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Speaker 1: on my show. I got it in studio money making conversation.

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Speaker 1: This young lady sit next to me is all about

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Speaker 1: moneymaking conversation. My next guest is the Georgia District Director

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Speaker 1: of the US Small Business Administration. I want to say

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Speaker 1: it because I want people to know what s b

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Speaker 1: A mean. In this role since May two thousand two,

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Speaker 1: she's responsible for overseeing the implementation of the SBA's financial counseling,

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Speaker 1: training and business development program for small businesses throughout Georgia.

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Speaker 1: A native of Corpus, Christian homegirl said direction it because

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Speaker 1: I'm Houston, Texas born Terry holds a b a. Degree

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Speaker 1: in American Government from Cornell University and a m a.

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Speaker 1: Degree in Urban Studies from Trinity University in San Antonio, Texas.

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Speaker 1: She's also a graduate of the Federal Federal Executive Institute

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Speaker 1: in Charlottesville, virgin You get around young lady, I can

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Speaker 1: tell she leaves say balanced life because of personal interests

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Speaker 1: include ballroom dancing and traveling. Please welcome to money making

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Speaker 1: conversation Terry Dennison, Well, ballroom dance. We could tell I

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Speaker 1: wanted to start out with that because I always talked

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Speaker 1: about a balanced life, because I always tell people I

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Speaker 1: didn't do that in the past. I have a clear

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Speaker 1: understanding that I'm a lot happy because I've realized that

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Speaker 1: vacations matter. I realized that spending time with my friends matter.

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Speaker 1: I was only driven to be successful because I was

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Speaker 1: afraid I was intimidating that if I stopped, if I

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Speaker 1: got off that little wheel, then I might miss something.

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Speaker 1: To say that. You know, ballroom dancing in your resume,

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Speaker 1: I said, I got to talk about that because I

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Speaker 1: believe you have a clear understanding about what a balanced

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Speaker 1: life means. Yeah, that's exactly why I got into ballroom

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Speaker 1: dancing because I was hitting the grindstone and didn't really

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Speaker 1: have that balance, and it was something I always wanted

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Speaker 1: to do, and it allows me to kind of take

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Speaker 1: on a different persona right, right, right, I think getting

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Speaker 1: twirled around and all that. Well, first of all, you know,

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Speaker 1: I'm the bass here in Georgia's on the ballroom floor.

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Speaker 1: As my instructor reminds me, he's the balls absolutely after

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Speaker 1: So how did you get started in that. I really have.

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Speaker 1: I really want people to know that balance is important,

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Speaker 1: because my balance now is baking. You know, I love

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Speaker 1: the bake. I'm a baking app that I'm associated with

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Speaker 1: called Perfect Bake. I'm featured on my my baking people

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Speaker 1: now we're seeing an airport, go You're the baking guy.

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Speaker 1: That's how popular I've gotten with my baking. So it's

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Speaker 1: really cool for people to see me, not the guy

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Speaker 1: with the mad degree, not the guy with the TV producer,

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Speaker 1: and not the guy who managed Steve Harvey. For them

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Speaker 1: to say, hey, man, you're really talented. You're really talented baker.

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Speaker 1: I think that's really fun for you to get that

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Speaker 1: other associated title as being a good ballroom dancwer. Yeah, I,

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Speaker 1: As I mentioned, I did it because I felt like

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Speaker 1: I needed a balance. I was talking to a life

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Speaker 1: coach at the time who said, well, is there something

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Speaker 1: that you always wanted to do that you haven't gotten

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Speaker 1: around to doing yet. I said, what I'd like to

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Speaker 1: take some suce of lessons, maybe the little ball room.

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Speaker 1: She happened to know somebody at the time who that

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Speaker 1: did that, so they she connected us and that's how

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Speaker 1: I got started awesome. Congratulations. Believe me. I'll say, now, travel,

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Speaker 1: We'll just tell me about the travel part of your

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Speaker 1: balanced life. Well, I have gone several places in Europe

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Speaker 1: and in the Caribbean. UM. I hope too in the

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Speaker 1: next year or so to start traveling, maybe to some

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Speaker 1: of the other continents in South America, of course Africa.

