SEFP IS:

I.  A Resource (to Entrepreneurs, For-Profit AND Non-Profit organizations in the funding area)

1.  Information

Organizing

• Sole Proprietorship info
• LLC or LLP info & forms
• Partnerships info & forms
• Corporations S or C info & forms
• Non-profit designations in South Dakota and the USA info & forms
• Assistance with 501-A application – 501C3, 501C4, 501c5 etc

Licensing

• SD State Sales & Use and Contractors Excise applications
• State of SD Health Department regulations
• Additional licensing unique to the industry
• Registration of Business in County or State

Planning

• Identifying the potential customer(s) & segments of the population
• Developing the whole business image
• Business structure (legal formation)
• Deciding on a business name and logo
• Setting measurable goals
• Identifying the competition and researching options for the consumer
• Identifying the market area
• Identifying the best way to spend their marketing dollar
• Identifying Strengths, Weaknesses, Opportunities & Threats
• Packaging copies of the whole Business Plan of the client

Understanding the basics of business; i.e.                                      

• What is a mission statement and why should one think about this in the beginning?
• Why is it important to have a management team to operate a business?
• What is marketing, how should I market, where should I market, when should I market?
• How does one create sales literature?  What sales literature is needed?

Illustrating and Creating

• The first business card, helping to make decisions
• Restaurant menu layout
• A brochure
• A survey
• A direct mailing

2.  Marketing

• A First Dollar presentation & picture are taken
• Placards 18 x 24 are created and displayed at public meetings
• Client information is added to the www.sefp.com website

3.  Evaluation

Past performance is spread and evaluated as an Excel Spreadsheet for individual businesses to examine future financial performance

• More than one financial scenario is examined for potential business owners to make informed decisions
• Industry trends and margins are used in projecting future sales, cost of goods sold and net profit
• A survey is sent to clients and inquiries, giving confidential feedback to the SEFP board about the effectiveness of SEFP service provided and any concerns of the individuals

II.  Link

1.  Funding

• SBA 504-combined w/bank loan for projects over $200,000
• SBA 7a Bank Guarantee-combined w/bank loan for projects up to $150,000
• State Revolving Loan Funds
• District Revolving Loan Funds
• Local Community Revolving Loan Funds
• Community Day Care facility opportunities in SD
• USDA Rural Development programs
• Rural Electric REED program

2.  Other resource providers

• SBDC – financial projection completion for business plan
• Enterprise Institute – provisional patents
• Local Development Corporation - memberships
• Local Chambers or Commercial Clubs - memberships
• SEFP Board Members – resource of referrals, information & connections

3.  Communication

Monthly Facilitator reports at Development and Commercial Club meetings

• SEFP Website presence – information and connections
• SEFP board to Community – the Voice of community economic development
• Annual Investor Reception - clients tell their stories
• Annual & Semi-Annual Reports produced and distributed
• Facilitator Speaks to High School business classes – about entrepreneurism, business planning and marketing
• Annual Regional Career Fair – SEFP and SDSU Extension Educators communicate the opportunities for a job or career in South Dakota through business and college booths and workshops geared toward youth