ANNUAL REPORT 2021
KOSBE
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A MESSAGE FROM OUR ADVISORY COUNCIL CHAIR What an honor it was to serve as the 2021 KOSBE Board Chair! Being able to see first-hand the amazing work of the KOSBE staff and how their advice, guidance and efforts positively impacted so many businesses proved just how important their contributions are to the economy of Kingsport and the region. We all hoped that 2021 would look much different than 2020 when the entire nation essentially shut down in March as the pandemic roared in with a vengeance. In many ways the year was, indeed, different. In so many other ways it was a re-run of 2020 with struggles and uncertainty plaguing the small business community. But just as they did in 2020, the KOSBE team stepped up their efforts in 2021 and continued to be the region’s premier resource for answers to pressing questions about surviving in a pandemic, how to best expand or even launch a new business and how to navigate the myriad government programs designed specifically to assist small business. Backing the KOSBE team was a dedicated, bright and thoughtful KOSBE Advisory Council that offered advice and ideas at every turn. Their contributions are too numerous to count, but their support of this vital economic driver was critical to the success of the program. There was no more visible display of the success of the KOSBE program and the vibrancy of the Kingsport small business community than the Annual KOSBE Awards. It was a celebration of not only the KOSBE program, but the resiliency of Kingsport’s small business leaders. Sincerely,
Rick Thomason
Publisher Kingsport TimesNews/Johnson City Press
KOSBE | 2021 Annual Report
KOSBE
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2021
COUNCIL & STAFF
Rick Thomason
Dustin Mohr
Paul Montgomery
Wes Argabrite
Kingsport Times News
Martin Dentistry
Kingsport BMA
Bank of Tennessee
David Douthat
Tara Burns
Cassie Honaker
Ted Fields
Douthat Insurance
Branded
Millennium Properties
Powell Valley National Bank
Cari Parker
Keddrain Bowen
Amanda Hudson
Jamie Jackson
Eastman- Retired
Fanatics 101
Truist
JamiEvents
Tori Humphreys
Aundrea Salyer
Madison Smith
Cumberland Marketing
Director KOSBE
Marketing Coordinator KOSBE
KOSBE | 2021 Annual Report
KOSBE
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ABOUT KOSBE Our mission: What we do We are a technical assistance provider offering assistance including, but not limited to, starting a business, learning how to write a business plan, business plan reviews, obtaining capital for start-up or expansion, pursuing government contracts, analyzing financial and management performance, proving business case, developing existing and new businesses and planning for succession.
Vision: Our desired future state Our intent is to be the go-to organization in Kingsport for small business owners and entrepreneurs who want to start or grow their business, by creating and developing the right tools and resources and cultivating the right partnerships
KOSBE | 2021 Annual Report
KOSBE
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2021
A YEAR IN REVIEW KOSBE served 452 distinct customers; 93 of these are first time clients; 261 are already in business, 138 businesses are home-based and 121 have good potential to start someday. KOSBE supported businesses employing over 2,000 workers: 1,523 full-time jobs and 649 part-time positions. KOSBE clients generated $158,941,017 in annual sales. KOSBE facilitated $3.7 million in capital infusion. KOSBE assisted 25 loans, helping business owners access and apply for financial resources, to include Paycheck Protection Program (PPP) loans, SBA Economic Injury Disaster Loans (EIDL) and all types of SBA and non-SBA loan programs so small businesses could sustain and grow during the pandemic. KOSBE co-hosted the Veteran Business Leaders of the Appalachian Highlands – Veteran-Owned Business Luncheon on November 9th, at the Kingsport Center for Higher Education. The event brought existing businesses led by Veterans of the Armed Services together to network, share resources, and to address problems their businesses faced during the COVID recovery. At the KOSBEs, KOSBE recognized 10 unique businesses for economic impact, leading by example and making an extraordinary contribution to the communities they do business in. KOSBE moderated a Minority Business Roundtable and highlighted minority businesses and the resources to help them grow during Minority Enterprise Development (MED) Week.
