Kapitus, banks, small business lending, banking collapse, Signature Bank, Silicon Valley Bank

Is Your Bank at Risk of Failing? These are the Signs You Should Look For

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How well do you know your bank? As we’ve recently found out with the high-profile collapses of Silicon Valley Bank (SVB) and New York-based Signature Bank, financial institutions are not infallible. If their collapses prove anything, it’s that whenever your small business deposits money or otherwise does business with a bank,  you run the risk of your bank collapsing and losing any money beyond $250,000 (the amount insured by the federal government) that you may have tied up in that bank. 

Wall Street has a fancy term for all this – systemic risk. This risk is almost treated as an abstract risk since banks don’t collapse very often – the fall of SVB and Signature marked the first time financial institutions collapsed since the Great Recession began in 2008 – but the way the two banks collapsed, and how quickly they collapsed, should remind everyone that dubious investment choices and changing market conditions could lead to your bank’s insolvency. Most importantly, the collapses are once again a stark reminder that systemic risk shouldn’t be seen as abstract, but as a very real risk. 

What Happened and Why is it Important?

Silicon Valley Bank, collapse, small business owners, cash

Silicon Valley Bank’s sudden collapse should prompt SMB owners to take a close look at their own banks.

SVB’s collapse was caused, in part, to investing much of its deposits in US Treasury bonds. When interest rates were hiked, the value of those bonds plummeted, setting off a domino effect: SVB, short on liquidity, sold those bonds at big losses, prompting customers to seek to withdraw their money en masse. This caused the bank to collapse and the Federal Deposit Insurance Corp. (FDIC) to take over to ensure that customers got their money back. 

Signature Bank, whose customers included Silicon Valley startups as well as high-margin small businesses in the real estate and legal professions, faced a cascade effect when SVB collapsed. According to regulatory filings, nearly 90% of its $88 billion in deposits were uninsured, meaning that most of its customers had more than $250,000 in holdings with the bank (remember, the FDIC only insures up to $250,000). 

Both Signature and SVB were also one of the few banks to take on cryptocurrency deposits. Cryptocurrency firms such as Bitcoin have been steadily declining for roughly a year. 

Not ‘Too Big to Fail’

We all learned from the 2008 financial crisis that financial institutions aren’t ‘too big to fail’ as they once claimed. The same goes true for regional and local banks, and the collapses of SVB and Signature Bank prove that. Collapses are contagious as well. If one bank collapses, customers of other similar banks may panic and want to take their money out. 

Many Signature Bank customers panicked after SVB’s collapse and sought to withdraw their cash en masse – a terrible situation for banks since most banks typically don’t have all the cash on hand to back up all of the money that their customers have entrusted them with. New York banking regulators and the FDIC took over the bank to assure customers that their money, uninsured or not, was still available to them. 

What Should You do? 

The bottom line:  This situation should underline the fact for small business owners that you always need to be on the lookout for signs that your bank is in trouble. After all, banks have the right to scrutinize you, the small business owner, whenever you ask for a loan. Conversely, you have every right to scrutinize your bank by always being on the lookout for signs that it may not be financially healthy before you trust them to hold your hard-earned money. 

This, of course, doesn’t mean that you should hide your small business’s cash reserves under your mattress. You can, however, keep a checklist of things to watch for to make sure your funds are safe in your bank.

#1 Check the Share Price

In 1999, the federal government repealed a long-standing set of banking regulations that formed the Glass-Stegall Act, thus allowing financing institutions to be publicly traded. Once the repeal took effect, it wasn’t just large financial institutions that went public, but many regional and local banks went public as well. A quick glance at your bank’s share price should give you a quick snapshot of its financial health, if its shares drop suddenly, it could indicate that there’s a problem.

#2 Is Your Bank FDIC Insured?

You should only deposit your business’ money in banking institutions that are FDIC insured. Almost

FDIC, Silicon Valley Bank, Signature Bank, savings, small business owners

The FDIC only insures up to $250,000 per individual or business, so make sure you keep your money in several banks if necessary.

every reputable bank is, but it’s worth making sure anyway.

#3 Is Your Bank Selling Assets?

You should check the news once in a while to see if your bank is taking any actions indicating that it may have liquidity problems. For example, if you have a loan with your bank and you suddenly see that it is being serviced by another institution, it could indicate that your bank has sold some or all of its loan portfolio in order to make quick money. While this isn’t always the case, selling assets could mean that your bank is running out of cash, so this should act as a reminder to just look a little deeper. 

#4 Is Your Bank Making Cuts?

Is your bank actively trying to save money? If your bank is taking actions such as closing branches, laying off workers, and eliminating cash-back rewards or other incentives, it could indicate that it is hemorrhaging cash. 

#5 What Does Your Bank Invest in?

Banks keep the insured portions of deposited money in FDIC banks to gain interest, as well as a portion of it in an on-site bank vault to handle customer withdrawals. Banks can also invest a portion in stocks, bonds and real estate as a way to make more money. If your bank is publicly traded, you may want to check out its most recent annual report (form 10K), which should reveal what it is investing in. If your bank is investing in high-risk assets, then it could be at risk for a liquidity crunch if those investments go south. 

#6 How is Your Bank Rated?

The FDIC keeps a running list of banks it considers to be problematic, but isn’t obligated to make that list public. However, Weiss Bank Ratings rates banks and largely uses the same guidelines as the FDIC in identifying high-risk banks.

#7 Are you Diversified?

If you own a high-margin small business such as a doctor’s office or law or accounting firm and have more than $250,000 in cash reserves, your best bet is to diversify the list of banks in which you deposit your money so that no single institution has more money than what is federally insured. 

Stay Vigilant

If your bank does collapse, getting your money back could be a long process, even if it’s FDIC insured. Therefore, it’s important to do your research on any bank that you are seeking to do business with. Keep a checklist of factors to watch for that could indicate that your bank is having liquidity problems.

Small business legislation, State of the Union address, President Joe Biden

Legislative Proposals Small Businesses Should Worry About in 2023

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Small business owners should be keeping an eye on the current 118th Congress. While it’s only a month old, there are several pieces of legislation and proposals that could have wide-ranging impacts on small- and medium-size businesses should they pass, and issues such as  manufacturing costs, tax breaks and whether a popular government grant program survives could all be in play in 2023.

So as the year progresses, here are the legislative issues small business owners should keep on their radar screens.

