State Farm is proud to have been a part of a custom segment on NBC’s TODAY in honor of National Women’s Small Business month.

On the show, the compelling story of Joanne Canady-Brown, owner of The Gingered Peach in Trenton, NJ, was shared. While her business is thriving, Joanne also takes the time to give back and embrace her community and local non-profit organizations.

That morning, Joanne was surprised with a visit from TODAY’s Donna Farizan, as well as State Farm Agent Teanice Wells Ernest and representatives from two non-profits Joanne supports on a regular basis, “Trenton Area Soup Kitchen (TASK)” and “I Am Trenton.”

As a part of the surprise, Teanice presented two $25,000 checks that were given as gifts to TASK and I Am Trenton in Joanne’s honor.

View the segment, here: Watch 1 community surprise a small-business owner (today.com)

We show kindness in many ways on a daily basis and every Act of Good makes a difference in someone’s life.

Remember to record your Acts of Good here: 100 for Good and don’t forget to support small businesses in your community.

“For 10 years, I watched bad things happen to good people. I saw things I never want to see again, but it toughened me,” said Kandiss Ecton. “I’m the type of person who strives to be proactive so helping people after something happened to them was difficult.”

These days, Kandiss is a State Farm agent in Ferndale, Michigan. She helps people prepare for the unexpected.

“As an agent, I can’t foresee what will happen to someone, but I help make sure they are covered in the event something does.”

October is National Women’s Small Business Month. Women-owned firms account for 39 percent of all privately held firms and contribute eight percent of employment and 4.2 percent of revenues. One in five firms with a revenue of $1 million or more is woman-owned, according to Businesswomen.org.

“As entrepreneurs, we can create our own paths,” she said. “Women represent a huge economic power and offer important consumer insights. Female buying power is immense.”

Kandiss is involved in several networking groups for women business owners and serves as a committee member of the Women of Color Entrepreneur Circle. She shares her story of becoming a business owner and mentors women who want to do the same or have recently opened a business.

She says some of the challenges small business owners face include hiring, keeping up with the financial responsibilities of the business and providing a safe and welcoming environment for customers and employees.

“As a member of the local chamber of commerce, I stop by new businesses to give them a community welcome packet and introduce myself,” Kandiss said. “I talk with them about the area and offer to connect them with someone who can help answer questions they may have about being a business owner.”

When business owners ask her about their insurance and financial services needs, she explains the impact a loss could have on their business. She also helps them understand that, as the business grows, so do their exposures.

“When talking with business owners about their needs, I say planning ahead is like putting a child in a car seat,” Kandiss said. “It’s a proactive step to help protect their business against the consequences of what could happen.

 “As a State Farm agent, I’m in a position to educate and help people understand what they have at risk. And, if there’s a loss, I can help them rebuild and deliver on the promise.”

To promote change State Farm is pledging $100 million over five years to support minority communities and issues of racial equity and justice. This is just one part of the insurer’s ongoing efforts to bring about change.

“State Farm has a long history and commitment to social justice,” said Victor Terry, Chief Diversity Officer and Vice President of Public Affairs at State Farm. “Today, we take our latest step in this important journey. Doing nothing is unacceptable. Powerful solutions must be brought to the table, and we need a lot of people at the table, too.”

The $100 million contribution will support a variety of community-focused projects, including small business support, funding for affordable housing programs, and educational advancement programs. Funds will be a combination of charitable contributions and community investments.

“This pledge is truly a continuation of our historical, nearly 100 year-support of organizations that help to meet the most pressing needs of the communities where we live and work,” said Terry.

That near 100-year history has included support for affordable housing and economic empowerment for underprivileged communities across the United States. One such organization is the Local Initiatives Support Corporation (LISC). During the 20-year relationship, State Farm has invested $149 million in LISC’s community development programs. Just this year, State Farm provided LISC  $10 million in COVID-19 small business funding for Illinois companies struggling in the wake of a global pandemic.

How did it play in Peoria?

This funding will boost under-invested communities and their residents. One example of its impact is Young’s Popcorn Heaven, a minority, female-owned, gourmet popcorn shop in Peoria, IL. Owners, JoAnn and Greg Young, opened their shop in 2015, and like many new, small businesses, they worked hard to achieve a positive cash flow.

The retired state employee and construction tradesman always dreamt of owning their own business. After saving for years, they finally opened Popcorn Heaven. Then, in 2019, they faced a 50% monthly lease increase and began exploring new locations for their business.

After finding a building and researching different financing options, the Young’s came across LISC. Using State Farm funds, LISC provided a $165,000 loan to purchase and renovate a new building.

