Small Business News That Can Affect Your Business

October 22, 2014 by

business (6)According to the news, Rep. Steve Chabot is the most likely candidate as chairman of the House Small Business Committee for next year. In Northeast Ohio, his name may not be well known, but as a future representative in the small business committee, small business across Ohio may want to take a closer look at what Mr. Cabot’s office is doing to help the small business community in this country.

Follow the links below for more news about business.

House and Senate will likely have new small business leaders next year. Who’s in line?

Small business owners should know the names Steve Chabot, James Risch.

Outside of Ohio, Steve Chabot’s name may not mean much to small business owners. However, he may soon be one of their most influential representatives in Washington.

Rep. Chabot (R) is the most likely candidate to replace Rep. Sam Graves (R-Mo.) as chairman of the House Small Business Committee at the end of the year, according to a congressional staffer familiar with the discussions. Graves will be stepping down in accordance with self-imposed six-year term limits agreed to by all House Republicans.

Others interested in the gavel include Republican Reps. Scott Tipton (Colo.), Chris Collins (N.Y.) and Richard Hanna (N.Y.), according to the source, who spoke on the condition of anonymity because the discussions are intended to be private. All three currently serve as chair of one of the small business panel’s subcommittees. 

3 Million Reasons for Small Business Owners to Believe

So if you are a small business owner like myself, you have no doubt, seen all the ads while surfing the net for contests and grants to help grow your business, but you’re either too busy working, too afraid to bug your fans to vote for you, or too cynical that something like this could never happen to you, but I’m here to tell you there are 3 Million Reasons to Believe.

Last September, I sat down at my computer around midnight to watch a local news story that I had missed on the 10 ‘o clock news that was featuring a story about our business. I rolled my eyes as I realized I was going to be forced to watch this :30 second commercial before I could see the piece. My eyes and ears started popping as the seconds ticked by, and I started to comprehend what the ad was telling me.

What Small Businesses Get Wrong About Maternity Leave 

American women (and men) often bemoan the sorry state of maternity benefits, and understandably so: The U.S. and Papua New Guinea are the only two countries where female workers aren’t guaranteed at least some time off to care for newborn children, while only 5 percent of U.S. companies offer fully paid maternity leave.

Women employed by small businesses in the U.S. have it even worse. The Family Medical Leave Act provides workers 12 weeks of unpaid leave but exempts companies with fewer than 50 workers from complying. That means tens of millions of workers aren’t guaranteed time off after the birth of a child.

Small business owners who don’t offer paid leave and other benefits to new moms are making a mistake, according to a paper (PDF) published this week by the International Labour Association, an agency of the United Nations. They tend to overestimate the costs and underestimate potential gains, including happier workers, lower employee turnover, and less absenteeism. That reflects a pattern researchers observed in California and Australia, where small employers complained about the cost of new regulations governing maternity benefits—then later reported that offering paid leave seemed to boost productivity.

Obamacare’s small-business exchanges to see major changes in the coming months

Some states will see long-awaited improvements. Others will continue waiting. 

One year in, the new small-business insurance marketplaces born out of the new federal health-care law have fallen short of their promise in nearly every state, both in terms of functionality and enrollment. However, many are scheduled to see some important updates heading into year two — ones that health officials say should make them much more useful and appealing to small employers and their workers.

In the nation’s capital, for example, officials are preparing to roll out the third major update to the District of Columbia’s health-care marketplace, which already houses one of the country’s most robust small-business exchanges, often called SHOP (Small Business Health Options Program) exchanges. District small businesses have already been able to shop for and select plans online — an option that was delayed by at least a year in most states.

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Are You Stressed Running Your Business?

October 15, 2014 by

business (10)More than half of the businesses that start each moth are home based businesses, and more than 500,000 new businesses start each month.  Unfortunately, more employer businesses shut down each month, and not surprisingly as a small business owner you can understand why.  The stress of running a business-regardless of the size- are numerous, and for a business owner, he or she has to deal with the issues and find a solution anytime they come up. Time constraints, cash flow issues, worker related issues have to be dealt in a timely manner, and the business owner finds himself doing the job of several people in a daily basis.