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Speaker 1: I went to South Africa. Gotta go Johannesburg, Durban, It's

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Speaker 1: on my list. Uh, it's you know, the interesting thing

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Speaker 1: about travel is that it's because we are only told

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Speaker 1: what we you know, tief, you can only give you

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Speaker 1: a certain amount of information and depend on what charnel

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Speaker 1: you watch or what or what you can only be.

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Speaker 1: You could be slanted. I was. My eyes were so

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Speaker 1: open when I went to uh, Johannesburg and Durban, because

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Speaker 1: I really didn't think the technology was there. And I'm

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Speaker 1: not just saying that, I'm I'm not saying that because

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Speaker 1: I'm being insulting. I just didn't know that. It was

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Speaker 1: like I was landing in Atlanta, Georgia. It was like

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Speaker 1: I was landing in Chicago. I did not expect that

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Speaker 1: because we was doing a live broadcast there of the

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Speaker 1: Morning Show, and I was worried the technology would not

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Speaker 1: be available to be able to do a broadcast back

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Speaker 1: to the United States. And I was totally wrong. I

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Speaker 1: was totally wrong. And so that's why I travel ballroom

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Speaker 1: dancing ladies and gentlemen. Rushan mcgonald is recommending to you

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Speaker 1: find something else besides going to work or going to

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Speaker 1: work seven days a week, or entrepreneur. You know you

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Speaker 1: want to be successful, but you also want to have

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Speaker 1: a balanced life. Now, let's get to the SBA. What

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Speaker 1: exactly is the SBA, Terry sb A, of course, as

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Speaker 1: the US Small Business Administration, and we're a federal government

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Speaker 1: agency and our mission is to support the US economy

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Speaker 1: through fostering the growth and creation of small businesses. How

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Speaker 1: that sounds really good. You've been doing this since two

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Speaker 1: thousand two, Okay, in the state of Georgia. Okay, I'm

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Speaker 1: a young guy. I got an idea for a business.

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Speaker 1: Should I just come to you first, or that's too

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Speaker 1: early in the game that you don't want to hear

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Speaker 1: me coming in the pitching idea business ideas? Right? How

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Speaker 1: how should I come to you, meaning the s b A,

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Speaker 1: with my entrepreneur my small business idea. There's a couple

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Speaker 1: of ways. First, you can, of course, go to our

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Speaker 1: website which is uh SBA dot gov here in Georgia.

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Speaker 1: It's for its last g A to see specifically what

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Speaker 1: we have going on in terms of training and and

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Speaker 1: counseling resources. What we will normally advise people to do

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Speaker 1: is to go to one of our resource partners, such

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Speaker 1: as SCORE, which is our volunteer partner organization. Okay, let's

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Speaker 1: talk about SCORE, because SCORE is experience. There's just like

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Speaker 1: a many people have been in business or former small

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Speaker 1: business owners, retired people who want to mentor you correct, correct, Okay,

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Speaker 1: Let's let's expand on that, because what I want to do.

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Speaker 1: First of all, I want to thank you for coming

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Speaker 1: on my show. I feel that I established this relationship

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Speaker 1: in Houston, Texas, with with Tim and the SBA in

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Speaker 1: the state of Texas, and I felt feel it's important

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Speaker 1: because a lot of people miss out because they don't

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Speaker 1: know and I didn't know, and I actually I thought

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Speaker 1: I knew about the SBA when I opened my comedy

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Speaker 1: club back in nineteen two. I went to the SBA

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Speaker 1: in Houston, Texas, but I didn't even take advantage of

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Speaker 1: the loan opportunity. Of the mentoring opportunity. I just went

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Speaker 1: in got what I needed, and I should have stayed

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Speaker 1: and allowed these people to probably help me get over

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Speaker 1: some pumps I shouldn't have been getting over and probably

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Speaker 1: have smoothed my transition to a much more successful point.

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Speaker 1: And I'm not saying I wasn't successful, but I was

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Speaker 1: learning the jaw a lot more than I should have been.

