State of Manufacturing in MN
Enterprise Minnesota, the premier service provider that works with manufacturing organizations in the State of Minnesota, has issued their Second Annual "State of Manufacturing" survey.
The good news is that the survey turned up a more optimistic outlook by this industry sector compared to a year ago. The less than good news is that some obstacles remain to be addressed, including access to credit, the general business environment, and health care costs among others.
For the full results, you can click here to go to the Enterprise Minnesota website.
In addition, a hard copy is available for sale through Amazon by clicking here.
Friday, February 26, 2010
Thursday, February 25, 2010
Get in Line! (for the SBA Backed Small Business Loans)
The funding for the enhanced SBA guaranteed small business loans ran out Friday, February 19, 2010 and its time to get in line and hope they will restart with additional funding from Congress.
Similar to what happened in November 2009 when the SBA Recovery Loan program ran out of its original allotment of $375 million, there is an additional appropriation awaiting congressional approval - it passed the House and is stalled in the Senate.
The last time this happened the extra $175 million lasted until last Friday, February 19. The SBA has seen a dramatic increase in the average weekly loan volume, increasing by nearly 90% since February 2009, so the lending is helping the small business market to get back on their feet.
The advantage of getting in line for the enhanced loans is the higher guarantee amount (attractive to the lending institution), and in some cases waived fees.
After you get in line, you can watch the loan que here on the SBA website.
The funding for the enhanced SBA guaranteed small business loans ran out Friday, February 19, 2010 and its time to get in line and hope they will restart with additional funding from Congress.
Similar to what happened in November 2009 when the SBA Recovery Loan program ran out of its original allotment of $375 million, there is an additional appropriation awaiting congressional approval - it passed the House and is stalled in the Senate.
The last time this happened the extra $175 million lasted until last Friday, February 19. The SBA has seen a dramatic increase in the average weekly loan volume, increasing by nearly 90% since February 2009, so the lending is helping the small business market to get back on their feet.
The advantage of getting in line for the enhanced loans is the higher guarantee amount (attractive to the lending institution), and in some cases waived fees.
After you get in line, you can watch the loan que here on the SBA website.
Social Media Toolkit
The MnSBDC Professional Business Consultant team often gets requests from small business clients on how to enter the world of 'Social Media', such as blogging and social networking. Inc online has a great toolkit to introduce you to this world with a range of articles, all gathered in one toolkit.
Please click here to go to that resource.
The MnSBDC Professional Business Consultant team often gets requests from small business clients on how to enter the world of 'Social Media', such as blogging and social networking. Inc online has a great toolkit to introduce you to this world with a range of articles, all gathered in one toolkit.
Please click here to go to that resource.
Monday, February 22, 2010
*FREE* Webinar for Youth Entreprenures
SBA Offers Free Youthpreneur Webinar Series to Promote Entrepreneurship and Financial Literacy
---
Recognizes National Entrepreneurship Week & America Saves Week
February 20-28, 2010
WHAT: The U.S. Small Business Administration will host a series of Youthpreneur Webinars in recognition of National Entrepreneurship Week and America Saves Week. The topics will emphasis youth entrepreneurship and engage the next generation of small business owners in skills building and financial empowerment. They will be able to learn the basics of entrepreneurship, strategies for today’s business world, and using social networking to advance business ideas.
WHEN: February 23-25, 2010
Daily, 11:00 a.m. and 3:00 p.m. (ET)
WHO: Be inspired and learn from some of the best in business and entrepreneurship.
Webinar presenters and topics include:
Jennifer Matthews, President and CEO
Creating Financial Literacy, LLC
Topic: Why My Credit Score Matters NOW
Tuesday, February 23 at 11:00 a.m.
Vince Shorb, President, The National Youth Financial Educator’s Council (NYFEC)
Topic: Financial Education/Entrepreneurship
Tuesday, February 23 at 3:00 p.m.
Steven Harris, President
JS Investment Group
Topic: Youth Entrepreneurship and Financial Literacy
Wednesday, February 24 at 11:00 a.m.
Michael Simmons, Co-Founder & CEO, Extreme Entrepreneurship Tour
Topic: Why Every Student Should Be an Entrepreneur
Wednesday, February 24 at 3:00 p.m.
