All Entries in the "Small Business Administration" Category
Home-based Small Business of the Year
Home is Where the Heart and Business Is
The owners of Stony Hill Cattle Company, Kim Coulter, William Coulter, Nina Luchka, and Joshua Coulter, raise beef cattle, hogs, turkey, broiler chickens and layer hens. They are fully licensed and insured to sell their beef, pork, chicken, turkey, and eggs, as well as their value added products such as bacon, sausage, and frankfurters to the public through their farm stand and farmers markets. While Stony Hill’s present offerings are impressive their story began in 1955, when Kim Coulter and Nina Luchka’s grandparents, Benjamin and Emily Luchka, purchased a dairy farm. Benjamin, Emily, and their two sons worked the farm until 1960 when they sold the dairy herd and purchased beef cattle. By 1985, the Luchka’s began selling their meat products to friends and family members. Before long, word of mouth spread about the quality products available at the Luchka farm. Without intending the Luchka’s found a new avenue of revenue, and with it a way of aiding in keeping the farm
operational. In 1996, Kim and Nina lost their father, Kenneth. Though distraught the sisters were thrust into their father’s day-to- day responsibilities. They quickly began focusing on growing the herd of cattle as well as the number of hogs they raised while also purchasing layer hens to expand their public offerings to include farm fresh eggs.
In 2007, Kim and Nina bought their uncle’s share of the farm, believing strongly in keeping Stony Hill farm in one piece. It was during this time that Kim and her husband William began working with six other farm families to start the Rhode Island Raised Livestock Association. Together, the group worked with the Rhode Island Department of Health and Rhode Island Department of Environmental Management, Agriculture Division, to bring about updated guidelines so that farmers could sell directly to the public, restaurants and public institutions. This act has directly led to farms in Rhode Island tripling in number while helping to usher in restaurants featuring local, farm-raised meats, fruits, and vegetables. Like many farms, revenue can have drastic fluctuations year-to- year. To ensure Stony Hill could withstand any unforeseen mishap they applied for a SBA Business Line of Credit for $25,000. The credit gives a safeguard against any herd loss or potential crippling economic disaster.
While Stony Hill is in business to make money, their values and priorities are that of the land, “We are farmers and we are landowners,” said William Coulter, “but most important, we are stewards of the land. It is our job to protect our natural resources,” he added. For their demonstrated success and growth potential, the U.S. Small Business Administration is pleased to honor Kim M. Coulter, William A. Coulter, Nina L. Luchka, Joshua A. Coulter, Owners of The Stony Hill Cattle Company, as the 2018 Rhode Island Home-Based Small Business of the Year.
New England Financial Services Champion
Buck Harris, Vice President of Community Lending at Community Investment Corporation
“Over the last several years of working with Buck, I have seen him go to great lengths to help small businesses get the financing they need,” said Joshua Daly, Director of the Southern Region of the Rhode Island Small Business Development Center. Those who know Buck know all too well that phrases like the one above are commonplace when discussing him.
Since spearheading Community Investment Corporations (CIC) offerings into Rhode Island, Harris has quickly launched CIC into both the number one SBA Micro-lender and Community Advantage Lender. Often Harris goes above and beyond to provide potential small business owners with every opportunity to acquire the capital they need. In most cases these borrowers are out of the realm of conventional lenders and, without Harris and CIC, would have no other options.
“Small business loans are life changing for people who cannot otherwise get the financing they need to open or grow a small business” said Harris, “and it’s not just capital we are offering; we are providing guidance, opportunity, and hope for a more rewarding life. The only thing our borrowers have to pay back is the cash! I couldn’t imagine a more rewarding career,” he added. Harris has become an asset to SBA resource partners like the SBDC and SCORE, working with their counselors, and building on their efforts by providing financing to their clients. CIC makes every attempt to expand their offerings to as many people as possible. In fiscal year 2017, between Community Advantage and Micro loans, Harris closed 21 loans for a total of $1,500,000.
“Buck is an asset for to Rhode Island small business community,” said SBA Rhode Island District Director, Mark S. Hayward, “There are times when conventional lenders aren’t able to help those small businesses in need. Buck has time and again reached out and done everything he can to help that population of people through education, referrals, and lending,” Hayward attested. While Harris continues to make his mark in Rhode Island, he makes it a point to serve other New England markets, including Connecticut. Remaining dedicated to serving as many in the small business community as possible, wherever they may be, whatever their circumstance might dictate, has bolstered Harris’ reputation amongst his peers and the entrepreneurs he works with. For his tireless work and dedication to furthering the small business community the U.S. Small Business Administration is proud to honor Buck Harris, Vice President of Community Lending at Community Investment Corporation, with the 2018 New England Financial Services Champion Award.
Small Business Exporter of the Year
“We have no limits to our world. We’re only limited by our imagination”
(L-R) President and COO, Richard Grundy; CFO, Anne Beaupre Sigourney; and
CEO and Founder, Michael Sigourney.
AVTECH Software, a private corporation founded in 1988 by Michael Sigourney, is a computer hardware and software developer and manufacturer. Since its founding AVTECH has continuously expanded their offerings, growing from a startup software developer to a small business with international reach.
Their progression was not immediate but gradual, taking the addition of key personnel and co-owners including CFO, Anne Sigourney and President and COO, Richard Grundy. Anne joined AVTECH in 1997, managing the accounting, administration and human resources departments while Richard came onboard in 2001, growing through engineering leadership roles and now overseeing day to day operations and executing the strategic growth plan.
