New Funds For Small Business In Ohio

April 22, 2014 by

business (3)The U.S Department of the Treasury announced Thursday that it will transfer $18.1 million to Ohio to help small business lending to companies and small business entrepreneurs.  These funds will provide Ohio small business owners the available resources to help create jobs thus improving the Ohio economy.

Read more about this by following the links below.

Ohio offers more money for small business loans, using once-controversial funds

WASHINGTON, D.C. – Ohio just got more than $18 million to loan to small businesses, which officials say should seed $180 million in private loans from banks.

The $18.17 million is being transferred from the U.S. Treasury Department to Ohio’s Development Services Agency, which will work with businesses and bankers to expand or start small companies that are deemed credit-worthy and promising but need help meeting collateral or other underwriting standards.

In some cases, this is because the value of their inventories or real estate declined during the economic downturn, creating a shortfall between their collateral and their financing needs. Bank rules require them to have more money on hand or more value before a loan can be issued.

The federal money, through the state’s Collateral Enhancement Program, can help make that up. It also will help businesses through related programs: the Ohio Capital Access Program and the Targeted Investment Program. The state previously received $12.4 million for these programs and stands to get $24.5 million more once the new amount is put to use, according to Treasury Department figures.

Fed transfers $18M to Ohio small business lending program

The U.S. Department of the Treasury on Thursday announced the transfer of more than $18.1 million to Ohio to support the state’s small business lending program.

Through the State Small Business Credit Initiative, the funds will support Ohio’s Collateral Enhancement Program, Ohio Capital Access Program and Targeted Investment Program.

Officials said Ohio will use the funds to leverage greater levels of private lending and investing in small businesses located in the state, often by partnering with local community banks.

“Ohio continues to leverage federal State Small Business Credit Initiative funds to attract new loans and investments to the state’s small businesses,” said Cliff Kellogg, director of the State Small Business Credit Initiative, in a statement.

“These funds are intended to continue the state’s partnership with local entrepreneurs and small business owners to provide new sources of capital, help create jobs, and improve the economy,” he said.

Playhouse Square seeks to fill empty retail spaces through small-business grant contest

New signs, including archways like the one pictured here, have popped up in downtown Cleveland’s Playhouse Square district during the past few weeks. As the theater district finishes a $16 million transformation of its public spaces, the Charter One Foundation and the Downtown Cleveland Alliance are running a grant contest to revive empty storefronts on East 14th Street and Euclid Avenue. (Marvin Fong, The Plain Dealer)

Small businesses seeking space in downtown Cleveland’s theater district will have a shot at $1,500 to $20,000 in grant funding through a program that has helped fill other empty storefronts in the city.

The Charter One Foundation and the Downtown Cleveland Alliance announced Monday that they’ve teamed up with Playhouse Square to launch a grant competition that ends May 16. The money, $20,000 in all, could help a handful of businesses or a single entrepreneur cover start-up costs such as rent, equipment and fixtures.

Playhouse Square is targeting the Hanna Building, the Hanna Building Annex and the Keith Building — two office buildings and a residential redevelopment where the upper floors are largely full but some street-level retail spaces sit vacant. The empty storefronts, on Euclid Avenue and East 14th Street, range from 420 square feet to 3,257 square feet.

 

 

Filed Under: Ohio Business News Tagged With: , , , , , , ,

How To Keep Score For Your Business

April 10, 2014 by

business (4)Many small businesses – and small teams in large ones – work hard without working smart. More effort is exerted than necessary and the results are that the business is less efficient.

So how do we work smarter and more efficiently?

The answer to this is dashboarding. A dashboard is a tool many newer businesses are using as a means of charting the work they do and projecting future outcomes where applicable, such as in sales and the green energy sector.

Among the common programs to create a dashboard are Microsoft Excel and the Numbers app.

How to Create a Dashboard

Using a spreadsheet, the top rows should title the tab. Below that, the columns for important data need to be input. The rows on the left hand side that run from top to bottom will note the project, customer, or prospect.

