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StreetShares Blog - The Resource Center for Veteran Small Businesses

StreetShares Blog

The Resource Center for Veteran Small Businesses

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Why You Should Consider a Financial Capability Letter Before Bidding
| StreetShares Blog

Bidding season for government contractors is in full swing. As a small business owner, you’ve already got an advantage when bidding for government contracts. Furthermore, if you’re a registered Veteran Owned Business (VOSB), Service Disabled Veteran-Owned Small Business (SDVOSB), 8(a), HUBZone, or Women-Owned small business, you’ve got an even better chance at winning a contract. Other than the size of your business or how you’re registered, though, what else does the government look at when choosing the right small business to work with?

As part of our government contracting blog series, you’ve seen that following all of the guidelines and responding to every requirement the contract sets forth is important when writing your proposal. We’ve also shared another great tip – to think about your government contract financing plan ahead of time. Now we’re training our sights on making sure you have financing in place prior to winning a bid.

Why do we think this is essential? Because the best time to think about financing is before you bid or have been awarded the contract. Knowing you have financing in place can provide extra assurance that you will be able to fulfill your part of a contract as a subcontractor to a prime contractor. Besides, in many cases, the government is going to require this from you; i.e. they’re going to want you to prove you have the financial capability to actually perform the contract you want to win. The first step in proving this capability is with a Financial Capability Letter. Click here to watch the recorded webinar on contract financing below.

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8 Things Every Government Contractor Must Include in a Proposal to Win
| StreetShares Blog

By StreetShares on July 12, 2017

The government contracting landscape has a ton of moving parts. We’ve previously discussed tips such as teaming up with other contractors and building relationships with government contract financing partners ahead of time. Today, we’ll tackle the Request for Proposal (RFP) beast. It may seem daunting with multiple flavors of contract types, such as RFQ, IDIQ, BPA, Task Order, etc. But we have resources to help you with your response, such as “The Government Contractor’s Handbook."

First and foremost is compliance. As a government contractor, you must respond to every requirement, in the exact way that the government requires. So, let’s assume, at a minimum, your proposal is going to be compliant. Is that all it takes to win as a small business owner? Unfortunately, the answer is “No.” Compliance just ensures you’re on par with your competition.

To win, you must read between the lines and know what the government is looking for in each required RFP section. Here is a handy list of themes—by standard proposal section—to make your response stand out.

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Special Government Contracting Programs for Veteran-owned Businesses
| StreetShares Blog

By StreetShares on June 21, 2017

Veteran business owners and entrepreneurs interested in doing business with the U.S. Government need to understand the programs and preferences that have been established to support veteran participation in federal government contracting.

Let us help you understand the preference programs established for veteran-owned businesses and explain the distinctions and differences between the Veterans First Program established by the U.S. Department of Veterans Affairs (VA) and the government-wide Service Disabled Veteran-owned Small Business Concern Program administered by the U.S. Small Business Administration (SBA).

Qualifying as a Veteran

A Veteran is a person who served on active duty with the Army, Air Force, Navy, Marine Corps, or Coast Guard for any length of time, and was discharged or released under conditions other than dishonorable. A reservist or member of the National Guard called to federal active duty, or disabled from a disease or injury incurred or aggravated in the line of duty or while training also qualifies as a Veteran.

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Highlighting Our Heroes: Veteran Businesses & Government Contracting
| StreetShares Blog

This week’s military and veteran heroes come from backgrounds in intelligence, entrepreneurship, small business and government contracting. Learn about their stories in deployment overseas and what they’re doing now back in the United States to continue to serve their country. Our heroes this week include StreetShares members such as StreetShares Foundation finalists and supporters of the veteran small business community.

Join us in ‘Highlighting Our Heroes’ with iHeart Radio and the StreetShares community, by learning about them and sharing their stories. Tune in to BIG 100 in the Washington, DC metro region each weekday at 5:00pm eastern or stream online at iheartmedia.com to hear stories of our veterans, service members and military families. Subscribe to the StreetShares blog to be the first to know who we’re featuring.