For more information about small business news, follow the links below.

Common Stresses – and Reliefs – of Small Business Owners

Being a small business owner doesn’t come with a job description, and more often than not it includes unforeseen stresses and challenges that are out of the business owner’s control. As a result, more and more entrepreneurs are finding ways to balance the demands of business in both practical and surprising ways.

Common Stress #1: Lack of Control 

While being your own boss may appear to put you in the driver’s seat, working with external business partners, clients, investors and other outside parties puts you in a position where you lack control. Sure, you may have influence… but that’s isn’t the same as identifying all end results. This can cause many small business to gain stress and seek resolution. Unfortunately, guaranteeing the results or even the answers you want to happen are not always possible.

Doing Small Business Better: Is the customer king?

Welcome to ZDNet’s second panel discussion in the Doing Small Business Better video series. This week, our discussion will focus on the concept of being a customer-centric business.

This is a term that is used a lot, but what does it really mean? When it comes to building stronger relationships, it all revolves around managing customer expectations, which sounds simple enough.

Where do businesses go wrong when it comes to customer service? And what are the most important factors to consider to get it right?

The concept of delivering great customer service, and being customer centric, should be a priority for every business, but sometimes it can get a little lost in the day-to-day pressure of doing business. This panel discussion provides some insights on getting it right.

Hosted by Andrew Griffiths, taking part in the panel is Troy Eggins, managing director of Trojan TechGroup; Bob Greenup, managing director of BNI Sydney central and south; Peter “Ziggy” Tsiglopoulos, director and owner of 3P Financial Pty; and Lisa Conway, owner of Zing Business Coaching.

Small-business Contracting on the Rise, Official Says

WASHINGTON, Oct. 14, 2014 – For the first time, the Pentagon has exceeded departmental goals for small-business contracting, a senior Defense Department official said last week.

Small businesses made up 23 percent of the Defense Department’s prime contracts in fiscal year 2014, receiving about $53 billion in work, said Andre Gudger, director of the office of small business programs, in a DoD News interview.

“This year, the Department of Defense not only exceeded its goal, but it also is on course to exceed the federalwide goal. … That’s significant — that’s historical, in fact,” he said.

The department also exceeded its goal of 3 percent for contracts with small businesses owned by service-disabled veterans — about $9 billion in contract value — Gudger said. “There’s no one better than that group of people to know what we need and how fast we need it, and help us to reduce the barriers in acquiring it,” he said.

Prime contracts are contracts in which the department contracts directly with the business, as opposed to subcontracting, where a second company is hired by a defense contractor to accomplish some part of the work.

Critical to battlefield dominance

This is an important accomplishment, Gudger said, because small businesses are critical to dominance on the battlefield.

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Silence is Golden for an Effective Leader

October 7, 2014 by

business (11)Leaders tend to be people who are skilled with words.  They’re often equally comfortable with presenting to a large group, facilitating a contentious staff meeting or coaching one on one.  They’re counted on to know what to say in awkward social situations when other people freeze up.  In part, their jobs are to smooth over problems, break the ice and rally the troops.

These skills are one of the primary reasons they’re identified as leaders.  People who have good verbal skills convey authority and confidence.  Being able to use the right words is often, sometimes mistakenly, seen as thoughtfulness, intelligence and insight.  However, just because they’re excellent talkers doesn’t mean they’re effective leaders.

Many struggle with pausing, listening and letting others speak.  They have a “me” mindset that’s fostered by their job and facility with language.  They mostly have one-sided conversations and experience difficulty with two-sided ones.  A productive leader will pay attention to, learn from and correct these three common mistakes which unproductive leaders make.

Uncomfortable with silence – People in general feel uncomfortable with silence, but for a variety of reasons leaders particularly struggle with it.  A moment of silence is the way someone gathers his thoughts, formulates questions and processes information.  It’s vital to learning and understanding information.  An innovative leader learns the tool of silence and teaches it to others.