Using a Dashboard to Track Sales

For sales professionals, the dashboard not only helps you stay on track, but also enhances your progress and increases your income. When you dashboard, you’ll not only have your customers’ information in one place, but you’ll also note important information such as:

  • When you called last
  • When you’ll call next
  • The reason for calling
  • Notable information

Additionally, many sales people like to note how many “points of contact” they’ve made so as to track just how many times they have to call someone to make a sale.

Secure Your Future With a Dashboard

David Katz was an intern with a green energy company in New York City when he was preparing to graduate from Columbia University. The position was only meant to last the summer, but during that time, Mr. Katz did a complete overhaul of the company’s energy measurement and billing methods via dashboard.

When the summer ended, the dashboard was deemed too valuable to lose, as was its master. Mr. Katz is now one of the top players at this company that may go public in the next five years.

If this wasn’t enough, the dashboard also added to the young man’s legacy. Those in his circle have replicated his actions and dubbed the process he enacted as “pulling a Katz!”

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Taxes, Penalties And Your Business

April 9, 2014 by

business (9)The cost of starting a new business depends on the business model or the industry you are entering. A home based, consulting home business or free lance is much cheaper that opening offices some place, and buying office furniture, installing new phones, electric, insurance, etc. The cost of starting a home based business could be only a few thousand dollars, compared to the figures of the small business administration a few years back that estimated the opening of a new business as $30,000.  The cost associated with opening and running a small business is high, but there are many expenses that you may be able to postpone or even get by without worrying too much about it.  One of the expenses that you can absolutely not postpone is getting an accountant that will take care of the taxes and government filings your business needs to do to avoid penalties that you could incur otherwise.

Read more about this topic by following the links below.

Small Business Owners Have a $4.5 Billion Payroll Tax Problem

Every month, employers across the U.S. send money to the IRS to cover payroll taxes—levies drawn from employee pay to cover Social Security, Medicare, and unemployment insurance. Many botch the process. The IRS issued 6.8 million penalties totaling $4.5 billion related to these employment taxes for the year ending last September, according to recently published data from the IRS (PDF).

Those numbers are down from 2009, when the IRS issued 7.9 million penalties for $7.1 billion. The government doesn’t say what share of the fines were handed out to small businesses, but large employers are generally better equipped to stay current on ever-changing tax rules.

Why are businesses incurring enough in annual penalties to pay for a new Navy destroyer?

As companies get bigger or smaller and hire different types of employees, the rules they must follow can shift. Tax collectors often change rules on their own accord, meaning a business that paid payroll taxes on a monthly basis one year might be expected to pay every two weeks in the next. “There are so many little rules for a small business owner to stay on top of,” says David McKelvey, a New York-based partner at accounting firm Friedman.

McKelvey advises his clients, which generally have at least $1 million in annual sales, to outsource payroll services. Companies such as ADP (ADP) and Paychex (PAYX), to name two of the largest payroll firms, have the resources to stay current on tax rules and in many cases will guarantee customers against payment of IRS penalties, McKelvey says.

Small Businesses in Limbo Again on Tax Breaks

Small businesses are in limbo as they wait for Congress to make decisions that could save them a lot of money.

Bills in Congress would extend tax deductions widely used by small businesses making equipment or property purchases. One, known as the Section 179 deduction, has shrunk to a maximum $25,000 this year from $500,000 in 2013. Another, called bonus depreciation, expired at the end of last year.

The deductions are a big deal for small companies, saving them thousands or even millions of dollars on capital investments. But because Congress decides every year how big the deductions will be, owners can’t plan their equipment budgets until lawmakers vote. And in recent years, worried about the ballooning federal deficit, Congress has put off those votes, sometimes until late in the year.

The annual uncertainty hurts small businesses looking for a break when their combined federal and state tax rates run as high as 40 percent, says Doug Bekker, a certified public accountant with the firm BDO in Grand Rapids, Mich. They don’t know if they should make the purchase in the current year or defer it. And as the economy gets stronger and businesses are more profitable, they’re concerned about tax bills.

“If you talk to the typical small business out there, there’s a very high level of frustration,” Bekker says.