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Speaker 1: So with that being said, Score, how does that help

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Speaker 1: me as a young as A as A as A

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Speaker 1: it's a an established business on our startup? What SCORE

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Speaker 1: works with both startup and established? Uh? They are existing

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Speaker 1: business owners as well as the spire business owners, and

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Speaker 1: they have that wealth of real world firsthand experience on

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Speaker 1: what it takes to grow, to start and grow the business.

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Speaker 1: They can be that objective extra pair of eyes and

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Speaker 1: ears uh too as you share your ideal what it

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Speaker 1: is you want to do, to see if that's feasible. Okay,

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Speaker 1: Now with that being said, I you know my whole thing.

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Speaker 1: I'm African American and I always try to because we

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Speaker 1: are always the underserved community, last to get information or

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Speaker 1: just ignore the information. And so is that true in

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Speaker 1: the case of the SPA, that that that more African American,

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Speaker 1: more minority and more people of colors should be taking

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Speaker 1: advantage of the services. Well, I definitely, and I think

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Speaker 1: we've done. We've made a lot of road in roads

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Speaker 1: over the last couple of decades and trying to hit

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Speaker 1: all the segments of the small business community. Okay, because

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Speaker 1: women are definitely the growing small business the entrepreneur. The

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Speaker 1: female population is like exploding right now. In fact here

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Speaker 1: at Georgia. I think Georgia is like the fourth of

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Speaker 1: fifth fastest growing women business population. And that's important, and

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Speaker 1: that's important. Why is that? Why? Why would you say

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Speaker 1: that it's just it's just a level of independence now

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Speaker 1: or just a just a just a curiosity saying we

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Speaker 1: can do it, and we can we can make it happen. Well,

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Speaker 1: I think it's a matter of because like you you,

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Speaker 1: like you mentioned, it's because women accepted and embracing the

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Speaker 1: fact that this is an option for them and they're

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Speaker 1: you know, taking advantage of that. Awesome, we'll be back

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Speaker 1: with more small business administration. She's she runs it, I

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Speaker 1: would say, obviously run it, enjoy because she's on the

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Speaker 1: dance fels. She's not running anything. Uh. Terry Denison fantastic. UH.

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Speaker 1: We have a relationship. We're about delivering information about the

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Speaker 1: sp and Georgia, not only Enjorgia. Want to our by

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Speaker 1: how to impact the country more with money making conversation

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Speaker 1: to keep winning, y'all. She's in my studio. We've been

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Speaker 1: talking laughing in between the breaks as well as prior

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Speaker 1: interview about s b A, that small Business Administration you've

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Speaker 1: been running it UH in the state of Georgia since

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Speaker 1: two thousand two. Loans I come from. I came from Houston.

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Speaker 1: The hurricane hit us real bad, and the SPA came

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Speaker 1: to the rescue UH to a lot of good friends

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Speaker 1: of mine, including my nephew. Here's a barbecue business called

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Speaker 1: a Big six Big six Barbecue. Tell us about these loans,

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Speaker 1: the interest rate on the loans, and why we should

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Speaker 1: probably come to you guys first. Okay, Well, is that

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Speaker 1: you brought up disaster UH and our disaster assistance. There's

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Speaker 1: really two categories of loans. There's our regular commercial business

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Speaker 1: loans UH, and primarily where we are involved there is

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Speaker 1: we provide guarantees to private lenders to making loans. We

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Speaker 1: guarantee their loans. So this allows a couple of things one,

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Speaker 1: It reduces their risk because if there's a default and

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Speaker 1: they did everything they were supposed to do, we will

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Speaker 1: reimburse them a percentage of the outstanding balance on that

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Speaker 1: defaulted loans. So that allows them to say yes more

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Speaker 1: likely than no. And it also allows them to have

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Speaker 1: some flexibilities they would normally have, like a longer repayment term. Uh.

