Success Story: Nanoparticle BioChem Inc.
Nanotechnology firm capitalizes
on advice from MU
business development team
Teamwork is the by-word at Nanoparticle BioChem Inc.
Kavita Katti, NBI's chief science officer, in the lab.
The Columbia, Mo., technology firm, founded in 2004 by an interdisciplinary team of chemists, physicists and radiologists, focuses on research and production of an array of nanoparticle-based products. The current NBI team includes: Kattesh V. Katti, senior vice president; Raghuraman Kannan, vice president; Henry W. White, president and CEO; Kavita K. Katti, chief science officer; and Anandhi Upendran, director of research.
"Nanotechnology has spread its branches in a variety of applications," says Upendran. "NBI has focused its nanotechnology research and product development in the fields of medicine, health and hygiene."
Products developed by the research team at NBI are of high commercial value, says Upendran. The company's nanomedicine research concentrates on developing products for the diagnosis and treatment of cancer. Its antimicrobial research focuses on a series of antimicrobial agents with important applications for the production of antimicrobial textiles for the defense, health, hospitality and hygiene industries.
NBI has demonstrated the potential to deliver innovative products that are ready for market, according to Paul Rehrig, technology and commercialization specialist at the Missouri Small Business and Technology Development Center in Columbia.
"Nanotechnology BioChem has provided a variety of beneficial applications to society because they have built a team of experts to research and develop new products for nanomedicine applications," says Rehrig. "Additionally, by adopting a continual improvement mindset and a proactive attitude, we believe that Nanoparticle BioChem has a good chance of success in commercializing its technology."
Read the complete Nanoparticle BioChem success story with additional photos.
SBA News
SBA disaster loans available to southern Missouri
small businesses affected by January storm
SBA Administrator Karen Mills on April 16 declared the availability of economic injury disaster loans to small businesses in southern Missouri counties affected by the Jan. 26-28 ice storm.
Missouri counties included in the declaration are: Barry, Bollinger, Butler, Cape Girardeau, Carter, Christian, Dent, Douglas, Dunklin, Howell, Lawrence, Mississippi, New Madrid, Ozark, Oregon, Pemiscot, Reynolds, Ripley, Scott, Shannon, Stoddard, Stone, Taney, Texas, Wayne, Webster, Wright. Disaster loan application deadline is Jan. 19, 2010.
For additional information, consult this SBA notice or contact Jay Edwards, SBA senior area manager: phone, 573-808-1060; or e-mail, joseph.edwards@sba.gov.
Recovery Act more than doubles
SBA Surety Bond Guarantee ceiling for small businesses
WASHINGTON, D.C. - Small businesses that need surety bonds to compete for construction and service contracts can qualify now for U.S. Small Business Administration-backed surety bonds of up to $5 million. The higher amount, which became effective March 27 as a result of the Recovery Act, is more than double the previous $2 million maximum surety bond guaranteed by SBA.
Through SBA's Surety Bond Guarantee program, SBA guarantees bid, payment and performance bonds. Surety bonds protect the project owner against financial loss if contractors default or fail to perform.
SBA works with the surety industry to help small businesses that would otherwise be unable to obtain bonding in the traditional commercial marketplace. Under the partnership, SBA provides a guarantee to a participating surety company of between 70 and 90 percent of the bond amount.
"During these difficult economic times these changes are particularly helpful to small and emerging contractors who need access to surety bonds so they can bid on public construction and service projects," said Darryl K. Hairston, former acting SBA administrator. "These changes will support small and emerging businesses nationwide, particularly construction contractors who have seen their markets hurt by a poor economy and lagging construction environment."
Additional program enhancements contained in the stimulus bill will be announced soon in the Federal Register. Among these changes is a provision that will allow SBA to guarantee a bond on a federal contract up to $10 million following certification by the contracting officer that the bond guarantee is required.
Continue reading SBA's Surety Bond news.
IRS Roundup: IRS Offers Small Business
Tax Tips Related to the ARRA of 2009
Internal Revenue Service officials provide the following information regarding small business tax issues related to the American Recovery and Reinvestment Act of 2009 passed by Congress and signed by President Obama in February.
Net Operating Loss Carryback
Small businesses with deductions exceeding their income in 2008 can use a new net operating loss tax provision in ARRA to get a refund of taxes paid over the past five years instead of the usual two.
To accommodate the change in tax law, the IRS has updated Publication 536, Net Operating Losses (NOLs) for Individuals, Estates and Trusts, as well as the instructions for Form 1045 and Form 1139, which small businesses will use to take advantage of the carryback provision.
An IRS news release and question-and-answer document have more information on the net operating loss carryback provision.
Technical information is contained in Revenue Procedure 2009-19.
Section 179 Deduction
A qualifying taxpayer can choose to treat the cost of certain property as an expense and deduct it in the year the property is placed in service instead of depreciating it over several years. This property is frequently referred to as section 179 property.
Read the remainder of this IRS update.
A Written Business Plan Keys Entrepreneurial Success
No matter what type of business you run…No matter what stage of development your business has achieved…A written business plan is essential for continuous business success.
It will help you visualize and articulate goals. It will help you communicate with lenders, customers and employees. It will help you track your success and enable you to make business decisions based on accurate information.