Shonika Proctor, CEO, Renegade CEO’s
Topic: Me…Myself...and Why? A Business Roadmap for Determined Teens Who are Making Their Way
Thursday, February 25 at 11:00 a.m.
Jason Duff, Founder and CEO, Community Storage & Properties, LTD and COMSTOR Outdoor, LTD
Topic: How to Leverage Top Internet Tools to Grow and Market Your Business
at No Cost
Thursday, February 25 at 3:00 p.m.
HOW: For free visual and audio access to the Webinar go to www.ReadyTalk.com
Click “join a meeting” and enter access code 3761101
Then dial 866.740.1260 and enter access code 3761101 (plus the #key)
System Requirements:
- Windows, Mac, Linux and Solaris operating systems
- Internet Explorer, Safari and Firefox Web browsers
- Separate telephone line needed for the audio portion
For more information Contact: Cecelia Taylor (202) 401-3059 Advisory Number: MA10-02 Internet Address: http://www.sba.gov/news
SBA Offers Free Youthpreneur Webinar Series to Promote Entrepreneurship and Financial Literacy
---
Recognizes National Entrepreneurship Week & America Saves Week
February 20-28, 2010
WHAT: The U.S. Small Business Administration will host a series of Youthpreneur Webinars in recognition of National Entrepreneurship Week and America Saves Week. The topics will emphasis youth entrepreneurship and engage the next generation of small business owners in skills building and financial empowerment. They will be able to learn the basics of entrepreneurship, strategies for today’s business world, and using social networking to advance business ideas.
WHEN: February 23-25, 2010
Daily, 11:00 a.m. and 3:00 p.m. (ET)
WHO: Be inspired and learn from some of the best in business and entrepreneurship.
Webinar presenters and topics include:
Jennifer Matthews, President and CEO
Creating Financial Literacy, LLC
Topic: Why My Credit Score Matters NOW
Tuesday, February 23 at 11:00 a.m.
Vince Shorb, President, The National Youth Financial Educator’s Council (NYFEC)
Topic: Financial Education/Entrepreneurship
Tuesday, February 23 at 3:00 p.m.
Steven Harris, President
JS Investment Group
Topic: Youth Entrepreneurship and Financial Literacy
Wednesday, February 24 at 11:00 a.m.
Michael Simmons, Co-Founder & CEO, Extreme Entrepreneurship Tour
Topic: Why Every Student Should Be an Entrepreneur
Wednesday, February 24 at 3:00 p.m.
Shonika Proctor, CEO, Renegade CEO’s
Topic: Me…Myself...and Why? A Business Roadmap for Determined Teens Who are Making Their Way
Thursday, February 25 at 11:00 a.m.
Jason Duff, Founder and CEO, Community Storage & Properties, LTD and COMSTOR Outdoor, LTD
Topic: How to Leverage Top Internet Tools to Grow and Market Your Business
at No Cost
Thursday, February 25 at 3:00 p.m.
HOW: For free visual and audio access to the Webinar go to www.ReadyTalk.com
Click “join a meeting” and enter access code 3761101
Then dial 866.740.1260 and enter access code 3761101 (plus the #key)
System Requirements:
- Windows, Mac, Linux and Solaris operating systems
- Internet Explorer, Safari and Firefox Web browsers
- Separate telephone line needed for the audio portion
For more information Contact: Cecelia Taylor (202) 401-3059 Advisory Number: MA10-02 Internet Address: http://www.sba.gov/news
Calling all Inventors!
The Minnesota Inventors Congress (MIC) is involved in 3 major events taking place during the month of March for inventors.
1. Global Inventors Conference. A one day workshop designed for the inventor who wants to learn how to develop a marketable product. Attend in person or online.
www.minnesotainventorscongress.org
Saturday, March 6, 2010
9 - 5 (Online attendees - time will vary depending on your time zone) Oahu Veterans Center Honolulu Hawaii Registration deadline:
In Person: Walk ins welcome
Online registration deadline is Monday, March 1, 2010, at 5:00 p.m.
2. Lake Superior Business to Business Expo http://www.duluthbusinessexpo.com Wednesday, March 17, 2010
9 - 5
Duluth Entertainment Convention Center
Duluth MN
Stop by their booth and say hello
3. MN Marketplace for Entrepreneurs
www.mnmarketplace.org
Tuesday, March 30, 2010
12:30 - 7
Verizon Wireless Center
Mankato MN
Free exhibitor booths for entrepreneurs.
