Southeastern Federal Credit Union Commercial Loan Officer Jaime Gibbons explains how NOWaccount empowers small businesses to take the next step. 

VALDOSTA – For businesses looking to procure government contracts for the first time, the process can be daunting.

“Government contracting, first and foremost, is not the simplest process,” said Terri Denison, Georgia district director with the Small Business Administration.

To make it a little easier, Southeastern Federal Credit Union hosts a seminar on Aug. 13 for local businesses interested in government contracts.

Jennifer Tilden, supervisory business opportunity specialist with the U.S. Small Business Administration, will be talking about the process of procuring government contracts.

One of the areas the seminar will cover is capability statements that a business would submit to a particular government agency.

The capability statement acts as a resume for the business, detailing the goods and services the company offers.

“The key element is the company’s core competencies,” said Denison. “What is the company’s competitive advantage, what problems can they solve and what needs can they fill.”

Part of answering those questions is talking about the company’s past performance: what projects have the company completed, where and when were they performed and what was the contracting amount.

The idea is to give the agency a sense of the business’ capacity and capability.

“It’s got to be substantive, but concise,” said Denison. “It needs to all fit on one page.”

Denison recommends business owners get their names out there before the need arises, attending trade shows, networking events, match-making events and making appointments with procurement offices.

“You want to introduce your company to offices and agencies before the need arises,” said Denison. “That way there’s a name with the face and they’ve heard you articulate in person and in writing what your company can do.”

He advises companies to do their research to figure out which particular governmental agencies would be interested in their goods and services

Companies should also consider taking subcontractor opportunities with other companies to get a foot in the door or forming joint ventures with other companies, pooling resources and skill sets.

“It’s good for opportunities they otherwise wouldn’t be able to pursue or work on individually,” he said.

The seminar will cover managing the cash-flow cycle with funding government contracts.

Government contracts can have a long pay cycle, with the payment coming in 30-60 days after the project is finished and/or the goods delivered.

Lara Hodgson, CEO of NOWaccount, will talk with seminar participants about NOWaccount, which offers to buy invoices from companies, paying them upfront for the invoice for a 2.5 percent fee.

“It gives business owners confidence,” said Jaime Gibbons, commercial loan officer with SFCU. “Sometimes businesses won’t bid on a contract because they’re worried about when they’re getting paid. So contracts that might be a game changer for their growth, they end up avoiding.”

To register for the seminar, visit southeasternfcu.org/event or contact Jaime Gibbons by phone (229) 241-0596 or email jgibbons@southeasternfcu.org.

The seminar will be hosted at Southeastern Federal Credit Union’s main office at 3501 North Valdosta Road.

Registration for the seminar starts at 7:30 a.m., Aug. 13.

The seminar runs from 8-9:30 a.m.