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Speaker 1: It could also make up for a niche collateral shortfalls

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Speaker 1: and in some cases allows for a a smaller equity

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Speaker 1: requirement investment requirements from the bar. We also provide funding

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Speaker 1: to micro lending organizations or a nonprofit to make smaller

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Speaker 1: loans that the commercial market won't support. Other so that's

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Speaker 1: the business side the disaster as sistance loan actually is

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Speaker 1: delivered through a whole separate entity within our age. And

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Speaker 1: I don't feel THATSS important to bring it up because

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Speaker 1: we do have flood issues here. Tornadoes do hit the

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Speaker 1: state of Georgia as well as the softwarees in the

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Speaker 1: southeast part of the country from where I'm from. How

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Speaker 1: exactly does that, Like I said, that's why I've really

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Speaker 1: got the personal experience of it, because when the hurricane

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Speaker 1: hit Hurricane Harvey hit Houston, Texas, floods, high wind damage

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Speaker 1: really took out a lot of business and they was

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Speaker 1: saying businesses and like they were saying usually about when

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Speaker 1: you damage businesses may not come back. So it's a

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Speaker 1: high failure ratio when these young business or even businesses

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Speaker 1: have been around for a while get shut down. How

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Speaker 1: does the disaster part? The disaster loans are actually direct

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Speaker 1: loans made by the s b A. There are low

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Speaker 1: interests between four and eight percent depending on the situation.

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Speaker 1: We provide those loans for businesses to deal with their

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Speaker 1: physical damage as well as help them maintain their operations

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Speaker 1: with the economic entry disaster loans. We also provide loans,

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Speaker 1: and this is a something a lot of people don't realize.

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Speaker 1: We also provide loans for homeowner damage and we also

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Speaker 1: provide loans to renters too for their household goods that

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Speaker 1: were lost. Explain that to me, the homeowner damage part.

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Speaker 1: Explain that to me. How does that work? Well? Basically,

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Speaker 1: if their home is damaged, it helps the loan helps

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Speaker 1: cover uh the losses that weren't insured covered by insurance,

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Speaker 1: and it could also serve as a stop gap while

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Speaker 1: they're trying to get the insurance. So let's get that

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Speaker 1: that's that's doing that's doing disasters. That's doing disasters. Okay,

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Speaker 1: let's talk about the Small Business Administered SBA's role and

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Speaker 1: and and and what are some of the major mistakes

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Speaker 1: are the minor mistakes that people make when they want

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Speaker 1: to start a business. I think the main mistake I

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Speaker 1: see is at the top, with the very beginning with

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Speaker 1: sometimes the idea itself. They get a flash of an

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Speaker 1: idea and they run with that initial flash of an idea.

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Speaker 1: They have some resources on hand, so I'll start with this,

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Speaker 1: and then when they get to the end of their resources,

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Speaker 1: they still really don't have anything to show for it.

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Speaker 1: So that's why it's important to uh consult with some

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Speaker 1: of our counseling sorces. And now also that that that

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Speaker 1: scream's business plan to me, yes, definitely screws business plan.

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Speaker 1: That kind of work through. Is this feasible? What's the

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Speaker 1: shelf life of this? And then you can build your

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Speaker 1: plan and your strategy around Because a lot of people

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Speaker 1: I always tell people one thing. I try to tell people,

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Speaker 1: there's more. They are more businesses than than cooking car

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Speaker 1: wash or there. You know, there's ai, there's uh, the

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Speaker 1: the appsence the technology is so moving so fast out

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Speaker 1: that we've got to expand the options of what we

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Speaker 1: can do in the STEM world as far as entrepreneur opportunities.

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Speaker 1: And so when I look at young people or and

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Speaker 1: I always tell listen about people, is that there's no

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Speaker 1: age that you cannot start your dream, just have a

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Speaker 1: plan associated with it. And so when they come into

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Speaker 1: your office, you're about to george it. Does is there

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Speaker 1: any if somebody's listening to New York or somebody's listening

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Speaker 1: in California to the show, because the show is broadcast worldwide,

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Speaker 1: what advice can you give them for the s b

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Speaker 1: A Sure, go to our website SBA dot gov and

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Speaker 1: go to local resources and you can type in your

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Speaker 1: zip code and it will tell you which sp office

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Speaker 1: serves that area as well as our related resources. Okay, cool.