One of the greatest challenges for any small business owner is to carve out the time, on a regular basis, to understand the overall business environment and to determine its impact on business performance. Because the small business owner is pulled in so many directions, a business plan can serve as the framework from which to gauge the business' performance relative to internal goals and the outside environment.
A good business plan is a living document. It's used on a routine basis and updated regularly. It sets the direction of the company and serves to measure performance relative to specific goals.
A well-written business plan documents all areas of the business, including these four main categories:
- description of the business
- marketing plan
- management plan
- financial management plan
Read the rest of this article on the written business plan.
USCIS Revises I-9 Employment Eligibility
Verification Form for All U.S. Employers
WASHINGTON, D.C. - U.S. Citizenship and Immigration Services (USCIS) has revised Form I-9, Employment Eligibility Verification (Rev. 02/02/09), effective this month for all U.S. employers. The revision date is printed on the lower right-hand corner of the form.
The interim final rule, published Dec.17, 2008 in the Federal Register, revised the list of documents acceptable for the Employment Eligibility Verification (Form I-9) process. USCIS reports that employers may no longer use previous versions of the Form I-9.
The revised list improves the security and effectiveness of the Form I-9 process. The list specifies that expired documents are no longer acceptable forms of identification or employment authorization. Allowing for expired documents makes it more difficult for employers to verify an employee's identity and employment authorization and compromises the Form I-9 process, according to USCIS officials.
USCIS also updated the Handbook for Employers - Instructions for Completing Form I-9 to reflect the requirements of the revised Form I-9. A FAQ is also available.
For more information on USCIS and its programs, or to obtain the revised Form I-9 and handbook, visit www.uscis.gov or call the USCIS toll-free forms line at 1-800-870-3676.
USCIS forms and information on immigration laws, regulations, and procedures can also be requested by calling the National Customer Service Center at 1-800-375-5283.
UCM Hosts Annual Skelton Procurement
Conference May 29
WARRENSBURG, Mo. - Owners of the small businesses can learn how to secure government contracts and network with potential contractors at Rep. Ike Skelton's annual Procurement Conference May 29, at the University of Central Missouri.
Morris Hudson, director of MO PTAC, helps coordinate the day-long program for the Ike Skelton Procurement Conference May 29 in Warrensburg.
Registration begins at 7:30 a.m. in Elliott Union 234B on the UCM campus. Skelton will open the conference with remarks at 8:45 a.m.
Steve Flick, Flick Seed Co., Kingsville, Mo., will speak at 9 a.m. on successful government contracting, and Rear Adm. Sean Crean, deputy assistant secretary of the Navy for research, development and acquisition, will speak on government procurement at 9:30 a.m.
The featured luncheon speaker is Lt. Gen. William Caldwell IV, commander U.S. Army Combined Arms Center, Fort Leavenworth. In his current post, Caldwell is in charge of the command that oversees the Command and General Staff College and 17 other schools, centers and training programs throughout the United States. The Combined Arms Center also is responsible for the development of the Army's doctrinal manuals, integration of battle command systems and concepts, and supervision of the Army's Center for collection and dissemination of lessons learned.
Caldwell graduated from the U.S. Military Academy at West Point in 1976. He earned master's degrees from the U.S. Navy Postgraduate School and the School for Advanced Military Studies at the U.S. Army Command and General Staff College. He also attended the John F. Kennedy School of Government at Harvard University as a senior service college fellow.
Concurrent afternoon sessions cover topics such as: selling to the government; the Small Business Transportation Resource Center and the "Choose Veterans First" program; funding for technology commercialization; SBA contracting programs and financing; business marketing and financing; radio frequency identification; ISO standards; and government "going green." A panel of speakers also will be available for questions following the afternoon breakout sessions.
"Our goal is to help small businesses expand their sales efforts through contracting with the federal and state government or through major employers," says Mark Manley, interim director of the Institute for Entrepreneurial Studies and Development at UCM. "The conference is an excellent opportunity to hear from those who have been successful and to network with those who understand the process."
The conference is open to business owners and interested individuals. The fee of $49 per person includes lunch. Registration prior to May 23 is encouraged. Individuals who want to attend may register online at www.ucmo.edu/sbtdc or by contacting the Small Business and Technology Development Center at UCM at 660-543-4402, email sbtdc@ucmo.edu.
Positive Cash Flow is Critical for Small Businesses to Thrive
Ask any group of 10 small business owners what they consider the lifeblood of their businesses. More than likely all of them will say: "cash flow."
"Cash flow is a significant issue for any business but it's an especially critical factor for small businesses, because when cash flow is insufficient it can cause a business to cease operation even though the business may be viable and profitable," contends Max Summers, director of the Missouri Small Business and Technology Development Centers (MO SBTDC), part of the University of Missouri's statewide Extension program.
"With the federal Small Business Administration's annual National Small Business Week occurring next month (May 17-22), it serves as a good reminder for small business owners to evaluate their company cash flow," suggests Summers. "Consider the following pointers to improve cash flow for your small business."
- Practice timely billing - Send bills immediately following delivery of goods or services; don't wait for a 30-day billing cycle to charge customers.
- Speed up receipts - Give your customers incentives (or disincentives) to encourage quick payment of bills. Offer discounts for early payers or impose penalties for late payers or a combination of both.
Read the remaining cash flow pointers.
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