By Rieva Lesonsky
In his State of the Union address Wednesday night, President Obama made lots of proposals to help small business. These included:
- Using $30 billion of the money the big banks have repaid and using it to help community banks give small businesses the credit they need.
- A tax credit for small businesses that hire new workers or raise wages.
- Eliminating capital gains taxes on small-business investment.
- Providing a tax incentive to businesses that invest in new plants and equipment.
- A National Export Initiative to help small businesses increase exports.
Will all these proposals come to pass? I don’t know, but for my take on what small-business owners can do—now—to get their businesses moving with or without government assistance, read my AllBusiness.com column.
For a real-life example of businesses that aren’t waiting for government assistance, but are finding opportunity in the downturn, read my AllBusiness.com Franchise Blog.
And for some good news for small-business owners seeking business loans or other funding, check out my blog on Anita Campbell’s Small Business Trends.
Not every small business can qualify for a bank loan, especially today, and this sounds promising but only time will tell. However, there are other options businesses can look into other than the traditional bank loan or a SBA loan. One good alternative is a business cash advance. It’s cash given up front to businesses when they need it, and is based upon the cash flow from monthly credit card sales charges. They don’t have to make monthly payments like with small business loans; instead small debits are automatically taken from batched credit card sales which will make repaying the money much easier.
Thanks to all small business owners who kept US economy to it’s feet. The banks that got the money aren’t approving small businesses for badly needed loans then add the House of Representatives to this issues and our economy will go back to the stone age.
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Interesting post. I’ll have to keep it in mind, because I’d love to run my own business soon. It’ll obviously be challenging, so I can use all the financial help I can get..