“The loan helped me increase my production and sales. My new property is in a more trafficked area, it’s a lot bigger and better for social distancing,” shared Young. “But more importantly, it saved two full-time and five part-time jobs, and decreased our overall expenses. It’s also helping us get through the pandemic, when lots of businesses are closing their doors permanently.”

Equity gaps exacerbated during COVID-19

• The pandemic created a lot of difficulty for small businesses; 15% have closed their doors permanently. Minority-owned businesses were hit worse: more than 26% of Black- and 19% of Latino-owned businesses have closed.¹
• Many American workers lost their jobs or had wages cut significantly as well. Hispanic adults were hit the hardest, 61% of Hispanic adults stating they or someone in their household either lost their job or received less wages – compared to 44% of African Americans and 38% of Whites.^.2

“State Farm helps people realize their dreams. But when some people don’t have the resources to get on a path toward accomplishing their goals – be it an education, an affordable home, or a chance to start the business of their dreams – we strive to be part of the solution,” said Terry.

Sources: ^1-Brookings Institute  ^2-Accion Opportunity Fund

These changes are subject to state filings for regulatory review and approval as required by law. Once approved, these lower rates will apply to current customers at policy renewal, as well as to new customers.

"Evolving consumer behaviors and pandemic restrictions make it a challenging time for businesses. We continue to find ways to help our customers," said Ken Doss, Actuarial Director.

“Current State Farm trends and data show a considerable decline in claims related to business policies," Doss added.

Rate reductions will vary. Visit with your State Farm agent about individual policies, coverage and opportunities for discounts.

“My children took balloons to a whole new level,” said Fataima Ahmad, owner of Balloon Zoom.

Ahmad is referring to her daughters: Anna, Leila and Noor. Ten years ago they went to a party, saw a balloon twister, and decided to try creating their own inflatable fun. The rest is history.

“Even at ages five, seven and nine - they had an amazing knack for twisting,” Ahmad said. “We started a small business. Word got out, and the party bookings began.”

Balloon Zoom blew up. Over time, it's evolved into a high-end balloon décor business that builds everything from balloon columns to organic balloon walls. Anna is now a college freshman, but Leila and Noor are still actively involved in balloon builds.

“We run it out of our home,” said Ahmad. “Balloons in our family room, dining room and hallways is a regular thing – consider it part of the décor.”

As the business grew, so did the need for insurance.

“Now that we’re working with corporations, universities, hotels – a certificate of insurance is often required,” said Ahmad. “We got a lot of insurance quotes– but wanted someone we could talk to in the neighborhood, not in a city faraway. Someone that knows us personally.”

They met State Farm agent, Sonia Ntuk.

“Like us, Sonia is a local small business owner,” said Ahmad. “We can always stop in. She’s taught  us so much.”

“It’s an honor to work with small business owners and help them get the coverage they need,” said Ntuk. “Like Balloon Zoom, many small business are home-based. But, homeowners insurance doesn’t necessarily cover a small business.”

What if…

• a customer gets hurt on your property?
• an employee making a delivery (in your car) is in an accident?
• your inventory gets stolen?
• you cause property damage to a business that hired you?

“They call me the 'Worst Case Scenario Person',” said Ntuk. “But, a small business owner works hard for what they have. It should be protected.”

Of State Farm customers who own a small business,

40% have no small business insurance.

Yet, the average claim a small business owner faces is over $22K.

It only takes a little bit of time to make sure you have what you need,” said Ntuk. “Together, we develop a plan for your financial security.”

Wise Words:

“I think back to the advice the girls were given when they started: If you want to do something, go for it, and don’t be afraid to ask for help,” said Ahmad. “Having insurance gives us peace of mind to do more and be more.”

As for the future?

“Balloon Zoom is growing, and the girls and I are growing right along with it,” Ahmad said. “We can’t wait to see where we go next.”

“Together, we’re making dreams soar,” said Ntuk.

Spotlight on State Farm Agent, and small business owner, Sonia Ntuk

Inspired by her father (a 30+ year State Farm agent), Ntuk opened her office in 2015.

“It’s rewarding to be a small business owner,” she said. “As a State Farm agent I hope to set a positive example for other women in the industry, including my own 19-year-old daughter. To all the women out there, you can be the boss and decide how you want your small business to look. Have faith, be fearless, and help others. You CAN do it!”

“Economically, it was a rough time," said Suzy. "The banking industry plummeted.” Unemployed, with two small children and facing the unknown – she kept the following goals in mind: 1.) Send her kids to college. 2.) Retire, at some point. But how would she achieve this? Her children had a sweet idea: Open an ice cream shop.

