Small business owners need to check credit reports
Credit: Reuters/Lucas Jackson WASHINGTON | Tue Jun 11, 2013 8:54am EDT WASHINGTON (Reuters) – Small business optimism rose to a one year-high in May, a hopeful sign for an economy that has hit a soft patch. The National Federation of Independent Business said on Tuesday its Small Business Optimism Index increased 2.3 points to 94.4 last month, the highest level since May last year. It was the second straight month of gains in the index. Eight of the index’s 10 components advanced, but capital spending plans were unchanged and job creation plans dipped. The gains in the index suggest that while growth slowed early in the second quarter, the cooling in activity would probably be short-lived as the economy adjusts to higher taxes and deep government spending cuts. “Expectations about the future course of the economy clearly improved over the past few months, but not to levels seen in a ‘recovery’ or even in periods of solid growth,” the NFIB said.
Business advice — and kosher food — are on the menu at first biz conference for Hasidim
Instead, he said, find out how you contributed to that rejection and work to improve your company’s credit rating so that, next time, the answer is yes. Small-business owners need to be just as savvy about their companies’ credit reports as they are about their personal credit files. Whether you’re hoping to get a loan, have been turned down for one, or are just running your business, you need to stay on top of what’s in that file, Stibel said. Many business owners don’t realize a credit file exists for their business, or know what’s in it, until there’s a problem, such as a rejection for a loan. But other things can go wrong even after a company gets a loan or line of credit. During and after the recession, banks cut the credit lines of many businesses, even those of companies that were doing well and paying their bills on time.
Speakers, who include best-selling business book author and digital and social media consultant Gary Vaynerchuk and management training expert Bob Prosen, were told not to say anything off color. “There are certain things you don’t talk about,” Hoffman said. Other pros involved include Kevin Harrington, one of the sharks from ABC’s “Shark Tank.” He’ll be on a panel of prospective investors ready to put up $100,000 in seed money for entrepreneurs competing in a “Shark Tank”-like event, Hoffman said. The cost to attend the conference is $279, with discounts available for some. Sponsors of LTB include the Daily News as well as prominent Hasidic-owned businesses. The title sponsor is Brooklyn-based Fidelity Payment Services, an electronic payment provider that employs 300 with offices in the U.S., Canada and the U.K. “Our community has a very high rate of entrepreneurs,” said Fidelity’s founder, Ben Weiser, a Satmar Hasid. “Ironically, we also have less support for them than any other community.” Hoffman never went to college. After he go married, he spent most of the day studying Jewish texts and did bookkeeping on the side before starting Ptex with a business partner.