Sen. Ted Kaufman (D-Del.) recently honored Jayne Armstrong, director of the U.S. Small Business Administration in Delaware, on the floor of the U.S. Senate.
The Community News caught up with Armstrong, who Kaufman called “one of the greatest advocates for First State entrepreneurs,” to talk about her work at the SBA.
Q) What was it like to be recognized by Sen. Kaufman?
A) I am so honored that Sen. Kaufman would recognize the efforts of federal employees in such a way. This tribute reflects the contributions of our entire SBA Delaware team, who work many late nights and weekends to support small business.
Q) How did you become interested in working with small businesses?
A) I got started in advertising and I worked for a high-end ad agency down in Raleigh, N.C., and we had a lot of small business clients. I was always trying to find them ways to save money and make their businesses more efficient. I got into economic development initially writing press releases and marketing materials and then just worked my way up.
Q) Why are you so passionate about helping small businesses succeed?
A) I always think that small businesses are the underdogs. They work so hard and they have so much potential. I think it’s about the American Dream, and seeing the passion that small business owners themselves have. When you are around it all the time it’s very contagious and it motivates you to do everything you can to help them.
Q) What is the biggest challenge small businesses in Delaware face?
A) The biggest challenge is access to capital. It’s become sort of a catch-22 situation. A lot of small businesses have had declining sales because of the recession and, with losses in revenue, that’s led to declining credit scores. A lot of those small businesses aren’t as bankable as they were a few years ago.
Q) What does the SBA do to help small businesses?
A) We provide counseling, training and financing. A lot of times, we’ll refer businesses to our counseling arm that might need help getting started right. Counselors also prepare business owners to get ready to go to the bank. They have training on a wide variety of subjects, from Quickbooks to marketing to every business topic you can imagine. The SBA also works closely with lenders to provide government guaranteed loans to the banks to help small businesses get access to capital.
Q) How has the SBA adapted?
A) We have streamlined so many of our programs and there are a lot of electronic tools that make it a lot easier for the banks. Our loans today can be turned around in a couple of days.
