The statistics for the small business community are looking good for 2015. Small business owners believe and are confident that this year will be more profitable than last year, they intent to hire more employees, and feel confident they will invest more in technology. Taxes, new regulations, and other costs associated with the running of the business are not pleasant nor foreseeable, but those are some of the limitations that they can, and are used to dealing with in a daily basis.
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Small Business, Job Creation, And Why We Should Lend To Young Companies
Any honest conversation about creating jobs in the United States must include the role played by small business. Collectively, these businesses create the lion’s share of new jobs. The current SBA Administrator Maria Contreras Sweet regularly argues that two out of every three new jobs are created there. So when Experian approached me with a new study that explored the impact of small businesses (particularly startups), on our economy and what we could do to encourage more job creation, they had my attention.
As one of the three biggest business and personal credit reporting bureaus, I consider Experian’s advice and perspective very relevant to this conversation. I recently spoke with Peter Bolin, Experian Director of Consulting and Analytics, to talk about the research. When they dived into the data they found that small businesses and startups really do have a direct impact on job creation in the United States. They focused on the 2010 class of startups and looked at the resilience of the overall US economic recovery and how these businesses have performed in the four years since they opened their doors.
New chip credit cards putting squeeze on small businesses
NEW YORK — New credit and debit cards with computer chips are putting the squeeze on small businesses.
The cards being rolled out by banks and credit card companies are aimed at reducing fraud from counterfeit cards. As chip cards are phased in, magnetic stripe cards, which are easier for thieves to copy, will be phased out. Businesses of all sizes face an Oct. 1 deadline to get new card readers and software that can handle chips. Most estimates of transition costs for small companies vary from the low hundreds to tens of thousands of dollars due to the wide range of equipment used.
If businesses don’t meet the deadline set by companies including MasterCard, Visa and American Express, they can be held liable for transactions made with phony chip cards.
Small Business Owners Want a Fair Share of Their Taxes Back
New Jersey’s Small Business Development Centers are pushing again for an increase in their state funding — which would in turn make the centers eligible to have federal funding increased to the program in a state with one of the nation’s highest unemployment rates.
The network, formally called America’s SBDC New Jersey, says it had its state support slashed in former Gov. Jon Corzine’s term from $1 million down to $250,000 — and then survived an attempted cut to zero in Gov. Chris Christie’s administration. The state Legislature restored that $250,000, but the funding has been frozen at the same level since Christie’s first year in office, 2010.
Officials with the group argue that’s too little — especially because restoring the $1 million state matching funds would bring back almost that much in federal support for the small-business centers.
By its own figures, SBDCNJ helped 534 clients start new businesses last year, and “helped its clients create and save 15,089 jobs.”
