Bloomberg News: The Federal Reserve Bank of New York said tight credit restrained the growth plans of many small businesses in 2012, citing a survey of lending in its district conducted in March and April.
Nearly half (49 percent) of firms polled cited access to capital as a barrier to growth, but only a third of firms actually report applying for credit in the last year. While the concern was mostly (66 percent) among those firms operating at a loss, 36 percent of profitable firms also reported difficulty getting the credit they needed to expand their businesses.
The Small Business Administration (SBA) will hold a workshop on the Women-owned Small Business (WOSB) Federal Contract Program on May 22 in Rochester, NY. The free session will be held at the Ebenezer Watts Conference Center and materials will be presented by Pamela Andolina, SBA business development specialist and Anna Vulaj Fitzsimmons, Monroe County Finger Lakes PTAC business development manager. Register online. For more information, contact Anna Vulaj Fitzsimmons at (585) 753-2017 or [email protected].
The New York State Small Business Center has a wide variety of seminars and classes being held at various locations around the state in May. Topics range from starting a business to bid proposals and debt financing.
According to the U.S. Small Business Administration, M & T Bank approved 126 new SBA flagship 7(a) loans totaling $25.8 million between October 1, 2012 and March 31. That’s quite a change from a year ago when, over the same period, it approved 94 loans totaling $10.3 million.
Small business owners and business leaders from across the state, including The Business Council, assembled on Wednesday to participate in Small Business Day. The effort, led by the National Federation of Independent Businesses of New York, focused on a six-point legislative agenda of the challenges faced by the state’s 2 million small businesses.
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Liquefied Natural Gas Storage and Transportation Exemption
A4202 (Camara)/S119A (Maziarz)
Out-of-Network Health Care Coverage
Healthcare Quality Cost Containment Commission to review healthcare mandates
Scaffold Law Reform
A3104 (Morelle)/S111 (Gallivan)
Wage Theft Prevention Act
A2482 (Gabryszak)/S2313 (DeFrancisco)
Unfunded Mandate Reform Act
A3106 (Morelle) / S4094 (O’Brien)
“Small Business Day is an important annual event, when we remind legislators that small business have enormous potential for growth, but needs relief from the layers of compliance burdens imposed by New York State,” said Business Council president Heather Briccetti. “We are asking for legislative action on a reform package that will reduce costs, provide new opportunities for investment and job creation, and allow small business owners to focus on their core business objectives.”
We urge you to take action on these issues by sending a letter to your legislators:
Joseph De Avila of The Wall Street Journalwrote a very interesting story about the effect a university, in this case Binghamton University, and small business can have on a local economy. This issue has come to light because of Broome County’s large dip in population – a loss of 2,540 from 2011 t0 2012, the largest drop of any county in New York.
The Business Council created the Made in New York website to highlight the many products made in New York. We encourage all Business Council members to join the Made in New York movement. By joining, member companies get a page on the site, complete with company information, links back to company homepages, images, videos, product information and more. The economy will strengthen and jobs will be created when more consumers buy made in New York products.
The Small Business Administration recently announced that small businesses rebuilding in the aftermath of Hurricane Sandy will get both immediate and long-term help laying a foundation for economic recovery and resiliency thanks to expanded services funded by a $19 million emergency appropriation.
Small businesses can take advantage of free expanded counseling, training and technical assistance from the U.S. Small Business Administration’s resource partners—the Small Business Development Centers (SBDCs), SCORE, and Women’s Business Centers (WBCs).
New York has been allocated $2,394,000 in SBDC and WBC funding awards.
SBA makes low-interest, taxpayer-backed disaster loans to homeowners, renters, businesses and non-profit organizations of all sizes. More information about the disaster assistance program is available at www.sba.gov/disaster.
As of April 11, the SBA has approved disaster loans totaling $1.8 billion to individuals, and $279 million to businesses and non-profit organizations recovering from Hurricane Sandy.
The Buffalo Newsoutlines how MBA students at the University at Buffalo helped small businesses overcome barriers and challenges to exporting their products to Canada. Interested companies were paired with MBA students who conducted research for the company and helped them develop a plan for exporting their product.