President Barak Obama has announced that Maria Contreras-Sweet, a Latina woman, as his nominee to lead the Small Business Administration. This is historical, as she is the first Latina woman nominated for the position. This nomination is great for all small business owners, as Ms. Contreras-Sweet is a small business owner. Ms. Contreras-Sweet founded ProAmerica Bank, a Latino-owned community bank in Los Angeles, which focuses on lending to small to medium sized Latino businesses. She knows the struggles for those attempting to obtain a small business loan. Her appointment can help ease the minds of those who are weary of […]

Small business in the United States increased their borrowing in November 2013 by 1percent. While 1 percent doesn’t seem like a lot, consider all of the small businesses in the United States. Small businesses make up nearly 60% of all employment. This increase in borrowing helps confirm that the economy is steadily rolling upward. This also shows that it is a great time to get a small business loan. Whether you are obtaining your first small business loan, or are taking out additional funding, you must consider all options. Banks are the standard for small business loans, but have rigid […]

Small businesses are reporting an improvement in new employee hiring, marking the highest jump in 8 years. This is a sign that the United States economy is improving. This is also a positive sign for potential business owners, as well as a positive sign for those looking for small business loans. According to Entrepreneur Magazine, there are between 25 and 27 million small business employees in the United States. That accounts for around 60% of all employment. Small businesses help keep our country afloat, not only job-wise, but also economy-wise. Small business can help keep locals shopping within small towns, […]

The state of Kentucky is set to receive extra funding that will be provided to various businesses that do not meet specific credit standards. The Governor of Kentucky also announced additional funds totaling approximately $5.1 million dollars that will be allocated via the U.S. Treasury Department. Nearly $15 million dollars has been awarded since the year 2011 and it is being given out in 3 separate disbursements. The initiative also works with lenders as 3 options are available for businesses and individuals who do not meet the specific underwriting standards.  A Secretary for Economic Development pinpointed that the 1st disbursement […]

Bitcoin has become popular for many business owners over the past 5 years. Bitcoin is a type of platform which allows individuals to pay each other via a digital network. Bitcoin is actually not considered to be a currency but it is labeled as a type of ‘cryptocurrency’. Bitcoin is typically utilized to pay for specific services and products. Many merchants prefer Bitcoin because it has a transaction fee of approximately 0 to 1 percent as compared to a 2 to 5 percent credit card charge. The main argument against Bitcoin is whether it is actually considered to be a […]

The ABI (American Bankruptcy Institute) announced a 24 percent drop in the amount of businesses filing for bankruptcy. Combining individual and business bankruptcies, the percentage of bankruptcies fell approximately 13 percent since the year 2006. The fall in the bankruptcy rate is a positive sign for the economy as many businesses are able to withstand the economic drought. The number of bankruptcy filings also fell approximately 1.03 million for the year 2013 when compared to 1.19 million in the year 2012. Overall, the number of bankruptcy filings fell in every state in the U.S. Unfortunately, the number of filings rose […]

Everyone knows that all businesses have their share of successes and failures. While this is common, it is also wise to learn what you need to do to set your business apart from competitors in your area. Sustaining your business so that you can sustain your life, lifestyle, and reputation is another side of the scale that is not often as glamorous as the view of business ownership, as can be depicted in books and movies. Do not have a bad first impression. It seems easy enough, but if a business is new, or if you are having a bad […]

Whether you are a new business owner or have an older company, it is important to maintain an annual budget. By creating an annual budget for your business, you will provide a guideline for the company’s expected income as well as expenses and enable you to compare your estimated business with the actual numbers. An annual budget will serve as a scale for how your business is performing. An annual budget will also help you see where changes should be made. You can create a budget on paper, or using a computer program such as QuickBooks. You could even use […]

An important part of owning and operating a small business is understanding the concept of cash flow. Small business owners can be entrapped into misinterpreting cash flow as profit, which is incorrect. Cash flow is the cash you have available at any given time to pay bills and other expense. This includes  cash generated from sales, loan payments, and capital expenditures. For a small business, effective management of cash flow is vital to stabilize your business and keep it running smoothly. If you have ineffective cash flow management you may not have an accurate idea of your available cash and […]

The holiday season is the season of giving and receiving; also it is the season of booming sales for your business. Maximizing your holiday season sales can create a major impact on your annual bottom line. The smallest effort during the holidays can create dramatic rises in sales. Effective holiday promotional tactics can create tangible benefits in sales for your business, creating the resources your business needs to grow and develop. Here are some last second promotional tactics your business can use to help give a boost to sales this holiday season. Online Marketing Tactics The internet is a marvelous […]