STATE — As the SBA New Jersey district office seeks nominations for the 2013 New Jersey Small Business Person of the Year Award, the agency has introduced a new online portal to accept nominations. The portal is located at http://nationalsmallbusinessweek.sba.gov/ and contains forms, criteria, and access to apply for the award online.
Winners of the Small Business Person of the Year awards at the state level will be invited to Washington, D.C., to compete for the national title and to attend National Small Business Week events in 2013.
Since 1963, National Small Business Week has recognized the outstanding achievements of America’s small businesses for their contributions to their local communities, and to our nation’s economy. In 2013, the 50th year celebration will honor the nation’s 27 million small businesses.
Nominations must be received by Jan. 3, 2013. In addition to the online portal, nominations may also be sent directly to the SBA New Jersey district office at Two Gateway Center, Suite 1501- Newark, NJ 07102 Attn: Harry Menta.
The criteria for SBA’s Small Business Person of the Year are:
1. Staying power — a substantiated history as an established business; including:
- Number of years in business; minimum three years.
- Sustained expansion, addition of territories, growth in square footage occupied.
- Steady growth in net worth as evidenced by total assets less total liabilities on fiscal year end annual balance sheets over three years.
2. Growth in number of employees — a benchmark to judge the impact of the business on the job market.
- Sustained over a minimum of three years.
- Increase over the three years must be in excess of growth in Gross National Product.
3. Increase in sales and/or unit volume — an indication of continued growth over the last three years.
- Consistent growth in net income as evidenced by fiscal year annual profit-and-loss statements for a minimum of the last three years.
4. Current and past financial performance — financial reports substantiate an improved financial position of the business.
- Profit-and-loss statements for the last three years, reflecting sustained upward growth.
- Balance sheets for the last three years, showing consistent increase in net worth and/or partners’ return.
5. Innovativeness of product or service offered — an illustration of the creativity and imagination of the nominee.
- Specific description of uniqueness of product or service.
- Explanation of how product or service fits a niche not being adequately addressed by the competition.
6. Response to adversity — examples of problems faced in the nominee’s business and the methods used to solve them, including:
- Specific description of financial, physical, legal or other crisis.
- Substantiation of the threat to the continuity of the business.
- Defined actions taken by the nominee to resolve the crisis.
7. Contributions to community-oriented projects — evidence of the use of his/her personal time and resources, including:
- Listing of specific contributions of money, time, or resources to charitable causes.
- Membership in councils, boards and clubs providing support and services to the community.
8. If applicable, a description of the products exported and markets served