With Warm Regards,- SBIU's Editorial Staff
Lynnea M. Bylund | SBIU's Publisher[ Editor's note: The following is a summaryBarack Obama supported last year's financial market rescue legislation to prevent a financial and economic catastrophe. However, Obama understands that passing this rescue plan was not the end of our work to strengthen our economy - it was only the beginning.
Obama recognizes that small businesses need direct and immediate access to capital now. He has called for a Small Business Rescue Plan to help small firms get the loans the need to conduct day-to-day operating expenses, undertake short-term investments, and meet payrolls. The plan will use the tools we have available through the Small Business Administration to aggressively extend credit to struggling firms, while providing tax cuts for small businesses to encourage job creation.With small businesses responsible for more than two-thirds of new job creation, this plan is vital to stemming job losses and turning our economy around. Obama's small business plan includes:-- A Nationwide Emergency Lending Facility for Small Businesses-- Expanding Small Business Administration Guarantees to Encourage Private Lending to Small Businesses-- Temporary tax incentives to encourage small businesses to invest in jobs-- Zero capital gains rate for investment in small businesses-- Cut Taxes for the Vast Majority of Small Businesses-- Lower Health Care Costs and Ease the Health Care Burden for Small Businesses-- Create New Small Business Health Tax Credit-- Reduce Volatility and Lower Costs by Reimbursing Catastrophic Costs-- Investment in Cost Reduction and Quality Improvement Strategies-- Strengthen Small Business Programs Targeting Women, Service-Disabled Veterans, and Minorities-- Increase Access to Capital-- Reinvigorate the Small Business Administration-- Create a National Network of Public-Private Business Incubators-- Promote Small Business Ownership in the Communications Industries______________________________
The U.S. Small Business Administration’s America Recovery Capitol (ARC) loan program will begin offering up to $35,000 in zero-interest loans on Monday for small, viable businesses suffering “immediate financial hardship.”
Recession Makes Entrepreneurs Sharper
More than three quarters of entrepreneurs believe managing through the recession has made them better business owners.
Mike Michaud, a member of the House Small Business Committee, issued the following statement following a hearing on the Small Business Administrations' (SBA) access to capital programs.
Now that the evidence is pretty strong that we’re headed into an economic downturn (or are already in one), I thought I’d identify some mistakes that many entrepreneurs make in bad economic times.
I've been in business for 30 years, so I've lived through several downturns. You need the right outlook.
The belief that small businesses fare poorly in economic slowdowns is a common misconception that is not generally true. Solidly run small businesses actually hold their own during downturns.
Surveying the economic landscape in front of us and trying to imagine what the near-term future will hold, I recognize that, while hard work and stick-to-it-iveness will be critical to small business success this year.
To some extent, these are unique challenges that are facing small business today. There have been recessions before, but this recession has felt different.
SPRINGDALE — Every 11 seconds someone starts a home-based business, according to industry advocates. Some use the revenue to fill gaps left by unemployment, while others turn hobbies into small cottage industries.
Behind every statistic about whopping job losses and the shrinking economy are thousands of small businesses battling the everyday realities of trying to survive with less staff and fewer customers.
Business owners question things in bad times - how they do things, the way they run their business - which they don't necessarily do in good times. When bad times hit then panic starts to settle in. I've seen it many times in the businesses I consult too and there really isn't any need to 'slash & burn' too quickly when you don't have all the facts at hand.
I felt I should write this article to perhaps provide some insight to other small business people to help them avoid some of the mistakes I have made and to provide some hope and encouragement at a time when the whole world may seem to be against you.