February, 2014 • ChamberLink
Non-Profit Corner Hope for the Warriors Cpl. Manny Jimenez, USMC(Ret.), was wounded in Afghanistan in August 2010. Before his injury, he was a competitive BMX rider. But post-injury, Manny suffered from vertigo and lost the balance needed to ride an upright bike. He turned to running and competed in a 10K with Hope For The Warriors® only three months after his injury. The race, and working with Team Hope For The Warriors®, reignited his competitive spirit, and he increased his distances and speed on the road. While Manny was recovering in the hospital, he set a goal to complete a triathlon. Hope For The Warriors® first donated a trike to him, helping him regain the balance needed. When he was ready, a specially-adapted upright bike was then given to him. Since then, Manny has reached his goal to complete a triathlon and more. This fall, just three years past his injury date, Manny completed his first Ironman. Hope For The Warriors® knows that there is more to come, and we can’t wait to cheer him on. The mission of Hope For The Warriors® is to enhance the quality of life for post-9/11 service members, their families, and families of the fallen who have sustained physical and psychological wounds in the line of duty. Hope For The Warriors® is dedicated to restoring a sense of self, restoring the family unit, and restoring hope for our service members and our military families. A group of military wives founded the organization in 2006. They stood together as they witnessed, firsthand, the effects of the war on service members and their families. Since that time, Hope For The Warriors® has grown tremendously in terms of programs offered and the number of wounded and family members assisted. Today, the Hope For The Warriors® main office is in Annandale, close to the military medical centers where many service members undergo their rehabilitation. However, its programs span the country and support military families in the areas of Employment and
Education, Clinical Health and Wellness, Sports and Recreation, and Community and Military Relations. Through these programs, the organization aims to provide a full cycle of care to service members and military families. To learn more about Hope For The Warriors®, its programs, and how to support it, visit www. hopeforthewarriors.org. From there you will also find links to Facebook, Twitter, and a blog with stories that will inspire and motivate!
Rappahannock United Way needs help for tax services program The Rappahannock United Way is seeking volunteers for its free Tax Services Program for the 2014 tax season. Volunteers are needed in the following areas: Greeter/Screener • Greet entering taxpayers • Ensure taxpayers have brought all necessary paperwork and documents • Maintain sign-in sheet for all taxpayers • Assist taxpayers with filling out the Intake/Interview form • Discuss taxpayers’ needs to establish the scope of their returns, and ensure that they are sent to an appropriately certified preparer • Training/Certification – Must complete and sign Volunteer Standards of Conduct Certification and Agreement; must attend Greeter/Screener training (1 hour) Tax Preparer • Assist VITA taxpayers with preparing their tax returns • Discuss with taxpayers which tax credits they may qualify for • Ensure taxpayers claim all
Financial Corner A guide to preparing your business loan application by Will Kinnamon
Cpl. Manny Jimenez, USMC(Ret.), is back on his bike and riding competitively after recovering from wounds suffered during a deployment to Afghanistan.
credits that they qualify for • Training/Certification – Must complete and sign Volunteer Standards of Conduct Certification and Agreement; must attend tax preparation trainings (4 hours); must certify to the basic level of tax preparation, higher levels recommended Tax Site Coordinator • Set up/cleanup for assigned Tax Site(s) • Ensure all Tax Site Quality Requirements are met at all times • Assist Tax Preparer Volunteers by completing Quality Reviews on returns • Training. Certification – Must complete and sign Volunteer Standards of Conduct Certification and Agreement; must attend tax preparation trainings (4 hours); must certify to the advanced level of tax preparation, higher levels recommended For more infor mation contact BPhelps@ RappahannockUnitedWay.org or log onto the Volunteer Center Website at www.RuwVolunteer.org and click on the Tax Services Tab.
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Putting together a loan application package can be a daunting experience for small business owners looking to start or expand their business. All reports say that financial institutions are not looking to lend; but to the contrary, the majority of lenders I speak to are looking to work with potential borrowers to make loans. While different financial institutions have specific lending criteria, there are also a variety of loan programs offered by the Small Business Administration (SBA), state and local economic development agencies as well as nonprofit organizations. While every loan program has specific forms to be filled out, there are items that need to be compiled prior to any submission of a loan program. A business owner should be prepared to submit the following items when applying for a business loan: • three years of year-end business financial statements (Profit and Loss, Balance Sheet), interim financial statements, and three years of business tax returns. This should include financial statements and tax returns for the primary business and any affiliate businesses • a detailed schedule of all business debt • Personal Financial Statement (PFS) from each owner. The PFS will measure of your personal net worth and help the bank understand your value as a guarantor. It can usually be filled out in under an hour at the time of application. • three years of personal tax returns from each owner • resumes from each owner • a business plan with future cash flow projections • org anizational documents (Articles of Incorporation,
Bylaws, Operating Agreement, etc.) • business licenses • cost documents (real estate purchase agreement, contractor cost estimates, vendor quotes, etc.) A business loan application requires an underwriting process to fully understand the future ability of a borrower to repay the loan. Accurate historical and current business financial statements are essential to this process. A business plan and cash flow projections are just as important. Your business plan should be current and realistic. It will prove to your banker that you have thought about what you are doing and have a plan for every opportunity and obstacle. A good business plan does not guarantee that your loan will be approved, but will give your banker data that needed to make a loan decision. Schedule a meeting with a business banker with the financial institution where you currently are a customer. Let them get to know you and the goals of your business. This preparation will help facilitate an efficient loan application process, saving you time and money down the road. Will Kinnamon is the president of REDCO. REDCO has been in existence for 30 years and finances SBA 504 loans that small businesses use to fund the purchase or construction of owner-occupied real estate and long-term machinery and equipment. REDCO partners with a bank to finance up to 90 percent of the loan, leaving the business to inject only 10 percent as a down payment (in most cases). SBA 504 loans are 20-year fixed-rate loans that are priced below market. They offer a less expensive loan alternative to business owners and reduce the risk associated with a business loan. For more information, call (540) 373-2897 or e-mail wkinnamon@ redco504.org.