This article is provided by the Greater Scranton Area SCORE Chapter.
Choosing to go into business for you is a major decision that usually means a commitment to hard work and long hours. As you struggle to build your business, however, you also must be careful not to overdo it and succumb to business owner burnout. It’s vital to take some time off to recharge your personal batteries. (more…)
SBA
The SBA will be hosting a FREE program to explain how small businesses can take advantage of opportunities included in the American Reinvestment and Recovery Act.
The program will be held at the University of Scranton on July 29 from 9:00 AM to 12:00 PM. Register today!
SBA
I recieved an email that gave some very disturbing news about a scam targeting small businesses… (more…)
Yesterday, President Obama signed the $787 billion Economic Recovery and Reinvestment Act of 2009, his first major initiative developed to combat the nations’s current economic slump. This bill is quite broad in scope and was designed to impact communities around the country in many ways in the months and years ahead.
Essentially, the plan has two main goals: short term job production and long term economic viability. Through spending and tax cuts, the legislation is expected to be our nation’s road to economic recovery.
But, if you’re a small business, I’m sure you’re still wondering, “What does this mean for me?”. The Economic Recovery and Reinvestment Act of 2009 has a few specific programs that can directly benefit northeastern Pennsylvania small businesses.
The new law includes:
This is great news for NEPA small busineses. MetroAction, which is an federally certified CDFI and an SBA microlender, will be able to access these funds and pass the benefits on to local small businesses.
Recently, as area banks have tightened their lending requirements, MetroAction has experienced higher demand for MicroLoans and other business development assistance. The programs supported in the Recovery Act will help ensure that small businesses in our community have access to the resources they need.
If your business needs small business financing or assistance, call us at (570) 341-0270. When banks can’t help…MetroAction can!
Details about how you can access the new funding and what affect this will have on MetroAction’s funding programs for Fiscal Year 2010 will be available soon. Stay tuned!
Want to share your thoughts about the funding for microenterprise development in the Economic Recovery and Reinvestment Act? Leave a comment for MetroAction’s Small Business Blog – be the first to start a discussion!
If you own an online business or if your brick and mortar establishment has a website, then this information is for you!
Business.gov, a website committed to providing businesses with access to government services and information, has recently developed a business Toolkit. The Toolkit is a “gadget” specifically designed for small business enterprises.
A “gadget” is a small object that can be posted to any website simply by cutting and pasting a code to the webpage. “Gadgets” offer various resources that are automatically updated everyday.
The new “gadget” provided by business.gov offers a wide variety of information and resources that are relative to small business owners. The features that this “gadget” offers are as follows:
• Explore information, forms, and contacts at all levels of government.
• Peruse current topics pertaining to small businesses.
• Research applicable licenses and permits pertinent to your business.
• View media clips offering advice from top entrepreneurs.
This is a quick, free, no maintenance reserve that provides you, and the ones that visit your website, with the latest information and resources related to small businesses. To obtain the code that will allow you to post this business Toolkit to your company’s website, visit www.business.gov.
A business name can say a lot about you and your company. Even though it’s probably only one or two words, some very powerful first impressions may be drawn simply by reading the name. A good business name conveys what a company stands for, its values, and why it is distinct from other business entities.
Sometimes, for one reason or another, the proprietor of a business wishes to change the name of their company. Before doing this however, there should be a lot of thought put into the reasons for the wanted change and how a name change might affect the business. The name change decision may hold some repercussions that you as a business owner may not be equipped to handle.
If you have decided to change the name of your business there are specific actions that you must take which depend on the type of business organization that you have chosen for your company.
Sole Proprietorship
The name of a sole proprietorship may be changed by sending a letter notifying the IRS of the intended name change. The letter, which must be signed by the owner or an authorized delegate, should be addressed to the same destination where the owner files his/her return.
Corporation
The name of a corporation may be changed by filling in the appropriate information on the current year’s tax return form. If the name change occurs after the current year’s return has been filed, a letter, addressed to the same destination where the corporation files its return, can be sent notifying the IRS of the name change.
Partnership
The name of the partnership may be changed by filling in the appropriate information on the current year’s tax return form. If the name change occurs after the current year’s return has been filed, a letter, addressed to the same destination where the partnership files its return, can be sent notifying the IRS of the name change.
This information applies to the three main types of legal structures. There are others available. MetroAction recommends that you consult with you attorney and/or accountant before changing your business name.
For more information, please go to www.irs.gov.
Choosing a business organization is one of the most important decisions you will make when starting your own company. It is, therefore, imperative that you understand the rules and regulations that are exclusive to each specific entity. It is also important that you clearly define every aspect of your business. By doing this you ensure that you will pick the correct business organization for your company. (more…)
A new small business loan program is available for military service members and veterans! Eligible individuals can apply for up to $50,000 in small business financing to start or grow a business in Carbon, Lackawanna, Luzerne, Monroe, Pike, Susquehanna, Wayne or Wyoming counties. Funding can be used for start-up capital, to purchase equipment or machinery, make building improvements or for working capital.
To be eligible, at least 51% of the business must be owned by a member of the military community, including veterans, service-disabled veterans, active-duty service members eligible for the military’s Transition Assistance Program, reservists and National Guard members. Spouses of service members and widows of service members or veterans who died during service or of a service-connected disability are also eligible to apply under this program.
If you are interested in applying for this program, you can submit your pre-qualification application online or download a paper copy.
MetroAction has just received notification that strict lending limits have been imposed on the SBA’s CommunityExpress loan program. Unlike its other loan programs, MetroAction partners with a bank out of California to offer the CommunityExpress loan program to northeastern Pennsylvania businesses. All applications for the CommunityExpress program must be submitted through a Technical Assistance Provider, such as MetroAction. Over the past 5 years, MetroAction has helped more than 85 businesses obtain nearly $1 million in financing through this unique small business financing program.
Typically, most applicants with good credit had a fairly good chance of being funded through this SBA pilot loan program. However, now with the new lending limits, our partnering bank can only approve 5 new loans each month. This cap is huge obstacle for our clients, since our partnering bank, accepts CommunityExpress applications from Technical Assistance Providers across the county.
Congress passed a law in 1996 that limits any SBA pilot program to 10% of the loan volume of all 7(a) lending. The SBA’s 7(a) program is the largest and most popular of the SBA guaranteed loans. In order to avoid reaching the 10% threshold by the end of the fiscal year, CommunityExpress lenders must adhere to strict lending caps over the next six months.
We are very aware of how these caps are going to affect our small business community. In response, we will carefully review every loan pre-qualification application that is submitted to us to see if the applicant will qualify for any of our other small business loan programs. For more information on our pre-qualification process visit our website, www.metroaction.org/finance.html or call our staff at (570) 342-7711.