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View Full Version : Giving up, or giving it another chance?



Dan Hintz
06-11-2009, 1:24 PM
In coincidental timing to Steve's question of continuing his business, I received an interesting letter from the Maryland Department of Labor. It seems MD is one of only seven states that currently participate in a program called Self-Employment Assistance (SEA), the others are:


Delaware
Maine
New Jersey
New York
Oregon
Pennsylvania

In a nutshell, the DOL profiles unemployment benefit candidates looking for those who are most likely to exhaust their benefits before finding a job (what a wonderful way of saying "statistically speaking, you're going to be out of work for a loooong time"). If those people have an interest in going into business for themselves, they are asked to outline a 10,000 foot view of a business they'd like to put together. If selected, you attend a seminar that goes into the program in more detail, and you are asked to fill out a more detailed set of questions. If selected after that, you are individually interviewed (probably for sanity), then provided with free training, you meet/work with a mentor and other advisors on a weekly basis, and pursue financing options (if appropriate).

In return:
1) You get a lot of free advice on starting your own business
2) You continue to receive your unemployment benefits (little as they are :( ) for whatever time is left in your 26 weeks, regardless of what money the business pulls in
3) You no longer are required to search for a job

I do wonder, however, if the extra 13 weeks (26 weeks in some states) provided by the stimulus package is no longer available when electing to enter this program...

At the moment, I intend to enter the program (or at least begin the process while continuing to look for another job). It takes up to 5 weeks before accceptance is known, so it's not an immediate deal. If I don't think I'm being offered anything more than common sense help, I'll continue to run my LED business in my "off hours" and continue looking for an 8-5 job... if it appears useful, maybe I'll make a solid go at the laser thing and roll it into my LED business.

May we live in interesting times, indeed!

Dan Hintz
06-12-2009, 3:38 PM
Nearly 200 views and not a single comment on the program? Surprising...

Paul Brinkmeyer
06-12-2009, 6:55 PM
I've never been good at getting money from the Gov. Seems like all I ever do is give it them, even while I am struggling to start this business.
I keep hoping and trying, but must be doing something wrong.

But I sure hope you get some of it Dan.

David Fairfield
06-12-2009, 7:40 PM
While we're on the subject of financial assistance, check out

www.Kiva.org (http://www.Kiva.org)

I'm a loaner, not a loanee, so I'm not sure what the qualifications are. Some loanees are in the USA. Cool way to help people.

Dave

Scott M Smith
06-12-2009, 9:08 PM
While we're on the subject of financial assistance, check out

www.Kiva.org (http://www.Kiva.org)

I'm a loaner, not a loanee, so I'm not sure what the qualifications are. Some loanees are in the USA. Cool way to help people.

Dave


it looks like they only help outside the US. I sure could use the help.

I found www.40billion.com (http://www.40billion.com) but I am not sure if it is legit.

David Fairfield
06-12-2009, 10:07 PM
it looks like they only help outside the US. I sure could use the help.

I found www.40billion.com (http://www.40billion.com) but I am not sure if it is legit.


No, Kiva definately helps inside the USA, one of my loans is to a lady cab owner/operator in Queens, NY.

Dave

Scott M Smith
06-13-2009, 6:06 AM
No, Kiva definately helps inside the USA, one of my loans is to a lady cab owner/operator in Queens, NY.

Dave


Well, I looked at the sight and I could not see how to sign up to have someone loan you money.

David Fairfield
06-13-2009, 6:49 PM
Try here http://www.accionusa.org/

Dan Hintz
06-15-2009, 12:32 PM
I've never been good at getting money from the Gov. Seems like all I ever do is give it them, even while I am struggling to start this business.
I keep hoping and trying, but must be doing something wrong.

But I sure hope you get some of it Dan.
Unfortunately, this program offers no money directly, only help in finding sources. I've already been through that part of the process when I started my LED business (SBA loans, lines of credit, angel investors, etc.).