4 Inventing Success Workshops:
Inventors most important investment – Deb Hess, MN Inventors Congress Patent Law: A Business Perspective – Roger Belfay, patent attorney How I Became the “Needle Lady” - Pam Turner, Inventor Best Practices for New Product Development – David Clark of Malco Design and Deliver Group Register today.
For more information, please contact;
Deb Hess, Executive Director
deb@minnesotainventorscongress.org
www.minnesotainventorscongress.org
Minnesota Inventors Congress
235 S Mill Street, P O Box 71
Redwood Falls MN 56283
507.627.2344 Office * 800.468.3681 Toll Free * 507.637.4082 Fax
Don't forget the premier event for Inventors - 53rd Annual event: Invention & Idea Show - June 11 & 12, 2010 in Redwood Falls, MN.
The Minnesota Inventors Congress (MIC) is involved in 3 major events taking place during the month of March for inventors.
1. Global Inventors Conference. A one day workshop designed for the inventor who wants to learn how to develop a marketable product. Attend in person or online.
www.minnesotainventorscongress.org
Saturday, March 6, 2010
9 - 5 (Online attendees - time will vary depending on your time zone) Oahu Veterans Center Honolulu Hawaii Registration deadline:
In Person: Walk ins welcome
Online registration deadline is Monday, March 1, 2010, at 5:00 p.m.
2. Lake Superior Business to Business Expo http://www.duluthbusinessexpo.com Wednesday, March 17, 2010
9 - 5
Duluth Entertainment Convention Center
Duluth MN
Stop by their booth and say hello
3. MN Marketplace for Entrepreneurs
www.mnmarketplace.org
Tuesday, March 30, 2010
12:30 - 7
Verizon Wireless Center
Mankato MN
Free exhibitor booths for entrepreneurs.
4 Inventing Success Workshops:
Inventors most important investment – Deb Hess, MN Inventors Congress Patent Law: A Business Perspective – Roger Belfay, patent attorney How I Became the “Needle Lady” - Pam Turner, Inventor Best Practices for New Product Development – David Clark of Malco Design and Deliver Group Register today.
For more information, please contact;
Deb Hess, Executive Director
deb@minnesotainventorscongress.org
www.minnesotainventorscongress.org
Minnesota Inventors Congress
235 S Mill Street, P O Box 71
Redwood Falls MN 56283
507.627.2344 Office * 800.468.3681 Toll Free * 507.637.4082 Fax
Don't forget the premier event for Inventors - 53rd Annual event: Invention & Idea Show - June 11 & 12, 2010 in Redwood Falls, MN.
Thursday, February 18, 2010
SBA To Honor the Nation’s Small Businesses During National Small Business Week; May 23-25, 2010
--
WASHINGTON – The nation’s top entrepreneurs will be honored at the U.S. Small Business Administration’s National Small Business Week events to be held May 23-25, in Washington, D.C. A series of events and educational forums will mark the 57th anniversary of the agency and the 47th annual proclamation of National Small Business Week.
Men and women also will be recognized for their involvement in disaster recovery, government contracting, and their support for small businesses and entrepreneurship. Awards also will be presented to SBA partners in financial and entrepreneurial development, including best SCORE Chapter, Small Business Development Center and Women’s Business Center during 2009.
The State Small Business Award Winners and recipients of the Champion and other Entrepreneurial awards are nominated by local trade associations, chambers of commerce, other business organizations and government agencies. Co-Sponsors include: SCORE – Counselors to America’s Small Business; VISA; Ford; Administaff; Google; eBay; Raytheon; Cbeyond; Intuit; Northrop Grumman; Lockheed Martin; Verio; NADCO and NAGGL.
Additional information on the Small Business Week 2010 events is available at www.nationalsmallbusinessweek.com.
# # #
Summarized from SBA Release Number: 10-02 Contact: Dennis Byrne (202) 205-6567
--
WASHINGTON – The nation’s top entrepreneurs will be honored at the U.S. Small Business Administration’s National Small Business Week events to be held May 23-25, in Washington, D.C. A series of events and educational forums will mark the 57th anniversary of the agency and the 47th annual proclamation of National Small Business Week.