Made in America

“Tonight I am announcing that all construction materials used for federal infrastructure projects to be made in America,” said President Biden during his State of the Union Address on February 7. While “Made in America” is always a great talking point for a politician, it really isn’t feasible for small construction companies and contractors to execute without ballooning the costs of construction projects.

The 2022 Infrastructure Investment and Jobs Act (IIJA) included the Build America Buy America provision that currently requires that only 55% of the materials used by a contractor for a federal project be made in America. If Biden’s statement comes to fruition, it would cause considerable difficulty for independent contractors and small construction firms to stay on budget if they win a federal construction contract. 

Patriotism is always appealing of course, but according to Construction Dive, a news site for contractors, forcing contractors to use 100% American-made supplies could raise project costs by 25% on average. 

The reason for this is that the most vital construction materials such as lumber, steel, copper, aluminum and cement, are all imported from countries in Asia, South America and Canada. Those offer those materials at a far lower cost due to lower labor costs. 

STEP Renewal Act

This bill, introduced by Sen. Jeanne Shaheen (D-NH), would renew the popular State Trade Expansion Program (STEP) and would direct the SBA, which administers millions of dollars in STEP grants through local and affiliate offices every year, to make it easier for small businesses to apply for these grants. With a Republican-controlled House that wants to cut federal spending, there could be a partisan showdown on whether the STEP grant program gets renewed. 

Since 2011, the SBA has administered millions of dollars in grant money to small businesses starting out or expanding into the import/export business through its State Trade Expansion Program (STEP) grant program. In the past 12 years, the agency has awarded over $200 million through state and affiliate offices to support US small businesses in learning to export products, participating in foreign trade missions and designing international marketing campaigns, among other activities related to international trade. 

Easier to Obtain Microloans?

In late January the House unanimously passed HR 1487, the Microloan Transparency and Accountability Act, sponsored by Rep. Tim Burchet (R-TN). The bill is designed to ensure that the funding for the microloan program is, in fact, being disbursed to small businesses in underserved and rural communities as it was intended to through greater oversight of the SBA. 

The Microloan is one of the most popular lending programs that the SBA offers. These loans have far less restrictive lending requirements, are one of the few SBA lending programs that can help fund startup businesses, and are crucial to small businesses in rural and low-income communities. 

The bill, if passed, would offer 5% technical assistance grants to the program’s affiliate lenders if they lend to businesses in rural communities, and would require them to make at least 25% of their lending funds to rural businesses to qualify for the 5% grant. It would also require the SBA to produce an annual report on the number of loans that have defaulted as well as the number of loans made to small businesses in rural areas.

More Audits?

As part of the Infrastructure Investments and Jobs Act (IIJA), the Internal Revenue Service was given

A new bill could prevent further audits of small businesses – a bill that’s opposed by the Biden Administration.

more funding to conduct additional audits on companies and individuals that produce $400,000 or more in gross annual income, with the idea that this would increase tax revenue by forcing multi-billion dollar corporations and wealthy individuals to pay more in taxes. 

In January, HR 23 was introduced in the House to rescind that additional funding – a move adamantly opposed by the Biden Administration, which insists that the additional audits would only affect large companies and the country’s ultra-wealthy elites.

In reality, $400,000 or more in gross annual income for a pass through business would likely make the small business owner financially well off,  but it certainly wouldn’t make the business owner ultra wealthy. Once parcel out payroll, taxes, inventory purchases and other expenses are all parceled out, a small business owner would be left with far less than $400,000. If the IIJA provision is kept, it would mean a higher tax rate and further audits of high margin small businesses such as law and accounting firms and doctors offices, so one can expect a showdown between House Republicans and the Biden Administration over this bill. 

Easier to Unionize?

President Biden, as expected, made a plea to Congress to pass the Protecting the Right to Organize (PRO) Act during his SOTU address, which would make it easier for workers in any business to organize and form unions. Of course, Democrats and Republicans have always been far apart when it comes to supporting unions, but the issue has garnered far more attention in the past two years due to the tightening labor market and highly publicized unionization attempts by workers at large companies such as Starbucks and Amazon.

This obviously affects small businesses that are already feeling the brunt of the labor shortage and rising wages. More unions would ultimately lead to rising labor costs that some small businesses would have a difficult time being able to afford. 

Should the Tax Credit Stay?

One issue that has concerned small business trade groups such as the National Federation of Independent Businesses (NFIB) is the possible sunsetting of the Qualified Business Income (QBI) tax credit, which was created by the Tax Cuts and Jobs Act (TCJA) of 2018. Shortly after taking office, President Biden promised to rescind elements of the TCJA to ensure that large corporations and the wealthy pay their share of taxes.

While Biden did later say that he was not considering eliminating the QBI deduction, it is scheduled to sunset in 2025. The NFIB continues to actively lobby to make the deduction permanent, as it claims many small businesses have come to rely on that deduction to stay afloat amid the myriad of economic challenges they are currently facing. President Biden has not commented on this deduction in the past year, but if he does indicate a move to eliminate it, it would set up a showdown between him and the GOP.

The QBI deduction allows eligible self-employed and small-business owners to deduct up to 20% of their qualified business income on their taxes. In general, total taxable income in 2022 must be under $170,050 for single filers or $340,100 for joint filers to qualify.

Expect Gridlock

All-in-all, while the Biden Administration has made  progress in passing bi-partisan legislation to reduce inflation and rebuilding the nation’s infrastructure, we can probably expect more gridlock over the next two years with Republicans controlling the House.

Surety bond small business federal construction contract lending Kapitus

Obtaining a Surety Bond to Land a Federal Contract

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A record number of federal contracts for small businesses are expected to be issued throughout 2023 due to the Infrastructure Investment and Jobs Act. Businesses, however, shouldn’t celebrate just yet –many of them could be excluded from competing for lucrative federal projects due to constrictive bonding requirements. 

This was evidenced in 2022 – according to the US Small Business Administration, a record 27.2% of federal contracts, or $154.23 billion, were awarded to small businesses, an $8 billion increase from 2021. While this may seem like good news for Main Street businesses, the number of small businesses winning those contracts dwindled down to just over 71,000 companies from roughly 125,000 just a decade ago, as more well-established companies with greater access to surety bonds were awarded contracts.

The federal government also failed to reach its goal of awarding a certain percentage of those contracts to women- and minority-owned small businesses, as well as small businesses operating in underserved communities. One of the main reasons is that those businesses have a more difficult time in getting approved for and putting up the required capital to purchase surety bonds. 