It’s really not all about you – Someone taking a breath or pausing in a conversation isn’t a signal to start talking again.  Truly motivating leaders don’t have to be the center of attention or control the conversation.  They’re able to wait out the moment and stay focused on what the other person is saying.

Know it all – Leadership is not synonymous with expertise and secure leaders know they don’t have to have all the answers or understand all the questions.  They surround themselves with people who do know the issues and the answers.  “Better to remain silent and be thought a fool than to speak out and remove all doubt” – Abraham Lincoln

Talking is less than one half of communication and successful leaders are good communicators, not just good talkers.  Most people, especially those in leadership positions, believe that because they’ve spoken communication has resulted.  Unfortunately, this isn’t accurate – the examples of excellent talkers who are ineffective communicators and leaders are legion.  It’s important to remember that the biggest problem people have with communication is assuming it has taken place.

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Small Business Topics You do Not Want to Miss

October 6, 2014 by

business (2)Small business owners wear many hats when running their business.   Many issues that plagued them daily are the issues of cash flow and time.  Their “to do”  list is never done, and the time needed to finish the myriad of things they need to accomplished is never enough. Cash flow issues are a constant reminder to the small business owner that either they need to borrow money or find a way to stay afloat. If those issues are something that you as a small business owner feel are important to you, follow the links below for more information about these topics.

What comes first: financing or growth?

The most common complaint we hear from small-business owners in 2014? Financing and lending are still tight, and these restrictions are impeding growth. For this special report, Crain’s reporters and researchers dove deep into the latest trends in lending, from Small Business Administration-backed loans to the community banking resurgence to the Kickstarter phenomenon. We also present trends and list resources in alternative lending, venture capital and microloans.

And what’s a small-business special report without plenty of advice from area business owners who have successfully cracked the money code? Meet the owners of Lickity Split, a custard shop that is taking advantage of tax-increment financing grants to expand; a day care owner in Portage Park who financed an extension with a microloan; and a maker of gluten-free bakery mixes who has dazzled venture capitalists at the age of 26. And lest you think that finding funding for your idea is impossible, scroll through our slideshow of 20 random Chicago-area projects that won Kickstarter in the past 12 months.

Small business, big mistake: Losing sight of the mantra that ‘cash is king’

Welcome to “Small Business, Big Mistake” where small-business owners face up to their biggest mistakes and share advice to help your company avoid the same fate.

My previous education and business experience were limited to the technical side of doctor’s offices, so I didn’t think I was prepared to be an entrepreneur. Still, I wanted to have my own business, so experience aside, I decided to jump in with both feet.

I did my research, wrote my business plan, and hung out my shingle. Suddenly, I was a professional pet sitter with my own small business. I provided daily dog walking services for busy professionals and pet-sitting services for owners when they went out of town.

My business grew organically, and within six months, I had more business than I could handle on my own.

10 Ways to ACTUALLY Get Through Your To Do List

We start out each day with the best intentions to get it all done, but sometimes it feels like the world may be conspiring against us. As entrepreneurs and self-employed individuals, we have a myriad of tasks on our plate at any given moment, not to mention trying to balance this workload with your personal life. If you’re looking for a few ways to help you actually cut through the fluff and get your real work done, try out these ten tips:

1. Just do it!
This is probably the simplest way to start getting more things done. Instead of spending time debating what you should be doing, pick one thing and just do it. Then pick another and do it. Don’t worry about what’s next on your list or the other things that need your attention. They’re not going anywhere. Just focus on the one task at hand. You may be surprised at how well this simple approach works.

2. Work in chunks of time. 

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Does your Business Need Mentoring?

September 24, 2014 by

business (3)The value of mentoring for entrepreneurs has invaluable benefits to them according to research. Many businesses and young entrepreneurs have acquired insights through mentorship, and have learned from their mentors’ mistakes business acumen that will help them with their business and endeavors.  Business people coming out of an MBA program can benefit the greatest and make fewer mistakes by having a mentor that can guide them and direct them to the right path.

