Small Business and Funding

When the time comes for small business owners to finance a part of their business through a loan, things can get quite complicated.  Many banks – especially for small businesses- look into your personal finances to see if you have the credit and trustworthiness to hand you money. Personal credit scores and ending balances for the month in your checking account means something for the banks, and being aware of that fact can make your chances of getting a loan much greater.

For this and other stories, follow the links below.


The GOP says its business tax plan will help workers and small businesses. It won’t.

Instead, it’s a gift to people with lots of capital.

To understand the business tax provisions in the Trump tax proposals, begin with F. Scott Fitzgerald’s insight that the rich are different from you and me — they have more money.

In particular, they have more capital. (Ever polite, economists call piles of money that have been invested “capital.”) Business tax reform really is an exercise in how we should tax capital income — that is, returns on investments. And because the rich have lots more capital than do you or I, the benefits of the multitrillion-dollar business tax cuts proposed by the Trump administration’s tax “framework” necessarily will be vacuumed up by the most affluent Americans. Business tax reform has only a modest connection to the economic future of working stiffs, and the small connection that does exist is a second-order effect.


Small business jobs hurt as hurricanes close retailers

NEW YORK — Hurricanes that swept the southern U.S. last month shut many retailers and put hiring on hold at small businesses.

That’s the finding of payroll provider ADP, which said Wednesday that its small business customers cut 7,000 jobs during September. Many small and independent retailers in Texas and Florida had to close before and during Hurricanes Harvey and Irma, and many suffered significant damage from wind, rain and flooding. That slowed hiring, and employees at some stores were laid off. The Labor Department reported a jump in applications for unemployment benefits following the storms.

The hurricanes also curtailed overall hiring, ADP said, counting 135,000 new jobs at companies of all sizes, the smallest gain in nearly a year. Without the storm, hiring would likely have been closer to the average monthly pace of 185,000 for the last two years, said Mark Zandi, chief economist at Moody’s Analytics, which helps compile the ADP reports.


7 Things About Funding Sources that Small Business Owners Don’t Know — But Should

Getting funding for your small business is essential but not always as straightforward as you might think. Here are 7 things about funding sources you might not know about but should.

Small Business Funding Facts

You Need to Keep a Positive Ending Balance

Hanna Kassis works for Segway Financial. He says a small business should not only have money in a bank account before they apply for a loan, but a specific amount at month’s end.

“Lenders want to see that you’ve got a positive ending balance,” he says. “Say you’re anticipating needing a merchant cash advance at the end of the month, go put $500 dollars in your bank account.”

Your Personal Credit Score Affects Your Business Financing


 

Ohio Healthcare News

business (7)This is what is happening around Ohio that in some way or another affects the life of many Ohio families and individuals.

67K new businesses in Ohio could launch with health care law

Total number of self-employed Americans could grow by 1.5 million next year. Ohio could add as many as 67,000 new entrepreneurs as a result of the federal government subsidies made available to aspiring business owners through the Affordable Care Act, according to a new report from the Urban Institute.

The number of newly minted entrepreneurs in Ohio would ran fourth nationally behind California, Texas and Florida, and the total number of self-employed Americans could grow by 1.5 million next year when the states open their online marketplaces for health insurance under the health law, the nonpartisan Washington, D.C.-based think tank predicts.

With SAS, Ohio Mutual Insures Better Forecasting, Pricing

Since 2009, Ohio Mutual Insurance Group has used SAS-Analytics to explore price elasticity before making rate changes. Accurate forecasting with SAS enables the company to assess how proposed premium increases will affect renewals at agent and policyholder levels, so it can broaden its insurance lines with less risk.

Claiming $50M impact with lost business, Care Logistics sues two Ohio healthcare networks

Alpharetta-based Care Logistics, a provider of hospital management software and logistics services, is suing two Ohio health care networks, claiming they have cost the company millions of dollars after backing out of several business agreements.

In a case filed this week in U.S. District Court in Atlanta, Care Logistics seeks at least $12 million in damages from the networks, Catholic Health Partners of Cincinnati and Mercy Health Systems of Toledo, plus additional compensation.

 

 

 

Ohio Business News

business (5)Storing paper files in offices or warehouses is no longer done -we hope- but, when information in deleted so easily from a computer, we tend to wonder umm……, either way this is what is happening around Ohio this week.


Commercial kitchens: Can we stir up new food processing in Ohio?

In March, I was at a meeting in Champaign County, Ohio, when a woman asked me what I knew about community commercial kitchens.

Not much, I confessed, but enough to think they’re a great option for entrepreneurial small food processors and marketers.

Let’s say you have a great recipe for cheesecakes. You make them for every occasion and even give them as gifts. Pretty soon, people are asking if they could buy them from you.


Ohio women earn 75% of what men make, report says

As local leaders seek to improve the job outlook, national numbers again point to an income disparity between men and women nationally.

The National Women’s Law Center reports women working full-time make 77 cents on the dollar compared to their male counterparts. The center pointed to a disproportionate concentration of women working in minimum wage and tipped occupations.


Cleveland VA office accidentally deletes nearly 500,000 loan documents

The regional Veterans Affairs office in Cleveland says nearly 500,000 electronic home loan documents were accidentally deleted in May.  The VA says the information included active loan files, along with appraisal and grant documents for veterans and service members who qualify for the Specially Adapted Housing. Ohio Republican Senator Rob Portman issued a statement Monday saying that he wants more answers and what the office plans to do about the mistake.