The forms have been sent in, I'm now waiting to hear back from them. I've also picked out a class at the local school to keep my programming skills sharp. And to cover all bets, I'm still applying for jobs ;)

Joseph Tovar
06-15-2009, 2:22 PM
Here's another p2p loaning service where others help each other by investing/lending for a number of reasons...school loans, businesses, debt consolidation, etc...
I believe this one was started by the guy who created eloans.com.

http://www.prosper.com/welcome/how_it_works.aspx

Paul Brinkmeyer
06-15-2009, 4:27 PM
Unfortunately, this program offers no money directly, only help in finding sources. I've already been through that part of the process when I started my LED business (SBA loans, lines of credit, angel investors, etc.).
;)

You just need to learn how to work our uncle sam's system.
I know someone who really works the system....but I do not want it posted here.

Dan Hintz
06-15-2009, 7:08 PM
Paul,

Feel free to send a PM with any useful info... I figure I've given enough to Uncle Sam over my career that he should give some back.

Paul Brinkmeyer
06-15-2009, 7:26 PM
Paul,

Feel free to send a PM with any useful info... I figure I've given enough to Uncle Sam over my career that he should give some back.

I do not have any useful info, sorry.
Most of the useful information I have I have gottten here anyway.

I was just going to rant by way of an example of what happened to me last week, but decided not to hyjack this thread, so I moved my ranting to the lumber yard.....
I thought it really belonged there anyway.

Dan Hintz
06-15-2009, 7:51 PM
Well, for anyone else who cares about financing through grants in the US... you may as well forget about it. The governmental websites say, in no uncertain terms, that if you're a commercial business there are no grants to be had. They expect non-commercial, non-profit organizations. A few state governments have grants available, but those are usually for expanding daycare centers, etc. In the seven years I've been in business, I've never come across a grant any of us had a snowball's chance in hell of getting.

Keith Outten
06-20-2009, 5:21 PM
I have done some housecleaning in this thread to remove some offensive remarks that were made. Please refrain from any racial or sexist remarks, they don't belong here at The Creek.
.

Dan Hintz
06-20-2009, 7:53 PM
Thanks, Keith!

I missed all of the excitement, and I'm still scratching my head on how this, of all threads, could turn into a sexually and/or racially heated topic. Que sera...

Dan Hintz
07-19-2009, 11:47 AM
I'm making this post with a mix of joy and sadness...

The good news: I accepted a position with a company a few miles north of Baltimore, so I'm back in the rat race making some dough.

The bad news: I am no longer eligible for the SEA program (I'm assuming this is the case, though I cannot verify that as they still have not sent me anything :rolleyes: (side note: While it's nice you get to keep all business profits while continuing to receive full unemployment checks, it's not as great a deal when they take more than a month to send you information and more than a month to let you know if you're allowed in the program... by that time, your unemployment bank is half empty)



It was a difficult decision, particularly since I wanted to get the laser side of the business going full time, but the finances were too shaky to take the risk. I have no major debt to speak of and a small nest egg built up, but the little woman was in need of a more reliable car, and I know I'll be pouring money into the house over the next few years for remodeling (just put in a new, top-of-the-line HVAC system last week to replace our aging system and get the tax credit). Had I been laid off 6-12 months after the date I was let go, the decision to get the laser thing rolling would have been a little easier (due to the extra savings).

My hats off to Steve (Scott) for trying to help a brother out in these tough times. More than once he has shifted a job my way, and it was a heavy heart that I told him 'no' for the most recent job (trust me, Steve, I was waffling on that one contemplating losing some sleep just to keep the job). Some day I hope to be able to pay it forward and/or work in tandem with another business offering complementary services, but for at least the next few months I need to make sure my mind is 100% in the game at work (it's a contract to perm position, and I make a lot more on the hourly contract than I do on the salaried perm position).

No, I am not selling my laser (even if not used in a business, it's still my toy), and I plan to continue visiting SMC on a (nearly) daily basis until such time as I am able to revisit the laser side. Until then, keep the shiny side down, and remember... it's better to burn out, than to fade away! :)

Dee Gallo
07-19-2009, 12:39 PM
Congrats on the new job, Dan! I'm sure you will still have fun with your laser, in fact it's more fun when you're NOT trying to make money with it.

Please visit often, you're a good part of this forum!

cheers, dee