Greenville Chamber 2021 Small Business Resource Guide by Greenville Chamber

2021 SMALL BUSINESS GUIDE Small businesses truly are the heart and soul of our local economies, South Carolina Secretary of Commerce Bobby Hitt has said. He notes that in the Palmetto State, they account for more than 99 percent of all private companies. Chambers of commerce play an important role as a resource and tool to help those companies succeed. This month, we offer reminders that the Greenville Chamber is committed to serving the Upstate’s businesses and entrepreneurs and, as the business community recovers and rebuilds, it is positioned to help. Read what Greenville Chamber CEO Carlos Phillips says of those efforts. And Jason Zacher, the Chamber’s SVP of business advocacy, talks about recent key legislative victories for small businesses. We’re also offering a small business resource guide on where you can turn to grow your business.

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LETTER FROM GREENVILLE CHAMBER CEO

Our local small business community has long been heralded the signature ingredient in the recipe to building the vibrant Greenville region we love today. Small businesses not only have a huge impact on our economy, but directly affect the quality of life that makes Greenville one of the fastest growing communities in the nation. Small businesses have never been so critical to our collective success as they are today. For more than 130 years, the Greenville Chamber has been committed to serving the Upstate’s businesses and entrepreneurs. As our business community recovers and rebuilds, we are uniquely positioned to provide the resources and connections needed during this challenging time.

Carlos Phillips CEO / Greenville Chamber

In the past year, our team has worked tirelessly to support our business community as they weather the storm. Whether working hand-in-hand with our business leaders, or behind-the-scenes to shape the conditions needed for success, the Chamber team is dedicated to helping you achieve your business goals. As the world around us changed in 2020, so did our value-delivery model. However, our commitment to helping businesses succeed and people prosper will never waver and in the past year we doubled down on those efforts that have the greatest impact on our small businesses.

For more than 130 years, the Greenville Chamber has been committed to serving the Upstate’s businesses and entrepreneurs. As our business community recovers and rebuilds, we are uniquely positioned to provide the resources and connections needed during this challenging time.

We support small businesses on their journey to success through a myriad of ways, including the following: • • • • • •

Advocating for the needs of our business community at a local, state and federal level Developing robust programming, training and leadership development opportunities Providing targeted support to our high-impact and diverse entrepreneurs Delivering exclusive bottom line savings opportunities on services businesses need most Sharing critical resources and trusted information Connecting our community - even in a time when “quarantine” was the word of the day

We remain dedicated to helping businesses recover from the hardships of the past year. We hope readers will use this Small Business Resource Guide as a helpful tool. If you are not already engaged with the Greenville Chamber, or would like to learn how to engage at a deeper level, please let us know if we can help you meet your business goals. If you’re in business, you have a partner in us.

Carlos Phillips 864-242-1050 www.greenvillechamber.org

June 2021 Issue | 71

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First National Bank, the largest subsidiary of F.N.B. Corporation (NYSE: FNB), is a diversified financial services company operating in seven states and the District of Columbia. With total assets of more than $38 billion, FNB provides customers with a full range of commercial banking, consumer banking and wealth management solutions.

Continued Growth and Expansion in South Carolina Since entering the state in 2017, FNB has established significant commercial banking and wealth management operations along with a retail network serving Charleston and upstate South Carolina. Led by Regional President Len Hutchison, FNB has assembled a strong South Carolina team consisting of experienced bankers who live in the areas they serve, understand the needs of local consumers and businesses and are empowered to make financial decisions based on that unique perspective. FNB’s successful expansion strategy leverages a strong commercial presence and investments in technology to deliver a premium, fullservice customer experience. This approach is on display in dynamic markets such as Greenville and Charleston, where the Bank recently opened its third retail branch. Located in Freshfields Village, FNB’s newest office highlights the Bank’s commitment to innovation with a modern concept branch design and features including an ATM with TellerChat, which allows clients to use video chat technology to conduct transactions with a representative during extended hours. All of this