What are Surety Bonds?

When public works projects were created during the New Deal to combat unemployment, the federal government passed the Miller Act in 1935. This is a federal statute that requires companies contracted by the federal government to provide payment and performance bonds to ensure that the government could recoup any losses if the contracted company defaults on its work or goes well over its budget. 

Are Surety Bonds Cost Prohibitive?

These bonds are typically equivalent to the value of the contract, and most state governments also require surety bonds for local construction projects. The problem for small businesses is that they are typically required to pay a premium for the bond. While the premium is typically a small percentage of the total amount of the bond, this amount can be exorbitant for small businesses that don’t have a lot of available cash. 

For example, if the total value of the bond is $1 million and the upfront cost is 5%, that would be $50,000 that the small business would have to put up. That amount could be prohibitive for small construction companies that already operate on a thin profit margin, especially at a time when inflation and labor costs are rising. 

If your company doesn’t have a lot of cash on hand to put up for a surety bond, one possible solution is to establish a line of credit so that your business has money at its disposal to pay for the bond.

You Must Qualify

surety bond Kapitus construction federal contract small business lending

Your small construction firm will keep getting turned down for federal contracts until you make sure you qualify for some type of surety bond.

Most large insurance companies offer surety bonds, and there are hundreds of small companies that specialize in offering them. Additionally, the SBA has a surety bond program for emerging small businesses that may find it difficult to qualify for a bond. Similar to many of its small business loan programs, the SBA doesn’t actually offer surety bonds, rather, it will serve as a guarantor for the bond, thus making it easier for qualifying small businesses to obtain a bond and win a government contract. 

Qualifying for a surety bond is somewhat similar to qualifying for a small business loan and can be difficult for small businesses that are newly established or don’t have a long credit history. Bonding companies typically require that:

  • The applicant has the capacity to complete the project. This means that the small construction firm has the experience and the know-how to complete the given construction project. If your company is fairly new, you may want to hire workers who have worked on similar projects.
  • The applicant has good credit. Doing what you can to improve your FICO score will go a long way towards qualifying for a surety bond. Additionally, being in good standing with a lending institution will help, as bonding companies often require a letter of credit from a bank guaranteeing your financial obligation to the bond.
  • The applicant offers a promissory note. If your small business cannot get a letter of credit or has poor financials, the bonding company will often require you to write a personal promissory note guaranteeing the value of the bond.
  • The applicant puts up cash collateral. If you have a less-than-stellar FICO score, some bonding companies may require you to put up cash collateral in addition to the premium to help guarantee the bond. 
  • The applicant can handle the upfront costs associated with the project. Often, the bonding company will require that the applicant have an established line of credit to handle those costs.

Different Types of Surety Bonds 

There are several types of surety bonds that companies will have to purchase before engaging in a government construction project, depending on the terms of the contract:

Performance Bonds – Performance bonds ensure that the project owner (the federal or state government) will be compensated in the event that the contracted company fails to meet its expectations. This is the most popular, and most expensive, type of surety bond.

Payment Bonds – Bonds that ensure that workers and subcontractors on a project be compensated.

Bid Bonds – Bonds that ensure that a government agency will be compensated if the winning bidder unexpectedly backs out of the project.

Supply Bonds – These bonds ensure that the contracted company uses the money paid to it to purchase the appropriate supplies and materials to complete the given project. It’s relatively rare, however, that these types of bonds will be required. 

Be Prepared!

If your small business is seeking to compete for a government contract, it’s important to do what you can to ensure that your company can meet the basic requirements of obtaining surety bonds. One of the most important things you can do is to establish a history of completing projects on time and on budget. It’s also important to follow tips on winning government contracts, such as getting your inventory in order and researching contacts at government agencies that may be offering bids on contracts. 

Man sits at table while managing accounts

Building Effective Freelance Relationships

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There are thousands, if not millions, of professionals who make their living via freelance, contract-based labor. And with the number of freelancer marketplaces on the Internet today combined with recent hiring shortages, it’s not hard to understand why so many companies – big and small – depend on  freelance labor to supplement their workforce. 

While freelancing itself isn’t new, the ease with which you can connect your business with skilled professionals is. While this new “one-click” ability to enlist freelance work has major advantages, ensuring that you are using freelancers efficiently still requires due diligence on your end.  Simply put: freelance help isn’t free and unusable results are a waste of your time and money; not to mention that of the freelance contractor’s resources. As you consider the best way to incorporate freelancers into your workforce, use this guide to create a partnership that is beneficial for both your small business and the freelancer you contract.

Know What You Want to Achieve

Freelance workers generally create the best products when you know exactly what you hope to get out of your contract. Unlike partners and collaborators, freelancers expect direction and inspiration to come directly from you. No matter if your project is in design, copywriting, or any other area of business operations, your first step is to create a detailed description of exactly what you want your freelance worker to be responsible for. As you build out this description, include a bullet-list of primary responsibilities and/or areas in which you expect assistance from the freelancers.  When applicable – particularly for the production of creative assets (design, copywriting, etc.) – include examples of what you’d like to see. 

Here’s what you probably weren’t expecting: This paragraph isn’t for the freelancer; it’s for you to use as a guide as you go through the process of vetting, onboarding and working with a contractor.. By knowing exactly what you want, you’ll be able to choose the right freelancer for your exact needs.

Start with Small Projects

If you are completely new to freelance work, consider running small low-stakes tests to see if their work and skillset are a good fit for your project needs AND that it aligns with your company brand. A worst-case scenario would be bringing on and paying for a freelancer that produces work that is unable to deliver the desired results. Using small projects is also a great way to determine that fit.  It also provides a great opportunity to compare the work of various freelancers and see which best suits your business’ needs. If a freelancer delivers quality work for a small, inexpensive project, that is a great bed of trust to bring along to future projects.

Match Your Vision to Professionals’ Existing Style

Closely investigate freelance workers’ existing body of work before deciding to form a partnership. A Freelancer’s portfolio represents a cross-section of the work they are most confident creating with consistent quality. Before even contacting any freelancer, be ready to spend a serious amount of time sorting through portfolios, as the more time you spend in this phase, the less likely it is that the whole endeavor will be wasted over mismatched expectations. Asking a freelancer to work outside their preferred field of work is a waste of money for you and a waste of time for the talent themselves.