Men and women also will be recognized for their involvement in disaster recovery, government contracting, and their support for small businesses and entrepreneurship. Awards also will be presented to SBA partners in financial and entrepreneurial development, including best SCORE Chapter, Small Business Development Center and Women’s Business Center during 2009.
The State Small Business Award Winners and recipients of the Champion and other Entrepreneurial awards are nominated by local trade associations, chambers of commerce, other business organizations and government agencies. Co-Sponsors include: SCORE – Counselors to America’s Small Business; VISA; Ford; Administaff; Google; eBay; Raytheon; Cbeyond; Intuit; Northrop Grumman; Lockheed Martin; Verio; NADCO and NAGGL.
Additional information on the Small Business Week 2010 events is available at www.nationalsmallbusinessweek.com.
# # #
Summarized from SBA Release Number: 10-02 Contact: Dennis Byrne (202) 205-6567
Monday, February 8, 2010
Latest in a Series of New Small Business Proposals by President Obama
1. Expand SBA’s existing 504 program to temporarily support refinancing for owner-occupied commercial real estate loans:
The Administration is proposing legislation to temporarily allow for the refinancing of owner-occupied commercial real estate (CRE) loans under the SBA’s 504 program, which provides guarantees on loans for the development of real estate and other fixed assets. Currently, 504 loans cannot be used for the refinancing of maturing debt. This change would respond to the difficulties many current, solvent borrowers face in refinancing existing commercial real estate loans.
Businesses with a loan maturing in the next year who are current on all loan payments will be eligible. Lenders that are refinancing mortgages for existing customers will make a loan for up to 70 percent of the current property value; and SBA will help finance the remaining 20 percent. For new lenders taking on a refinancing project, SBA will take on a greater share of financing, up to 40 percent.
2. Temporarily increase the cap on SBA Express loans from $350,000 to $1 million:
The President is proposing to temporarily increase the maximum SBA Express loan size to $1 million, which would expand the program’s ability to help a broad range of small businesses through a streamlined approval process. Unlike traditional 7(a) loans, lenders can use their own paperwork for SBA Express loans, which can be structured as revolving lines of credit. Currently, these Express loans are capped at $350,000 and carry a 50 percent guarantee. Fees would cover virtually all of the added costs of this proposal.
These proposals complement the President’s broader small business agenda - a key part of his overall jobs plan. The other elements of the small business agenda include:
• Extending small business expensing and bonus depreciation for 2010. Eliminating capital gains taxes for small businesses in 2010.
• A Small Business Jobs and Wages Tax Credit that would cut taxes for more than 1 million small businesses by paying up to $5,000 for every net new job and covers payroll taxes on overall wage increases in excess of inflation.
• A proposal to transfer, through legislation, $30 billion to a new Small Business Lending Fund that will support lending by community and smaller banks.
• Additional SBA lending proposals, including an extension of the Recovery Act programs that eliminate fees and raise guarantees on SBA’s two largest loan programs and permanent increases in the maximum loan sizes for major SBA programs.
1. Expand SBA’s existing 504 program to temporarily support refinancing for owner-occupied commercial real estate loans:
The Administration is proposing legislation to temporarily allow for the refinancing of owner-occupied commercial real estate (CRE) loans under the SBA’s 504 program, which provides guarantees on loans for the development of real estate and other fixed assets. Currently, 504 loans cannot be used for the refinancing of maturing debt. This change would respond to the difficulties many current, solvent borrowers face in refinancing existing commercial real estate loans.
Businesses with a loan maturing in the next year who are current on all loan payments will be eligible. Lenders that are refinancing mortgages for existing customers will make a loan for up to 70 percent of the current property value; and SBA will help finance the remaining 20 percent. For new lenders taking on a refinancing project, SBA will take on a greater share of financing, up to 40 percent.
2. Temporarily increase the cap on SBA Express loans from $350,000 to $1 million:
The President is proposing to temporarily increase the maximum SBA Express loan size to $1 million, which would expand the program’s ability to help a broad range of small businesses through a streamlined approval process. Unlike traditional 7(a) loans, lenders can use their own paperwork for SBA Express loans, which can be structured as revolving lines of credit. Currently, these Express loans are capped at $350,000 and carry a 50 percent guarantee. Fees would cover virtually all of the added costs of this proposal.