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Speaker 1: What is the biggest misconception of the SPA. The biggest

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Speaker 1: misconception come on that. The biggest one definitely is that

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Speaker 1: people think were just for startups and preventure. That's Rajan,

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Speaker 1: That's what I thought. And you're saying, so how do

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Speaker 1: we get that? How do we get past that misconception? Well,

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Speaker 1: other than kind of hopefully if you're with your listeners.

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Speaker 1: They could take this message to their folks. But really

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Speaker 1: we have resources that if you want to extend expand

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Speaker 1: your business. For example, we have a loan program that

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Speaker 1: helps you acquire commercial real estate and and long life

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Speaker 1: machinery equipment like production equipment with in many cases just

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Speaker 1: ten percent down as opposed to down. We have, of course,

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Speaker 1: UH our small business development centers. A lot of them

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Speaker 1: will work extensive periods of time as well as score

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Speaker 1: with people that are continued to grow their business. UH.

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Speaker 1: In many places within s b A we have locations.

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Speaker 1: We have a program calling Emerging Leaders, which is a

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Speaker 1: seven month program to UH work with existing businesses that

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Speaker 1: want to take their business to the next level and

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Speaker 1: want to figure out how to get there. And the

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Speaker 1: focus is to develop a three year strategic growth plan

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Speaker 1: and there's mentorship involved in that. UH experts come in

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Speaker 1: to talk about sales and marketing, financials and what to

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Speaker 1: look for as key indicators of the as to the

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Speaker 1: health of your company and what challenges you might have

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Speaker 1: on the horizon. He's interesting. An interesting fact I got

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Speaker 1: to say about the from the s b A puts

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Speaker 1: our Office of Advocacy, the about businesses fail or closed

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Speaker 1: before their fifth year. Only about a third make it

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Speaker 1: to ten years. What do you see as some of

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Speaker 1: the common factors behind these stats. That's that's that's that's

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Speaker 1: pretty scary. I think some of it is, like I

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Speaker 1: met earlier, the concept itself in the beginning was not feasible.

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Speaker 1: A lot of times people kind of set their business

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Speaker 1: in motion like an old fashioned top for those of

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Speaker 1: us who remember to pull the string and just let

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Speaker 1: it go, and we don't go back to tend to

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Speaker 1: the idea and see how the mark it has evolved

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Speaker 1: and changed, how the competitors, what they're doing, What are

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Speaker 1: some of the industry changes that impact that business? And

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Speaker 1: so what happened is you slowly by slowly, slow and slowly,

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Speaker 1: bit by bit become uh obsolete without even necessarily knowing

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Speaker 1: until it's too late. Here's also keeping too narrow. And

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Speaker 1: I say that because here's the deal. If you're gonna

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Speaker 1: open the business, I understand you need parking. Okay, A

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Speaker 1: lot of people forget that. They did they think it

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Speaker 1: did open that people can park anywhere. Guess what other

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Speaker 1: people are competing for those same spaces. And so when

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Speaker 1: I that was one of the main things I want

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Speaker 1: to make sure people understand. But it's secondly that the

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Speaker 1: SBA has a friendly face, and then they want to help.

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Speaker 1: They want you to win. There are no gimmicks down there.

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Speaker 1: Your officers about supplying people of information, and it's really

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Speaker 1: important that they understand that they believe that. And I

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Speaker 1: just want to be one of the forces that continue

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Speaker 1: to push the word out. And let's say every three

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Speaker 1: March of you have time come on my show. So

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Speaker 1: we keep putting and maybe you can show me how

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Speaker 1: to strut a couple of little ballroom dancing steps. But

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Speaker 1: other than that, we're gonna dance our way to the

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Speaker 1: s b A and we're gonna party and we're gonna

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Speaker 1: get some loans, we gonna get some information, gonna meet

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Speaker 1: with score, and we're gonna win. Terry, thank you for

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Speaker 1: coming on my show. Pleasure. You need to check out

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