Firmly Establish Payment Before Work Begins

Depending on the type of work you are seeking out, freelancers can be paid in several ways. The most common system is a per-contract lump sum paid out generally in phases throughout the progress of the project. It’s also possible that your freelancer may want to be paid hourly if they will be frequently collaborating or working directly with your in-house hourly employees. No matter how they would like to be paid, follow the guidelines and rules set out by the freelancer themselves when negotiating payment. Be prepared as well to discuss additional payment for future edits or if the project goes over its deadline. Discussions about post-deadline payment must happen during your initial discussion in order to avoid uncomfortable and heated conversations later.

If your professional accepts payments per-contract, consider setting percentage payouts with certain milestones. For example, if you are looking for a new graphic to use as a logo, consider paying out the first 25% of the lump sum upon signing and then each subsequent 25% as drafts and revisions come to pass; be sure, of course, to clearly lay out when you expect those drafts to be completed. It is also essential to explain directly to your freelancer the possibility of termination; have a set percentage of your lump sum you are willing to pay out in the event that you terminate your contract either because of a change in your plans or the results in the freelancer’s drafts.

Be Honest with Feedback

Freelancers expect criticism and clear advice from their clients; this is how they create for you the best product or provide you with the best service. To ensure a happy partnership, always give honest feedback.  For example, when a freelance writer gives you drafts of a piece to evaluate, and it’s not on par with what you are looking for, don’t be afraid to say that you are unhappy with the results. Of course, you ought to also be prepared to give clear and reasonable advice for them to change their direction. Further, if you find that your the writer’s drafts are continually not up to your standards, sever the contract rather than try again. You, as the business owner and the client, will innately know when a freelancer isn’t meeting your needs. You should be sure to follow up on those feelings as soon as possible to both save you and your team money as well as the freelancer’s time.

Remember that You are a Client, not a Boss

Modern full-time freelancers can sometimes juggle several clients at once. While your contract is certainly a priority to your freelancer, remember that they are not your employee; you are their client. To maintain a healthy and beneficial partnership, be sure that you don’t cross the line and begin treating your freelancer as if they are your employee by adding on tasks and responsibilities that fall outside the scope of the initial project.  Remember, they were contracted for specific responsibilities without any of the benefits that come with being a full-time employee (benefits, vacation time, sick days) – so keep expectations and your requests in-check. 

Freelance Help is a Tool Best Used with Purpose

Teams who can leverage freelance help efficiently have a tangible advantage over those who don’t. Taking advantage of the international and multi-disciplined world of freelance talent with the right expectations puts you and your business in the best position possible.

Two coffee cups about to touch

BRB Stories: Cafe de Stir It Up and the Fight for Dietary Freedom

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Congratulations to Cafe de Stir it Up, an Alaskan-based small coffee shop and eatery that offers dietary-restriction-friendly fare, for receiving one of five third-place prizes in Kapitus’ inaugural Building Resilient Businesses (BRB) contest! Cafe de Stir it Up has received $20,000 to help grow their business

The world at large has undergone a dietary revolution in recent years. As nutritional choices and restrictions become more commonplace, eating at restaurants and cafes harbors much less anxiety for all those with limitations. Cities like New York, London, and even gastronomically-traditional Paris have numerous vegan, gluten-free, and other restriction-conscious spaces. But under Alaskan skies, such great expectations ought to be adjusted … or should they? Enter Café de Stir it Up, owned and operated by Michaella Perez, the premiere locale for dietary restriction-friendly fare in Fairbanks, Alaska.

 “Some people wonder why we withstand -25-degree plus temperatures, but there is just something about the Golden Heart City that keeps us here,” said Perez. And the voters of Kapitus’s Building Resilient Businesses Contest agreed, giving Perez and Stir it Up enough votes to earn them a $20,000 grant.

After capturing minds and hearts in the BRB contest, now is our chance to learn more about the soul behind Stir it Up and what inspired a mom, entrepreneur, and visionary to bring dietary freedom to Fairbanks.

Authentic Inspiration

Stir It Up is a business born from inspiration rather than cold data. While a Starbucks or McDonald’s will go up on a corner because analysts calculated that area has the most foot traffic and potential for sales, Stir It Up came to be because a determined and business-savvy mother wanted to heighten the lives and experiences of those in her community. Dietary restrictions exist in a complex space where – until you, or someone you know well are faced with one – it can be hard to visualize how hard getting a good meal can be. Gluten-free, lactose mal-absorbent, vegetarian, vegan, keto, egg-free – it may sound like a fantasy to meaningfully serve these incrementally demanding restrictions, but according to Perez, it’s just part of the job.

After seeing one of her children deal with the unending blandness of most allergy-safe meals – white rice and salads can only last so long – Perez knew she could make dietary restrictions not just manageable but delicious and fun. “To survive in this market, you have to have a niche,” explains Perez. Café Stir it Up isn’t simply prepared for dietary restrictions; they are up to the challenge. “I realized that my community had a need: a place that truly understood dietary challenges,” Perez said about her business. With a gluten-free bakery and a collection of dairy substitutes on-hand, it is near-inconceivable for someone not to find the proper fix for their dietary lifestyle.

Power to the People, Power to Grow

In 2015, Perez and her team expanded to a brick-and-mortar location in Fairbanks, making the “café” in their namesake true to its merits. Now with increased capacity for customers and service, Café Stir it Up quickly became a community gathering spot for the Fairbanks community and everyone else willing to brave the cold. 

“Little did we know that we would be negatively impacted by a pandemic, major road construction, and shortages of revenue, supplies and employees,” Perez explained when talking about the challenges of maintaining Stir it Up. Cafés especially faced a share of hardships during the pandemic, and hiring troubles can quickly become hiring crises when the applicant pool only includes the greater Fairbanks area.

Keeping Cafe Stir it Up alive during the most challenging moments didn’t happen by chance or coincidence; Perez and her team put in the hours. Through engagement with their local community and a commitment to serve Fairbanks as best they could, Perez and her team got creative and survived as a result. Especially for those with dietary restrictions, Stir it Up stands for much more than a place to get good coffee and service. By having a business serve your needs, that business further justifies the legitimacy of your needs. Stir it Up gives a voice to a community that is usually restricted to much larger urban areas. While a dietary-restriction-friendly café may be a drop in the bucket in New York City, the people of Fairbanks know how lucky they are to have Stir it Up.

BRB for Growth

After submitting her video to the Kapitus Building Resilient Businesses Contest, Perez, and Stir It Up, found lots of love during the public voting phase. She and her team took home one of the five third-place prizes of $20,000. “We are ecstatic to win this prize,” Perez said. “So, to think…little old me in little ol’ Fairbanks won something and took third. This is huge for us. We are honored. $20k is going to help SO much.”