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is complemented by a leading mobile app and a best-in-class website experience with interactive features such as the Solutions Center e-Store, our unique account selection and education tool. A Fixture in Its Communities Throughout its footprint, FNB is known for doing the right thing. From financial support to employee volunteerism, FNB is actively engaged with the projects, organizations and decisions that shape the regions where it operates, and its South Carolina team has embraced this commitment to creating stronger communities. As evidence of its unified culture, the Company was recently named a South Carolina Top Workplace based on employee feedback in its first year participating in the program, adding to more than 30 workplace awards FNB has received. Supporting South Carolina Business Growth As a champion of economic development throughout its footprint, FNB has a longstanding commitment to help local businesses grow and succeed. With a holistic banking approach, innovative product/service offering and genuine dedication to personalized service, FNB is uniquely positioned to support financial needs for organizations of all sizes, ensuring each client achieves their goals. The Company has been repeatedly recognized for its commercial banking client experience, having won 65 Greenwich Associates Excellence and Best Brand Awards in the past decade. For more information about FNB visit www.fnb-online.com. Equal Housing Lender, Member FDIC.

Personal service, not lip service.

The General Assembly wrapped up the 2021 Legislative Session on May 13, the the Greenville Chamber scored a number of key victories for small businesses that should be on your radar screen. We’ll outline two of them here.

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How the 2021 Legislative Session Impacts Small Business

2021

The Chamber’s top priority for small businesses this year was S. 147, the Covid Liability bill. This legislation provides temporary, targeted, and common-sense liability protections for businesses in responding to Covid-19. The General Assembly understood that providing businesses with reasonable protections from the risk and expense of lawsuits related to actual, alleged, or feared contraction of the Coronavirus would help in our state’s economic recovery. A coalition of business groups were successful in extending a safe harbor for businesses provided the business is operating “consistently with applicable public health guidance.” Businesses are protected unless they engage in “reckless or intentional conduct” that must be proven with “clear and convincing” evidence for most businesses.

JASON ZACHER SVP, Business Advocacy Greenville Chamber

With mask guidance and other advice changing in early May because of the prevalence of vaccines, we encourage businesses to review the DHEC and CDC guidance on their respective websites, instead of following media reports. Recent public interviews have not always reflected published guidance. We recommend you speak with an attorney to ensure you remain covered until the pandemic is declared over. One major tax change was the passage of S. 627 that allows S-corporations, partnerships and LLCs to deduct state income taxes from their federal tax returns. This legislation is a meaningful win for small business owners.

Many business owners remember that the 2017 Tax Cuts and Jobs Act imposed a $10,000 cap on the amount of state and local taxes South Carolina taxpayers may deduct on their federal returns. This cap hurt small employers organized as pass-through entities that pay federal taxes on business profits on their personal tax returns. That change put many Main Street employers at a major disadvantage compared to C-corporations who were still able to deduct full state and local tax payments. Last November, the IRS announced that state taxes on business income imposed at the entity level on pass-through entities are permitted as a deduction. Several states quickly passed laws to bring their state laws into alignment. Now that Gov. McMaster has signed S. 627 into law it: • • • •

provides these businesses the option to pay their state and local taxes at the entity level; includes an income exemption, so that owners of businesses making the election are not subject to double taxation; eliminates burdensome withholding requirements for non-resident shareholders and LLC members, and provides South Carolina business owners with a credit for business taxes paid to other states that have adopted similar SALT Parity reforms.

Pass-through businesses are the backbone of our state’s economy and many have been hit hard by the Covid-19 pandemic. This legislation will help our smallest businesses reduce their federal tax burden and keep revenue in our state. You can find out more about these bills and the other business community victories in our legislative report at www.upstatechamber.org.