KOSBE | 2021 Annual Report
KOSBE
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2021
A YEAR IN REVIEW Madison Smith, a Media and Communications graduate of East Tennessee State University, joined the KOSBE team as Marketing Coordinator. 10 women-led companies engaged in KOSBE’s WOW Propel Program, which is designed to designed to inspire women entrepreneurs and promote personal and business growth. KOSBE co-presented Tapping into the Entrepreneurial Spirit of Individuals with Disabilities at the 2021 International Economic Development Council Annual Conference in Nashville. KOSBE served on the Leadership Tennessee NEXT panel, Expanding Rural Economies, at Niswonger Campus - Walters State Community College in Greeneville. KOSBE served on the LaunchTN State Small Business Credit Initiative Proposal Advisory Committee. The proposed new BuildTN initiative will leverage capital to continue to catalyze Tennessee's early-stage companies, creating newmarket economy and jobs for Tennessee.
KOSBE | 2021 Annual Report
KOSBE
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2021
IMPACT NUMBERS Unique Clients Served
163
Training CLients
Trainings
465
31
JObs Retained
Capital Infusion
45
568
Jobs created
KOSBE | 2021 Annual Report
$3.7 M
KOSBE
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2021
CLIENT DEMOGRAPHICS Veterans
14
HIspanic
Disability
233
48
29
Females
Minority
45
KOSBE | 2021 Annual Report
60
KOSBE
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2021
KOSBE IS REACHING MORE CLIENTS THAN EVER Social Media Reach & Impressions: KOSBE's Facebook Page reached 28,621 unique viewers; on Instagram, KOSBE reached 3,708 unique accounts. In total KOSBE increased Facebook and Instagram reach by 1.2K% compared to the previous year. KOSBE increased Tweet impressions on Twitter by 77% from January of 2021 to December 0f 2021.
Audience: Bloomingdale 5.9%
Women
30
Men
Male 34.1% 20
Johnson City 23.1% 10
Female 65.9%
Kingsport 66% 0
18-24 25-34 35-44 45-54 55-64 65+
Age
Top Cities
Gender
Likes & Followers: KOSBE's social media efforts garnered 1.8K Facebook Page Likes and 414 unique new Instagram Followers.
Follow us, we're social! KOSBE | 2021 Annual Report
KOSBE
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2021
BUSINESS TRAININGS 1/21/2021 | Paycheck Protection Program Re-Launch and Overview 1/28/2021 | Paycheck Protection Program Re-Launch and Overview 2/4/2021 | Paycheck Protection Program Re-Launch and Overview 2/11/2021 | Current Covid-19 SBA Relief Options 3/17/2021 | Tapping Into the Power of Social Media | Part I 3/17/2021 | GrowthWheel® WorkGroup: Business Plan Development 3/18/2021 | Economic Aid Act Impact on Small Businesses – What You Need to Know 3/18/2021 | BCBST Supplier Diversity Program - Virtual reCONNECT 2021 3/30/2021 | City of Kingsport Small Business Assistance Grant Program: How to Apply 3/31/2021 | COVID-19 Counseling ETSU KAO (Jan-Mar) 4/6/2021 | City of Kingsport Small Business Assistance Grant Program: How to Apply 4/7/2021 | GrowthWheel® WorkGroup: Marketing 4/7/2021 | What's Your Succession Plan? | How to Ensure Your Business Outlasts You 4/8/2021 | SBA COVID-19 Relief Options & Additional Resources 4/15/2021 | SBA COVID-19 Relief Options & Additional Resources 4/22/2021 | SBA COVID-19 Relief Options & Additional Resources 4/29/2021 | SBA Restaurant Revitalization Fund: How to Apply 5/6/2021 | Tapping Into the Power of Social Media | Part II 5/6/2021 | SBA Restaurant Revitalization Fund: How to Apply 5/26/2021 | GrowthWheel® WorkGroup: Funding 6/3/2021 | Facebook Bootcamp 6/17/2021 | Instagram Bootcamp 6/30/2021 | COVID-19 Counseling ETSU KAO (Apr-Jun) 7/13/2021 | Tapping Into the Power of Social Media | Part III 7/14/2021 | How to Access Free Counseling Services by Blackburn Childers & Steagall CPAs & First Covenant Trust 8/12/2021 | Content Creation presented by Victory Harbin - The Social Brand 9/17/2021 | MEDWeek Minority Business Roundtable 9/30/2021 | COVID-19 Counseling ETSU KAO (Jul-Sep) 10/12/2021 | Mail Dominance: Winning at the Email and Productivity Game presented by Shipshape Solutions 10/28/2021 | 6 Signs You Need a Marketing Makeover presented by Hillhouse Creative 11/9/2021 | Veteran Business Leaders of the Appalachian Highlands - Veteran-Owned Business Luncheon
KOSBE | 2021 Annual Report
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2021 SUCCESS STORIES
HAIR BENDERS SALON Hair Benders Salon
The Great Opportunity – COVID-19 COVID-19 has affected every business, new and existing, large and small, manufacturing and services. The owners of Hair Benders Salon saw it as an opportunity to better the business. This meant finding ways to create better short-term and long-term cash flows, reducing expenses, and investing in the workforce.