Ohio River Bridges Project means big business for local contractors

LOUISVILLE, Ky. (WDRB) — The Ohio River Bridges Project means big business for some local companies.

Major progress on the Ohio River Bridges Project and the reconfiguration of Spaghetti Junction is taking place. Cranes are up and cement is mixing. Four major components of the bridge project are: ready mix concrete, structural steel, aggregates and asphalt paving.
Advance Ready Mix is working on both the Downtown and East End Bridges. Business has been so good with this project, the company says it’s hiring more truck drivers.
“What percentage of your business is the Bridges Project?” WDRB’s Valerie Chinn asked.
“I’d say right now it’s 10-20 percent of ours,” said Chad Deters, sales manager for Advance Ready Mix. “We still have a lot of other work.”
“It came at a really good time when the economy was down,” Deters added. “It really kick-started our year last year and kept on rolling.”
The company was not working on the Bridges Project when a woman was killed in the crosswalk on the Louisville side of the Clark Memorial Bridge at Second and Main by an Advance Ready Mix truck.

Business mentoring franchise expands to serve Springfield, northwest Ohio

A business mentoring concept has opened a second location to serve northwest Ohio and the Springfield area.

The Alternative Board — a concept of business advisory and executive business coaching boards — is forming another franchise based in Russia (Shelby County), which will serve the northwest of the state. Ed Miller, a longtime consultant, is the owner of The Alternative Board of Northwest Ohio.

“The fact you’re dealing with decision makers and CEOs in this concept, it appeals to the intellectual and academic side, this type of concept,” Miller said.

The board will likely attract businesses in the manufacturing and professional services industries, but its goal is to bring in business leaders from multiple industries to provide many perspectives similar to a board of directors for smaller companies in the $1 million to $8 million revenue range that might not have an established group of mentors.

Support for minority businesses costing Ohio taxpayers

Consumers know you pay more when you buy a product through a middleman who must mark up the price to make a profit.

State government, by its own design, is spending hundreds of thousands of additional taxpayers’ dollars with middlemen as part of its quest to support minority businesses.For many years, when state purchasing officials needed software from Microsoft, they placed orders with two of the company’s authorized resellers.

Now, state agencies buy software through three middlemen created by a contract through which they resell the resellers’ software to the state, an investigation by The Dispatch finds. The minority-business enterprises (MBEs) relay orders to the resellers while tacking on fees of 3 to 4.75 percent of the cost, increasing the expense to the state.

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Ohio Business News and other Stories

September 20, 2014 by

business (5)News about  Ohio’s small business and personal income tax deductions have been updated and are found at the Ohio’s department of taxation website.  If you are not sure what deductions to take or your business is allowed to take you must contact your tax advisor for information about it to make sure that you have indeed all correct information.  For more news about Ohio follow the links below.

Kasich Plans Small-Business Swing To 3 Ohio Cities 

HAMILTON, Ohio – Ohio’s governor will focus on small businesses in a swing through three western Ohio cities.

Gov. John Kasich has Tuesday stops in Hamilton, the Dayton area and Tipp City. The Republican is seeking re-election this November. He will begin the day at Hamilton Caster, a business that makes casters, industrial wheels and other products and dates back more than a century in the Butler County seat.

A campaign announcement with the National Federation of Independent Business/Ohio is planned there. The small business association recently announced its endorsement of Republican Attorney General Mike DeWine’s re-election.Kasich also plans to meet with owners and patrons at a Dayton-area bowling alley, followed by a small-business panel discussion in Tipp City.

Democratic Cuyahoga County Executive Ed FitzGerald is challenging Kasich this fall.

Ohio ~ Personal Income Tax: Small Business Deduction Discussed

The Ohio Department of Taxation (DOT) has updated its web page dedicated to the small business personal income tax deduction. The DOT notes that virtually all small businesses in Ohio are now eligible for a 50% tax deduction on the first $250,000 of business income.

