As a small business owner, financing is an ever-present challenge. With that in mind, public, private and non-profit organizations are always looking for help by addressing issues facing small businesses. From grants to revolving loans and tax credits, there are many options that small business owners can take advantage of. The key is to find the best solution that fits your specific challenges and apply it accordingly to have a better chance of getting these funds.
In addition to grants, there are tax credits and revolving loans available across the country this week. So take a good look at what is available and request the subsidies for which you are eligible.
With grants starting at $5,000 and going up to $50,000, communities across the U.S. provide financial aid to small businesses. This includes everything from the Strategic Initiatives Community Grant program to new brick-and-mortar business openings, the U.S. Department of Commerce’s Economic Development Administration, and others. There is also a COVID-19 Capital Costs Tax Credit Program with up to $25,000 in tax credits for individual small businesses.
If you happen to be in Tennessee, there is a matching grant program totaling $7 million and up to $300,000 per company available. The program will provide additional funding to Tennessee companies that have received a federal Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) award in the past year.
Small Business News Feed – July 15, 2022
From total sales on Prime Day to the best freelance gigs in 2022, learn more about the rest of this week’s recap.
Yaks! Small business owner’s expectations for the future at all-time low
The most recent National Federation of Independent Business (NFIB) Small Business Optimism Index continued its slump by 3.6 points in June to 89.5, the sixth straight month below the 48-year average of 98. NFIB Small Business Optimism Index Outlook of small business owners for better business conditions over the next six months fell by seven points to a net negative 61%.
Small Businesses on Amazon Made $3 Billion in Sales Leading Up to Prime Day
Amazon Prime members purchased more than 300 million items worldwide during Prime Day 2022, saving more than $1.7 billion, according to information released by the online marketplace this morning. This year, Prime members bought more than 100,000 items per minute, while in the US, more than 60,000 items were purchased per minute.
Energy and fuel costs remain high, hurting small business owners
If you are a small business owner with a fleet of vehicles, brace yourself. According to the US Bureau of Labor Statistics, the consumer price index for all urban consumers (CPI-U) rose 1.3 percent (seasonally) in June after rising 1.0 percent in May. The index for all items rose 9.1 percent.
These are the best freelance gigs in 2022
In November 2021, a record 4.5 million American workers left their jobs, as part of a trend that has come to be known as the Great Resignation. Many employees who leave their jobs go freelancing. Some choose self-employed jobs to supplement their income, others because it allows them to work more flexibly and pursue their passions with better pay.
Small business approvals from some lenders rose slightly in June
Loan approval rates continue to rise slowly, with small banks and alternative lenders showing the strongest growth in June. Of all lenders, loan rates fell only at credit unions, and that was only a 1% drop. “However, we are nowhere near pre-pandemic approval rates,” said Biz2Credit CEO Rohit Arora. “Nevertheless, these are positive signs.
IRS Urges Tax Preparers To Protect Clients’ Personal Information From Identity Theft
The IRS has issued a renewed appeal to tax professionals to be vigilant for new and ongoing threats targeting the tax system and tax data. IRS Urges Tax Preparers To Protect Clients’ Personal Information From Identity Theft The effort to encourage tax professionals to take steps to help prevent data theft kicks off with the Security Summit’s annual summer campaign targeting the tax community.
TikTok launches Follow Me for small business users
TikTok has launched Follow Me, a multi-channel educational experience designed to help small businesses optimize the video sharing portal to maximize results. TikTok launches Follow Me for small business users Follow Me is a six-week program that runs from July 11 to August 19.
Chris Hurn on Using SBA Loans to Buy an Existing Business
Interested in starting a small business? Then you don’t always have to start from scratch. Instead, you may want to buy a business that is currently for sale. Fortunately, there will be more opportunities to buy them in the future. For example, there are many boom-age entrepreneurs who want to retire and make money.
SCORE Small Business Mentors Open Hub to Help Rural Entrepreneurs
The US small business mentor and resource partner of the US Small Business Administration (SBA) has launched a centralized resource hub specifically for entrepreneurs in rural areas.
How does Generation Z react to brands?
Gen Z has been described as “the most disruptive generation” and is already on track to catch up with millennials’ earnings by 2031. This makes the generation born between 1995 and 2010 a highly sought after demographic for companies looking to continue growing for years to come .
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