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Substantive Tax Relief for Pass-Through Stakeholders

In the last days of the 2021 South Carolina legislative session, the General Assembly passed one of the most substantive tax relief bills for small businesses operating as passthrough entities in this state. The most intriguing aspect of this state legislation is that it saves federal taxes rather than state taxes by saving significant federal taxes for individuals who own and operate pass-through entities in South Carolina and who are subject to the $10,000 individual itemized deduction state and local tax (SALT) cap. New Code Section 12-6-545 (G) allows qualified pass-through entities and their stakeholders (individual partners and S corporation shareholders) to elect annually, beginning in 2021, to have their Active Trade or Business Income (ATBI) taxed at the entity level rather than on their Form SC1040 as reported on the SC K-1. Stakeholders reporting ATBI will still report that income on their federal Form 1040 via schedule E. However, that federal income will be reduced by the SC taxes at the 3% ATBI rate that would have normally been reported on a federal and SC K-1 at a gross number. On the stakeholders SC1040, a deduction will be taken from federal income for the ATBI taxed at the entity level in arriving at SC taxable income. Thus, an individual itemized deduction (state taxes paid on ATBI) is converted to a corporate deduction which reduces federal income passed out on the federal K-1 and taxpayer AGI. Generally, a qualified pass-through entity is one owned by individuals, estates, or trusts without a C corporation or tax-exempt entity being included in the ownership chain. Stakeholders can be both SC residents and non-residents.

It is important to note that this provision only applies to entity level ATBI. Passive investment income (interest, dividends, royalties, capital gain), rental income, guaranteed payments for services, and any amount for personal services reported as ordinary income on a partnership return are not eligible for this treatment and will remain separately stated on the stakeholder’s schedule SC K-1 and subject to tax at a marginal rate up to 7% on form SC1040. For most businesses operating as partnerships, the problematic piece of this legislation remains in the difficulty in determining the amount of allocable ordinary income reasonably related to personal services. Presumably entities operating as S corporations are adequately compensating their shareholder employees for their personal services; however, one questions why any rational shareholder would pay compensation to himself above the FICA cap, thus depriving that marginal income of being subject to the reduced SC ATBI entity tax, additional Medicare tax, and the litany of related negative tax consequences. It should be noted SC ATBI differs from federal QBI and IRC Sec. 199 which SC does not follow and should not be confused with it. This bill places this provision under the active trade or business provision (Sec 12-6545) limiting it solely to ATBI. Perhaps in the upcoming legislative session, a two-tier entity level tax could be elective thus making the entire entity income subject to a deductible entity level tax of 3% on ATBI and 7% on all other income. Thereby, entirely bypassing the SALT cap for such taxpayers which would prove to be a real advantage to the SC small business taxpayer.

When the original ATBI legislation became effective in 2006, the Department issued guidance and safe harbors for low-income taxpayers. The SC Department of Revenue will need to provide both forms and guidance to implement this change and the devil may well prove to be in those details. The election for this treatment is annual and at least for 2021 appears to be able to be made on a timely filed return (but preferably by the due date without extension, otherwise penalties and interest will probably attach). Any entity/stakeholders looking to make the election may wish to alter their 2021 SC individual estimates plans, but for the 2022 tax year, entity level estimated payments are required by section 12-6-545(G)(7).

Bill West, CPA Member - Tax & Advisory Services To learn more about this tax benefit and other tax savings strategies for your business, please contact Bill West: (803) 753-5230 bwest@scottandco.com June 2021 Issue | 75

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Forever strong. Forever First. Choose a bank you can count on to help you look after your money. And your future.

First Citizens Bank: An introduction.

More than 100 years. Over 6,700 people strong.

We’re pleased to introduce you to our company, First Citizens Bank.

While we began as a small-town bank with a single branch, today’s First Citizens has more than 500 branches from coast to coast. We’re one of the largest family-controlled banks in the United States. And we’ve been led for three generations by the family of our CEO and Chairman, Frank B. Holding, Jr.

