Top 5 Business Stories of The Week
Posted by Matt Krautstrunk on October 8, 2010 in Business News [ 2 Comments ]
Small business is on the up tick; the federal government has implemented a Small Business Jobs Act, SBA incorporates more companies as “small businesses”, and more businesses are receiving grants and loans despite the economy. Additionally, the debate rages on the justifications to reduce paid sick days from 9 to 5. Here is this weeks top 5 small business stories.
Jobs Act could create $2.5 billion in Calif. small-biz loans [The OC Register] The new federal Small Business Jobs Act will push around $2.53 billion in loans to small businesses in California. Under California’s program, private lenders make loans of $500 to $1.5 million to small businesses that cannot qualify for standard business loans, said Joe DeAnda in the state Treasurer’s Office.
Female-Owned Firms Growing Faster Than Male-Owned [Modern Mom] “From 1997 to 2007, female-owned businesses grew by 44% to 7.8 million while male-owned businesses has grown 22%, according to the U.S. Department of Commerce. Male-owned firms totaled 13.9 million in 2007. Female-owned firms added 500,000 workers while male-owned firms lost 2 million workers.”
Council Eyes Pruning Sick Day Requirement [New York Post] New York City Council Speaker Christine Quinn is in discussions to reduce the amount of paid sick days employees can take. The bill is expected to take the mandated nine paid sick days, and reduce it to five. There is heavy opposition and one study stated that it would cost companies an estimated 800 million a year.
SBA Revises Definition of Small Business [Inc.] The Small Business Administration made more than 17,000 Companies happy today by expanding its definition of “small business”. The new rule take effect on November 5th and incorporates businesses in industries such as retail, hospitality, and restaurants. SBA has been keeping an eye on changing their guidelines for some time because they have not updated their rules since the 80’s.
States to Get $1.5 Billion for Small Business [NY Times] “To receive money, states have to demonstrate that for every dollar the federal government provides, they will generate $10 in new private lending, which will create an impact of $15 billion on the economy, the Treasury said. Among the six states receiving the biggest allocations, California has the largest at $168.62 million.”
State’s small business budget increase and The Small Business Administration revising their guidelines will hopefully help small business recovery. We never thought that the phrase “9 to 5” would gain such strong opposition, and female-owned firms are making headlines again. These business stories rounded out a week of progress for small businesses.
Image Credit: Phillips