LITTLE ROCK, AR (September 10, 2018) - Arkansas business owner Erin Hohnbaum launched an Instagram social movement to highlight the success of entrepreneurs.
“There are so many fascinating women doing really cool things and there needs to be a place where we can showcase that,” Hohnbaum said. “I feel like a lot of the women we look up to followed a similar path, but there are so many different paths out there for women nowadays.”
LAKE COUNTY, IN (September 7, 2018) - The Lake County Economic Development Commission is awarding $750,000 in grants to support small businesses, specifically targeting rural and minority-owned ventures.
The initiative’s goal is to create as many jobs as possible, while also providing new buildings and industrial equipment for food processing and manufacturing companies.
ALBUQUERQUE, NM (September 2, 2018) - A study of gender gaps throughout the United States determined that New Mexico has the second lowest entrepreneurship gap and third lowest executive positions gap.
PORTLAND, ME (August 29, 2018) - Numerous towns throughout the state of Maine are issuing economic development loans to spur business growth and job creation.
The city of Portland loaned $3.04 million since 2013 to 38 different projects ranging from a daycare to tortilla manufacturers.
“The city’s commercial loan program exists to assist Portland businesses that are not yet bankable or that have a financial gap with a bank to support business growth,” Nelle Hanig, Portland’s business programs manager said.
FRANKFORT, KY (August 23, 2018) - Entrepreneur mentorship network TechStars hosted Innovation Day in Frankfort, a summit for startups and entrepreneurs to meet potential investors and access resources throughout the state of Kentucky.
"Through our KY Innovation efforts, the Commonwealth is a leader in connecting entrepreneurs and small businesses with the resources needed to launch globally competitive companies," said Kentucky Governor Matt Bevin. "Whether they need mentorship, access to premier research facilities or financial capital, we're aligning valuable resources through KY Innovation and RISE to help them succeed. Unprecedented collaboration between the state's public and private sector partners is opening new doors of opportunity, and there has truly never been a better time to start and grow a business in Kentucky."
JACKSON HOLE, WY (August 22, 2018) - The US Small Business Administration has named the Wyoming Small Business Development Center as a recipient of the Federal and State Technology (FAST) Partnership Program award.
“FAST partners are an important part of the innovation entrepreneur ecosystem. They provide training, financial and technical assistance for small, next-generation technology businesses, and help them navigate federally-funded innovation and R&D programs,” said Linda McMahon of the SBA.
COVINGTON, VA (August 17, 2018) - Governor Ralph Northam allocated Community Business Launch awards of $45,000 to five towns to fund training and business development support for entrepreneurs in rural southwest Virginia.
A portion of the funds will support The Gauntlet, a business competition modeled after NBC’s Shark Tank to win seed money.
“We look forward to new businesses opening and current businesses expanding throughout these communities that will only enhance the vibrancy and quality of life in each of these downtown districts,” said Secretary of Commerce and Trade Brian Ball.
SALT LAKE CITY, UT (August 16, 2018) - Salt Lake City, Utah has the greatest concentration of young entrepreneurs in the United States, a new study cited in Fox Business found.
The city’s low cost of living and youthful population make it an ideal base for establishing a business.
COLUMBIA, SC (August 15, 2018) - South Carolina Community Bank rebounded from the financial crisis by developing a new network of Fintech partnerships.
“As a small bank, we don’t have a large innovation lab budget; we don’t have the thousands of people focused on product development that large banks have,” CEO Dominik Mjartan said. “But we do have some very good partners we’re working with that could really transform our ability to innovate and then scale the innovation.”
BRIDGEPORT, CT (August 13, 2018) - The new initiative Urban Synergy in Action (USA) is building an incubator to provide office space and business development support to the growing tide of urban entrepreneurs.
“It’s important to see people who live in your neighborhood or reflect the demographic of the neighborhood, opening up businesses and having a slice of that American dream… of being able to contribute, create jobs and be a fabric of the community,” said the director of Bridgeport’s Small and Minority Business Enterprise, Fred Gee.
DUBUQUE, IA (August 2, 2018) - The city of Dubuque, Iowa launched a new program providing business loans for moderate and low-income business owners in the downtown area.
"For us, it’s a great opportunity to look at the Central Avenue corridor and kind of begin to fill some of the store fronts that are there as we go forward with some redevelopment," said Dubuque Economic Development Director Maurice Jones.
The city is providing $150,000 of loans in $35,000 increments as a starting point.
CHESAPEAKE BEACH, MD (May 16, 2018) excerpt via BLACK ENTERPRISE - Eighty-seven percent of small business owners support measures that would protect against predatory lenders and boost the availability of traditional loans, according to a new study by Small Business Majority.
Predatory lending costs Americans an incredible $25 billion each year. The lack of transparency and integrity among online lenders is a major concern: three out of four small business owners support the Consumer Financial Protection Bureau, which works to regulate lenders and financial service providers.
“Online lenders are largely unregulated and can take advantage of small businesses that are desperate for capital,” said Sharon Levy, owner of Taking Tea InStyle in Princeton, New Jersey. “Small business owners simply don’t have enough good lending options, which is why we need better policies in place to give small businesses a level playing field and a safer environment in which to conduct business.”
Research shows that small business owners prefer to secure financing from trustworthy, traditional sources over predatory online lenders. 77% of small business owners desire a policy to increase the amount of small business loans from credit unions, and 62% support policies that require banks to invest in low-income communities.