These proposals complement the President’s broader small business agenda - a key part of his overall jobs plan. The other elements of the small business agenda include:
• Extending small business expensing and bonus depreciation for 2010. Eliminating capital gains taxes for small businesses in 2010.
• A Small Business Jobs and Wages Tax Credit that would cut taxes for more than 1 million small businesses by paying up to $5,000 for every net new job and covers payroll taxes on overall wage increases in excess of inflation.
• A proposal to transfer, through legislation, $30 billion to a new Small Business Lending Fund that will support lending by community and smaller banks.
• Additional SBA lending proposals, including an extension of the Recovery Act programs that eliminate fees and raise guarantees on SBA’s two largest loan programs and permanent increases in the maximum loan sizes for major SBA programs.
Thursday, February 4, 2010
Economic Clusters as a means to growth
One idea that is firmly entrenched in current economic development thinking is the idea of 'economic clusters' - related firms that build on and leverage a specific skill set or market segment. One definition (there are many) comes from the Harvard Business School's Institute for Strategy and Competitiveness; "Clusters are geographic concentrations of interconnected companies, specialized suppliers, service providers, and associated institutions in a particular field that are present in a nation or region. Clusters arise because they increase the productivity with which companies can compete."
In the 2011 budget request, the concept of economic clusters is seeded throughout various agencies. This has potential to blossom into new jobs, and only time will tell if the concept passes the budget review process and is successfully implemented by the agencies. The New Republic provides a useful summary of the agencies and the amounts, along with hyperlinks to the specific agency budgets. Here is the link to that article.
One idea that is firmly entrenched in current economic development thinking is the idea of 'economic clusters' - related firms that build on and leverage a specific skill set or market segment. One definition (there are many) comes from the Harvard Business School's Institute for Strategy and Competitiveness; "Clusters are geographic concentrations of interconnected companies, specialized suppliers, service providers, and associated institutions in a particular field that are present in a nation or region. Clusters arise because they increase the productivity with which companies can compete."
In the 2011 budget request, the concept of economic clusters is seeded throughout various agencies. This has potential to blossom into new jobs, and only time will tell if the concept passes the budget review process and is successfully implemented by the agencies. The New Republic provides a useful summary of the agencies and the amounts, along with hyperlinks to the specific agency budgets. Here is the link to that article.
Minnesota District Office ranks first in the nation in number of loan guarantees and seventh in the nation in dollars of loan guarantees out of 68 district offices nationwide.
While small business lending by large banks is down, SBA backed small business loans continue to help the small business community to survive. This Wall Street Journal article notes that; "The top 22 largest lenders under the government's Troubled Asset Relief Program approved $6.9 billion in loans in November, down 7.4% from April."
The Minnesota District Office continues to turn in an impressive record, and note that in MN the two top spots on the list are held by large banks; Wells Fargo and US Bank. Here's the full details.
While small business lending by large banks is down, SBA backed small business loans continue to help the small business community to survive. This Wall Street Journal article notes that; "The top 22 largest lenders under the government's Troubled Asset Relief Program approved $6.9 billion in loans in November, down 7.4% from April."
The Minnesota District Office continues to turn in an impressive record, and note that in MN the two top spots on the list are held by large banks; Wells Fargo and US Bank. Here's the full details.
Tuesday, February 2, 2010
What Trends will impact Small Business this year?
Predicting the future is a favorite past-time, especially at the start of a year. Understanding trends is a bit more useful for trying to figure out where the small businesses that the MnSBDC serve may be impacted.
Here's an interesting article from US News and World report that lists "21 Things We're Learning to Live Without". By studying this list, you may be able to better prepare for the potential impact on small businesses. There are also interesting 'hyperlinks' scattered throughout the article that lead to additional stories on selected topics.
So - ready to predict the future?
Predicting the future is a favorite past-time, especially at the start of a year. Understanding trends is a bit more useful for trying to figure out where the small businesses that the MnSBDC serve may be impacted.
Here's an interesting article from US News and World report that lists "21 Things We're Learning to Live Without". By studying this list, you may be able to better prepare for the potential impact on small businesses. There are also interesting 'hyperlinks' scattered throughout the article that lead to additional stories on selected topics.
So - ready to predict the future?
Subscribe to:
Posts (Atom)