It’s getting cheaper to buy a small business in Baltimore

The cost of buying a small business in Baltimore has dropped by more than 11 percent during the last year, according to BizBuySell.com.

The website reports that the median asking price of  businesses for sale in Baltimore is $255,000, a $33,000 decline (11.6 percent) from the end of the first quarter in 2013.

Meanwhile, small businesses are generating more revenue than they were a year ago. BizBuySell reports business had median revenue of $496,654 during the first quarter, up from $480,000 during the first quarter last year.

BizBuySell compiled its numbers based on listing data from 248 businesses.

Filed Under: Ohio Business News Tagged With: , , , , , ,

Taxes, Hiring And The Minimun Wage In Ohio

April 5, 2014 by

business (7)It is the tax season and talk about taxes, penalties, tax cuts, minimum wage and hiring are the talk of the town.  For everyone that is still procrastinating about doing their taxes, I just want to remind you you ONLY have 10 DAYS left.   If you are not ready nor will be ready in ten days time, it is probably wise for you to file and extension to file later and avoid those pesky penalties the IRS will impose on you. For more news about what is happening in Ohio please follow the links below.

Push for $10.10 minimum wage would create winners, losers in Ohio

Amy Zickefoose’s husband works long, difficult hours with machines in Tennessee, hundreds of miles from their Mansfield home . For this dangerous work, he receives $11 an hour.

State and federal politicians have proposed raising the minimum wage to $10.10 an hour by 2016, but Zickefoose said fast-food employees shouldn’t be paid that much.

“I definitely don’t feel (they) should make almost as much as my husband,” said, Zickefoose, adding that she doesn’t believe an increase would help her family . “I know his boss wouldn’t give him another dollar.”

An increase in the minimum wage, which is $7.95 an hour in Ohio, would mean layoffs and potentially higher food prices, but also better-paid workers and potentially lower costs for social services. Whether that sounds like a great or horrible idea depends largely on where you fit into the workforce.

“From the employees’ perspective, a wage increase is always appreciated,” said Randy Davies, president and CEO of the Chillicothe-Ross Chamber of Commerce. “There are many aspects a small business owner  would have to adjust.”

The Congressional Budget Office estimated 500,000 workers, or 0.3 percent of the American workforce, would lose their jobs by 2016 if Congress raised the minimum wage to $10.10 an hour. However, another 16.5 million would see their wage increase, the report stated.

Faber: Tax cuts, regulatory reform has Ohio going in the ‘right direction’

LIMA — The leader of the state Senate claims Ohio is moving in the right direction, but that is not good enough and more work needs to be done.

Before Republican Gov. John Kasich took office, the state was losing 100,000 jobs per year for several years, Senate President Keith Faber, R-Celina, said. In the last three years, the state has seen private enterprise create 238,000 jobs, including 300 jobs at Ford Motor Co. Lima Engine Plant.

Under former Democratic Gov. Ted Strickland, Faber pointed out the state’s “rainy day” fund dropped to 89 cents and Kasich inherited a state budget that was $8.5 billion in debt. Today, the “rainy day” fund is approaching $1.5 billion and the budget is balanced.

“We are going in the right direction now,” Faber told about 100 people Friday during the Allen County Republican Party luncheon at the Elks. “Ohio is doing better, we are doing better, but better is still not good enough, because if we sit on our laurels than we should expect to go back to the bad old days of 2010, and 2009 and 2008.”

Survey: Ohio business owners hold off on hiring

More Ohio small and mid-size business owners are expecting higher sales and profits over the next six months compared to a year ago, according to new survey results released today by The PNC Financial Services Group Inc.

PNC Bank, Ohio’s fourth largest bank by deposits held, surveys business owners and customers twice a year, gauging sentiments about the economy.

On a less-positive note, the same Ohio business owners told PNC that even though business looks to be improving, it doesn’t mean they plan to hire more people.

“Ohio business owners are still very guarded,” said Mekael Teshome, PNC economist.

The outlook has brightened across the local, national and global economies, Teshome said. For example, six months ago the U.S. government was shutdown.

But small Ohio business owners — who do the majority of the hiring — are looking for more goods news before they risk the investment.