One of the many goals of the BRB contest is to enable small businesses to strengthen their communities. There are few better examples than Stir it Up and Perez when it comes to community empowerment. With these resources from BRB, Perez doesn’t just improve her business. With every coffee and meal served, Stir it Up fosters a home for dietary freedom.

Learn the stories of all of our small business winners:

BRB Stories: After Devastating Setback, Play Pits Takes First Place in Kapitus’ BRB Contest!

BRB Stories: Relying on Faith and Passion for Business Success

BRB Stories: Creating Libraries-worth of Unforgettable Memories!

BRB Stories: Healing Relationships with Body & Fitness

BRB Stories: Frères Branchiaux and the Fragrance Revolution

Pool on a sunny day

BRB Stories: Empowering a New Generation of Swimmers and Thinkers

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It is a wonderful gift to live in a time of shared ideas and growth. Modern technology and sensibilities can bring us together, but some demeaning stereotypes live on in unexpected and damaging ways. Black People Will Swim, owned and operated by Paulana Lamonier, works with gusto to modernize the image of black swimmers, and end the silent discrimination happening in our pools and minds. Black People Will Swim is an organization with one goal: To smash the stereotype that black people don’t swim. Through education, community-building exercises, and simply swimming, BPWS is a powerful example of how dedicated advocates can change perception through hard work. The voters in Kapitus’s Building Resilient Businesses Contest also saw the power in Lamonier’s vision and BPWS’s value, voting in quantity enough to win them a 3rd place $20,000 prize.

Winning in the first BRB competition, however, is just the beginning of the new day for Lamonier and BPWS.  

Education and Awareness

Stereotypes have a tendency to linger in “unfact-checked” territory. Stereotypes are supremely effective putdowns because they usually inflame an existing insecurity for the person being targeted. As a Black swimmer herself, Lamonier was familiar with the long-standing, hurtful stereotype that Black people can’t swim. And when she and BPWS were first offering lessons, she saw the harmful effect of this stereotype on full display. “This all started back in the summer 2019 when it was a challenge to teach 30 people how to swim. During that time, one of my students told me she couldn’t swim because her ‘bones are too dense.’ At that very moment I thought ‘Where did she get this idea from?’ From there, I started to do my research and realized that there are quite a few stereotypes and barriers that lead to the high number of drownings that take place in our community. I then realized ‘Wow! If she takes this false narrative as her truth, how many other black and brown people, who look like us, may have the same thought process?’”

This is why our program is rooted in education. Dispelling false narratives, but also educating non-POC, who teach people of color the racist history that takes place in aquatics.”

Starting a Business and Building a Community

Running an organization dependent on a pool and skilled instructors has its own unique list of difficulties in normal times; but maintaining those elements during the COVID-19 pandemic required some magical balancing. Lamonier, however, found impressive strength in her community even when pool access was extremely limited. “One of the biggest challenges in taking BPWS from an idea to a business was finding a pool to host our swim program,” Lamonier explains. “When we announced the opening of our program in just a few days, we postponed our start date due to the pandemic. This pushed us to get really creative and explore different ways to foster a community using the power of social media, despite not offering lessons.”

Among those creative concepts is the acronym F.A.C.E. which is a guiding principle for BPWS. “Our acronym F.A.C.E. is essentially our brand ethos. Any and everything we do within our brand must align with our acronym. The letter F is all about having Fun, the letter A is building Awareness, the letter C is creating a sense of Community, and the letter E is all through Education.”

Swimming and Empowerment

When asked if she sees swimming as a type of empowerment, Lamonier said, “Absolutely!”

“What I love about swimming Is that the ability to swim is not based off of height, looks, money, economic background, or anything of that sort. It is really a sport for the people. All people! Most importantly, swimming is the only sport that can save your life. It is a life skill that everyone needs to be equipped with. This is why I urge people to learn how to swim because it provides freedom.”

Swimming, then, has a power much grander than someone may guess at first. Building a community of people is an achievement in itself, but then demonstrating that that community can save lives and change minds is simply the first step in making a better, more understanding world. When asked what advice she has for people who want to be community organizers and activists, Lamonier explains that “I strongly encourage any and everyone who reads this to please remember your ‘why’! There are days when you are exhausted, may not have the funds to continue the mission, or the support either, but you have to remember your ‘why’ and the lives that you are helping and saving. That is what is going to help you continue. Also, it is vital for you to work smarter, not harder. Working hard is great, but working smart will take you further. Find help by assembling a team and delegate some of the tasks. You got this!

Building Resilient Businesses (and Communities)

To all those who followed the BRB voting period and those who put their power behind BPWS, know that your votes will go on to increase the scope and capabilities of Lamonier, her instructors, and all those in the BPWS community. Looking ahead, Lamonier has big plans for the next BPWS season: “At this time we are gearing up for our 2023 swim season. This means, hiring swim instructors, hiring an aquatics director, finding a pool location to host our swim lessons, and so much more. Most importantly, because swimming is a seasonal business, we really want to expand into merch. And with this win from Kapitus, we’re able to do just that.”

Black People Will Swim currently operates in the Brooklyn and Long Island area and offers a wide range of classes. And those who are inspired by Lamonier and BPWS’s message for community strength through swimming, Make the Promise to you and your loved ones that you will learn how to swim.

Learn the stories of all of our small business winners:

BRB Stories: After Devastating Setback, Play Pits Takes First Place in Kapitus’ BRB Contest!

BRB Stories: Relying on Faith and Passion for Business Success

BRB Stories: Creating Libraries-worth of Unforgettable Memories!

BRB Stories: Healing Relationships with Body & Fitness

BRB Stories: Frères Branchiaux and the Fragrance Revolution

Candle in middle frame

BRB Stories: Frères Branchiaux and the Fragrance Revolution

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Fragrances and aromas can bring us back to our favorite moments. Whether under the protective charm of cinnamon and pine sap during the holidays or the essence of a seaside town and wet sand, a candle never fails to brighten even the most silent and grey days. The value and power of authentic fragrance are well understood by the team at Frères Branchiaux, a family-owned candle company currently based in Metro DC. In celebration of the Frères Branchiaux team’s 3rd place win in the Building Resilient Businesses contest, we at Kapitus had the pleasure of learning more about the inspiring story of three brothers and their parents who built an eco-conscious vegan candle company from the ground up.