At the helm of Hair Benders Salon is Owner and Stylist Shelia Ferguson, a Redken Performing Artist who has more than 20 years of experience creating beautiful styles and guiding the next generation of industry professionals. Hair Benders has been recognized as one of the top 200 salons in the country by Salon Today Magazine, and Ferguson was awarded the 2010 Kingsport Office of Small Business Development and Entrepreneurship Award for Woman-Owned Business Excellence.
Ferguson’s daughter and co-owner, Hollie Taylor, reached out to KOSBE (the Tennessee Small Business Development Center at East Tennessee State University Kingsport Affiliate Office) in March 2020, to discuss COVID-19 SBA loan programs and grants. Like many other non-essential service providers, the business was forced to close due to the governor’s Safer at Home order. Ferguson and Taylor decided that this was a perfect time to focus on cash management, preparing sales forecasts, reviewing the cost structure, and looking into the company’s profitability and how it can improve.
KOSBE | 2021 Annual Report
KOSBE
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2021 SUCCESS STORIES
HAIR BENDERS SALON Taylor wanted to review financial assistance options and she needed answers to specific questions related to the Economic Injury Disaster Loan and Payroll Protection Program. TSBDC answered her questions and encouraged her – and her key management team members – to attend TSBDC’s free weekly webinars to stay abreast of program changes and updates.
In addition to attending various webinars such as Reopen Responsibly: Sullivan County's Reopening Plan, and SBA Funding Programs and Other Financial Assistance for Business Owners, the owners benefited from TSBDC’s COVID-19 Enriched Technical Assistance Program. TSBDC connected Hair Benders to a local CPA firm who completed a review and clean up their financial books and records, at no cost to the salon. The COVID-19 Enriched Technical Assistance Program was funded through a grant from the U.S. Small Business Administration, and the CPA firm was compensated as a subcontractor.
Fortunately, Hair Benders did receive financial assistance through SBA’s relief options, and they were able to retain much of their workforce. The owner said, “When disaster strikes, by far the biggest secret weapon you have—or that any company has—is your own employees. We have always invested in our employees in many ways, but education is number one. TSBDC has been there for us, to educate and support us throughout this entire pandemic.”
KOSBE | 2021 Annual Report
KOSBE
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2021 SUCCESS STORIES STARBORN LOGISTICS LLC
A Star is Born in Tennessee Today, minority-owned Starborn Logistics LLC provides safe and prompt non-emergency transportation to and from important appointments, whether it be a routine doctor's visit, behavioral health, dialysis, chemotherapy, rehabilitation, physical therapy, infusion therapy, or other events. Latwan Wolfe first reached out to KOSBE (the Tennessee Small Business Development Center at East Tennessee State University Kingsport Affiliate Office) in May 2018, asking for help with startup funding to purchase the first vehicle for the business. When he arrived for his first appointment, he was well-prepared, bringing many of the documents but not all that would be needed to assemble a comprehensive loan package. TSBDC helped Wolfe create the remaining materials he did not have, e.g., personal resume, capabilities sheet, company financial statements, and next connected him with a microlender. Shortly afterward, a star was born. Wolfe was approved for his first business loan and received the startup capital necessary to acquire a van, the core business asset. To help Starborn further build credibility, reputation, and a positive perception in the marketplace, TSBDC worked with Wolfe one-on-one to successfully attain minority certification from Tennessee’s Governor's Office of Diversity Business Enterprise (GoDBE) and launch a company web site (www.starbornlogistics.com). Wolfe said this about his experience, “You have been the force behind me giving me the best advice. I can’t believe where you have helped me get to and this is just the beginning. I know now that I have a million dollar business and that’s in stone now. Get ready for phase two because Starborn Logistics is on a rocketship!!”