“I see this as indicating businesses are pretty much playing defense. There has been some volatility in Ohio’s economy. We hit a bit of a speed bump in the fourth quarter” from declines in government employment, Teshome said.

“I think that speed bump had something to do with firms taken a more precautionary approach,” he said.

“The other reason I think is the manufacturing rebound is really approaching a more mature, more advanced stage. I think there will be continued improvement in this sector, but not of the same magnitude we saw in 2012,” he said.

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Is Your Small Business Due A Refund?

March 25, 2014 by

business (6)Some of the most interesting news coming for small business owners this week is as follow. If you have filed taxes with the Ohio department of taxation and think that you may had paid too much in taxes, now it’s the time to find out if you are due a check.  If you have specific questions about it you can also give them a call.  The phone numbers for you to call are listed below, give them a call, it may be worth your while.

Ohio looks to return money to small businesses 

The Ohio Department of Taxation is writing checks to small businesses, and some area employers may be eligible to receive money.

That was the gist of Tuesday’s meeting between State cabinet directors, the Youngstown Warren Regional Chamber of Commerce and local small businesses at the Covelli Center, as various government officials shared information about how to take advantage of money available to grow their businesses.

Business owners can call 1-888-405-4039 for general tax questions, or 1-888-722-8829 for questions specifically about the commercial activity tax.

Ohio businesses must comply with Ohio EPA air pollution standards

I plan to buy a small manufacturing business in Ohio. Do I need an air permit?

If you will be using manufacturing equipment, your business must comply with certain environmental regulations. In particular, air pollution regulations are closely monitored and enforced, so you should understand these regulations and obtain any appropriate permits. Ohio EPA may be willing to guide you in this process, but if you aren’t sure about your permitting status, consult an attorney.

When does Ohio require air permits?

Ohio usually requires a “permit to install and operate” (PTIO) before air pollution sources are installed. An air pollution “source” may be anything from an industrial furnace stack to a paint booth, or even a gravel roadway that creates dust.

Are there any exceptions to air permitting requirements?

Yes. There is an exception for very small (“de minimis”) sources of air pollution that have the potential to emit no more than 10 pounds of any individual pollutant in a 24-hour period of continuous operation. This exception also applies to sources that would emit more than 10 pounds if operated continuously for 24 hours, but never do so in normal operations, but the operator must keep records showing that the 10-pound threshold is never exceeded.

FirstEnergy Solutions billing customers for reserve power during arctic weather

AKRON, Ohio — January’s arctic weather drove up heating bills. Now it’s about to increase electric bills for some consumers and businesses.

FirstEnergy Solutions is preparing to bill about 2 million of its 2.7 million retail customers a surcharge for expenses the company will soon have to pay for reserve power it needed when temperatures plummeted below zero.

Residential and small business customers whose electricity bills show FirstEnergy Solutions as the supplier will see a one-time charge of $5 to $15 between May and July.

The 500,000 residents and small businesses that buy from FirstEnergy Solutions through the Northeast Ohio Public Energy Council, or NOPEC, will not face the extra charge, said Diane Francis, FES spokeswoman, because the NOPEC contract prohibits it.

Filed Under: Ohio Business News Tagged With: , , , , , ,

Is It Time For Spring Cleaning Your Business?

March 20, 2014 by

business (4)Spring cleaning for business requires something more than mopping the floors or airing the office. It is a time when the paperwork from the previous year can be organized, receipts for expenses tallied and summarize for your taxes, the health plan for you and your employees should be reviewed and renewed if you haven’t done so by this time of year. Organizing your business for the incoming one is a good habit that can pay off in the long run. To read more about how to organize your business or spring clean your business this year, follow the links below for more information.

Spring cleaning for small business owners

With January and February behind us, most small business owners are likely off to a good start in terms of their first quarter operations, budgeting, and outlook for the rest of the year. However, with spring upon us, there is no better time for business owners to dust off their finances, organize quarterly plans, and prepare for the future. Using the idea of spring cleaning and applying it to a business can fix “messes” in a timely fashion and have a meaningful impact throughout the rest of the year.

