Insight News

Saturday
Aug 02nd

Business

$33.6 Million increase in small business lending

WASHINGTON – Recently, the U.S. Department of the Treasury released a report showing that Minnesota banks have increased their small business lending by $33.6 million since receiving capital through Small Business Lending Fund (SBLF).

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New JOBS Act calls for new tools

New JOBS Act calls for new tools

On Thursday, April 5, 2012, I had the opportunity to join a bipartisan group of supporters at the White House to witness the signing of the Jumpstart Our Business Startups (JOBS) Act of 2012 into law.

This multi-pronged legislation addresses several financing challenges for small and emerging American businesses, and since access to capital continues to reign as the Number One problem for small businesses, the JOBS Act of 2012 has the potential to be just what the doctor ordered.

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Recharge: The one week plan to power up your career

Recharge:  The one week plan to power up your career

Welcome to spring weather season.  When the power goes out during a storm, it creates a small list of items that need to be addressed: Did an electrical surge fry the computer?  Did the food in fridge go bad?  Does the security system still work?

Dotting the campus at Duke University in North Carolina are charging stations for electric-powered vehicles.  They look like tall, sexy gas pumps dressed in white and lime green.  My friend who knows about such things says these pure electric vehicles are going to catch on, especially on the coasts.  Not the Midwest?  No, she says, because they have a battery limit of 120 miles, meaning a trip across a place like South Dakota or Montana is impractical, if not impossible.

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Treasury announces $33.6 Million increase in small business lending at Minnesota banks receiving capital through the Small Business Lending Fund

WASHINGTON – Yesterday, the U.S. Department of the Treasury released a report showing that Minnesota banks have increased their small business lending by $33.6 million since receiving capital through Small Business Lending Fund (SBLF).

The SBLF, which was established as part of the Small Business Jobs Act that President Obama signed into law, encourages community banks to increase their lending to small businesses to help them grow and create new jobs.  Treasury invested more than $4 billion in 332 institutions, located in over 3,000 communities in 48 states, through the SBLF.  Nationwide, institutions participating in the SBLF significantly increased small business lending in the last quarter of 2011 by $1.3 billion over the prior quarter—for a total of $4.8 billion over their baseline.

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DEED awards funding for entrepreneurial loans

The Minnesota Department of Employment and Economic Development (DEED) has awarded $4.5 million under its Emerging Entrepreneurs Fund to support micro-enterprises and small businesses in the state.

The money was awarded to 13 Minnesota nonprofit organizations, which typically will distribute loans to businesses with fewer than 50 workers.
The majority of the businesses receiving loans through the program will be owned and operated by women or members of minority groups, or they will be located in areas identified by DEED as economically distressed. The criteria for determining if a region is economically distressed include population loss, higher than statewide average unemployment rates and lower than statewide median household incomes.

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Are you part of the digital revolution?

You know this already, but I’m going to share it with you anyway – there’s a digital revolution going on!  Now when I say “revolution” I’m not talking about the overthrowing the government kind – but I am talking about a “sudden, complete or marked change in something.” And if you personally haven’t experienced this through digital technology in the last few years, I’d like to know where you’ve been living. I’m not going to say it’s someplace cliché-ish like under a rock – but I’m going to guess it’s some place pretty darn close, because even my 71-year old mom has gotten with the program. She does everything from filing taxes online to scolding us kids via a Facebook post. So yes, that’s revolutionary in my mind. But even I didn’t realize how pervasively digital technology has shaken things up until I saw Nielsen’s recently released U.S. Digital Consumer Report. And my, my, my.  What  a difference a decade makes.

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Promotions are not always good

Nico is about to lose his job.  He does not realize it, but his company set him up to fail, and he drank the Kool-Aid. He was the best account exec in the firm, and he had been there the longest, so when it came time to hire a Sales Manager, he was first in line. He accepted the promotion and it has been all downhill from there. How can this be?

Some of the best employees are graduates from the College of Common Sense. Who should play drums in the band? The person who plays drums. Who should manage the sales team? The person the sales team turns to with questions, concerns and new ideas. Managers are born, not made.  They are the people who quietly nudge others in the right direction, with or without the manager title.

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