Confidence in the economy among small business owners is at its lowest point in 18 months, according to a new monthly survey by Riverwoods-based Discover Financial Services. Get the full story »
Filed under: Small business
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Investors pour $510K into start-up TransFS
TransFS, a Chicago-based start-up that helps small businesses compare credit-card processors, has raised $510,000 in its first round of funding.
TransFS was launched in the spring of 2009 by Sean Harper and Joshua Krall, classmates at the University of Chicago’s Booth School of Business. The company provides a comparison shopping Web site for credit-card processors, including ratings, reviews and explanations of how contracts work. Get the full story »
Poll: Small business makes small move on adding jobs
U.S. small businesses inched closer to adding jobs in July, a survey showed Thursday, offering a faint glimmer of hope for the long-suffering labor market a day before government employment data is released.
The National Federation of Independent Business’s monthly employment poll showed that 10 percent of small businesses added jobs last month, up from 5 percent in June, while 15 percent cut. The rest made no change to their labor force. Get the full story »
Employment growth slows in small businesses
Hiring slowed last month among small businesses with fewer than 20 employees, according to a monthly report by Intuit Online Payroll, a small business payroll provider.
The monthly index — culled from payroll data from approximately 62,000 small businesses — found that employment among small businesses rose about .1 percent in Illinois and 0.2 percent nationwide. Approximately 40,000 new jobs were added in July nationwide, a decrease from 45,000 jobs added in June, Intuit said. Get the full story »
GOP blocks $30 billion in aid to small business
U.S. Senate Republicans Thursday blocked a $30-billion plan to help community banks boost lending to small businesses, dealing a blow to President Barack Obama’s election-year battle to reduce unemployment.
Tempers ran high as Democratic leaders failed to muster the 60 votes needed to pass the measure. Republicans were upset that Democrats shut them out from offering a number of amendments to the package, that also includes about $12 billion in tax breaks for small businesses.
Small biz faces roughest business climate in years
Small businesses are facing the most difficult business climate in three years, according to a report released today.
Among the most troubling signs: Four out of every 10 small business owners are unable to secure adequate financing, according to the National Small Business Association’s mid-year economic report.
Indeed, it has been 17 years since this many small businesses have had such a difficult time getting loans, said Todd McCracken, president of the Washington D.C.-based organization. Get the full story »
July 27, 2010 at 1:01 p.m.
Filed under: Environment, Housing, Insurance, Policy, Politics, Small business State offers low-interest loans to flood victims
The state of Illinois is offering low-interest disaster recovery loans for residents and businesses in northern Illinois that suffered damage from last weekend’s severe storms.
On Monday, Gov. Pat Quinn declared 12 northern Illinois counties disaster areas, after heavy storms on Saturday led to major flooding and property damage to many buildings and homes. The declaration means residents and business owners are eligible for below-market interest rates through participating lenders that they can use to finance repairs.
As of Tuesday, loan rates would be no more than 3.5 percent, according to Illinois State Treasurer Alexi Giannoulias, whose office oversees the loan program. Get the full story »
Senate votes for small-business lending fund
From The New York Times | A fund to encourage small banks to make loans to small businesses, pulled from the Senate’s small-business jobs bill for lack of Republican support, has found its way back into the bill after all. Late Thursday evening, the Senate voted, 60 to 37, to end debate on an amendment that would restore the lending fund to the jobs bill.
Reports: U.S. loses $37B a year on tax havens
The U.S. government loses $37 billion per year in tax revenues because multinational corporations stash money in overseas tax havens, Democratic Senator Carl Levin and a group of small businesses said in a report Tuesday.
Levin, who for years has pushed for a tough law to fight tax evasion among corporations, has enlisted some small businesses to back his so-far unsuccessful proposal to close loopholes letting companies legally avoid taxes by keeping income abroad. Get the full story »
Small business loan program runs out of cash
Government-backed loans to the nation’s small businesses dropped sharply last month after a key federal program ran out of money.
The reduction in lending comes as officials are scrambling to find a way to stimulate the small-business sector. On Monday, Federal Reserve Chairman Ben S. Bernanke said loosening credit to small businesses should be a priority for banks and policymakers.
Bernanke: Lending to small business vital
Boosting credit to struggling small businesses is vital to keep a tepid U.S. recovery on track but wary banks can’t be forced to lend from their bountiful reserves, Federal Reserve officials said Monday.
Fed Chairman Ben Bernanke underlined the need for companies — many working their way back to health from the deep recession — to be able to get loans when they need them to expand and to hire. Get the full story »
Revolution Inc. recapitalized
From Pittsburgh Business Times | A unit of PNC Financial Services has provided recapitalization for Revolution Inc., a provider of apparel and costumes to dance schools. Terms were not disclosed.
Groupon tries to keep up with its own popularity
From Bloomberg | One of the challenges facing Chicago-based Groupon Inc., which offers a daily deal to consumers in more than 140 cities, is that the site’s coupon-wielding hordes can overwhelm small businesses, rankling partners and customers alike. Overcoming those glitches will be key to helping Groupon maintain growth, hang on to its $1.35 billion valuation and possibly move toward an initial public offering. The company is making an effort to ensure that business partners aren’t overrun with customers, said Chief Executive Officer Andrew Mason.
Get the full story: bloomberg.com.
April 20, 2010 at 7:20 a.m.
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Filed under: Advertising/Marketing, Internet, Small business Chicago an early market for ‘Google Places’
From the San Francisco Chronicle | Chicago will be one of the first markets in which businesses can become “Google Places” in Google Inc.’s revamped directory business. The change allows companies to create online profiles and advertise within Google maps.
Get the full story: sfgate.com.
Quinn signs tax credit for small business hires
By Michelle Manchir | Gov. Pat Quinn signed a new tax
break into law that he said would create 20,000 jobs, but a key Illinois
business leader doubted whether the measure would inspire anyone to
hire anybody.
Get the full story: Clout Street.