With key personnel in place AVTECH worked to create a strong infrastructure, including the 2008 SBA loan funded purchase of its headquarters at Cutler Mill in Warren, RI. The facility continues to be a center of growth for AVTECH as well as the surrounding area which has seen significant investment
and improvement since that time.
In 2016, Grundy attended the SBA Emerging Leaders program, a seven month intensive entrepreneurship educating and training course focusing on financial literacy. Through this course Richard was introduced to the State Trade Expansion Program (STEP). The STEP program was created to increase the number of small businesses that export their product or service, as well as increasing the value of exports for those small businesses that already do.
AVTECH’s ownership team began meeting with STEP grantee, The Chafee Center for International Business at Bryant University. The Chafee Center helped educate AVTECH on exporting services and how to effectively reach and expand in different international markets. In turn, AVTECH began to accelerate the sales and marketing of their Room Alert® product line to businesses around the world. Room Alert® products monitor computer rooms, data centers and other facilities for conditions such as temperature, humidity, power, flood, water leakage, smoke and fire, air flow, room entry, motion, cameras and more.
Were thankful for the support and resources the SBA makes available to area businesses,” said Grundy. “Through participation in the SBA Emerging Leaders program in 2016, we were introduced to the STEP program and the Chafee Center at Bryant University. The STEP program and the many other resources provided by the SBA and Chafee Center have been instrumental in our international growth over the past several years," he added. Over the next two years AVTECH participated in four STEP sponsored trade missions to Canada, UK, Israel, and Ireland – with another trip scheduled for April 2018 to Dubai. AVTECH’s exporting business has grown from approximately 23% of their revenue prior to 2016 to over 30% in 2017, with forecasts projecting over 40% by 2020.
Our strong network of international resellers have helped Room Alert protect businesses around the globe from downtime and damage caused by extreme environment conditions,” said Sigourney. “Working with the STEP program and participating in state sponsored trade missions have made these global markets more accessible than ever before. We’re proud to manufacture Room Alertin the USA and appreciate the resources the SBA provides that have helped us reach customers now in 186 of 196 countries,” he noted.
For their accomplishments in expanding the global economy, the U.S. Small Business Administration is proud to recognize Michael Sigourney, CEO; Anne Sigourney, CFO; and Richard Grundy, President and COO of AVTECH Software, as the 2018 Rhode Island Small Business Exporter of the Year.
District Director Award
“It’s all about the journey…and I know you’ll have an amazing one” On January 22, 2018, Rhode Island lost a trailblazing leader in the small business community, and, to all who knew her, a friend. Cheryl Watkins Snead left an indelible mark on everything she touched, truly embodying the age-old adage of “leaving it better than you found it.” Whether it was the
company she founded and grew to a national supply-chain powerhouse, her advocating for countless young people, women, and people of color, or her unwavering support for small business; Cheryl made them better.
Born in New Jersey, Cheryl began her path towards entrepreneurship through education.
Crafting her skillset at UMass Amherst where she was the first African-American woman to graduate with a B.A. in Mechanical Engineering. Upon graduation, she dove into the workforce perfecting her craft for General Electric while gaining a keen understanding of management. While working Snead never gave up on her continued education, a trait that would repeat throughout her life. Cheryl would go on to earn her M.B.A. from Purdue University and with her technical prowess and strengthen understanding of business, branched off on her own founding Banneker Industries. Cheryl understood that business, much like life, has opportunities and obstacles, ebbs and flows, positives and negatives. In an ever expanding technological world that demands minute-by- minute updates, we sometimes can’t see the forest for the trees. What Cheryl understood more than most was that the journey is as important, if not more so than destination.
In October of 2017, Cheryl spoke at a “TEDx talk” in Providence where she addressed her
career, management, and leadership style. During her presentation Snead had this to say, “I do want to be remembered, when my career is over, when my life’s journey is over, that I managed with enthusiasm, I lead with passion, and I would add four words to it – as a servant leader.” Those close to her would say she achieved what she set out to do, “Cheryl was a leader, business giant, entrepreneur but more importantly a friend,” said SBA District Director, Mark S. Hayward, “She received many awards during her short life, which proved that she was a very special person, but most importantly she gave to people much more than she received. She taught us all to live each day with enthusiasm and determination not knowing which day will be your last. Her infectious smile provided us with inspiration to achieve, and her supporting words with the confidence to continue the journey,” he reflected.
We hope, by giving this award and publishing this article, to continue to shine a light on who
this amazing woman was, the countless lives she touched, and the incredible admiration we here at the Rhode Island District Office of the Small Business Administration have for her. We also understand that our words will never do justice to who she was, so we will close with Cheryl’s own words of wisdom. “So as I conclude, and you think about everything I shared with you, it’s really not been about the destination at all. In fact, having your plan is important but be flexible and agile for the changes in life that are going to come. When you lead, lead with passion and when you’re serving others you have no idea where that’s going to take you. And finally, when you do run into obstacles and challenges – ‘cause we will, that’s life – you now have a tool in your toolbox, a process to achieve it, to overcome it. I hope now you know a little bit about me but more importantly a little more about you. You know what
your past is, you’re in your present, now look at your future – not just your destination- but it’s all about the journey…and I know you’ll have an amazing one.”
For her lifelong commitment to bettering the small business community, her steadfast
dedication to the growth of opportunities for women, young people, and minorities within that community, and her entrepreneurial excellence, the U.S. Small Business Administration is proud to posthumously recognize Cheryl Watkins Snead, Founder and CEO of Banneker Industries with the 2018 Rhode Island SBA District Director Award.