First Citizens was founded in 1898 in North Carolina. For more than 100 years, we’ve been helping families and businesses make more of their finances. We’ve shared their dreams, helped make budgets work harder and put together financial plans to last them the rest of their lives. We’re known for being careful with our customers’ money and for treating those who choose us with respect and courtesy. Our steadfast commitment to building lasting relationships has made us one of the country’s leading financial institutions for both personal and business customers. This long-term approach along with our competitive product offerings in areas such as business, commercial, institutional banking, wealth management1 and insurance1 services are why customers have trusted us with their financial well-being. At First Citizens, we’ve grown through the years by delivering a consistently high level of service and by bringing other banks into our system through select mergers and acquisitions. We believe in providing a satisfying banking experience for our customers and a quality work environment for our associates. We’re proud of the bank we’ve built. And look forward to getting to know you.

Founded in 1898 as the Bank of Smithfield (North Carolina)

Incorporated in 1929 as First-Citizens Bank & Trust Company by R.P. Holding

Headquartered in Raleigh, North Carolina

Total assets of more than $53 billion

More than 6,700 associates

Subsidiary of First Citizens BancShares, Inc. (Nasdaq: FCNCA)

Add it all up and you have a bank like no other: We combine the resources and capabilities of a national bank with the values that come from starting out as a community bank in North Carolina. This heritage gives us a special understanding of the choices customers face when it comes to the money they earn, save and invest – and our ability to help them choose well. To learn more about First Citizens Bank, please visit us online at firstcitizens.com.

Frank B. Holding Jr. Chairman and CEO

4300 Six Forks Rd. | Raleigh, North Carolina 27609 | 877-456-7318 | firstcitizens.com 1 Wealth management and insurance services are not available in all areas. Your investments in securities, annuities and insurance are not insured by the FDIC or any other federal government agency and may lose value. They are not a deposit or other obligation of, or guaranteed by any bank or bank affiliate and are subject to investment risks, including possible loss of the principal amount invested. Past performance does not guarantee future results. Brokerage and investment advisory services are offered through First Citizens Investor Services, Inc., Member FINRA/SIPC. First Citizens Asset Management, Inc. provides investment advisory services.

G U I DE B U SI NESS

BBB of Upstate SC Bbb.org/local-bbb/bbb-of-upstate-south-carolina 864-242-5052

Greenville Area Small Business Development Center Scsbdc.com 864-370-1545

Charleston Digital Corridor charlestondigitalcorridor.com 843.607.1264

Midlands SCORE midlands.score.org 864.765.5131

Charleston SCORE chalestonsc.score.org 843.727.4778

NEXT Nextsc.org 864-751-4845

City of Greenville Greenvillesc.gov 864-232-2273

Piedmont SCORE Piedmont.score.org 864-271-3638

CommunityWorks Communityworkscarolina.org 864-235-6331

S.C. Small Business Chamber of Commerce scsbc.org 803.252.5733

CommunityWorks Women’s Business Center Communityworkscarolina.org/womens-business-center 864-235-6331

SC District Office U.S. Small Business Administration Sba.gov/offices/district/sc/Columbia 803-765-5377

Grand Strand SCORE grandstrand.score.org 843.918079

S.C. Division of Small and Minority Business Contracting and Certiﬁcation www.osmba.sc.gov 1.803.734.5044

2021

SMAL L

Small Business Resource List

Greenville County Greenvillecounty.org 864-467-7100

S.C. Small Business Development Center scsbdc.com 803.777.0749

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James Bennett, Owner Upstate Home Health Care Solutions

Ask Us. We Can Help. Visit SCSBDC.com 78 Greenville Business Magazine | Columbia Business Monthly | Charleston Business Magazine

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The Creative Builders, Inc. Team