Exclusively using soy and coconut wax, each Frères Branchiaux candle is hand poured with artisanal care. It is no exaggeration to say that lighting a Frères Branchiaux candle with your family is supporting a small business and strengthening a fragrance revolution calling for high-quality, natural products that enhance our own living.

Building a Business

The modern-day family business can be much more than a classic mom-and-pop shop, as exemplified by Frères Branchiaux. Let’s instead call it a brother-brother-and-brother shop; this is because the Frères Branchiaux story started with three brothers Colin, Ryan, and Austin who were faced with a big question. Their mother told the boys that they could make more spending money by either getting a job or starting their own business. Thank goodness they chose the latter. 

Celena Gill (mother of les Frères Branchiaux) explained that on top of making high-quality candles, she and her team faced several unexpected challenges when starting their business. “We had no idea of how to run an e-commerce business nor did we have any type of marketing plan,” explained Celena. “Most of what we learned was on Google and YouTube University.  After we figured out how to make candles, we had to figure out how to market them.  Because the boys were homeschooled, we were able to vend in major cities all around the country.  We were able to home in on our customers and determine our target market.  Our challenges helped us learn who our customer was and how to sell to them.”

Growing a Business

The Frères Branchiaux story is emblematic of a universal change in how our small businesses interact with their communities. By not engaging in ecommerce, small businesses don’t simply lose a revenue stream; they are shortening the potential of their community. Frères Branchiaux took this guiding concept in stride and even scored distribution for their candles in major retailers like Whole Foods and Target.

Any small business seeking national distribution is aware of the pitfalls and sometimes aggressive requirements from big-name brands for distribution, but Frères Branchiaux had some key advice for small business owners hoping to see their products on more shelves: “Start networking and getting connected to buyers.  Also, ask other business owners in Target about their process, their journey, and if they can share their buyer contacts. Apply for any local vendor programs or accelerator programs that would help you gain entry into department stores.  Also, make sure that your products are retail-ready—have proper packaging, UPC codes, ingredients (if necessary) and directions. Our CEO mom, Celena, leads the way in developing relationships and connections to launch in more retail stores.”

Building a Niche

Candles, like coffee or deodorant, are a market full of existing competition and big names who hold massive sway. From Yankee Candle to Harlem Candle Company, it’s clear that candle companies need a strong identity that consumers can identify with. Candles, by nature, are luxury products, so people need to be genuinely compelled to choose one candle over another. This is another fact Frères Branchiaux took to heart when building their business and brand.

Frères Branchiaux is family-owned, vegan, eco-conscious, and community-minded. And further, the team at Frères Branchiaux lives by these guiding principles. They make decisions not based on trend-chasing, but personal inspiration. That inspiration is more than present for Frères Branchiaux: “We care about the air quality in our home and wanted to create candles that would be as ‘clean’ as possible to everyone’s home environment. Austin, our youngest co-founder, has asthma so we had to make sure that any lit candle has the best ingredients for his health.  Soy candles are vegan, clean burning, and emit a better mix of fragrance and wax than paraffin candles.” In an ocean of impersonal brands, the value of personal inspiration cannot be overstated.

Further, consider the Frères Branchiaux recycling program. Co-founder Ryan explains that. “We are very invested in using renewable resources and reducing our carbon footprint.  Since we use glass jars, we thought it would be best to start a recycling program to encourage others to do the same.” After someone entirely burns a Frères Branchiaux candle, they can package up and ship the glass container to their Maryland base. Plus, processed returns can net the sender a $1 coupon for use at pop-ups or the Frères Branchiaux online store.

Building a Future

Thanks to the Building Resilient Businesses Contest, Frères Branchiaux took home a $20,000 prize to continue their mission of clean-burning, hand-poured candles for all. When asked what is next in store for les Frères Branchiaux, the team mentioned some major plans: “In 2023, we are launching in Sur La Table in February, pet products on HSN, and have collaborations with creative brands.  We are also opening our flagship store in Oregon next fall.  Our oldest co-founder, Collin, will be entering the University of Oregon in the fall as a starting cornerback on the football team—so we wanted to open one of our flagship locations where we would spend most of our time. “

Those interested in getting their own Frères Branchiaux candles can find them through the company’s online store or at one of several national supermarkets. And keep an eye out for news on the new flagship and more on Frères Branchiaux team’s social media.

Learn the stories of all of our small business winners:

BRB Stories: After Devastating Setback, Play Pits Takes First Place in Kapitus’ BRB Contest!

BRB Stories: Relying on Faith and Passion for Business Success

BRB Stories: Creating Libraries-worth of Unforgettable Memories!

BRB Stories: Healing Relationships with Body & Fitness

BRB Stories: Empowering a New Generation of Swimmers and Thinkers

BRB Stories: Healing Relationships with Body & Fitness

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Congratulations to Superfit Hero, a Los Angeles-based small business that provides premium activewear for plus-sized women, for being named a third-place winner of Kapitus’ inaugural Building Resilient Businesses contest! Superfit Hero will receive $20,000 to help improve its business.

From Roller Skating to Workout Gear

It’s not often that one can use the words “roller derby”, an often-violent contact sport, and

Superfit Hero, Kapitus, building Resilient Businesses, small business

Micki Krimmil, founder of Superfit Hero, realized her passion for plus-sized sports wear for women after a stint as a roller derby player.

“entrepreneurism” in the same sentence, but in the case of Superfit Hero’s founder and CEO, Micki Krimmel, the two go hand-in-hand. Krimmel was a skater for the Angel City Derby team for nearly 8 years, and during that time, she came up with the idea of creating fashionable active sportswear for plus-sized women.

Krimmel credits playing roller derby for bringing out her inner athlete, as well as finding the will to stop being self-judgmental about her appearance. 

“I began playing roller derby around the same time I started my company,” said Krimmel. “What I thought was going to be a fun hobby quickly became much more than that. Roller derby became the most central part of my identity. For the first time in my life, I was an athlete.

This transformation proved nothing short of revolutionary. My entire relationship [with] my body changed and my confidence soared as a result. Like most people, I had a rocky relationship with my body and with fitness over the years. 

“I tried every diet, every fitness program, and I never felt like I was good enough. Once I began to think of myself as an athlete, my mindset completely shifted. Fitness became about performance instead of appearance…I applied this newfound confidence to every aspect of my life, including my business. As an athlete, I became increasingly frustrated with how fitness was being marketed to women. We are bombarded with constant messages that remind us of our inadequacy.”

