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  • Submitted on 15 April 2011

    The U.S. Commerce Department’s Economic Development Administration (EDA) and its Office of Innovation and Entrepreneurship announced the opening of its $12 million i6 Green Challenge in partnership with the U.S. Departments of Agriculture, Energy, the U.S. Environmental Protection Agency, the National Science Foundation, and Commerce’s National Institute of Standards and Technology and U.S. Patent and Trademark Office. ‪

  • Submitted on 11 April 2011

    Beyond Bankruptcy ReportSmall businesses that have previously filed for bankruptcy are no more burdened than other small firms by poor cash flow, high health insurance costs, or excessive taxes, and they attain similar firm sizes, according to a study released today by the U.S. Small Business Administration’s Office of Advocacy. However, they have about a 24 percent higher likelihood of being denied a loan and are charged interest rates at least 1 percent higher than other firms. The report finds that firms owned by African and Latino Americans are even more likely to be denied loans and charged higher interest rates.
     
    “Small businesses filing for bankruptcy have an opportunity for a new start. This new start is hampered by the challenges of obtaining new loans. This can impede innovation and job creation,” said Chief Counsel for Advocacy Winslow Sargeant.
     

  • Submitted on 11 April 2011

    Exporting Small businesses seeking to grow their businesses and create jobs through exporting can turn to new, free educational videos created through a partnership between the U.S. Small Business Administration, Inc. Magazine and AT&T.

    Through the public-private partnership, a series of video modules has been developed to inspire and encourage American small businesses to actively pursue exporting and to educate them on how to do so.

  • Submitted on 31 March 2011

    WASHINGTON, D.C. – Small business owners with eligible commercial real estate mortgages maturing after Dec. 31, 2012, will be able to secure more stable, long-term financing through the U.S. Small Business Administration’s temporary 504 refinancing program as a result of a change that will be published in The Federal Register by April 6.

    In February, SBA implemented a temporary refinancing program enacted under the Small Business Jobs Act of 2010, which allowed small businesses facing maturing commercial real estate mortgages or balloon payments before Dec. 31, 2012, to refinance with an SBA 504 loan. The SBA change will lift the date limitation and will allow more small businesses to secure stable, long-term financing and avoid potential foreclosure on mortgages approved before and during the recession that were based on inflated real estate values.

    “With the collapse of the real estate bubble, many small business owners have found themselves unable to refinance as a result of inflated real estate values at the time they took out their mortgage,” SBA Administrator Karen Mills said. “SBA’s temporary 504 refinancing program was first made available to those small businesses with the most immediate need. Today’s step opens this critical assistance to more small businesses, giving them the opportunity to restructure their debt and free up capital that will be essential to keeping their doors open and also their future ability to grow and create jobs.”  
     

  • Submitted on 31 March 2011

    WASHINGTON – The U.S. Small Business Administration has made regulatory changes to its Surety Bond Guarantee (SBG) program, including higher surety bond guarantee limits that will help construction and service sector firms secure larger contracts for work in areas impacted by disasters.

    The changes are related to the Small Business Disaster Response and Loan Improvements Act of 2008, which increases the eligible amount for contracts or orders related to a major disaster area. 

    The changes, which were originally published as part of a Proposed Rule in The Federal Register in April 2010, are now final and include:

  • Submitted on 29 March 2011

    National Director David Hinson

    In honor of Women’s History Month and in recognition of the new statistics on firms owned by American Indians and Alaskan Natives, this edition of MBDA’s newsletter features an inspiring storing about Sister Sky—a firm owned and operated by two sisters from the Spokane tribe in Eastern Washington.  As I travel around the country, I am in awe of the innovation, tenacity, and the indomitable spirit of minority business owners and their unwillingness to quit in the face of overwhelming odds. That’s the spirit that makes America great.

    With the release the 2007 Survey of Business Owners data by the Census Bureau and MBDA’s American Indian and Alaskan Native Business Fact Sheet, we have evidence that there was growth in the number of American Indian and Alaskan Native-owned firms since 2002.  Yet, job creation by these firms has not materialized and the average gross receipts of American Indian and Alaskan Native-owned firms ($145,000) are significantly below average compared to non-minority firms ($490,000). 

    Still, of the 237,000 American Indian and Alaskan Native-owned firms that generate more than $34.0 billion in gross receipts, there are more than 4,600 that produce $1.0 million dollars or more in revenue.  These firms combined generated gross receipts of $23 billion and employed 116,759 workers.  Clearly, there is an upside to building your firm to size, scale and capacity.  Sister Sky, along with their commitment to creating jobs on the Spokane reservation, and with the support of MBDA and other federal partners, is headed in the right direction.

  • Submitted on 23 March 2011

    USPTO to Offer Free, Two-Day, Program on Protecting Intellectual Property from Theft in China on April 6-7

    The United States Patent and Trademark Office (USPTO) will host a free, two-day, seminar for businesses on April 6 – 7, at the USPTO Headquarters in Alexandria, Virginia, to help them learn about how to protect against intellectual property theft from China.  China continues to be the number one source of counterfeit products seized by U.S. Customs and Border Protection in 2010, accounting for 61 percent of all seizures.

  • Submitted on 17 March 2011

    EDA’s i6 Green Challenge Webinar
    Join Assistant Secretary of Commerce John Fernandez for a discussion of the latest
    round of innovation grants from the Office of Innovation and Entrepreneurship.

    Title:  i6 Green Challenge | Date:  Monday, March 21, 2011 | Time:  3:00 - 3:30 pm EST
    Click here
    to register.

  • Submitted on 16 March 2011

    2011 OSDBU Conference

    Some 3,500 minority, women and disabled veteran small business owners are expected to attend the OSDBU event on April 21st in suburban Washington, DC to meet with government buyers and their prime contractors.

    This is a unique marketing environment, so here are some tips to take advantage of every minute:

  • Submitted on 03 March 2011

    On Tuesday, March 29, 2011, the Internal Revenue Service is presenting a FREE webinar for tax professionals, small businesses, self-employed persons and independent contractors: Business Taxes for the Self-Employed: The Basics.

    The webinar will cover:

    • Reporting profit or loss from a business or profession

    • Self-employment tax and estimated tax payments

    • Schedule C and C-EZ

    • Deducting business expenses

    • Husband and wife businesses

    • Recordkeeping

    The webinar starts at 2 p.m. Eastern, 1 p.m. Central, noon Mountain and 11 a.m. Pacific.

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