“My kids and I LOVE ice cream,” smiled Suzy. “We would travel miles to find great tasting, quality treats. It was our tradition.”

Suzy admits, opening an ice cream shop was far from anything she’d ever imagined, but still decided to go for it. “My kids inspired me,” she said. “After everything I’d been through, I thought, ‘Why not?’” She planned, took small business courses, attended ice cream school, budgeted, created a marketing strategy, found a space for her shop and concocted countless ice cream recipes.

The Big Day

In July 2011, the Azucar Ice Cream Company officially opened its doors. “It was such an exciting time,” said Suzy. “I opened during a downtown festival – and ran out of product! It was a great problem to have, until I realized, ‘What am I going to sell tomorrow?’” It was a long night of ice cream making, and the start of something big.

Located in the heart of Miami’s Little Havana neighborhood, Suzy’s shop pays tribute to her Cuban heritage. While Azucar Ice Cream offers flavors like chocolate, vanilla and strawberry – guests will also find an assortment of Cuban options ranging from Mantecado (French vanilla, nutmeg and cinnamon ice cream) to Abuela Maria (vanilla ice cream mixed with guava, cream cheese and crispy cookies).

“The Abuela Maria is a Cuban classic,” smiled Suzy. “It warms my heart to see customers taste the flavors and be reminded of home.”

As business blossomed, Suzy met State Farm Agent Javier Areas. “With so much on the line, I wanted to make sure I had everything protected,” she said.

“I was happy to sit down with Suzy,” said Javier. “Being a small business owner myself, I want to eliminate worry and provide support for success. It’s so rewarding to help people and see their business grow.”

During the meeting, Javier discovered Suzy did not have coverage on her warehouse.

“This is the place where the ice cream is made,” explained Javier. “Suzy’s produce, like guava and pineapple is also stored here. In addition to her equipment, the food alone can cost thousands of dollars. If something happened to her warehouse, the costs associated with the loss would be insurmountable.”

“Can you see why I’m grateful to work with Javier? He’s taught me so much!” said Suzy. “He calls me often to check in, but I’ll never forget when he called in 2017 - shortly before Hurricane Irma arrived.”

Being in the heart of Miami, the store is prone to powerful storms. “Last year, I was terrified Hurricane Irma would not only hurt my shop, it would ruin my exterior sign,” said Suzy. “I love that sign. It’s a 29 foot tall ice cream tower – and really eye catching!”

Javier gave Suzy peace of mind.

“Through a Business Policy, this ensured the sign and Suzy’s shop would be OK in case something happened,” said Javier. “It also covers loss of income in the event the hurricane prevented her store from reopening for an extended period of time.”

Luckily, Suzy’s store suffered little to no damage from the storm, but she says – she’s not taking any chances. “When you dedicate your life to building a small business and making it work – you want to make sure it’s protected.”

As the Azucar Ice Cream Company continues to welcome new and familiar faces, Suzy says she’s looking forward to the future. “I’m truly grateful to be able to do this. To turn this dream into a reality. A big thank you to my kids for believing in me. And a big thank you to my State Farm agent Javier who looks out for this business. We’re better because of him.”

Guest Blog by Linda McMahon, SBA Administrator

Once upon a time….

It’s the classic opening to some of our favorite fairy tales. As children we dream of magic potions and knights in shining armor that will provide our happily ever after. How were we to know that our own hard work, skill and determination could be far more effective?

Once upon a time, my husband and I started our business sharing a desk. As he developed our product and expanded our markets, I managed the books. When the work became too much for the two of us to handle ourselves, we hired our first employee. As our business grew, we hired another. Then another. Over decades of hard work growing our business, the company we created now has grown to a publicly traded enterprise with more than 800 employees and consumers in 180 countries worldwide.

As an entrepreneur, I have truly lived the American Dream: the classic tale of taking a risk on an idea, working hard and creating something from nothing. Don’t get me wrong – we had plenty of stumbles and challenges providing the plot twists along the way. But it’s a story I am always proud to tell.

And as head of the U.S. Small Business Administration, my goal now is to help more people have the opportunity to live the American Dream.

Yet many aspiring entrepreneurs have no idea how to get their stories started or write their next chapters.

The SBA is here to help, with resources both online and in communities from coast to coast.

During National Small Business Week, as we celebrate the 28 million small businesses that drive our nation’s economy, we also showcase the resources and services the SBA provides to entrepreneurs at every stage. Whether they are starting up, expanding or getting through a tough time.

The SBA has 68 district offices and an extensive network of resource partners across America, including Puerto Rico, the U.S. Virgin Islands, and Guam. The experienced professionals staffing these offices offer a core group of services that we call the “three Cs and a D” – capital access, counseling, contracts, and disaster assistance.