The DOT reminds taxpayers that the small business deduction enables a business owner to deduct 50% of Ohio net business income from the adjusted gross income they report on their Ohio personal income tax return. If the business has multiple owners, each is eligible to claim the deduction. The 50% deduction is available on up to $250,000 in business income, meaning the deduction is capped at $125,000 for each investor or owner.

For taxable year 2014 only, the small business investor income deduction will increase to 75% of a taxpayer’s small business income of up to $250,000. The deduction will be limited to $187,500 for individuals with a filing status of married filing jointly or single. For individuals with a filing status of married filing separately, $125,000 is the maximum income subject to deduction which allows for a deduction of up to $93,750. The DOT notes that at this time, the temporary increase in this income tax deduction is authorized for tax year 2014 only.

Ohio’s candidates for governor cite favorite statistics on economy 

Go to any speech by Ohio Gov. John Kasich and you are guaranteed to hear how the state has gained 250,000 private-sector jobs since he became governor, compared with the 350,000 lost under his Democratic predecessor.

Democrats will point out that job growth began during the final part of Gov. Ted Strickland’s term: Ohio’s national ranking was better in the Democrat’s last year than in Kasich’s past year.

Both contentions are true. That’s the challenge of comparing economic plans: Since both sides know that employment is easily the top issue among Ohio voters, the political handlers furiously churn out a whirlwind of statistics to make the case for their guy.

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Business Lessons And Information

September 9, 2014 by

business (4)Are you a business owner struggling to make your business get ahead? Research and articles about the US economy and its recovery are abundant, all hailing that the US economy is progressively doing better. As a small business owner the recovery may not have reached your business yet, and the truth may differ a bit in your case, but keeping yourself informed and motivated can be the difference between a good and a great year for your business. Follow the links below to read the complete articles.

Four Valuable Business Lessons To Learn From Football

Are you ready for some football? Many Americans spent hours in front of the television this weekend as the 2014 NFL season opened. Regardless of how your favorite football teamed performed (I recognize that half of you are depressed by the outcome), you probably were content just watching your favorite team TISI -0.95% play. But, I’m here to be sure you don’t overlook the business lessons buried in the sport. Here are four valuable lessons you can take from the football season, along with important guidance about where football and business differ.

Build a Successful Team

Each NFL team needs a group of players with complementary skills that together make a great team. In your business, it works the same way. You need skill players, strength players, a great quarterback, and a staff of supporting coaches.

Business leaders downbeat on workers’ prospects

Despite an improving economy and record corporate profits, business leaders are skeptical about their ability to compete abroad and downright pessimistic about the prospect of increasing pay or improving living conditions for American workers, according to a new report from Harvard Business School.

Co-authored by high-profile Harvard professor Michael Porter, the report also identified a “troubling divergence” in the economy, in which most businesses are thriving, as are highly skilled workers, yet middle-class and working-class employees are struggling.

Porter and his team urged business leaders to become more involved in efforts to improve living standards for more workers, such as additional training and education, out of self-interest: a stronger workforce will make their companies more competitive in the global economy.

Business Leaders Worry About Income Inequality And Revolution

Income inequality must have become a mainstream concern because even business leaders worry about it. A newly released survey by the Harvard Business School of its alumni about American competitiveness shows that a “troubling divergence in the American economy” could ultimately sink the country’s prospects. Even as large corporations, the wealthy, and “ highly skilled individuals” prosper, “middle-class and working-class citizens are struggling.” So are small businesses, which are an important source of new jobs. The result is a division of the U.S. into two parts, one small and wealthy, the other comprising the vast majority that finds it more difficult to get by as time moves on.

The problem, according to the analysis of what these executives have said, is that to be economically strong, the U.S. must compete in the global economy while supporting and advancing the standard of living for its citizens. The financial results of large corporations show success in the first area. Standards of living are another matter:

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A Customer-Centric Culture is Everyone’s Job

September 5, 2014 by

business (7)Jim was making a large purchase of electronic equipment, add-ons and accessories.  He did his research on-line and was planning to buy it all on-line.  However, he wanted to see some of the components, so he went to a big box store.  The salesman was attentive, informative and offered discounts on various items.  Jim made a several thousand dollar purchase in the store due to the salesman’s help, knowledge and flexible pricing.