“Building a Better Tomorrow... Today” SC Top Workplace Rankings in Small Business Category: 2021 - Ranked #2 and a special award recipient for “Values” 2020 - Ranked #2 and a special award recipient for “Direction” 2019 - Ranked #1 2018 - Ranked #3 2017 - Ranked #2

Our entire Creative Builders family is humbled and honored to be recognized as one of SC Top Workplaces by Integrated Media Publishing. Since 1971, founder William H. “Billy” McCauley’s principles and values has been the blueprint and the foundation for our success. As part of our culture and ethical practices, we are ALL about doing the “right thing” when it comes to co-workers, clients and business partners. This special recognition gives us the opportunity to celebrate our growth and further develop our dynamic work family. Being recipients for the past five years solidifies our compassion for one another and exemplifies the ABC’s of Our Core Values: • • • •

ALL-IN Teamwork BUILDING Lasting Relationships CREATING Extraordinary Projects DEVELOPING Successful People & a Sustainable Company

www.creativebuilders.net

Creative Builders, Inc. 200 E. Broad St. Ste 150, Greenville, SC 29601 • 864.233.1631 Creative Builders, Inc. is a privately held company headquartered in Greenville, South Carolina. Since, our inception 50 years ago Creative Builders, Inc. has developed a diverse portfolio of “Building a Better Tomorrow… Today” as a General Contractor in Mixed-Use Developments, Multi-Family, Senior Living and Memory Care Facilities, Student Housing, 0HGLFDO DQG 'HQWDO 2I¿FHV )LQDQFLDO ,QVWLWXWLRQV &RPPHUFLDO /LJKW ,QGXVWULDO DQG 5HQRYDWLRQ 8S¿WV WKURXJKRXW 1RUWK DQG 6RXWK &DUROLQD *HRUJLD 9LUJLQLD DQG 7HQQHVVHH &UHDWLYH VHUYLFHV LQFOXGH *HQHUDO &RQWUDFWLQJ 'HVLJQ DQG %XLOG 'HVLJQ %XLOG DQG &RQVWUXFW DQG 8S¿W 5HQRYDWLRQV

June 2021 Issue | 79

Advertorial Content Provided By

Three Immediate Ways To Improve Employee Retention

It’s no secret – companies are struggling to find workers. These days, “Now Hiring” signs can be spotted in front of every business, with some being forced to reduce operating hours as a result. In HTI’s 22 years of existence, we have never seen so many openings at one given time.

After 22 years, spotting opportunities comes naturally to us at HTI. While we remain a contract staffing and recruiting agency at our core, we are now able to provide a wholistic approach, giving clients the perspective and tools needed to see drastic improvements in retention within their workforce.

Recently, the CDC released new guidance for vaccinated individuals, giving many the green light to feel comfortable in public spaces again. This news coupled with vaccination availability has brought about a rush of restaurant diners and hotel occupiers, all at a time when businesses are painfully short staffed.

We have learned that retention requires much more than a high salary; it is creating a mutual loyalty and respect between both parties. So what are three immediate ways you can spark change? 1.

Time. Take time to have a genuine interaction with your team members. Recognize your employee on an achievement, birthday, anniversary.

Flexibility. Consider shaping your work schedule in a way that offers flexibility for employees. At HTI, we offer an annual allotment of remote days for those times when you have to be home waiting for a contractor or tending to a sick family member.

Place value in the review process. Too often, companies rush the annual review process or treat it as a mere formality. Take the opportunity to truly listen to your employees needs and pain points. It’s not uncommon for an employee to leave a company rather than raise concern over something bothersome. Create an opportunity for employees to be heard and you may minimize the risk of losing them.