Filling a Need

Krimmel has had an entrepreneurial spirit her entire career. In 2009, she founded Neighborgoods, a pioneering firm in the sharing economy, and served as a mentor for Code for America, a consultancy program for civic startup companies. When her career in roller derby was over, becoming an entrepreneur once again was a natural fit for her, especially given her new-found passion for helping women of all sizes get physically fit – a niche that had gone relatively unnoticed until Superfit Hero came along.

Superfit Hero provides active wear for plus-sized women, while encourage every woman to be proud of their bodies.

As the New Year approaches and many of us make resolutions to get physically fit, Superfit Hero is here to help plus-sized women keep that goal while encouraging them to be proud of their bodies. 

“Women are supposed to look a certain way, act a certain way, and fitness is a tool we use to conform to those ideals and as a punishment for not doing so,” said Krimmel. “I was frustrated that the real benefits of fitness were hidden behind these traditional marketing messages of the fitness industry. We all have the capacity for joy in movement. We all have the right to feel at home in our bodies. You don’t have to look a certain way to participate in fitness and enjoy the benefits. All you need is a body – any body.”

Manufacturing Woes

Like with all entrepreneurs, Krimmel faced some huge challenges when she launched Superfit Hero in 2015, with the biggest one being manufacturing. Krimmel found that despite Los Angeles being one of the biggest fashion and manufacturing capitals in the world, most of the factories in the city were geared to serve the larger retailers. 

In the first two years, Krimmel used six different factories and constantly ran into inventory shortages as a result. Krimmel was eventually able to find a manufacturing partner as well as slowly built a network of manufacturing hubs.

“I’m in a much more secure place in that I now have more options and a bit of leverage that comes with larger order sizes,” she said. 

A Passion for her Mission

Krimmel is just as committed to building a brand of plus-size fitness clothing so that no woman feels ashamed of or excluded from becoming physically fit, especially when they work out in public. Since launching, Superfit Hero continually offers new bundles of activewear, including its Daydream Eco-Leisure line, while continuing to offer its best-sellers such as its Superhold line of leggings and sports bras.

“My vision for the world is a future where the natural diversity of body shapes and sizes is celebrated, and everyone is welcome to participate in the fullness of life regardless of their size or ability…Superfit Hero is the world’s most inclusive line of premium plus size activewear with sizes L-7X,” said Krimmel. “Our mission is to make fitness and movement more inclusive and empowering for women. Over 68% of American women wear plus sizes but only 8% of fashion brands serve them. 

“Working with our community, we’ve spent years perfecting our fit for plus size bodies. We have established our brand as a leader in the plus size fashion industry. We partnered with Kohl’s to bring our entire size range to stores across the country. For many of our customers, this was the first time they were able to try on their size in-store anywhere.”

Marketing Expansion

Krimmel said that the company’s goal is to increase its reach through digital advertising and expansion, and the $20,000 from Kapitus’ BRB contest will help with those efforts.

“We are looking to hire a marketing director and increase our reach via digital advertising to expand our impact to a wider audience,” she said. “We’ve proven that we have what it takes to get our brand off the ground and now we need your help to get to the next level. Thank you for your support.” 

Learn the stories of all of our small business winners:

BRB Stories: After Devastating Setback, Play Pits Takes First Place in Kapitus’ BRB Contest!

BRB Stories: Relying on Faith and Passion for Business Success

BRB Stories: Creating Libraries-worth of Unforgettable Memories!

TFTI Experience, Brian Andaya, Building Resilient Businesses Contest, Small Businesses, Kapitus

BRB Stories: Creating Libraries-worth of Unforgettable Memories!

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Congratulations to TFTI Experience, a Houston-based small business that takes “selfies” to a whole new level, for winning the 2nd place prize in Kapitus’ inaugural Building Resilient Businesses contest! TFTI, which stands for “Thanks for the Invitation,” will receive $50,000 to help grow their business

Picture Perfect

TFTI launched its first “selfie” exhibit at the Marq’E Entertainment Center in Houston in 2018 and became an immediate success. The business creates specially designed rooms that are ideal places for individuals, families and friends to take selfies. TFTI then took their unique business idea to showrooms in Atlanta and Dallas. 

After surviving the worst of the COVID-19 pandemic, TFTI took off by opening a 5,000 sq. ft. space in

TFTI Experience, Brian Andaya, Kapitus, Building Resilient Businesses

TFTI’s Love Room has been the setting for many romantic gestures, including marriage proposals.

the Galleria in Houston which features 15 custom-designed rooms that provide unique experiences and backdrops for  customers to take the perfect selfies. 

“They say a picture is worth a thousand words, and if that’s the case, then we’ve created libraries worth of unforgettable memories with all of our guests,” said Bryan Andaya, founder and partner at TFTI. “TFTI is the original photo experience concept and we’re ready to create more. We are family-owned and started by first-time entrepreneurs who have learned so much since our opening back in 2018. All we need is the fuel to grow. Our name TFTI stands for the popular social media acronym ‘Thanks For The Invite,’ and we definitely want to thank Kapitus for inviting us to this wonderful opportunity.”

The Upside-Down

TFTI Experience, Building Resilient Businesses, Kapitus, contest, Brian Andaya

TFTI’s Upside-Down Room is one of its most popular attractions.

No, we’re not talking about the parallel universe in Netflix’s hit show “Stranger Things,” but we are referring to one of the coolest rooms at TFTI’s space at the Galleria – the room that mimics an upside-down apartment. The ceiling consists of hardwood floors and a fully decorated Christmas tree. Wrapped boxes and basic furniture are bolted to the ceiling. Photos of guests are turned upside-down, giving the appearance that they are defying gravity. 

There’s also the cherry blossom room where guests can sit on a swing, as well as the space station room where customers can put on astronaut gear and pretend that they’re floating in a space station. These are just some of the creative rooms TFTI has created for its guests. 

“People come just for the upside-down room,” said Andaya, adding that the room will change once the holiday season is over. He added that the “Love Room” has been used for marriage proposals, and the entire space has been rented out for parties. The creativity of the business is still flourishing, despite the bumpy economy. 

Expanding the Lens

Andaya said that the company will use the $50,000 to enhance the specialized rooms by installing high-quality photo booths in them. 

“TFTI plans to use part of the winning funds to start building photo booth systems in our interactive rooms,” said Andaya. “This will allow guests to take high-quality photos and receive them via text message or email on the spot. Perfect for guests who may not have the latest phone or [hightest] quality camera.”

