From the Affordable Care Act decisions that small business have to make , the working capital that banks have this year, and the number of small business changing hands in Ohio, we are bringing you news of interest for you and your business.
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Ohio’s banks are more flush with cash than they’ve been at any point in the last decade, but bank deposits have been steadily leaking out of some communities and that can hinder their potential for an economic rebound.
Every year on the last day of June, the Federal Deposit Insurance Corporation collects a snapshot of deposits at every financial institution it supervises, including 258 in Ohio. That data, which was released earlier this month, shows the value of inflation-adjusted cash deposits in Ohio was higher on June 30 than in any year since 2003.
The $258 billion in Ohio’s commercial and savings banks even surpassed the value of what was counted in 2009, when money nationwide moved out of the then-volatile stock market and into the safety of FDIC-backed banks. Deposits are the primary source of funds that banks tap into for loans.
Small businesses have options with ACA
GREATER AKRON — Uninsured adults aren’t the only ones who have some decisions to make regarding the Affordable Care Act (ACA).
According to the U.S. Small Business Administration (SBA), the ACA includes measures specifically for small businesses that could help lower premium cost growth and increase access to affordable health insurance. Different provisions of the ACA may apply to those who are self-employed, an employer with fewer than 25 employees, an employer with fewer than 50 employees, or an employer with 50 or more employees, the SBA reports.
Small businesses — those with fewer than 50 employees — are not required by the ACA to offer employees health insurance. However, those businesses interested in providing coverage may use the Small Business Health Options (SHOP) Marketplace to compare plans at www.HealthCare.gov. They may also opt to keep their current coverage, but the business will not be eligible for tax credits.
Number of small businesses changing hands rises in Ohio
Columbus Business First reports that the market for buying and selling small businesses “stayed hot in the third quarter,” with numbers trending up in Ohio and nationwide.
The paper, citing a report from BizBuySell.com, says 1,685 small business transactions were closed nationwide in the third quarter, a 42% increase from 1,189 in the third quarter of 2012. BizBuySell is an online marketplace designed to facilitate small business sales.
“In 2013, it appears that the (market) conditions are finally coming together to unlock latent potential,” Curtis Kroeker, group general manager for BizBuySell, said in the report.
After “years of limited supply and demand, and mismatched expectations between buyers and sellers, small business sales are continuing to improve,” the study notes.
The newspaper says the upbeat third quarter “follows a similarly positive second quarter, where the value of companies changing hands increased from a year earlier.”
