Women-owned businesses are on the rise, and with them come numerous tax benefits and resources to help these businesses grow and succeed. From tax credits to government-sponsored grants and loans, there are many opportunities available to women entrepreneurs looking to start or expand their businesses. Tax Benefits for Women-Owned Businesses One of the primary tax benefits … [Read more...]
Small Steps to Achieve Your Financial Goals
With the impact of COVID-19 influencing the global economy, it is no surprise that personal finance is on a lot of people’s minds. With many people already dealing with the impact of COVID-19 and others that are concerned about future job security, personal finance is definitely a point of discussion at the moment. As well as this, from a more positive perspective, national … [Read more...]
Top 4 Financial Resolutions Heading into 2021
Never mind the New Year's resolution to lose weight. It didn’t work last year, and it’s considered the world's worst and least kept resolution of all time. If you’re making a list of things you’d like to improve in 2021, other than the fact that you’d like to be able to visit family, friends or be in public without a face covering, consider resolving to change your financial … [Read more...]
3 Reasons to Refuse Your Financial Advisor’s Discount
Discounted advisors are like cheap clothes, they look good in the store and then they fall apart after one wash aka a market crash. Years ago, I sat across from a then retired financial advisor who was questioning the fact that I never discount the price of what I do for clients. I asked him why he did discount the advisory fee. He said that it was more competitive. But … [Read more...]
Denied for An SBA 7(a) Loan? Here Are Some Common Reasons Why
The U.S. Small Business Administration (SBA)'s 7(a) loan program is the most popular source of small business financing backed by a federal guaranty. Loans can be approved for amounts up to $5 million, with maturity rates from 10 to 25 years, and average APR rates of 6.30%-10%. Since SBA 7(a) loans have strict requirements, a majority of small business owners do not get … [Read more...]
PPP Loan Forgiveness – What Your Business Needs to Know
The U.S. Small Business Administration (SBA) Payroll Protection Program (PPP) served as a lifeline for small business owners facing hardships from the COVID-19 pandemic. The funds can be used toward eligible business expenses such as payroll, mortgage interest, rent, and utilities. The program closed on August 8th, 2020, and is no longer accepting applications. New guidance … [Read more...]
Credit Discrimination – What You Can Do To Protect Yourself
Credit discrimination is the act in which a creditor prevents access to loans, credit cards, mortgages, or other types of financing based on a person's race, color, sex, national origin, religion, marital status, age, source of income, and other “protected classes.” This practice is illegal, and a creditor cannot prevent access to financing, refuse an application, close an … [Read more...]
COVID-19: Research Shows Women and Minority-Owned Businesses Hardest Hit by the Pandemic
Recent research shows that women and minority-owned businesses in the U.S. have been hardest hit by the COVID-19 pandemic. The impacts have been drastic, according to research conducted by the Stanford Institute for Economic Policy Research (SIEPR). African American business owners suffered the greatest level of losses with a 41% drop in revenue. Hispanic business owners … [Read more...]
Will the Next Stimulus Package be Enough to Help Women and Minority Owned Businesses?
On Monday July 27, 2020, the U.S. Senate Republicans proposed a new stimulus package for eligible Americans. The GOP proposal will be called the Health, Economic Assistance, Liability Protection and Schools Act (HEALS Act). Though the existing programs and pending proposals under the HEALS Act have been helpful to struggling small business owners, was there enough done by the … [Read more...]
5 Tips for Women to Access Business Funding
Whether you're launching a startup or seeking funding to keep your established business going, Kathryn Petralia, co-founder of Kabbage---a leading provider of online loans for small businesses, has five tips that you should follow. The truth is that it's harder for women to get business funding than men. Kathryn shares, "I've been in more than 100 meetings with venture … [Read more...]