We are experiencing a shift in workforce traditions. As more people feel begin to feel comfortable in public and many states modifying unemployment benefit programs, we expect to see more applications flowing. With so many open positions, now is a great time for job seekers to be picky in selecting their next role. After spending so much of the past year and half reevaluating what work/ life balance really means, employees are asking for more than just a high value number on their paycheck. From hybrid work schedules, core hours, childcare, health benefits and overall workplace culture; companies are having to step back and reshape what competitive offerings they can provide an employee. Creating a great workplace culture doesn’t have to be a cost burden. Something as inexpensive as recognizing employee milestones such as birthdays and work anniversaries can create joy and affinity among employees. At the end of the day, employees are our most important asset and should be treated as such.

Transitioning from a good employer to a great employer takes effort. Intentional effort. Retention starts on day one and continues each day forward. What did you do today to be great?

80 Greenville Business Magazine | Columbia Business Monthly | Charleston Business Magazine

HTI is more than staffing more than recruiting more than project management the trusted voice in workforce utilization and innovation

htijobs.com • 864.467.0330 June 2021 Issue | 81

G U I DE

Small Businesses Learned Big Lessons In 2020

SMAL L

B U SI NESS

Lessons Learned

2021

Wow! Let’s begin by saying that fighting the good fight is worth it. That is what 2020 was all about for 613 Boutique and for me. Greenville was so good to us when I opened at the end of 2019. I had no idea what was to come for the future of business in 2020. It was my dream, my livelihood and all I had ever wanted. I can tell you that Greenville was faithful in supporting my small business and supporting the local artists that I highlight at 613. As some of my clients’ businesses faced challenges and struggled with the pandemic, I found it important staying in touch with them and becoming more of a ’trusted advisor’ in addition to being a services provider. This allowed for a stronger relationship with those clients, learning more about their additional needs and, in some cases, pivoting to provide those services. Initially, those additional services may not have been overly profitable, but the benefits to my business were twofold: first, an improved bond with existing clients, and second, new services and capabilities to provide to a previously unrealized market.

Matt Stocking

Photo by Stacey Gardin

Colorhammer

I was able to shift from just a retail brick-and-mortar model to website sales/curbside/delivery during the shutdown, and that helped tremendously. Shoppers purchased gift cards for future buying and I got involved in doing neighborhood markets, which are small farmers’ market-like environments all over the Upstate. I couldn’t even imagine “closing shop”, “shutting down,” “going for broke,” etc. I had to put my best foot forward and figure it out, so with the help of our community I have been able to survive such a trying time as 2020. Looking back, I cannot believe the trial and errors of business ownership that I experienced in my first year of business, but I am so thankful to have overcome and hopeful for the future of 613 Boutique in the Greenville community. I can now add “resilient” as one of my character traits.

Ashton Link 613 Boutique

Our 2020 year….. If there is one lesson that we learned at Cassy Electric in 2020, it was the power of networking. Had it not been for personal relationships turning into referrals, our business would have been significantly impacted during the pandemic.”

Working in the financial world in 2020 meant we had a lot of fearful clients. And for good reason. We were all facing unknowns, and the unknown makes us feel out of control. Someone once said, “Nothing in life is to be feared. It is only to be understood.”

Ebony Sullivan Cassy Electric

What J.Freeman & Associates did was show up. Every Single Day. We showed up. Our office was open physically and remotely for any client concerned about their portfolio and it was our job to help them understand the financial aspects of the pandemic. We showed up. We listened. We empathized and we reassured. Pretty much what we have done the last 25 years.

Jason Freeman J.Freeman & Associates

Greenville Business Magazine | Columbia Business Monthly | Charleston Business Magazine

TOP TALENT. INDUSTRY LEADERSHIP. MARKET INTELLIGENCE.

As the global leader in commercial real estate services, CBRE delivers world-class consulting and advisory services to all of our clients in South Carolina and beyond. Our unparalleled local market insight, integrated services and proven expertise continue to unlock the power and potential of real estate for everyone we proudly serve.

Learn more at cbre.us/greenville

Enriching the lives of others through art.

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1421 Augusta Street, Second Floor Greenville, SC 29605 holler@dorothyshain.com @dorothy_shain

June 2021 Issue | 83