Daylight Savings
As we approach spring, the snow melts with the warm weather, the birds begin to chirp, and people begin to crawl out of their winter holes with sunglasses to see daylight. Most likely, we will see a renewal of business, as people’s mood improve and consumers begin to spend again. Additionally, daylight savings adds an extra hour of sunlight to our days and we can pack more work which means more productivity in those hours of sunlight. ... Read More
Obama’s Small Business Loan Fund Stalling
Obama’s Small Business Lending Fund was proposed in his State of the Union address last January 27th, and yet more than a month later, business owners still do not know the details of the plan. Mr. Obama claimed that local banks are more supportive for small businesses, and thus they will receive the $30 billion in repaid TARP funds to help continue to prop up small businesses suffering from a poor economy and a lack of credit. According... Read More
Richest Man in the World – Carlos Slim Helu
The richest man in the world, Carlos Slim Helu has positive projections for Mexico and the Latin American economy Forbes reported this past Thursday. With more than 200 different types of businesses from telecommunications, energy and tourism, the billionaire tycoon worth a whopping $53.5 billion, has taken upon himself the civic responsibility for creating additional wealth from wealth to help drive the world’s economy. “Wealth, either... Read More
Big Banks to Increase Small Business Loans in 2010
Big Banks have started to answer to the government and the nation, claiming that they will significantly increase small business loans this upcoming year in 2010. However, no information has been released on how the banks plan to do this, or what requirements they will have. Furthermore there is a question of what qualifies as a small business as there is no standard for this. JPMorgan Chase & Co. plan to extend an addtional $10 billion... Read More
New York State adds Small Business Loan Funding
Governor Patterson proposed two new state stimulus packages which would have to be approved by the state Assembly and Senate: a $25 million Small Business Revolving Loan Fund and a $25 million New Technology Seed Fund. The New York Power Authority would begin with the initial contribution for the revolving loan fund and would be sustained as business began to pay back their loans. The money would be distributed to non-traditional lenders development... Read More
Obama Backs SBA $1.8 Billion in Small Business Loans
The Small Business Association announces this week, that Mr. Obama has signed off on a $1.8 billion initiative to continue to help provide higher guarantees and waive fees on SBA backed small business loans . Loan applications from the SBA queue will receive funding followed by new applicants. The program is intended to resume on March 10th. Initially the banks received $730 in government stimulus money to help guarantee 90% of the loans and also... Read More
States and Cities Help Small Businesses
While Washington is debating what it can do to help small businesses in the tight economy, States and local municipalities have stepped up their efforts to help struggling businesses. San Fransisco has launched a new offensive to help stimulate employment, Jobs Now, which reimburses owners for 100% of some new hires. The $25 million campaign has helped restaurants, cafes, and even law firms. Employers have to pay for social security and for... Read More
Declined Small Business Loan
Veronica James, a Nashville Tennessee resident seeking a small business loan for her new business start-up, Urbandillo, was declined a bank loan from her recent bank the Nashville Business Journal reported on March 3rd. Ms. James decided to take to the streets, and stood outside while snow flurries drifted across her face, with a sign, “Will Work for Business Loan.” She has one patent already in existence and another pending on... Read More
Economic Recovery Official
Business Insider declared Friday, March 5th, that the economy has officially begun recovering from the economic recession as consumer credit has increased 2.4% or $5 billion in comparison to December 2009. This surprised economists as they expected a decline of $4.5 billion in January. This has stopped 11 months of consecutive decline in consumer credit. Here is the chart released by the Federal Reserve: Read More →
Small Business Loans Are Risky
The risk in lending to a small business is extremely high – even when those businesses have a solid business plan and are run by owners with lots of experience. We are seeing a clash between small businesses that are looking for capital, large banks that have the capital but don’t want to release it, and finally the government, who is sitting at the top, creating policy, and putting pressure on banks to release money. Yet, it seems... Read More