Part of the prize money will also be used to enhance the company’s marketing strategy, said Andaya, noting that online advertising is the company’s biggest challenge. 

“Our biggest challenge currently is the rising cost of online advertising spend. Most of our guests can be found on popular social media platforms, but with online privacy changes and rising costs, they are becoming more difficult to target,” he said. “We work to overcome this by doing continuous organic postings, reaching out to local influencers in our area for partnerships and focusing on interacting with potential customers organically by commenting and liking their posts.”

Moving Forward

Andaya and his partners plan for continued success and expansion for TFTI, which was a natural offshoot of another company Andaya launched nearly 12 years ago, Lucky Shots. The company rents out portable photo booths that can print out custom, branded photos and has been used for events for big clients such as the Houston Texans, Houston Astros, CITY CENTRE and the Houston Rodeo.

Learn the stories of all of our small business winners:

BRB Stories: After Devastating Setback, Play Pits Takes First Place in Kapitus’ BRB Contest!

BRB Stories: Relying on Faith and Passion for Business Success

Strands of Faith, Ameka Coleman, small business, Building Resilient Businesses, Kapitus

BRB Stories: Relying on Faith and Passion for Business Success

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For small business owners, it’s all about keeping the faith – not only in God, but in yourself and your ability to succeed. That’s what drives Ameka Coleman, founder and CEO of Strands of Faith and one of the 3rd place winners of Kapitus’ inaugural Building Resilient Businesses contest. Strands of Faith is one of five 3rd place winners, and Coleman received $20,000 to help maintain and grow Strands of Faith. 

Starting her own business in 2018 took a tremendous amount of faith, courage, and hard work for Coleman, who gave up a lucrative career as a clinical researcher for pharmaceutical contract research giant PPD to become a small business owner. The Christian mother of four took the plunge into entrepreneurship when she realized that her passion was hair care.

Coleman was able to fill a need by creating a line of cruelty-free, non-toxic hair care products that

Ameka Coleman, Strands of Faith, Building Resilient Businesses, Kapitus, Contestof Faith

Ameka Coleman, founder and CEO of Strands of Faith, used her personal credit card, a small amount of savings and her faith to launch the business.

contain no parabens or silicone-based materials, yet keep hair moisturized and healthy.

“I launched the business in 2018,” said Coleman. “Prior to this, I never thought that I would one day own a business. I was in a career, Clinical Research, that I loved. It was truly a scenario of passion meeting purpose. Starting in 2006, I developed a passion for loving and embracing my natural hair and I was equally passionate about making progress in the field of clinical trials. Eventually, my science background and real-life experience merged into one to make a beautiful faith walk with purpose!”

A Wing and a Prayer

Like most small business owners first starting out, Coleman had few resources. She used a small amount of savings and personal credit cards to fund the launch of Strands of Faith, and her biggest assets during that time were support from her family and her passion for making clean hair care products. Even though she took a huge gamble by starting her own business, she found the resilience to push through the COVID-19 pandemic through hard work.

“Building Strands of Faith has been a journey of faith, hope, and resilience,” said Coleman. “If you would have told me 6 years ago that I would one day start a business, I wouldn’t have believed it simply because I didn’t have the mental fortitude, faith, and self-confidence to bet on myself. However, little did I know, my journey leading up to it was the perfect segway to creating my brand. While I was on a journey to finding myself, it resulted in me falling in love with the hair that God blessed me with. I then found great joy in encouraging and motivating other women to do the same.” 

Expansion Plans

Strands of Faith has found success through some rough times, and has grown to 10 employees and dozens of product lines, as well as a successful blog on hair care. Coleman said that she plans to use the $20,000 in prize money to help expand her team and strengthen its marketing efforts to serve customers both in the US and internationally. 

“This business became bigger than me,” she said. “I was led to create products that could help further the

Strands of Faith’s Holy Grail collection of natural hair care products has helped launch it to success.

mission by providing clean products for textured hair that would make women feel confident about their hair regimen. This entire journey has been one of faith. Starting out, I didn’t have many resources, but I didn’t let that stop me. I put my best foot forward, juggled all of the roles, and trusted God to lead the way. I was working my full-time job while also being a mom to 2 kids and a wife. It was rough but the vision made me stay committed.

“Now, as a mom of 4, I strive daily to be the best example to my kids, and it gives me great joy for them to see me keep pushing along this entrepreneurial journey. Building this business has impacted my life and others in so many ways but the most impactful way has been the reminder to simply keep the faith! This grant by Kapitus is such a tremendous blessing in allowing me to expand my team and marketing efforts so that we can continue to serve women all around the world.”

Maintaining Balance

Coleman may be unusual among small business owners in that she’s achieved something that many small business owners have not: balance between her personal and business lives. Her secret is putting her family and faith first. That balance, she said, is a key part of the success of Strands of Faith.

“I did the groundwork in the beginning and worked super hard to lay a foundation, so I now have a team who has helped tremendously with taking off some of the workload. Now, these days, though the business still needs much of my time to run, my priorities have shifted, and it is all about family first! Business now comes second to my family. I intentionally did the groundwork in the beginning when my kids were younger. Now that they are older, I am super intentional about being present for them!”

Advice to New Entrepreneurs

Coleman said that the beginning days of Strands of Faith were the most difficult as they are for most small business owners, but she advised new entrepreneurs that the learning experience of launching a business is well worth it. 

“I would say that the most challenging parts, in the beginning, were wearing many titles,” she said. “I now appreciate the process of first getting the experience in each role because over time it built me up to be an efficient business owner. I have learned that entrepreneurship is not just a journey by itself but, instead, it is also a personal healing journey! There will be many times where the journey may feel lonely, but this is when it becomes super important to lean on your self-confidence and focus on the past wins to get you through and, of course, God’s given strength.”

Congratulations to All the Winners

Kapitus’ inaugural BRB contest awarded $250,000 to 7 small businesses that are the epitome of strength and resilience – two crucial ingredients needed to launch and operate a small business. The first-place prize was $100,000, the second was $50,000 and five third-place winners each received $20,000. All of the winners also will receive a complimentary, 8-hour consulting/advisory session to help their business. Kapitus also looks forward to this being an annual contest starting every spring.

Learn the stories of all of our small business winners:

BRB Stories: After Devastating Setback, Play Pits Takes First Place in Kapitus’ BRB Contest!

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