Many entrepreneurs need capital to start or expand their small business. This includes combining what they have with other sources of financing. While the SBA doesn't loan money directly to small business owners, it helps facilitate loans with a guaranty that a certain portion will be repaid. We offer counseling on starting, scaling and succeeding in business, from how to draft a business plan to how to export your product overseas. And we train small businesses on how to compete for government contracts, especially those set aside exclusively for small business owners. Finally, SBA provides a helping hand to small businesses recovering from disasters.

As I think back on my own story as a small business owner, I wonder how much easier things might have been if we’d been aware of the many valuable services SBA provides. My hope is that as more people learn about the SBA, they will have the confidence, skills and resources they need to succeed as small business owners. Then we can continue to revitalize a spirit of entrepreneurship in our country.

There’s room for far more success stories in our library.

And the SBA can help more entrepreneurs write their own “happily ever after.”

Twenty-five years later…their daughter graduated from Harvard.

Meet Allysunn Walker-Williams, an Ohio native who learned the value of family, civic engagement and community at an early age. “My parents and grandparents worked at local factories and taught me solid Midwestern values,” she explained. “Their lack of formal schooling was common in the south in the 1930's, 40’s, and 50’s, when racial oppression and segregation limited educational opportunities for African-Americans. My mother could have been a classical pianist. My father should have been a professor, but those doors were closed.”

A Path and a Purpose

As a child Allysunn excelled in school. Her parents encouraged her and her siblings every step of the way.

“I wanted all five of my children to go to college, and they did,” Allysunn’s father, Alton Walker Sr. stated proudly. “Allysunn went to the Hotchkiss School, Harvard and then UCLA – which meant she overcame barriers for all of us. We are so proud of her."

"I had extraordinary support from my parents, and was lucky enough to meet my best friend and mentor Ray, who also attended Hotchkiss and Harvard,” said Allysunn. “He gave me the confidence needed to pursue my dreams.” After completing her Harvard education, Allysunn pursued a career in public service and non-profit work in Los Angeles, California. “I had many choices and felt compelled to serve others. So I followed my heart.”

Her mission? To help create economic opportunity in marginalized communities, especially for poor families.

Through the years, Allysunn created opportunities for people to thrive – no matter their economic challenges. She held executive positions at the Weingart Center for the Homeless and the Los Angeles Mission. She became the Administrative Director of Community Health and Education at Cedars-Sinai Medical Center and won Cedars’ first Annual President’s Award for Leadership.

At Cedars-Sinai Medical Center, Allysunn discovered a passion for improving the health conditions of low-income communities. She worked to promote fair health access for marginalized groups and earned her Masters with Honors from the UCLA School of Public Health.

Heartbreak and Hardships

While Allysunn experienced great successes, she faced a major setback in 2008. During the economic downturn she lost everything, which forced her to rebuild, to embrace resiliency and to keep pressing on.

“When I failed, my failures did not define me. They taught me,” Allysunn explained. “My faith kept me and restored me. My faith held my family together and put me back on my path to continue a life of servant-leadership.”

Today, Allysunn is the CEO of the California Council on Economic Education (CCEE), which provides K-12 students with the financial and economic literacy skills to help them make good choices with their money and with their lives. “Allysunn is passionate about education, and believes in CCEE’s mission. She has a wealth of experience and is a highly effective leader. One of her many skills includes successfully cultivating mentorship opportunities among educators,” said CCEE Board Chair, Steve Smith.

CCEE supporters include corporations like State Farm. CCEE and its partners invest in students by training teachers and supporting their work in the classroom. “Economic education unlocks economic potential,” said Allysunn. As she reflects on her life's journey, she shares three key tips to help others:

All great reminders as Allysunn reflects on the past, moves into the future and follows her heart.

Learn more about the CCEE.

The holidays are upon us, which means the holiday shopping season is here! This time of year is a great time to support the more than 28 million small business owners in the United States by shopping at and supporting local community businesses, according to the U.S. Small Business Administration (SBA).

This is also a good time to share tips small business owners can use to ensure their business is successful and protected.

Ryan Basile, owner of Double Trip Press, agrees there is no time like the holidays to ensure you have the tools to prepare and protect your business. Ryan gives credit to getting good business advice from the start. Recently, he shared a few of his own tips small business owners should keep in mind.

