Small biz: Here's the help we really need
Raising FDIC insurance limits reassures business owners, but doesn't address the most critical problems affecting small companies struggling through the downturn. What do you think of the government's plans?
From Basil Huddleston Mobile Alabama Well, I guess GM & FORD is not real Businesses. Come on if you really believe what you wrote then your part of the problem, IF NO ONE IS ABLE TO BUY YOUR PRODUCTS OR SERVICES ANY BUSINESS WILL FAIL. Your not in tune with what our economy needs.
From Grant Haber, Spring Valley, NY Support to Small Businesses serving our Government and Military is needed.
Banks need to recognize and support small businesses working tirelessly to serve the needs of our government and military. Short term loans to small businesses needed for producing and delivering goods to government and military customers is not an unresonable request.
A void in financial support to small businesses serving our government and military is a detriment to innovation, delays needed technology deployments, and forces more of the status quo that in many instances leaves our soldiers and citizen vulnerable.
Helping small businesses serving our government and military is a Win/Win scenario. If you're in a position of authority, please do the right thing so small businesses can do their part in helping those tasked with keeping our soldiers and citizens safe.
Thank you for your time and consideration.
From Julie, Reston, VA We ran a small business for 20 years, and we got a lot of tax breaks in the early years (investment credits, retirement programs, etc.). When we finally started making really good money we (surprise!) also started to pay more taxes. However, we felt that was fine; we were simply making up for the years when we got the tax breaks. If small businessmen think they should be able to operate forever with all the start-up tax breaks, they are either selfish, greedy, or stupid (in which case their business won't last long!
From Tim, Nashville Tn Our family business has seen alot of
recessionary problems since 1975 .The
one thing we have never seen go down
is Taxes. How do you give us help. Cut
all taxes 25% on the local,state,and federal level for two years or less.Restore taxes to previous levels
as each small business recovers losses.
Loans in stagflation economies are risky for small business . They will
do better with tax relief over a period
of time. Since small business is the bulk of tax support for goverment entities dont hold your breath on this plan.Good luck my fellow hard working
business owners we are going to need it.But we do not operate on luck do we.
From CC, Madison, WI With the remarkably inept fiscal and economic policy over the last 4 years or so, it's high time we had a reversal of policy. Since March I have viewed news reports of marathon weekend meetings so early Monday morning an announcement could be made of a bailout or coordinated merger. It's time Washington gets with the program and starts helping out the small businesses in this country.
From Paul South Florida Small Business needs to streamline inventory and reduce costs by selling off non-moving stock. They need to regain as much of this investment as possible, so liquidation companies are not an option.Selling to other business owners for a reduced price(but much higher than liquidating) is a formidable task.There is a website that can market this inventory at a very low cost to other business owners all over the world. Check http://www.sellmyinventory.com and clear out that dead stock quickly.
From Dms, Lake Norman, NC I am a small Business Owner and employ 5 workers. I am barely holding on, I will lose everything, including my home. We need help! We need to be able to borrow money longer than 7 years and lower interest.
I am the new face of America, a suffering Small Business Owner. My family and my staff will be in bad shape, should I have to close my doors.
From Lori, Howell, NJ I read the prior article with regard to the polls on lending to small businesses and how the NFIB, David Gass and others feel that the crunch is felt more by the amount of work these small business are obtaining rather than the ability to get loans. HOWEVER, if that is what you really believe, then you have blinders on. Things are getting so bad for the Small Business owner and you don't even see the big picture. Therefore, let me help you. American Express, Centurion Bank, JP Morgan Chase and other banks are running scared since the September crisis. In prior months, the majority of business owners were receiving letters of congratulations from these banks and offering higher credit limits, with balance transfer checks attached, etc.. (businesses with good credit) Today, these banks are decreasing your credit limit and maxing out your loans, including business lines of credit, business credit cards, etc.. Do you know what that does to your credit score? IT DROPS. We own a small business and have been in business for over thirteen years. We have not missed ONE payment. Our FICO scores are extremely high and our credit limits were just dropped. When we contacted the lender, they did not have a reason for why they dropped the credit limit. NOT ONE. The only thing they could tell us was that was what they decided to do. Once your score drops other loans or credit card companies will follow suit, much like a domino effect and now your credit looks as good as the companies that chose not to pay their bills or those who have overextended themselves. This is happening to EVERYONE. It doesn't matter how many loans you just received or how good your D&B report looks or your credit score is. This needs to be stopped or corrected before thousands of small business owners go under at the hands of these banks and people are even worse off than they are RIGHT NOW. How many more beatings does the small business owner have to take before someone notices how difficult it really is to be a small business owner in today's economy?
From Darrell Holmes West Chicago Il We are a manufactuer and distibutor of
copper wire and safety products. We employ 18 people. The federal goverment assumes that giving all this money to the banks will solve the credit problems. The banks are going to keep the money in the vaults and not lend to busineses. The goverment should have set aside so much money to lend to the busineses directly. The sba programs are to cumbersome.Set up busines lending trailers in each county to process loan request. One of the conditions is that each loan to busines will create so many new jobs. The busines puts the funds in the bank and goes to work. solves the liquidty crisis and puts people to work. May be It's to easy???
