Building Main Street, not Wall Street: The financial case for small business | News

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Albert Einstein made the following observation: “The world as we have created it is a process of our thinking. It cannot be changed without changing our thinking.” 

As a community determines how to spur growth during these challenging times, there are many things they should consider as they strategize their future. Some communities are great at tackling the usual issues, but many are unaware of many hidden expenses and stresses that will ultimately determine their future. Decisions made today will impact their community for generations to come. Let’s discuss a few considerations needing to be part of every community conversation regarding growth, strategy, and the future. Here are four that are oftentimes missed:

First, a study by Tischler & Associates a few years ago had some interesting findings. They found that specialty retail establishments made up of primarily locally-owned small and medium-sized businesses generate a net yearly return to their

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Second Round Of Alexandria Small Business Grants Planned

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ALEXANDRIA, VA — The Alexandria Economic Development Partnership is preparing to launch a second round of funding for the Alexandria Back to Business small business and nonprofit grant program. Grants are geared toward qualifying small businesses and nonprofits to help with costs related to reopening and rescaling business during the COVID-19 pandemic.

The second round comes after Alexandria City Council approved an additional $2.4 million for the grant program through the city’s portion of federal CARES Act funds on Sept. 8. Applications will open at 8 a.m. on Sept. 30 and close at 12 p.m. on Oct. 5.

This time around, criteria has expanded so additional business types and nonprofit child care providers will be eligible to apply. Grant amounts will range from $5,000 to $20,000 based on the number of employees. For example, independent contractors can receive $5,000, and businesses with 50 to 100 employees can receive $20,000.


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Role of Financial Management in Corporate Structure | Small Business

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As your business grows, you will move from a flat organizational structure, or one where several key managers report directly to you, to a more traditional, or functional structure. A functional structure organizes your business by departments, with finance one of these. Although finance will be only one of your departments, financial management occurs throughout all of your departments to ensure your company’s profitability.

Corporate Structure

While there are a variety of ways to organize a business, most small businesses use the functional model, creating departments for human resources, marketing, finance, information technology, sales and production. As businesses grow larger, they might create a C-suite, or group of executives who oversee strategic planning for the corporation, rather than a specific function. The term C-suite comes from the titles of these executives, which include chief executive officer, chief financial officer and chief operating officer.

Finance Department

A finance department might evolve

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Explain Personal Financial Management Techniques | Small Business

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Personal financial management is an important concept for many individuals and business owners. Personal finances often dictate how a person lives his life and what decisions to make as an entrepreneur or business owner. Assessing personal finances should be done in a method similar to assessing business finances. Many of the same financial principles are applicable, albeit on a much smaller scale. Several types of personal finance management techniques or tools are available to individuals.

Personal Financial Statement

A personal financial statement lists all assets owned by the individual and any money owed to creditors, banks or lenders. This financial statement is very similar to a company’s balance sheet. Individuals can use this information to assess their net worth and how much debt is owed to other people.

Many individuals owe money on significant assets, such as homes, vehicles, boats or other similar items. The net worth of these items

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Surge In SDSU COVID Cases Worries Small Business Owners

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Small business owners, many of who are already on the brink of closure, are fearing the worst after an explosion of COVID cases linked to San Diego State University.

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Large Labor Day Beach Crowds Have Some Worried About COVID Spike



San Diego County is in the Red Tier of the state’s current COVID-19 monitoring system, which tracks counties by the number of positive cases recorded each day and the percentage of positive cases out of the total number of tests administered, both of which are averaged

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How to Put Together a Financial Management Package for a New Business Loan | Small Business

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Financing is a key for new businesses, but convincing a bank or other lender to provide a loan isn’t always quick or easy. Preparation of a strong financial management package can speed up the loan process and even make the difference between obtaining financing and not. A financial management package will include a letter or summary describing you, your business and a summary of the purpose of the loan. It also includes a detailed description of the loan, how you will use the money and how you plan to pay it back. It will include budget projections and other business financial information as well as any legal documents associated with your business. It will usually require summaries of your personal financial situation well.

