Frequently Asked Questions


I have a great idea for a business. Can the CWBA help me start my business?

The CWBA can provide you with the support necessary to help you make your business a success. The CWBA will not start your business for you, but we will provide the opportunities to increase your chances of business success through education, training, individual business advising and access to resources. CWBA staff are ready to support you as you work towards starting your business and throughout your business ownership.


I am no longer a "new" business owner. How can the CWBA help me?

The CWBA's services are not just limited to new business owners and start-ups. We understand that business owners of existing businesses need support, too. Our training and individual advising appointments cover a range of topics including, but not limited to: identifying the right social media tools to use for your company, being an effective employer as you business grows, the art of closing the deal when networking, and succession planning. The CWBA is committed to supporting you as a business owner through the life cycle of your business.


Do I really need a business plan?

Yes! Whether you intend to borrow money, seek investors, or finance your business on your own, we recommend you develop a business plan. Writing a business plan will help you determine if: your idea is feasible, your cost/benefit analysis is realistic, and your marketing strategy is effective. The length of your business plan will be dependent upon your needs. A business plan should be a blueprint for your success in business ownership when you are launching your business or wanting to provide direction for growth. We are here to assist you in developing your business plan.


There are so many different types of business ownership. How do I determine which is the right one for me?

Starting your own business is exciting but can most certainly be overwhelming. Your passion to be an owner may not include the necessary administrative steps to launch your business. However, time spent laying a solid foundation can help save you heartache and costly complications down the road. Talk with your accountant or attorney to determine a structure that best fits your needs. The structuring of your business is vital in determining your limitations and liabilities.


How do I register my new business in the State of New Hampshire?

To register your business, start by contacting the Corporate Division of the New Hampshire Secretary of State (SOS) to register the business name if you plan to conduct business under a name other than your personal legal name.  Before filing registration papers, you can use the Business Name Lookup section located on the SOS website to determine if the name you plan to use is available.

Questions about registering your business can be answered by the Secretary of State's Corporate Division at 603-271-3244.


Do I really need a Tax I.D. Number?

For the purposes of identifying employers, the Internal Revenue Service (IRS) issues a Business Tax Identification Number, also referred to as a Federal Employer Identification Number (FEIN). If you have employees, you will need to have an FEIN. Individuals who do not have employees, have used their social security number as their tax identification number, however, some small business owners still choose to obtain a Tax I.D. Number for use in purchasing merchandise and supplies at wholesale prices. To learn more on how to obtain an FEIN, visit the IRS website.


Do I need a license for my business?

Several types of businesses and professions require licensing in the State of New Hampshire. To determine the type of license(s) you and your business may require, we suggest you begin by reviewing the following New Hampshire State websites:

Please keep in mind that local cities and towns may have additional permitting or licensing requirements depending upon the type of business you plan to operate.


Will the SBA provide me with a direct loan?

The SBA does not provide a direct loan to for-profit companies. The SBA does guarantee loans made be a commercial lender to eligible borrowers. This type of SBA loan guarantee is available only through commercial lenders, typically a local bank.  Essentially, the SBA assures the lender that in the event that the borrower (small business) does not repay their financial obligation and payment default occurs, the SBA (government) will reimburse the lender for its loss up to the agreed percentage of SBA guarantee. Under this program, the borrower is still obligated to the full amount due. For more information on SBA financing options, visit the SBA website.

A CWBA business advisor can assist you in identifying funding for your small business. Please keep in mind that regardless of an SBA loan or traditional bank funding, you will be expected to have collateral available. The amount of collateral required will be dependent upon the loan request.


Does the CWBA provide assistance with financing?

The CWBA does not provide direct financial assistance. We can help you identify financial options through traditional bank financing, micro loans, local economic development resources, or angel investors.