COLUMBUS, Ga.– Kinetic Credit Union hosted a business seminar for local small businesses interested in obtaining contracts with Fort Benning Army Base and other government agencies. The event was well-attended, with a packed room of 70-plus business owners eager to learn more from experts from the U.S. Small Business Administration, Fort Benning and NOW Corp. The event was covered by a local TV station and business owners came from as far away as Atlanta to attend this impactful business seminar.
At this event, Jennifer Tilden, associate district director of business development at the U.S. Small Business Administration; Mark Lupo, area director, The University of Georgia Small Business Development Center; Stephen Magner, assistant director, U.S. Army Contracting Command; and NOW Corp President and CEO Lara Hodgson discussed how to prepare and position your business to win federal government contracts and successfully manage the cash flow cycle challenges associated with funding government contracts.
More than $100 Billion a year in government contracts is set aside and awarded to small businesses. Yet only 1.5% of small businesses are registered to sell to the federal government, the credit union said. It is extremely difficult for business owners to navigate the complex process to bid on government contracts and this business seminar equipped business owners with the knowledge and resources to significantly grow their business by working with government agencies such as Fort Benning.
Attendees also learned about an innovative payment solution called NOWaccount that enables U.S. small businesses to get paid within five business days on invoices to their government and commercial customers, both in the U.S. and abroad. NOWaccount is largely invisible to the selected customers, who continue to receive the invoice and pay according to their own schedules, with no late fees. NOWaccount costs the same or less than accepting a credit card, and because it’s not a loan or factoring, it’s complementary to other sources of capital, actually strengthening the small business’ balance sheet, making them a better candidate for loans and lines of credit.
"Kinetic Credit Union was honored with the opportunity to recently partner with the UGA Small Business Development Center and host a luncheon centered on Grow Your Business Now,” said J.J. Seman, Vice President and Chief Lending Officer of Kinetic Credit Union. “The luncheon gave local small businesses the opportunity to hear expert advice on how to land more contracts with Fort Benning. The businesses were also presented with information on a product we believe is a vital tool to helping small businesses grow in today’s market. The event, which brought in approximately 80 businesses and speakers from the Small Business Administration, Fort Benning, and NOW Corp exemplified Kinetic’s mission to partner with local small businesses and help them grow their business together.”