Reviewing business plans over the coming weeks is beneficial since it is early enough in the year that budgets can be reworked, yet implementation is still well under way. From a human psychology standpoint, businesses often experience a slow down during summer months, and winter months/end of year are typically reserved for wrapping up, squeezing in last minute profits, and planning for the next year.

Below, we outline several areas that owners may want to consider “cleaning” this season:

3 Spring Cleaning Tips for Small Business

Spring cleaning is not only for households. For small business owners, springtime is a reminder to get things in order. From an aesthetic standpoint, cleaning up a messy office not only injects a sense of order that might desperately be needed, it also provides a sense of accomplishment. From an operational standpoint, small business owners can clean up their books from 2013, store receipts, tax returns and other important documents electronically, and close out old inventory to greet the arrival of warm weather.
Clean Up 2013 Receipts
Unfortunately, April 15th, Tax Day, is a rite of spring. As many entrepreneurs are meeting with their accountants during the upcoming weeks, it is important to close out the books on 2013. Make sure you have all the receipts you need for write-offs.  Some of them may be stuck in your pocket or buried under catalogs in your inbox. Now is the time to look for them. You don’t want to be frantically searching for receipts from major purchases on April 14th. It is easier to find things when the pressure is off. You may have forgotten the receipt from the computer you bought last February. Neglecting to do so could cost you thousands of dollars in business expenses that you could have deducted and saved yourself substantial dollars on your tax bill.

10 Spring-Cleaning Tips for Small Business

Organize your office and your processes with these tips.

Spring cleaning your small business requires more than just scrubbing and dusting.

Tackling your to-do list is easier when you have a clean office, uncluttered desk and clear mind. Beyond vacuuming and dusting, here are 10 tasks to add to your spring-cleaning checklist.

1. Evaluate your systems, processes and vendors, and eliminate or streamline things that aren’t working.

2. Create a filing system according to how you think, and get rid of old, unnecessary files.

3. Go digital—scan, save and purge hard copies of files.

4. Clear your desktop of anything you don’t use regularly.

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Why Must You Have 90 Day Goals for your Business?

March 17, 2014 by

business (11)Why Goals Are a Must-Have for Any Business

We all love to dream big for our companies. That is, after all, why most of us started our businesses. One day, we had a dream that we decided to turn into something real. The fact of the matter is that we all love dreaming more than doing. Dreams aren’t worth much without some serious hustle. Without doing the work, you are not going to see your company grow or succeed. That’s why setting goals and working toward those goals is such an important part of running a business.

Research has proven time and time again that people who set goals have a much higher likelihood of reaching those goals and succeeding in whatever they’re trying to accomplish than those who don’t set goals. The problem for many of us, however, is that we either don’t know where to start when setting goals or we set our goals unattainably high and give up when we don’t reach them. So how do we set goals that will help us move our businesses in the right direction consistently? Here are a couple quick tips:

1. Don’t try to create too many goals at once
Researchers on productivity have found that you really can’t focus on more than about 5 things at once. Creating goals with several sub-goals will only cheat you out of your productivity.

2. Keep your goals “smart“
Your goals need to follow these five guidelines:

  • Keep your goals specific. Instead of saying “grow my business”, say “increase my customer base by 10%.”
  • Make your goals measurable. “Make 10% more in profit over the next 90 days.”
  • Every goal should be actionable. They should start with an action verb. “Call two more customers a week.”
  • Be sure to keep your goals realistic. Instead of trying to double your sales, aim for a 15% increase.
  • Your goals should always be time-bound. “Gain 5 customers by April 1.”

Make goals, write them down, keep them few in number and make them “smart” and your business will be on its way to being the company of your dreams.

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What Every Small Business Owner Should Practice

February 17, 2014 by

business (4)How do you keep motivated every day so you can be successful as a small business owner? The challenges and time constrains every business owner faces daily are daunting, yet many small business are open yearly, and  the dream of being your own boss, and having your own business is part of what makes the dream come to fruition.  Read more by following the links below.

Forget Setting Goals. Focus on This Instead.

We all have things that we want to achieve in our lives — getting into the better shape, building a successful business, raising a wonderful family, writing a best-selling book, winning a championship, and so on.