Top Five Tips from Small Business Owner Ryan Basile

1. Learning from Mistakes. Just as it sounds, making mistakes is how we learn to do better the next time. Ryan recalls making several mistakes early on when establishing his business. They turned into great learning opportunities. It can be scary for anyone, especially a new business owner, to even entertain the idea of being able to get up from a bad fall. However, Ryan professes he and his business are better because of it.
2. Have Realistic Expectations. Don’t expect to know all aspects of growing or starting a business. Allow yourself to ask for help and be willing to learn new things. Know your strengths and weaknesses and embrace them.
3. Seek Help. From the start, Ryan “knew what he didn’t know,” and sought out help. He went to Next Door Chicago’s financial coaches who helped him build a business plan, create a budget and organize what to do and when (like getting a bank account, establish a LLC, etc.). They even provided emotional support that gave him the confidence to succeed.
4. Align Your Mission to All Aspects of Your Business. For example, if you have a high-end product, where your storefront is located and how it looks should align with your product. Ask yourself if growth is in your future or if staying small is your goal. This can help you decide if you lease space or buy space you can grow into.
5. Get Advice from a Professional. State Farm agents are also small business owners. They understand the importance of developing a plan for continued financial security. After speaking to a State Farm agent, Ryan realized how much more he could do with the support of a professional. At every stage of the Business Life Cycle, there are different ways to protect and grow your company.

As you prepare your holiday shopping list, make sure to #ShopSmall.

Small Business is Big!

• The 28 million small businesses in America account for 54% of all U.S. sales.
  • State Farm Agents account for 18,000 small business owners.
• Small businesses have provided 55% of all jobs, and 66% of all net new jobs, since the 1970s.
• The 600,000+ franchised small businesses in the U.S. account for four of every 10 retail sales and provide jobs for some eight million people.
• The small business sector in America occupies 30-50% of all commercial space, an estimated 20-34 billion square-feet.
• 62% of small businesses employ five or less employees.
• Minority owned businesses account for almost 15% of all small businesses, with more than one-third of minority-owned firms owned by Hispanics.

​

As a freelancer, the excitement of working on something you love and being your own boss comes with some challenges. You don’t have some of the traditional perks you get from a 9-5. Paychecks come in at varying rates, personal and business budgets, getting your own benefits- it can be a lot to manage.

Not to fear. Here are five tips that may help you live out your passions, while still keeping the financial part of your life in check.

Money Management Tips for Freelancers

1) Know your break even number

This is the number you need to make every month to ensure you can cover your core expenses. Start by filling out a monthly budget with the expenses you will have no matter what – the total of those is your break even number.

Ensuring you have this amount coming in every month can be tricky when contract payments may come in lump sums over time. This is where your emergency fund can come in (see #3), or you might consider a side-hustle job to help you make sure you can cover your monthly expenses.

2) Keep biz and personal expenses separate

It can feel easier to manage all money together, but keeping your personal budget separate from your business budget will benefit you in the long-run and help you avoid financial angst.

Options for doing this range from creating separate accounts to manually categorizing expenses in a spreadsheet at the end of each month. It will make your life simpler come April 15, if your records clearly show personal and business expenses separately.

3) Start building your emergency fund

This is the savings you draw from when an emergency occurs like not receiving a paycheck for a month, or your brakes go out on your car. Emergency funds are critical, especially when your income is unpredictable.

A general rule of thumb would be to save your break even number times six. However, start wherever you can. Be okay dipping into your emergency fund/savings in the short-term to cover personal or business expenses, but know the number your savings cannot go below (i.e. once it hits $xxx, no more pulling from savings).

4) Replicate your corporate benefits as appropriate

As a freelancer, you don’t have access to company sponsored benefits. Start by making sure you have federally mandated major medical health insurance as a baseline. From there, when your budget allows, consider adding other benefits like disability insurance.

Disability insurance covers portions of your income for a fixed amount of time if you become totally disabled due to sickness or injury and cannot work. This coverage could save you a lot of stress should something happen.

Once you feel your business is steady, finances are under control, and you have a reasonable emergency fund consider building retirement savings.

5) Don’t neglect your credit

It may be easy to cover monthly short comings with credit cards or to buy a new computer. However, you want to make sure you’re managing your credit well. Knowing the five factors impacting credit is a good start.

First and foremost, make sure your minimum credit card payment is on time every month. Putting reasonable expenses that you can pay off every month is a good thing for your credit. Secondarily, be aware the higher percentage of your available credit you use, the worse it is for your credit. Try and keep your credit utilization below 30%. For example, if you have a card with a $5000 maximum, keep your balance to $1500 or less.

Building your brand and business as a freelancer is a great opportunity. Follow these tips so your finances are one less thing you have to worry about so you can focus on success.

Next Door®, inspired by State Farm® provides free one-on-one financial coaching, community classes and events, and conference room space in Chicago, IL.