Jim was so impressed with the customer service that he asked to talk to a manager, to compliment the salesman.  After some time the manager showed up complaining that he was on a break and was unhappy with being interrupted.  As Jim tried to praise the salesman the manager was impatient and uninterested.

He even tried to take credit for the sale, arrogantly saying “I taught him everything he knows.  I should be the one you’re thanking”.  Jim walked away still happy with the salesman, but dissatisfied with the company “who should know better than to promote such an oblivious jerk to a management position”.

In a customer-centric culture it’s everybody’s responsibility to understand and uphold the company’s clearly communicated principles.  These succinct and focused set of values and norms guide how employees think and act, day in and day out.  It’s a culture where the customer’s perspective and experience is embedded into the company’s DNA.

Establishing and maintaining this culture is an on-going project which requires discipline and commitment at all levels.  All of the employees are responsible for monitoring, supporting and mentoring each other.  The best customer-centric cultures flow from top to bottom and bottom to top.

When the principles are at the center of every action, decision, conversation and strategy it becomes harder for a company to lose its way.   The company’s purpose becomes the companies “why and how”.  Why are we doing this?  How will it help the customer?  It helps a company stay focused on the reason why they’re doing what they’re doing – their purpose for being in business in the first place.

Then everything they do to design the customer’s experience will be aligned with this purpose.  Remember, customers buy from and return to the brands that they feel committed to, ones with which they feel aligned.  Many companies lose their purpose and then lose their focus, which weakens their customer’s commitment, leading to the business faltering and eventually failing.

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Obamacare and Tax Refunds for Small Businesses

September 4, 2014 by

business (8)According to certain reports by the SEIU.org Ohio ranks 35th.in the nation for health Status. It also states that as the Affordable Care Act is fully implemented, close to a million Ohio residents will gain access to affordable health care. Diabetes, asthma and obesity have plagued the nation in recent years and Ohio is not immune to those health risks. Being able to afford health care is for many individuals a problem of insurmountable proportions and President’s Obama Health Care Act gives them the hope of obtaining health coverage for them and their families this year.

For more news about Ohio, follow the links below.

After delays, Obamacare options for small businesses coming to Ohio soon

WASHINGTON, D.C. — The Obama administration has selected Ohio and four other states for what it says is “early” access to an Affordable Care Act program offering health insurance to small businesses.

This will allow businesses with up to 50 employees to look for competitively priced health coverage for 2015 through the Small Business Health Options Program, or SHOP, according to the U.S. Department of Health and Human Services.

The federal SHOP program was supposed to be in place this year but was pushed back amid numerous problems in starting up the ACA’s main program, covering individuals. Some states with their own enrollment processes did not have these problems and were able to start SHOP anyway, but Ohio was one of many relying on the federal enrollment mechanisms.

Small business owners get hefty state tax refunds

The state is refunding millions of dollars to small business owners who overpaid their taxes in previous years and were not aware of the errors.

An Ohio law signed this year by Gov. John Kasich forces the Ohio Department of Taxation to refund overpaid taxes to companies. State officials said so far they have cut refund checks for $29 million.

Previously, if a business wasn’t aware it had overpaid and didn’t request a refund, the money would be held at the department of taxation, and once statutory deadlines passed, the money would roll into the state treasury, officials said.

“It was just wrong. The policy was anti-business. It was terrible, so we have changed it. Who knows how many millions and millions of dollars should have been in the hands of business people across this state for many years and it’s lost forever,” Ohio tax commissioner Joe Testa said.

Down-ticket Dem candidate talks small business in Athens

The Democratic nominee for Ohio Secretary of State, state Sen. Nina Turner, visited Athens Tuesday to meet with various area small-business owners to learn about ways to help if she is elected in November.