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Government Contract Financing: How Does Mobilization Funding Work?
| StreetShares Blog

Many think only very large companies can do business with the government, which is untrue. Congress sees how important small businesses are to the U.S. economy and has set aside goal measures for each department to purchase goods and services from small businesses and veteran-owned small businesses.  

However, being a government contractor as a small business owner takes an enormous amount of work and lots of steps to be successful. We put together an ebook, The Government Contractor’s Handbook,” in partnership with FedBid, GovTribe and WinBiz Proposals to help you every step of the way. It covers topics such as teaming up, working with a contracting officer, contract financing, proposal basics, bidding for a contract and managing your sales process. 

Download it now >>

Today, we’re going to go over one of the most important steps in government contracting – government contract financing and how you can mobilize funding alongside your accounts receivables financing. Without small business contract financing, you’ll find it hard to fulfill those government contracts. Some business owners look toward avenues that aren’t sustainable for their business. Traditional bank loans ask for collateral that add a huge personal risk. Credit cards have high rates and the limits are far below what you need to finance a government contract. Giving up equity and ownership can affect your preferred veteran status. 

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4 Secrets to Become a Successful Veteran Government Contractor
| StreetShares Blog

The U.S. Government constantly adjusts and grows as new needs arise with changes in technology and resources. As the nation's largest consumer, the government needs an army of contractors to support its massive consumption requirements. As a result, the benefits available through government contracts are abounding. Veteran contractors are perfect candidates to fill this growing landscape because of your previous employment by the government. You’ve also learned lessons, acquired tools, and made contacts from your military experience that could be valuable in the government contracting space.

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Selecting an Accounting System for Government Contractors
| StreetShares Blog

By StreetShares on March 14, 2017

This blog post was originally published on the E. Cohen and Company, CPAs blog.

One question that we frequently receive from companies operating in the government contracting arena is what accounting system do we recommend? The accounting and finance function can provide strategic value and help a government contracting company grow and stay organized to get contract financing. It should also be efficient and allow for timely reporting to management and other stakeholders.

In addition, government contractors are subject to many regulations and reporting requirements that create a need for accurate and specialized financial reporting, as well as appropriate accounting policies. The accounting software your company uses is part of the foundation of a strategic, effective and efficient accounting and finance function, which makes selecting an accounting system a very important decision.

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Spotlight Veteran Business: Q&A with Government Contractor Terra Ferma
| StreetShares Blog

One of our long-time government contracting customers has seen a lot of changes since he won the Commander’s Call Award, now renamed the Veteran Small Business Award, back in 2015. Military service teaches many life lessons, including the value of taking the initiative: when you see a problem, you seek to solve it. Dennis Roark, Army Space Command veteran and President of Terra Ferma, took this approach several times throughout his career and entrepreneurial business ventures. With a broad background in telecommunications, he saw that his customers needed better, cost-effective power systems in place as well. We had the chance to catch up with Dennis and learn about his accomplishments in the energy industry and government contracting space.

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Government Contracts & Contract Financing Landscape for Veterans
| StreetShares Blog

As the world’s largest customer, the U.S. federal government represents an incredible business opportunity for veteran small business owners. And recent signs point to this opportunity only increasing for 2017 and beyond.

Generally speaking, for everything from defense to healthcare, the government constantly needs all manner of products and services. Veteran small business owners serving this area have always been a natural fit given that veterans once worked for the federal government in defense.

Naturally, this means veterans have acquired valuable contacts, skills, and know-how regarding the needs of this huge customer. Veteran contractors find themselves involved in everything from providing essential cyber security work for the Department of Defense to selling medical devices to the Department of Veterans Affairs.

It is crucial that veteran small business owners understand the large-scale opportunity that exists, the resources at their disposal, and then some fundamentals on contract financing options. Regarding the latter, this type of funding option is one they may not have heard before or be familiar with. 

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