A new website to help small businesses choose the right retirement solution for their employees was launched this week by the Employee Benefits Security Administration and the American Institute of Certified Public Accountants. "Having the right plan will give small business owners a way to save for their own retirement while helping their employees save for a secure retirement," said EBSA Assistant Secretary Phyllis Borzi.
View the WebsiteFriday, October 22, 2010
Wednesday, October 20, 2010
Flexibility webcast
The Department of Labor has announced an October 20 live webcast: National Dialogue on Workplace Flexibility -- Best Practices and Challenges for Small Businesses.
The webcast begins at 10 am ET/9 am CT and concludes at 1:30 pm ET/12:30 pm CT.
The webcast will be available at http://www.dol.gov/dol/media/webcast/live/wb.
Monday, October 11, 2010
Treasury Announces State-by-State Funding Allocations to Support $15 Billion in Small Business Lending, Create New Jobs
State Small Business Credit Initiative Critical Component of
Small Business Jobs Act President Obama Signed into Law This Week;
All 50 States, DC, and the U.S. Territories Now Eligible for Funds to
Help Local Entrepreneurs Expand Their Businesses and Put More Americans Back to Work;
WASHINGTON – Today, the U.S. Department of the Treasury announced individual State Small Business Credit Initiative (SSBCI) funding allocations for all 50 states, the District of Columbia, and the U.S. territories, which will support $15 billion in new small business lending through innovative local programs that help entrepreneurs expand their businesses and create new jobs. These SSBCI funds are a critical component of the Small Business Jobs Act President Obama signed into law last week to help unlock credit and provide targeted tax cuts for small businesses. (A full listing of the state-by-state allocations announced today is included below.)
"Innovative local initiatives that support small business lending are under extraordinary pressure because of state budget difficulties," said Treasury Secretary Tim Geithner. "These funds will provide vital support to successful state-level programs that help local entrepreneurs obtain the credit they need to put more Americans back to work. President Obama fought hard for the Small Business Jobs Act because it will help ensure that small businesses continue to strengthen our nation's recovery and serve as critical engines for job creation."
Under the SSBCI, states are offered the opportunity to apply for federal funds for programs that partner with private lenders to extend greater credit to small businesses. States are required to demonstrate a minimum "bang for the buck" of $10 in new private lending for every $1 in federal funding. Accordingly, the $1.5 billion funding commitment that the federal government will make for this program is expected to support $15 billion in additional private lending.
o Collateral Support Programs for Small Manufacturers: Collateral support programs help viable businesses that are struggling to get credit because the value of the collateral they hold has fallen, often due to the decline in commercial real estate values. These programs – which set aside funds to augment collateral the borrower already holds – provide banks greater confidence in extending credit to these borrowers, particularly in some of the communities hardest hit by the economic downturn.
o Capital Access Programs (CAPs): CAPs, which are already up and running in over 20 states, are loan portfolio insurance programs in which states provide a matching contribution to bank loan loss reserves when lenders extend credit to qualified small businesses. These reserve enhancements allow lenders to expand credit to new borrowers at a time when many of these lenders might otherwise pull back.
o Loan Guarantee Programs: Under loan guarantee programs, states provide partial guarantees on certain small business loans to give lenders greater confidence to extend credit.
If a state does not have an existing small business lending program, officials can establish one in order to access this funding. States must provide plans for utilizing their funding allocations to Treasury for review and approval.
The amount of SSBCI funds a state is eligible to apply for is determined based upon formulas in the Small Business Jobs Act that take into account each state's respective unemployment rate and decline in employment relative to other states.
In addition to the State Small Business Credit Initiative, the Small Business Jobs Act includes a number of important provisions to support small business job creation. The Act includes eight new small business tax cuts that went into effect immediately upon becoming law last week; creates a $30 billion Small Business Lending Fund to help small and community banks provide new loans to small businesses; extends and expands existing Small Business Administration loan programs; and delivers other important benefits for small businesses. For more information on the Small Business Jobs Act, please visit, link.
A full listing of State Small Business Credit Initiative allocations by state, as well as the amount of expected new lending that those allocations are expected to produce, are included below:
REPORTS
Bank of America Small Biz grants
[From Philanthropy News Digest] Charlotte-based Bank of America has announced forty grants totaling more than $3.7 million to Community Development Financial Institutions (CDFIs) and other nonprofit lenders to help spur lending to small businesses and expand their lending programs into new communities.
The grants represent the first round of funding through a $10 million Bank of America initiative designed to provide nonprofit lenders with loan loss reserves, an initiative that could unlock as much as $100 million in low-cost, long-term capital for small businesses nationwide over the next year. In the six weeks the grants have been available, CDFIs have used the funds to access nearly $27.5 million in microloans and other lending capital from the Small Business Administration and U.S. Department of Agriculture. With the new capital, the CDFIs expect to make 2,000 new microloans to small businesses and start-ups and help retain or create nearly 4,000 jobs in local communities across the nation.
The grantees serve small businesses in urban and rural communities in seventeen states. Early results include $5.5 million in microloans and capital leveraged by six nonprofit lenders in New York using $900,000 in Bank of America grants and $5.6 million leveraged by nine nonprofit lenders in California that received $790,000 in grants.
“Bank of America Awards First Round of Grants to Nonprofit Community Lenders for Microloans to Small Businesses.” Bank of America Press Release 10/06/10.Tuesday, October 5, 2010
Small Biz Advantage grant--applications due Nov. 5
DEP: Advantage Grant Program Opens to Small Businesses Looking to Increase Profitability by Reducing Energy Costs and Pollution --Grants up to $7,500 Available to Increase Energy Efficiency
HARRISBURG -- Small-business owners in Pennsylvania seeking to improve energy efficiency to save money and prevent pollution can apply for a Small Business Advantage Grant through the Department of Environmental Protection. Businesses can apply for 50-percent matching grants of up to $7,500 to adopt or acquire energy efficient or pollution-prevention equipment or processes.
Applicants must be a for-profit corporation, LLC, partnership, sole proprietorship or other legal entity with 100 or fewer full-time employees. The grant-supported project must be located within a Pennsylvania facility owned by the applicant and save the business at least 10 percent annually in energy or pollution-related expenses.
Applicants may be manufacturers, retailers, service providers, mining operators or agricultural businesses. Examples of eligible projects include HVAC and boiler upgrades, high-efficiency lighting, solvent recovery systems, waste recycling systems and auxiliary power units deployed as anti-idling technology for trucks.
Nov. 5 is the application deadline. Faxes and electronic submissions will not be accepted. Eligible applications will be approved on a first-come, first-served basis until funds are exhausted.
Since Governor Edward G. Rendell launched the program in 2004, the Small Business Advantage Grant Program has awarded more than $5.8 million to 1,041 businesses across the state. The application package, including guidance, instructions and application form, is available at www.depweb.state.pa.us, keyword: Small Business Advantage, or by calling 717-783-8411.
Applications must be mailed or hand-delivered to the Department of Environmental Protection, Office of Energy and Technology Deployment, Rachel Carson State Office Building, 400 Market St., P.O. Box 8772, Harrisburg, PA 17105-8772. ATTN: Small Business Advantage.
For questions or concerns regarding project eligibility, contact the Office of Energy and Technology Deployment, Small Business Ombudsman’s Office at 717-783-8411 or at epadvantagegrant@state.pa.us before submitting an application.
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A nonprofit 501(c)3 organization, the RCWE’s mission is to connect people with jobs through collaborative workforce development efforts and strong partnerships with economic development, business, education, and government sectors in the Northwest Pennsylvania region.