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Created on December 23, 2014
Did you know that the Small Business Investment Company (SBIC) Program has been helping small business access capital for more than fifty years?
What’s the SBIC Program?
The Small Business Investment Company (SBIC) Program is a multi-billion dollar program that, in fiscal year 2013 alone, invested $3.5 billion in financing dollars to small businesses! So how does it work?
SBICs are privately owned and managed investment funds. They’re licensed and regulated by SBA and use their own capital plus funds – borrowed with an SBA guarantee – to make equity and debt investments in qualifying small businesses.
Created on December 19, 2014
Building business credit is just as important as building and taking good care of one’s personal credit. In the business world, a company does not have a consumer FICO® Score. Instead, it has business credit scores, ratings maintained and calculated by business credit reporting agencies.
“Just as your personal credit has a big impact on your financial health, your business credit can help you get competitive business loan rates and terms from potential suppliers,” says Marc Kirshbaum, president of Experian's Business Information Solutions group.
Unfortunately, many small business owners don't even know there is such a thing as a credit score for a business and therefore lose opportunities to improve their own, says Jeff Stibel, CEO of Dun & Bradstreet Credibility Corp.
Many times, small business owners make the mistake of assuming that positive personal credit scores will be enough to obtain good business credit ratings. While lenders and suppliers may initially consider personal credit history, once a business pays its first invoice, it will begin building its own credit history.
Created on December 19, 2014
America’s PrepareAthon! Campaign Offers Specific Actions to Prepare your Business for a Winter Storm
When a winter storm hits, it can significantly interrupt if not suspend your business operations. Winter storms can bring freezing rain, ice, snow, high winds, or a combination of these conditions. They can cause power outages that last for days, make roads and walkways very dangerous, and affect community services. Preparing ahead of time can help you manage the impact a winter storm has on your business and the safety of your employees.
Knowing what to do when a winter storm and other disasters hit is the message of America’s PrepareAthon!, a nationwide grassroots campaign for action to increase community preparedness and resilience through hazard-specific drills, group discussions, and exercises. The campaign offers easy-to-implement preparedness guides, checklists, and resources to help individuals, business owners, organizations and whole communities practice the simple, specific actions they can take to prepare for disasters.
In the short amount of time that I’ve had the privilege of working with MBDA, I’ve been thoroughly impressed with all of your hard work and dedication. I’m inspired by all the great achievements that we’ve accomplished this year and the continued diligence and commitment I see on future endeavors.
This year was a very successful year for job creation, economic growth and entrepreneurship within the minority communities, and I’m proud to say that all of you played a vital role in this upward trend. Despite facing many challenges, you continue to step up to the plate and face these challenges head on. As a small MBE owner before my arrival at MBDA, I have personally dealt with the difficult barriers that MBEs face in order to survive and hope that my experiences will make MBDA a better resource.
Created on December 17, 2014
The landmark joint partnership between the Harvard Business School and the U.S. government, created to give businesses access to new tools to compete in an increasingly competitive global economy.
How does it work? In short, the project uses over 50 million open data records to identify “clusters” of related industries that can be hubs of innovation, jobs, and private investment.
How does it benefit businesses and communities? The cluster mapping tool helps "promote America's clusters and provide businesses and organizations with the data and strategies they need to capitalize on their region's assets," says U.S. Secretary of Commerce Penny Pritzker.