In Business / November 2006
Opening New Markets
The U.S. Small Business Administration has launched a pilot program to provide financial assistance to small businesses in economically distressed urban and rural areas, or “new markets,” that need the economic attention to get communities back on their feet. The initiative provides incentives for commercial lenders and local development organizations to make more SBA-guaranteed loans in these communities.
The New Markets Lending Initiative will help small businesses by enabling Community Development Entities (CDEs) to combine the benefits of both the New Markets Tax Credit (NMTC) Program and SBA-guaranteed loans to provide inner-city and rural small business owners and entrepreneurs greater access to financing and business training. The hope is that the initiative can encourage jobs creation and growth in low income areas.
Administered by the Treasury Department’s Community Development Financial Institutions Fund, the New Markets Tax Credit Program permits investors to receive credits on their federal taxes of up to 39 percent of investments made in investment institutions called Community Development Entities.
The SBA pilot program, which is only available to 7(a) lenders making new loans through advance-purchase commitments with CDEs, waives a regulation that limits an SBA lender’s ability to sell any portion of an SBA guaranteed loan to anyone other than another SBA lender. The waiver allows CDEs with New Markets Tax Credit allocations to purchase up to 90 percent of SBAExpress or
CommunityExpress 7(a) loans up to $150,000 made to NMTC “qualified” businesses in low-income communities. These new loans are guaranteed by the SBA.
The New Markets Tax Credit Program is expected to spur approximately $16 billion in investments into CDE investment institutions. It was created by Congress through the Community Renewal Tax Relief Act of 2000. By leveraging the SBA’s resources with the Treasury’s NMTC program, this new initiative will provide additional access to loans and technical assistance to both start-up and existing firms in New Markets. Under the program, CommunityExpress lenders will assist CDEs to provide small business borrowers with a package of services including mentoring, coaching and counseling.
In Compliance with Dot Gov
A newly launched federal government Web site, Business.gov, provides business owners with a one-stop resource that searches the federal government agencies that regulate or serve businesses, with compliance information and resources.
The web site makes it easier to find information on taxes, immigration laws, workplace safety, environmental requirements and other regulations that can present challenges for small and mid-sized businesses.
“The Business Gateway Initiative through Business.gov is an important part of the President’s vision of helping American businesses by providing a one-stop portal for federal resources,” said Office of Management and Budget (OMB) E-Gov Administrator Karen Evans. “Business.gov is the official business link to the U.S. Government and is a continuation of agencies working together to improve services to citizens and businesses through technology.”
The goal of Business.gov is to cut through the red tape and make it easier for businesses to do business. Managed by the U.S. Small Business Administration (SBA) in a partnership with 21 other federal agencies, the web site is intended to help streamline access to information and reduce federal compliance barriers, helping businesses save time and money and help companies avoid costly mistakes.
Small businesses in particular are expected to benefit from the site which is designed to increase regulatory compliance among businesses, while reducing the time and effort spent in meeting those requirements.”
Business.gov is considered an essential tool in the move to make the regulatory process more understandable and accessible, especially for small firms. Firms with fewer than 500 employees represent 99.7% of all businesses. According to the SBA, the small businesses spend 45% more per employee than larger companies to comply with federal regulations including taxes and environmental requirements.
Originally launched in 2004, Business.gov initially provided information on starting, growing and managing a small business. The new compliance focus is designed to better meet the needs of the small business community.
Sales and Retails
Horner & Harrison in Parkersburg will have Rippe’s furs available in assorted styles and lengths throughout the Holiday season. They also have the great styles of Brighton shoes for fall along with Onesole®, the original interchangeable one sole with three interchangeable tops to alternate.
Consigning Women, the upscale resale boutique in Cross Lanes, says “Gobble up the savings with 50% off everything in the store except wedding gowns the day after Thanksgiving.”
Twisted Sisters in Marietta has Matt & Nat, a new line of ultra cool and functional purses made by Via Vegan in Montreal, Canada with the highest quality, cruelty-free, synthetic leathers and fabrics on the planet. Whether the goal is to be vegan or be hip, Matt & Nat handbags are functional and free of animal skins or fur. The new fall Troll beads have arrived, the new Vera Bradley bags are in and new Pandora charms are on display.
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