firm needs it by obtaining a solid business credit report.

A business credit report includes:
  • Company’s financial background
  • Payment history on tradelines
  • Current credit inquiry history
  • Any legal filings, such as judgments, collections, and bankruptcies

While each credit bureau’s report will differ slightly in appearance, they will all contain the same information. As you proceed through the process of securing a small business loan, it’s a good idea to buy a credit report and understand it.

Any business credit report you buy should include:
  1. Financial History Section
  2. Collections Filings Section
  3. Tradeline Experiences Section
  4. Business Profile Section
  5. Business Credit Score Section

Credit reports and scores for businesses are indicators of a company’s financial soundness. Business owners’ primary goal should be to develop a track record of regular payments on all their financial obligations. It is a must to build a strong business credit report and score.
Free Digital Tools for Small Businesses
from the Small Business Digital Alliance, a public-private co-sponsorship between the SBA and Business Forward, Inc.
The Small Business Digital Alliance (SBDA), a new public-private co-sponsorship between the SBA and Business Forward, Inc., published a comprehensive suite of free resources to help small businesses expand their customer base, manage their growth, find and retain talent, and enter new markets. These resources are being provided by some of America’s most respected leaders in business, government, economic development, and other aligned spaces. The SBDA previously announced its first slate of events and national members, including: Amazon, Comcast, Google, Meta, PayPal, Principal Financial Group, Square (Block, Inc.), TriNet, Venmo, Verizon, Visa, and ZenBusiness. Since launching, the SBDA has brought on LinkedIn and Microsoft as national members.
Main Street Bounceback Grants
applications open through June 30, 2022
The Main Street Bounceback Grants program has so far provided $10,000 to more than 3,400 new or existing businesses and non-profit organizations moving into vacant properties in Wisconsin’s downtowns and commercial corridors. The program is still open to new or existing businesses opening a new location or expanding operations in a vacant commercial space as of January 1, 2021. Grant funds are available as part of the American Recovery Plan Act and distributed by the Wisconsin Economic Development Corporation (WEDC) regional partners. Businesses must apply through the partner organization for the region in which they are located. Applications are open through June 30, 2022. 

Additional information about the Main Street Bounce Back Grants is available here: available here.
Free Webinar with WWBIC Introduces KIVA Lending
learn the basics this Friday, April 8 @ noon in free webinar
Whether you've met with our team one on one or joined us for Biz Smart Sprint or the Entrepreneurial Training Program, you have likely heard us talk about KIVA loans.

KIVA loans use social underwriting to determine the creditworthiness of a borrower. The philosophy of the lenders is to never reject an entrepreneur because of their credit, net worth, or years in business.

Interested in learning more? Learn about KIVA@WWBIC and the unique system of social underwriting. KIVA US offers crowdfunded business loans from $1,000 to $15,000 that are 0% interest and fee-free. KIVA loans require no minimum credit score, collateral, business plan, or financial statements.
Client Features
Duncan's Dog Daycare owner supported by sister, local resources
Samantha Fiscus planned to open Duncan's Dog Daycare in March 2020... but a global pandemic had other plans for the business. With the support of her sister, Kristin Knechtges - owner of Kismet Aveda Salon - the SBDC and other local resources, Fiscus was able to still pursue her dream of opening her small business.


Coffee4All Bistro Cafe Owner Honors Husband's Memory
Priscah Norton's grand opening of Coffee4All Bistro Cafe fell on March 28 - one day after the three-month anniversary of the death of her husband Ray. She quit her job in health care to care for Ray full-time, cooking and selling pastries when she had time for some money.

Soon, Ray was encouraging Norton to pursue opening a cafe.

Now, since Ray's passing in December, that dream is coming to life. Norton says it is a place where all are welcome, and anyone who needs a place to stop and cheer up can stop by the cafe.
Upcoming SBDC Learning Opportunities
Buy, Build or Sell: Deciding the Next Steps for Your Business
*new date* April 22, 2022 - *now online*
It takes a lot of sweat equity to build up a successful business, and most business owners will eventually want to retire. For many, retirement may translate into selling your business – and it is crucial to prepare for a big exit, right from the start.

This class will help you understand how to analyze your business’ financial performance as well as some qualitative factors to consider when making decisions regarding your investment in your business.
Fearless Performance Management
NEXT WEEK: April 12, 2022 (in person!)
This class presents a model for managing employee performance and provides you with specific tools you can use to set performance goals, document and manage performance, maintain ongoing communication, conduct performance reviews, and develop performance improvement plans. 
HR Basics for Non-HR Professionals
NEXT WEEK: April 14, 2022 (in person!)
If you are a business owner or manager of a small business without a dedicated HR expert on your staff, this is the program for your organization. If you have administrative staff that are performing HR duties as part of their responsibilities that are not HR experts they too will benefit. This course is directed toward common small business HR issues, including the laws most often violated (unknowingly) by small businesses (according to the Small Business Administration), information on how to prevent these violations, and common issues encountered when dealing with employees.
Hire Badgers: Student Staffing Opportunities for Small Business
April 18, 2022 (online, no cost)
If you’ve ever wondered about hiring a UW-Madison student intern or Work-Study student, this session is for you! We’ll discuss the differences between the Work-Study Program and student internship opportunities and help you understand how to make the experience successful for both you and the student.  
Financial Management - Sprint!
starts May 2, 2022 (online)
Whether you are starting a new business or looking to organize your current business’ finances, accurate financial information is one of the most valuable tools you have to drive success. This class will provide participants with an overview of basic “101” financial management terminology and concepts.

This class is designed for participants who:

  • Are building their first financial models for their business
  • May be uncomfortable with “the numbers side” of the business and are looking to increase familiarity
  • Are looking for an introduction to - or revisit of - key financial concepts
  • Have recently taken on financial management support roles in their business, or who need a general understanding of financial management to be successful in their roles
Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance. Contact the UW-Madison SBDC office at sbdc@bus.wisc.edu or 608-263-2221 to request accommodations.

The Wisconsin SBDC Network is a proud part of the Institute for Business & Entrepreneurship in the University of Wisconsin System. It is funded in part through a Cooperative Agreement with the U.S. Small Business Administration.