And for most of us, the path to those things starts by setting a specific and actionable goal. At least, this is how I approached my life until recently. I would set goals for classes I took, for weights that I wanted to lift in the gym, and for clients I wanted in my business.

What I’m starting to realize, however, is that when it comes to actually getting things done and making progress in the areas that are important to you, there is a much better way to do things.

It all comes down to the difference between goals and systems.

Let me explain.

The Difference Between Goals and Systems

What’s the difference between goals and systems?

  • If you’re a coach, your goal is to win a championship. Your system is what your team does at practice each day.
  • If you’re a writer, your goal is to write a book. Your system is the writing schedule that you follow each week.
  • If you’re a runner, your goal is to run a marathon. Your system is your training schedule for the month.
  • If you’re an entrepreneur, your goal is to build a million dollar business. Your system is your sales and marketing process.

Abraham Lincoln’s Brilliant Method for Handling Setbacks 

Today would’ve been Lincoln’s 215th birthday. Here’s what the legendary leader can teach you about keeping a reasonable temperament during hard times.

What was the secret of Abraham Lincoln’s success in dealing with people?

Incredibly, this is not just a question that a business journalist would ask. Dale Carnegie himself–the legendary author of How to Win Friends and Influence People–asked the exact same question on page 8 of that famous book.

Carnegie was in a unique position to know the answer. Four years before How to Win Friends came out, he authored a book called Lincoln the Unknown, which he spent three years working on.

How Lincoln Practiced Patience

The point is that Carnegie–America’s preeminent expert on networking, arguably the person who first codified networking as a skill–analyzed Lincoln’s life for his people skills.

As an example, Carnegie cites a letter Lincoln wrote to a general who disobeyed his orders during the Civil War. Here’s a snippet:

“I do not believe you appreciate the magnitude of the misfortune involved in Lee’s escape. He was within your easy grasp, and to have closed upon him would, in connection with our other late successes, have ended the war.

Distractions Killing Your Flow? Try This Method.

Are distractions getting in your way? Have you noticed that many times when you are focusing on your work and are approaching that momentum where things start to flow easily, you get interrupted?

Most entrepreneurs have created productivity habits that work for them, yet upon closer inspection, they realize that when they are trying to get something done, tasks often take more time than had been originally budgeted. This is caused by distractions: A co-worker who needs something from them, a phone call from a potential client, a team member with questions about a project.

Every time you are interrupted or distracted, the energy you were building from moving your project forward is halted, and you need to start over. Too many times, you need to gather new strength to pick up where you left off, and you may waste valuable minutes trying to figure out exactly where that was.

Filed Under: Ohio Business News Tagged With: , , ,

Small Business Outlook For 2014

February 12, 2014 by

business (3)For a few months now we have read in the news that small business owners’ confidence in their business is good, and the outlook for an improved economy is embraced by many businesses across the nation. Some changes in taxes that small business owners could claimed  have expired last year, but still their outlook is optimistic. According to recent surveys conducted by the Federal Reserve Bank of New York in conjunction with The Federal Reserve Bank of Philadelphia found that many of the small business owners in NJ,NY, PHI and neighboring states claimed they are more confident  in finding credit for their small business and plan to hire within the next six months.

Read more about this topic by following the links below.

Some good news for small contractors in 2014

Federal contractors entered 2014 having witnessed the failure of Congress to implement comprehensive procurement legislation. But lots of large and small tweaks found their way into the system — and small businesses might be among the benefactors.

Many of these developments center on small business contracting. In 2014, contractors can expect increased governmental emphasis on small business size rules. Plus, major procurement reform may have eluded Congress, but one big change that did occur opens up new business opportunities for small companies.

That change occurred deep in the 2014 National Defense Authorization Act. Section 1609, one of the shorter sections, updates the rules for how large prime contractors are able to meet their small business subcontracting goals.

The NDAA in effect rewrites rules originally derived under the Small Business Act designed to boost participation in federal contracts by small, disadvantaged, woman-owned, and veteran-owned businesses, as well as those located in designated highly-underutilized business zones.