Turner, a Cleveland Democrat, said in an interview that she was in Athens to hear the experiences of small-business owners, and hear their ideas about the local business environment and how to improve the Secretary of State’s Business Services Division. She called the division a key component of her plans for the office.

“It was such a pleasure sitting down with these business owners and leaders in their community to discuss the situation on the ground in Athens and learn their stories of starting their businesses and making them successful,” said Turner.

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Women In Business

August 28, 2014 by

business (10)There are more than 9 million companies that are owned by women.  They employee close to 8 million people, and together they accomplished sales close to 1.5 trillion dollars as of this year. With those statistics one wonders why it is still hard for a business woman to get a loan from a bank or get the same benefits than their male counterparts get. To read more about this topic and to read more about Ohio’s economy outlook, follow the links below.

Ranking state economies: See where Ohio falls

Ohio’s economy is something of a mixed bag, at least according to Business Insider, which has ranked all 50 states.

The Buckeye State ranks No. 25.

Here’s what Business Insider has to say about Ohio:

“Ohio has a disproportionate number of manufacturing and health services jobs. However, Ohio’s scores on our measures were very much a mixed bag:

On the bright side, Ohio’s unemployment rate dropped sharply over the past year, from 7.4% in June 2013 to 5.5% in June 2014.

The housing market in Ohio, on the other hand, is not recovering as quickly as it is in many other states. Ohio saw a small 0.1% drop in housing prices between Q1 2013 and Q2 2014.

Similarly, Ohio faces demographic challenges, with the working age population shrinking by a marginal 0.1% between 2012 and 2013, one of only 13 states to show a decline in this population.

Women small business owners struggle to get loans

NEW YORK (AP) — Women are a growing force in the business world, but if they own a company, they may still struggle to get a loan from a bank.

Carrie Charlick and Marcia Cubitt have $4 million in sales but have been rejected for $500,000 credit lines since 2012. Their 11-year-old company, Essential Body Wear, sells women’s underwear at parties at customers’ homes. That’s a problem for bankers, Charlick says. Because the Detroit-based business doesn’t have a traditional structure and sells directly to the public rather than retailers, banks keep saying no.

“We don’t have receivables and we don’t own a building,” she says. “We don’t have collateral.”

Male loan officers have also made inappropriate comments about the fact the company sells lingerie. Charlick is convinced that they have a problem with women-owned businesses.

Women owners have long been at a disadvantage getting loans. Some states required husbands or other male relatives to co-sign business loans until the practice was outlawed by the Women’s Business Ownership Act of 1988. But women’s business loan approval rates are between 15 percent and 20 percent below men’s, according to the online lending marketplace Biz2Credit.com.

Several factors contribute to the problem. Banks historically have been gun-shy about small businesses, and that caution increased due to stricter government regulations after the 2008 credit crisis. Often, women-owned businesses are young, making them look risky to lenders.

Greg Abbott celebrates growth in women-owned businesses in Texas, overlooks meaningful details

In an email blast, Greg Abbott’s campaign said Texas businesses owned by women flourished with Barack Obama in the White House.

Abbott, the attorney general and Republican gubernatorial nominee, wasn’t saluting the Democratic president. In the July 10, 2014, email message, Kim Snyder, Abbott’s deputy campaign manager, called Texas the “land of opportunity – especially for women.” Texas does better than other states, Snyder wrote, adding: “Let’s compare: the growth rate of women-owned businesses in Texas has nearly doubled that of the nation since President Obama has taken office.”

A reader, bringing the email to our attention, wondered about the described growth rates.

To our inquiry, Abbott spokesman Avdiel Huerta said by email Abbott’s near-doubling reference was based on reports by American Express OPEN, which American Express describes as the leading payment-card issuer for small U.S. businesses.

According to the 2013 State of Women-Owned Businesses report, Huerta said, there were 8,617,200 woman-owned U.S. firms, including 737,300 in Texas, in 2013. In 2007, AMEX said there were 7,793,139 woman-owned firms nationally and 610,007 in Texas, Huerta said.

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