Letter or Summary

The first component is a two-to-three page cover letter or executive summary that clearly describes you, the nature of your business, the amount you

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OWC Launches New Mercury Elite Pro Dual with 3-port Hub, the Digital Desktop Centerpiece for Home Office, Small Business, Creative Pros

Tech leader releases high-capacity powerhouse storage solution with 3-port 10Gb/s powered USB hub to supercharge learn from home, work from home and demanding workflows everywhere

WOODSTOCK, Ill., Sept. 3, 2020 /PRNewswire/ — OWC®; a leading zero emissions Mac and PC technology company and one of the world’s most respected providers of Memory, External Drives, SSDs, Mac & PC docking solutions, and performance upgrade kits introduces the new OWC Mercury Elite Pro Dual with 3-Port Hub. Designed to handle diverse workflows, the Mercury Elite Pro Dual offers up to 32TB of storage capacity plus a built-in high-powered USB hub for accessory connectivity and device charging, easily making it the centerpiece of your digital desktop. The compact Mercury Elite Pro Dual is equipped and ready to go to give you its best performance with any USB equipped Mac, PC, or tablet from nearly the last decade. You don’t need

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Investigators Flag Billions in Questionable Small Business Aid

The Paycheck Protection Program lent more than $1 billion to small businesses that violated the rules of the program, a House investigative committee said Tuesday.

In a preliminary report, investigators said the PPPP “helped millions of small businesses and non-profit organizations stay afloat during the coronavirus crisis, but a lack of oversight and accountability from the Treasury Department and Small Business Administration (SBA) may have led to billions of dollars being diverted to fraud, waste, and abuse, rather than reaching small businesses truly in need.”

Problematic issues identified by the investigators include:

  • More than 10,000 loans worth a total of over $1 billion that went to companies that received multiple loans from the PPP, in violation of the rules.
  • More than 600 loans worth nearly $100 million made to small businesses that have been debarred or suspended from doing business with the government.
  • More than 350 loans worth nearly $200
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Small Business Investment Company (SBIC): Definition and Usage

Small business investment companies (SBICs) are Small Business Administration-licensed and regulated companies that provide funding to small businesses in certain sectors. These companies rely on both internal funds and government funds to invest in small businesses, but they have to follow several regulations in order to maintain their SBA status. 

What is a Small Business Investment Company (SBIC)?

A small business investment company (SBIC) is a privately-owned company that funds small businesses through debt and equity investments. The SBIC typically uses its own capital, along with funds borrowed with SBA guarantee, to lend to small businesses, according to the SBA. SBICs are licensed and regulated by the SBA.

The SBA says it doesn’t invest directly into SBICs, though; instead, the SBA offers the funding to qualified investment firms with certain industry expertise. These SBICs then distribute the funds to small businesses. SBIC loans can range from $25,000 to $10 million.

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Fewer customers and lower spending per customer affecting small business recovery

#SmallBusinessEveryDay campaign encouraging local shopping ramps up with weekly challenge as we head back to fall routines

TORONTO, Sept. 3, 2020 /CNW/ – Fewer customers and reduced spending per customer are holding back small business recovery, according to new survey results released today by the Canadian Federation of Independent Business. The weekly #SmallBusinessEveryDay recovery dashboard was also updated with new results:

  • 64 per cent of businesses are fully open (compared to 66 per cent two weeks ago)
  • 41 per cent are fully staffed (40 per cent two weeks ago)
  • 27 per cent are making normal sales (28 per cent two weeks ago)

“We’re hoping that as people get back to fall routines businesses will get a much-needed revenue boost. Consumers are critical to small businesses and their financial and emotional support means more now than ever,” said Laura Jones, Executive Vice-President at CFIB.  

The majority of businesses are

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