Small Business // Current

A Special Thanks to Core Web Solutions

A special thanks to the company behind our success

blogspression1
added this
6 days ago
|
0 comments

Dina Powell on Goldman Sachs $500m Small Business Initiative

Goldman Sachs earned an eye-popping $3.2 billion last quarter. Now it’s decided to share some of that with the little guys. The bank said Tuesday that it is launching a $500 million initiative called “10,000 Small Businesses,” aimed at unlocking the job creation and economic growth potential of America’s small companies. The project’s advisory council features an array of business luminaries, including Warren Buffett, Goldman Sachs’ largest shareholder. Goldman CEO Lloyd Blankfein and Harvard professor Michael Porter will join Buffett in co-chairing the group.
(Cowley, S., 2009, November 17, par.1-2)

Goldman Sachs (GS, Fortune 500) said it will contribute $200 million for scholarships to community colleges and universities around the country. The money is intended to fund training and educational opportunities for underserved business owners. The bank is also setting aside $300 million to support Community Development Financial Institutions (CDFIs). Certified by the Treasury Department, CDFIs include banks, credit unions and investment funds that target low-income and otherwise disadvantaged populations. Goldman is seeking a return on some of its community development support: The bank said its CDFI investment will be a combination of loans and philanthropic donations.
(Cowley, S., 2009, November 17, par.4-6)

The “10,000 Small Businesses” project comes at a time when many banks — including Goldman — have pared back their small business lending. Over the last six months, Goldman has cut the balance of its outstanding loans to small businesses by $191 million, according to a Treasury report released this week. Goldman’s small business loan balance currently stands at $3.8 billion.
(Cowley, S., 2009, November 17, par.8)

Last fall’s financial meltdown had a cataclysmic — and lingering — effect on small business financing. The nation’s biggest banks have collectively shaved $10.5 billion from their small business lending balances over the past six months, and small business owners are struggling to get the credit lines they need to run their companies. Goldman Sachs’ CEO on Tuesday apologized for his bank’s part in contributing to financial meltdown. “We participated in things that were clearly wrong and have reason to regret,” Blankfein said at a corporate conference in New York. “We apologize.”
(Cowley, S., 2009, November 17, par.9-11)

Source:
http://www.cnbc.com/id/15840232?video=1335037571&play=1

http://money.cnn.com/2009/11/17/smallbusiness/goldman_sachs_warren_buffet_small_business/

http://theretailsector.wordpress.com/Goldman Sachs earned an eye-popping $3.2 billion last quarter. Now it’s decided to... more

jmsrmy
added this
7 days ago
|
0 comments

Solo 401k For Self Employed

Small business owners interested in setting up a Solo 401k have less than 60 days to... more

solo401kadvisor
added this
13 days ago
|
0 comments

The best pop shop in the world?

I don't know if it is, but I'd sure like to go and browse. This place looks amazing.... more

soserene
added this
16 days ago
|
0 comments

3/50 Project: Local Small Business Support

jmsrmy
added this
24 days ago
|
1 comment

Federal Government Putting Small Toymakers Out of Business

For 35 years, William John Woods has made wooden toys for children. Each one of the... more

rmann0581
added this
25 days ago
|
0 comments

Obama to announce help for small banks, businesses

WASHINGTON — President Barack Obama wants smaller community banks to have greater... more

tcmfan08
added this
1 month ago
|
0 comments

Small Business Owners Face Credit Squeeze

Small companies create more than half of America's jobs, but the entrepreneurs who... more

jmsrmy
added this
1 month ago
|
0 comments

Social Media Not a Priority for Many Small Businesses

Citibank has released the results of a survey about small business social media use.... more

northrunnnercano6
added this
1 month ago
|
0 comments

Four things Obama can do to stem further job losses in the worst labor market in 70 years.

In his Saturday radio address, President Obama acknowledged the White House is... more

atomiclegion
added this
3 months ago
|
0 comments

Get You Own Business: A StudyGet You Own Business: A Study

Wondering how you can setup your own business? Here's a resource you can use.

theglobalemployer
added this
2 months ago
|
0 comments

Small Businesses Told To Prepare For Swine Flu

Federal officials say small business owners should be prepared to operate with fewer... more

jmsrmy
added this
2 months ago
|
0 comments

Do Corporate Giants Own Your Favorite Small Brand?

"When consumers buy something organic, often they’re also buying into the picture on... more

lookatmypix
added this
3 months ago
|
0 comments

The Low-Down on Small Business Grants

Ever wondering if your small business qualifies for a grant? Read on to know!

theglobalemployer
added this
3 months ago
|
0 comments

Small Retailers Feel Sharper Economic Pinch

Chris Fine has been selling remote-controlled cars, boats and other hobby items for 27 years. These days, he’s hoping he’ll be able to hang on another few months. “I hope I make it to December...,” Fine said on a recent day in which he had sold a paltry $26 in items by midday. “I’ve got to figure out a way to survive.”
(Linn, A., 2009, August 30, par.1-3)

As the recession has gripped the nation over the past year and a half, Fine said monthly sales at his store, Mid-Hudson Hobbies in Middletown, N.Y., and online business, Fine Design, have tumbled by more than 50 percent....For many, he suspects, it’s an easy choice between buying a new hobby item and paying the utility or food bill....“This is disposable income,” he said. “If people have any extra income, they come in.”
(Linn, A., 2009, August 30, par.4, 6-7)

Although the recession has been a struggle for all U.S. retailers, there is evidence that it has been especially difficult for the nation’s smaller, independent retailers. With Americans cutting back drastically on their spending, some stores have lost business as shoppers have turned to cheaper discount chains, while others have found that their customers have simply gone without the kind of discretionary items some small retailers sell.
(Linn, A., 2009, August 30, par.8)

Sales at privately held retailers fell 3.63 percent on average for the first seven months of this year, as compared to an average drop of 1.34 percent for publicly held companies in the same period, according to Sageworks Inc., which provides financial data on privately held companies. The data is based on financial records from thousands of accountants.
(Linn, A., 2009, August 30, par.9)

In addition to the drop in business, experts say small businesses may be having a tougher time in part because they don’t necessarily have the cash reserves to make it through a deep trough. The credit crunch has exacerbated that problem, leaving some small retailers unable to obtain credit to either ride out the storm or keep the inventory they need to stay in business.
(Linn, A., 2009, August 30, par.12)Chris Fine has been selling remote-controlled cars, boats and other hobby items for 27... more