Submitted Photo Katrena Sermons and Frankie Keeling presented to Black business owners during a business education session provided by the Black Business Alliance.

VALDOSTA — Small business owners from lawn service and pressure washing, to tutoring services and business consulting, participated in the Black Business Alliance’s business education session in concert with the national Financial Literacy Month of April. 

Katrena Sermons, vice president, branch manager and loan officer at First Federal Savings of Valdosta, participated by presenting her advice to a full room of attendees, organizers said in a statement. 

“Sermons’ knowledge gave business owners an opportunity to learn what type of records and documentation work best when looking to secure a business loan from a bank,” organizers added.

“We used to be able to use your gross profits. Now, we use your net profits. So if your business made $100,000 last year, but at the end of the day you say you only made $13,000 because you wrote off everything, $13,000 is what I’m going to be able to use,” Sermons said.

“That is the thing I see the most of. I have to turn so many people down because of just the way their taxes are done. We need to start dealing with CPAs.”

Sermons spoke about the importance of developing a cost-effective strategy based on the individual’s business goal.

Frankie Keeling, a former revenue agent and tax auditor, offered guidance and several resources related to properly filing taxes and registering a business with the state of Georgia.

“If you go to the Secretary of State website and you want to do an LLC, it will ask you the required questions under the law. It’s going to generate those Articles of Incorporation or those Articles of Organization for only $100,” Keeling said. “The SS-4, federal employee identification number, can be done for free.”

The Black Business Alliance advocates for underserved business owners and delivers programs that provide technical assistance, business education and funding resources.

“Our Black business community has amazing small businesses and owners that strive to be successful. However, 56% of Black entrepreneurs nationwide say that gaining access to capital is a lingering challenge, lessening the ability to grow. We want to help change that experience and provide equity to a challenging condition,” said DeWayne Johnson, lead representative of the Black Business Alliance.