Challenge grant for small businesses

[From Philanthropy News Digest]

Opportunity International has announced the launch of a $1 million challenge grant designed to double the impact of corporate and small business contributions to the organization.

Through the end of the year, the Caterpillar Foundation will match new contributions or any gift in excess of a company's previous gift to Opportunity International, up to a total of $1 million. Donations from corporations and small businesses made through the initiative will be used to fund Opportunity International's various initiatives, including educational finance and rural and agricultural finance programs that are helping the working poor in sub-Saharan Africa, Mexico, India, Indonesia, and China achieve financial freedom, gain self-sufficiency, and feed their communities.

"Businesses have come to realize that they have an important, and even critical, roll to play in addressing many of the challenges that our world faces," said Caterpillar Foundation vice president Will Ball. "We are proud to be able to partner with businesses that are committed to solving complex and difficult issues, such as poverty, in supporting Opportunity International's efforts to provide savings-based microfinance services to the world's most marginalized citizens."

“Opportunity International and Caterpillar Foundation Launch $1 Million Corporate Challenge to Help Alleviate Global Poverty Through Savings-Based Microfinance Programs.” Opportunity International Press Release 11/15/10.

Small Biz Exporting Tool

Small businesses interested in exporting now have a new online tool to help them tap into the global marketplace to grow their business. Developed by the U.S. Department of Commerce and the U.S. Small Business Administration, Six Steps to Begin Exporting, www.export.gov/begin, is the latest tool in the National Export Initiative toolbox to help entrepreneurs begin exporting.

The six-step process begins with a self-assessment to help potential exporters gauge their readiness to successfully engage in international trade. The self-assessment is followed by sections on training and counseling programs; resources to create an export business plan; information on conducting market research; assistance for finding foreign buyers; and investigating financing for your small business exports, foreign investments or projects.

Upon completing the self-assessment, businesses receive a score indicating their level of readiness. Based on the score, additional resources are identified to fit their specific needs, including SBA and its nationwide resource partners SCORE and Small Business Development Centers, as well as Commerce's U.S. Export Assistance Centers, which provide individualized support.

News Release

Small Business Innovation Awards

The Tibbetts Awards are presented to those small businesses and individuals judged to exemplify the best in the SBIR program. The award is named for Roland Tibbetts, acknowledged as the father of the Small Business Innovation Research (SBIR) program, and is presented to companies and individuals that promote the mission and goals of the SBIR program and Small Business Technology Transfer (STTR):

- to stimulate technological innovation;

- to use small business to meet federal research and development needs;

- to encourage diverse participation in technological innovation;

- to increase commercialization of Federal research.

Nominations for the 2011 Awards will be accepted starting November 15, 2010. The nomination period will close on December 15, 2010 at 5 PM EST. Anyone can nominate a company and/or individual for a Tibbetts Award – including self-nominations. For more information, visit the SBA Tibbetts Awards Website: http://www.sba.gov/aboutsba/sbaprograms/sbir/tibbetts/

For more information on EPA's SBIR program see: http://www.epa.gov/ncer/sbir

Follow NCER News and New Funding Opportunities on Twitter: http://twitter.com/EPAncer/

CDFI loan grants

[From Philanthropy News Digest] Citigroup, Inc. has announced that it will distribute $60 million to Community Development Financial Institution (CDFI) loan funds by year's end to boost small business lending in low-income areas, the Associated Press reports.

The bank will award grants to CDFIs in thirty-nine states and the District of Columbia through a $200 million fund it established earlier this year with the Calvert Foundation and the Opportunity Finance Network. Eligible small business owners will be able to use the loans to hire new staff and/or expand their business.

In the past, community banks were the largest provider of credit to small businesses. But since the stock market crash of 2008, lending by community banks has fallen as many banks replenish their reserves in the face of an uncertain economy.

To that end, Citi is working to meet the financial needs of small businesses through the fund. For example, the fund recently made a loan to help a Chicago-based nonprofit open a sixty-seat restaurant that will serve inexpensive meals to low-income families. Citi told the AP that the nonprofit expects to add twelve full-time employees to its payroll as a result of the loan.

“Citigroup Grants $60M for Small Biz Lending.” Associated Press 11/03/10.

Retirement Plan Solutions for Small Businesses

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.

· Read the News Release

View the Website

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.

National Dialogue on Workplace Flexibility Webpage

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.

The SSBCI allows states to build upon existing, successful state-level small business lending programs, including examples such as collateral support programs, Capital Access Programs (CAPs), and loan guarantee programs.

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

• Full listing