As a small business owner, financing is an ever-present challenge. With this in mind, public, private and non-profit organizations are always looking for help by tackling problems small businesses face. From grants to revolving loans to tax credits, there are many opportunities small business owners can take advantage of. The key is to find the best solution that fits your specific challenges and apply accordingly to stand a better chance of getting those funds.
In addition to the grants, this week there are tax credits and revolving loans available across the country. So check out what’s available and apply for the grants you qualify for.
With grants ranging from $5,000 to $50,000, municipalities across the United States offer financial help to small businesses. This includes everything from the Strategic Initiatives Community Grant program to new brick-and-mortar store openings, the US Department of Commerce Economic Development Administration and others. There is also a COVID-19 capital expense tax credit program with tax credits of up to $25,000 for individual small businesses.
If you happen to be in Tennessee, there is a grant program to match that totals $7 million and up to $300,000 per company. 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 Roundup – July 15, 2022
From total Prime Day sales to the best freelance gigs of 2022, find out more about the rest of this week’s roundup.
Oops! Future expectations of small business owners at all-time lows
The latest National Federation of Independent Business (NFIB) Small Business Optimism Index continued its slide, falling 3.6 points to 89.5 in June — the sixth straight month below the 48-year moving average of 98. NFIB Small Business Optimism Index Better expectations from small business owners Business conditions fell seven points to -61% over the next six months.
Small businesses on Amazon made $3 billion in sales through Prime Day
Amazon Prime members bought more than 300 million items worldwide during Prime Day 2022, saving over $1.7 billion, according to information released by the online marketplace this morning. That year, Prime members bought more than 100,000 items per minute, compared to more than 60,000 items per minute in the US.
Energy and fuel costs remain high, hurting small business owners
If you’re 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 adjusted) in June after rising 1.0 percent in May. The overall index increased by 9.1 percent.
These are the best freelance gigs in 2022
In November 2021, a record 4.5 million American workers quit their jobs, part of a trend that has come to be known as the Great Resignation. Many workers who leave employment turn to freelancing. Some choose to do freelance gig work to supplement their income, others because it gives them flexibility and better pay to pursue their passions.
Small business loan approvals from some lenders rose slightly in June
Loan approval rates continue to rise slowly, with small banks and alternative lenders posting the strongest growth in June. Of all lenders, only credit unions saw lending rates fall, and that was just a 1% drop. “However, we are nowhere near pre-pandemic approval percentages,” said Rohit Arora, CEO of Biz2Credit. “Nevertheless, these are positive signs.
IRS requires tax professionals to protect clients’ personal information from identity theft
The IRS has again urged tax professionals to be vigilant to new and ongoing threats targeting the tax system and taxpayer data. IRS Urges Tax Advisors to Protect Clients’ Personal Information from Identity Theft Efforts to encourage tax professionals to take steps to prevent data theft begin with the Security Summit’s annual summer campaign focused on the tax community.
TikTok launches “Follow Me” for small business users
TikTok launched Follow Me, a multi-channel learning experience designed to help small businesses optimize the video sharing portal for maximum results. TikTok Launches Follow Me for Small Business Users Follow Me is a six-week program that runs from July 11th to August 19th.
Chris Hurn on using SBA loans to purchase an existing business
Interested in starting a small business? Then you don’t always have to start from scratch. Instead, you might 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 boomer-age business owners who want to retire and make money.
SCORE Small Business Mentors Open Hub to help rural entrepreneurs
The organization, which mentors American small businesses and is a resource partner of the US Small Business Administration (SBA), has created a centralized resource hub specifically for rural entrepreneurs.
How does Generation Z react to brands?
Described as “the most disruptive generation,” Generation Z is already on track to overtake Millennial incomes by 2031. This makes the generation born between 1995 and 2010 a very desirable demographic for companies looking to continue growing in the years to come.
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