From Syed, Chesapeake, VA I think govt. needs to offer all small businesses funds to recapitalize or restrcture their debts and give them enough working capital. If these businesses go belly-up, economay will get worse.
From Chris, Boston, MA "If the business has ‘weak sales and no operating capital’, it isn’t a business, it’s a hobby whether its a bank or a flower shop."
So true, if you are not making any money, you are not a business. I can't see how raising FDIC limits are going to help people who can't even keep $300. in a savings account.
From James A. Burt, Newport, Oregon The problem is that so much of our economy consists of easily deferrable services. I fear that the arrival of armaggedon tends to curtail demand for doggy daycare.
From Dave Garner, Dallas Texas I have a small business that I want to grow. The addition of a second location for my small restaurant company would create 45 new jobs. My credit rating is outstanding and this is a franchised business. We recently raised $350K. We would put 50% equity injection into our new location. I have 25 years of industry experience prior to opening my first restaurant in 2005. I have applied for an SBA 7 a loan at 11 banks in the past 120 days. I have heard no 9 times and have 2 banks who have my 750 pages of documents (the necessary amount to apply) for over 60 days. Without credit to grow my business (or any business) how will we ever avoid a recession. Job growth is the key to avoiding recession.
From Jason, NY NY The government needs to create a "bailout" for mainstreet by creating a loan/investment fund for small businesses. Small business is the growth engine of the economy. Creating an efficient, low cost window for small business would be extremely helpful. Get the red tape of dealing with "sba" lenders out of the way and deal directly with the SBA for these loans. The sba process as it stands right now is not accomplishing its missions and needs to be changed.
From Dino Scottsale, AZ I am sorry to say that I don't see how raising the FDIC insurance limits will help. I agree with many of the other postings. We need to get the money directly to small business owners. We're not asking for handouts. I have been a responsible business owner who employs 50 people consistently for over 12 years now. Our business like many others need the working capital to be able to get through this challenging time and keep people working and supporting the community. They need to cut through all this clutter and let us be able to borrow money quickly and easily.
From Jenn, Orlando, Florida My business is doing really bad and i dont see any progress ahead. I am in the construction area supplying materials for about 10 years. People closing down, losing houses, leaving the state…this is where we need a bail out!! I had to cut hours, cut expenses, no Xmas bonus this year for sure. What we need? Confidence so people will invest again and that people needs jobs to re-invest.
From siobhan,dallas tx I am a small business owner. I have been profitable and
responsible for 19 years. 60 % of my orders have been cancelled this month. This will be the first time i have to lay
off staff. Many of them have been employed with 100%
health benefits and good income for over 10 years. They
work hard and I feel awful I will not be able to keep them.
This has been the most difficult period for small business
I have ever witnessed.
From cathy atchison crown point indiana Small business are the bread and butter of so many hard woking people. We need more tax breaks in order to hire and keep good employees. My business does NOT hire illegal workers.
From Stella, Seattle, Washington I don't understand why people who run their businesses into the ground think they deserve bailing out. If the business has 'weak sales and no operating capital', it isn't a business, it's a hobby whether its a bank or a flower shop. All sensible business management has been thrown out the window.
From tom Any government aid given to small business should also require them to use the e-verify system to insure that they are not hiring illegal workers.
Small business is the largest employer of unlawful workers. Citizens should not be aiding them with tax money if they are using the money to hire illegal aliens.
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We have a small daycare business of two locations in the Florida panhandle and would like to grow however we face several obsticals some of which are the reduction in educational spending, layoff's throughout the country, the lack of high profits to aquire any type of loan coupled with the lack of any type of government help and the list goes on. If layed off people who want to work can't get help through government retraining programs or other such employment programs then they don't need daycare's because they have no job or any prospects. Also, if the government keeps reducing the amount of money they spend each year on education or forcing programs into the local school systems that add more children to the already failing system then daycares go out of business it's that simple. Furthermore, if banks won't lend money to daycares because of their low profit margins caused by increasing costs such as insureance, taxes, food, fuel, wages, rents, supplys, ect. then daycares are going to go out of business. Our entire industry is in dire need of help! Although we are doing better than most of the others around us that are hanging on by a shoe string we can't last long at this pace. Where will we be when we have hundreds of thousands of children without any type of care? So much for "NO CHILD LEFT BEHIND". The SBA is useless in the most part for our industry and a huge waste of time not to mention the mountain of paperwork needed and the FDIC limit increase does nothing for us as we don't have that much money in the banks anyhow. What we need is low interest rate loans over longer terms that fit into our small budgets, lower taxes as we are a labor intensive industry, and government infusion of cash into birth to five educational programs as we do not qualify for any form of grants. The bottom line here is that our industry is going under very fast with no end or help in sight!