2012 Small Business Leadership Forum hosted by CFO Jeff Atwater and the Jim Moran Institute

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2 CONTENTS Please click on the presentation you would like to view Small Businesses and Florida s Economy Sean Snaith, PhD David Denslow, PhD Growing Your Small Business Jerry Cartwright Hugh Dailey

3 September 6-7, 2012 Tampa, Florida Sean Snaith, PhD Director, University of Central Florida, Institute for Economic Competitiveness

4 Florida Economic Update Tampa, FL September 6 th, 2012

5 Florida Forecast

6 Florida Forecast A Pall of Uncertainty Hangs Over the Economy: Health Care Reform Dodd-Frank Financial Regulatory Reform Fiscal Cliff / Taxaggedon Euro November Election

7 Economic Policy Uncertainty Index

8 Florida Forecast In 2010 the economic recovery began Real GSP growth 1.4% that year In 2011 the economy staggered further along 1.3% Real GSP growth In 2012 we expect 1.9% growth Job growth has limped alongside but only starting late in 2010.

9 Florida Forecast 8% Florida Real Gross State Product (% change year ago) 6% 4% 2% 0% -2% -4% -6% -8%

10 Florida Forecast 12.0% Florida & U.S. Unemployment Rate (percent) 10.0% 8.0% 6.0% 4.0% 2.0% FL Unemployment Rate U.S. Unemployment Rate

11 Florida Forecast Florida Employment (Thousands) Wage & Salary Employment

12 Thank you Sean M. Snaith, Ph.D. Director Institute for Economic Competitiveness (407)

13 September 6-7, 2012 Tampa, Florida David Denslow, PhD Professor and Research Economist (Ret), University of Florida

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18 Rajoy, Hollande, and Merkel

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20 September 6-7, 2012 Tampa, Florida Jerry Cartwright State Director, Florida Small Business Development Center Network

21 Growing Your Small Goals for this session? Business Trends that affect access to capital Types of lending mechanisms Strategies for obtaining funding Learn what programs exist Between U.S. lost 223,800 businesses; 3.1 million workers (U.S. Census, Business with 1-99 employees)

22 Florida s Profile million (U.S. SBA Office of Advocacy, Jan <500 employees) 80.0 percent of total no employees (1.604 million) and most employers have fewer than 20 employees percent of all Florida employers employ 42.3 percent of the private-sector workforce 62.1 percent of net new private- sector jobs from

23 Florida s Profile 2010 business openings lower, closings higher; net employment change, negative. real gross state product decreased 1.7 percent private-sector employment decreased 1.3 percent Self-employment increased Minority self-employment increased over other groups

24 So, What Do Florida s Small Businesses Think?

25 SMALL BUSINESS INDEX SURVEY June 4-22, 2012

26 Lingering Key Finding? Access to Capital during the last 6 months: 27% were able to obtain it, down from 29% in March. 73% were not able to get needed financing 52% believe it will be harder to obtain over the next six months 14% who believe it will be easier.

27 Other Key Survey Findings Hiring 31% plan to hire, down from March % - economic uncertainty is obstacle in hiring new employees 37% - lack of sales keeping them from hiring. Layoffs 4% plan to lay off employees - up 1% from March Business Better Off 31%, down from last quarter. Business Worse Off 19% than six months ago. Regulations 64% worried to very worried restrictions and taxes will negatively impact ability to do business 33% not very worried or not worried at all.

28 Our Panelists Programs, Perceptions, Projections Or, Show Me The Money Small Business Lending in Florida? About 18,600,000 results (0.63 seconds) via Google Search.

29 September 6-7, 2012 Tampa, Florida Hugh Dailey President and CEO, Community Bank & Trust of Florida

30 September 7, 2012 Hugh Dailey CEO & President, Community Bank & Trust of Florida Ocala, FL

31 Growing Your Small Business

32 Rebuilding Economic Vitality (REV)* About the Program The program is designed to revitalize the economy, create new jobs and serve the small businesses in our community. REV Loan Program 3-year Business Plan Creation of 3 local jobs within the first 3 years Flexible collateral requirements Flexible loan terms Personal guarantees of the partners, directors or officers of the business, and the shareholders of a closely held corporation may be required Minimum credit score of 640 for all borrowers/guarantors

33 Why is it difficult to get a loan? New Dodd/Frank Provisions Passed July Titles 243 Rules 67 Studies 22 Periodic Reports CFPB New Federal Regulator Started July 2011 Blame it on the Government Financial Modernization The Central Mission is. To make markets for consumer financial products and services work for Americans

34 How do you find a bank that will lend you money?

35 How do you find a bank that will lend you money? Go to a nearby bank and ask to speak to a loan officer that helps clients start a business This website gives you tips on navigating through automated telephone answering systems used by large banks

36 What can you do to increase the probability of getting a loan? BE PREPARED! Do your research on potential lenders for reasonable terms Prepare a business plan Executive Summary Description of Business Marketing Competition Operating Procedures Personnel (New Jobs Created) Business Insurance

37 What can you do to increase the probability of getting a loan? Financial Information Loan Application Balance Sheet P&L Statement and Forecast 3 year Plan with Assumptions Capital Purchases Pro-forma Cash Flow Tax Returns and Resumes on Principals Reference letters from Teachers, Employers and Business Contacts Licensing Requirements Letters of Intent Real Estate Contracts, Leases and Zoning

38 What is the outlook for small business in Florida Timing is great Banks are looking for good loans Opportunities to purchase buildings and equipment from banks Low interest rate environment Huge labor pool to select high quality employees Many state & federal programs to support job growth

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