“Far too many entrepreneurs have difficulty obtaining the capital they need to start and expand their business,” Small Business Majority CEO John Arensmeyer said. “When they are able to get financing, they need that capital to be safely and responsibly administered. As these poll results show, small business owners are strongly supportive of policies and institutions that increase the availability of small business loans from traditional sources like small banks and credit unions, while also shielding them from predatory lending practices.”
NASHVILLE, TENNESSEE (May 11, 2018) excerpt via CNBC - Small business workers saw their earnings grow at the highest rate in two years, according to a new Paychex report.
Hourly earnings increased by an annual rate of 3.25%, the study found. Among the 50 states, Tennessee placed first for small business job growth, and Arizona saw the highest hourly-wage growth.
"The low unemployment rate is contributing to steady increases in wage growth," Paychex CEO Martin Mucci wrote. "With tightening labor conditions and wages continuing to show positive momentum, business owners and HR managers will need to focus on recruitment and benefit strategies to attract and retain qualified talent."
Image by Inside Tucson Business
TUCSON, AZ (April 26, 2018) excerpt via INSIDE TUCSON BUSINESS - Community banks are critically important in Arizona, providing half of all small business loans in the state despite holding only seven percent of deposits.
A recent Harris poll revealed that 70 percent of Arizona residents place the highest trust in community banks, and yet large banks are increasingly dominating the market. As large banks typically invest their money worldwide, there is less money flowing through local banks into the immediate community.
“Credit unions and community banks are critically important as providers of credit to small businesses as they serve thousands of communities that are underserved, or not served at all, by larger non-community banks across the nation,” Michael Peel of Local First Arizona writes. “They provide a traditional approach to banking with a focus on using local deposits to reinvest in the local community through lending and retaining more dollars in our community through locally-owned businesses.”
CLARKSBURG, WV (April 23, 2018) excerpt via WVNEWS - Small businesses are the backbone of West Virginia’s economy, accounting for 99% of all businesses in the state and employing half of the state’s private workforce, according to the Small Business Administration.
“Everybody thinks it would be so great if we had a factory come in that would employ 400 people, but it’s a lot better if you have 40 businesses that employ 10 people. You’ve got the same result, but you’ve got a much more diverse economy that’s better able to withstand downturns and problems that come along,” business owner Tom Hart said to WV News. “Small businesses are extremely, extremely important.”
HOLLAND, MI (April 20, 2018) excerpt via THE WASHINGTON POST - Holland, Michigan was determined to be the best city in America for starting a business in a study by WalletHub.
An algorithm accounting for small business growth, small business revenue, hours per workweek, commute time, higher education assets and other factors was used to decide the winner.
“I have seen tremendous support for small-town businesses from local leaders, schools and residents,” Michael Glauser, executive director of the Center for Entrepreneurship at the Huntsman School of Business, said to The Washington Post. “One small business owner I know has a store in a small town and one in a large town. He gets far more support and stronger sales in his small-town operation. People want him to succeed and stick around.”
Other cities ranked highest in specific categories. St. Cloud, Minnesota; Pine Bluff, Arkansas; and Muncie, Indiana were ranked highest for cities with the most accessible business financing. The cities with the highest average growth in small businesses were New Iberia, Louisiana; Warner Robins, Georgia; and Gulfport, Mississippi.
CLEVELAND, OH (April 19, 2018) excerpt via CRAIN'S CLEVELAND BUSINESS - Ten organizations in Cleveland have coordinated to establish a coalition supporting growth initiatives for minority business owners, known as the Business Growth Collaborative.
"At its core, the BGC is about putting the needs of diverse entrepreneurs and small business owners first," said Cathy Belk, president of JumpStart Inc. "Each organization in the BGC has their own unique strengths and ways of doing things — but the best way to help the people we all serve get the knowledge and support they need is to work together whenever and wherever possible."
PHILADELPHIA, PA (April 17, 2018) excerpt via THE PHILADELPHIA TRIBUNE - Developing minority-owned small businesses could diminish the income gap, according to Marc H. Morial, president of the National Urban League.
“While white adults have 13 times the wealth of Black adults, the gap between white and Black business owners is only three to one. The median net worth for Black business owners is 12 times higher than Black non-business owners,” Morial wrote.
The National Urban League is partnering with Goldman Sachs 10,000 Small Businesses to provide access to business support services and foster growth.
“‘Histories of the civil rights movement that emphasize the glory and successes of charismatic leaders only tell part of the story,” said historian Louis Ferleger in The Philadelphia Tribune. “‘Small Black-owned businesses were critical because they were empowered to engage in civic participation. These businesses were uniquely situated to support the civil rights movement and also parted the waters.’”
NEW YORK, NY (April 16, 2018) excerpt via FORBES - Female entrepreneurs face formidable challenges in starting a business and securing financing. Despite these extra hurdles, women-owned businesses are growing rapidly.
From 2002 to 2012, the number of women-owned businesses grew at 2.5 times the national average, and employment in women-owned businesses increased at 4.5 times the average rate, according to the US Census Bureau.
Forbes presents an interview Carla Harris, President of the National Women’s Business Council, offering advice and support to women business owners.
BOSTON, MA (April 6, 2018) excerpt via THE HEIGHTS - Boston Public Market’s open house March 20 featured over 35 local vendors offering a variety of local food, beverages and household items.
“Our mission here is to support local small businesses, local agriculture, and to really educate the public about nutrition and health and wellness,” communications director Amanda Campbell told The Heights.
The market itself is a nonprofit organization promoting small businesses throughout New England and providing Bostonians a chance to enjoy unique, locally-sourced food and gifts.
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