Small business confidence rising in 2014

More small business owners are planning to add jobs and boost pay this year, according to the most recent Business Confidence Survey released by Insperity Inc.

Half of the respondents said they plan to add employees this year, up from just 26 percent in October, while only 3 percent say they expect more layoffs. Compensation metrics climbed as well with average compensation for the fourth quarter of 2013 up 2.9 percent from the year before among the 5,500 small- and medium-sized clients with Insperity.

“The small business community is taking a more positive approach to 2014 business plans according to our Business Confidence Survey responses and internal data,” says Paul J. Sarvadi, Insperity chairman and CEO. “Business owners and managers seem willing to hire more employees, increase wages and gear up for improved sales in spite of challenges like an uncertain economy and the Affordable Care Act.”

Another ObamaCare Delay for Some Small Businesses

Small-business owners got a bit of reprieve from the Treasury Department and the Internal Revenue Service Monday, as the employer responsibility provision of the Affordable Care Act saw yet another delay.

Businesses with between 50 and 99 employees will not have to comply with the employer mandate portion of President Obama’s signature legislation until 2016. The law requires every business with at least 50 or more full-time workers to offer them approved coverage or face a penalty of $2,000 per worker per year for failing to comply. For companies with 100 or more full-timers, this mandate kicks in in 2015.

The government says it is delaying the move to “streamline” tax reporting requirements for  businesses. The departments said in a release that the delay will impact only about 2% of employers nationally. In 2011, there were 7,876,979 small businesses that fell into this category, according to the Small Business Administration.

Filed Under: Ohio Business News Tagged With: , , , ,

Retirement Plans For The Small Business Owner

January 28, 2014 by

business (11)There is an overabundance of retirement financial groups all over the United States. For a small business owner a retirement solution for them and their employees is necessary and much needed. What are the retirement options a small business owner can have? The options are many according to financial planners all over the United States, the option is up to you and what you want to accomplished by retirement age.

Follow the links below for more information about this topic.

Retirement plans for small business owners

There are a lot of choices so figuring out what you need is crucial to ending up with the best strategy.

Americans ages 55 to 64 are fast becoming entrepreneurs. In fact, the share of new entrepreneurs in that age group grew from 14.3% to 23.4% from 1996 to 2012, according to the 2013 Kauffman Index of Entrepreneurial Activity.

And if you’re among that group of entrepreneurs who are trying to save for retirement while building your business there’s a plethora of plans from which to choose, including SEP-IRAs, SIMPLE-IRAs, SIMPLE 401(k)s, small-business owner 401(k)s, traditional 401(k)s, money purchase plans, profit-sharing plans, and defined benefit plans.

But which retirement plan might be best for you?

Small Business Administration Committing More Cash to SBIC Program

The U.S. Small Business Administration, which provides capital to private investment funds to back small businesses through its Small Business Investment Company program, is opening its wallet a bit wider these days.

The SBA plans to increase its annual commitment to the SBIC program to $4 billion, up from $3 billion, said Javier Saade, associate administrator for the Office of Investment and Innovation of the SBA. Launched in 1958, the SBIC program is designed to help private investment firms augment capital raised from private sources to back small businesses. A popular format of the SBIC program calls for the administration to match each dollar of equity capital that funds receive from private investors with two dollars of public funding in the form of debt.

Another Sign Your Next Small Business Loan Won’t Come From a Bank

Here’s more evidence of the growing market for alternative small business loans: OnDeck, an online lender that makes term loans up to $250,000, generated $65 million in revenue in 2013, Chief Executive Officer Noah Breslow said yesterday. He noted that’s up two and a half times from the year before. The increase comes after a report earlier this year estimating that nonbank lenders including OnDeck loaned about $3 billion to small business owners in 2013.

In a press release today, OnDeck said it received four times as many loan requests from residential construction contractors in 2013 compared with the year before, echoing research from Experian (EXPN:LN) and Moody’s Analytics (MCO) that’s highlighted a connection between rebounding housing markets and small business growth.

Filed Under: Ohio Business News Tagged With: , , , ,
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