KOSBE | 2021 Annual Report
KOSBE
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2021
THE KOSBES WITH WCYB The KOSBEs promote economic impact by recognizing small businesses that are leading by example and making an extraordinary contribution to the communities they do business in. The winners exemplify leadership and excellence in overcoming adversity, and a passion for helping others succeed. Award winners serve as inspirational leaders to other local small businesses, and they model best practices that will progress the region as a whole.
2021 KOSBEs Title Sponsor Bank of Tennessee KOSBE | 2021 Annual Report
KOSBE
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2021
AND THE WINNER IS... Appalachian Stars Gymnastics — 2020 Pivot Award Changes Medical Spa & Laser Care — Innovation Business Excellence & The Do-Good Award Conrad's Guide Service — 2021 Ernie Rumsby Award for Veteran-Owned Business Excellence Johnson City Brewing Company — The Game Changer Award Nick's Restaurant — Food Business Excellence Stapleton Law - Woman-Owned Business Excellence The Laboratory - New Business Excellence The Middle Path — Healthcare Business Excellence The Queen's Magnet — Young Entrepreneur Business Excellence The Wooden Hanger Boutique — Retail Business Excellence
2021 KOSBE Award Winners KOSBE | 2021 Annual Report
KOSBE
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2021
WHAT ELSE SHOULD WE BE DOING TO HELP OUR BUSINESSES AND INSPIRE ENTREPRENEURS? Dear Clients and Supporters, I am frequently asked how Kingsport businesses fared during the two-year pandemic environment. From what I can tell, we survived. I am only aware of a handful of small businesses that closed – or are closing now due to the pandemic. I’m not saying it wasn’t difficult for us. I’m just saying we’re fighters. According to the U.S. Small Business Administration Office of Advocacy, 15,941 Tennessee establishments opened and 12,932 closed in the State of Tennessee, for a net increase of 3,009, between March 2019 and March 2020. Locally, the interest in starting a business has done nothing but go up substantially, from spending 203.5 counseling hours on startup-related advising in 2020 to 705.75 in 2021. Clearly, the people here want to start a business. Whether they are new to the area or Kingsport natives, they choose KOSBE to learn how to do it. It’s easy to start a business. Anyone can do it following a simple checklist we can provide. It takes a village, however, to sustain and grow a small business. The KOSBE Advisory Council is a group of business leaders with diverse backgrounds from across the region that provide insight and help guide economic development and education strategies for small businesses. We could not serve the number of businesses that we do without their help and feedback. Most of them own a business and know firsthand the challenges and hardships many of our businesses faced during the two-year-long COVID-19 pandemic. Cheers to wrapping up another great year working for small businesses and creating and developing the tools and resources they need to be successful. Drop by anytime to talk to me or share your ideas. Best,
Aundrea Salyer Executive Director KOSBE
KOSBE | 2021 Annual Report
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2021
ONWARD TO 2022
Virtual Training Events (All year) National Mentoring Month (February) Kids Business Expo Collaboration (February) SBDC Day with PEAK to present the TSBDC Rising Star Award (March) Women in Manufacturing with Workforce Development (April) National Small Business Week (May) STRIVE Reunion (May) Women Entrepreneurship luncheon (May) National Independent Retailer Month (July) Rural Entrepreneurship video series (July) Collaboration with Langston Centre for MEDWeek (September) National Write a Business Plan Month (December) KOSBE Awards Black Tie Breakfast (December)
KOSBE | 2021 Annual Report
KOSBE
2021
OUR PARTNERS & FUNDERS The City of Kingsport East Tennessee State University Eastman Kingsport Chamber Tennessee Small Business Development Center (TSBDC) Kingsport Economic Development Board (KEDB)
KOSBE | 2021 Annual Report
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