Peter Goodman reports at The New York Times that many small and midsize American businesses are still struggling to secure bank loans, impeding their expansion plans and constraining overall economic growth, even as the country tentatively rises from its recessionary depths. Most banks expect their lending standards to remain tighter than the levels of the last decade until at least the middle of 2010, according to a survey of senior loan officers conducted by the Federal Reserve Board.
Business Owners Seek to Cut Costs by Appealing Property Assessments. Raymund Flandez of the Wall Street Journal reports that the bad economy and the deteriorating commercial real-estate market have motivated some small-business owners to fight their tax assessments.
Jason Cato writes in the Pittsburgh Tribune-Review that chocolate-frosted doughnuts and pumpkin muffins have joined bagels and lox as kosher breakfast fare in Squirrel Hill. A Dunkin’ Donuts opened at Forbes and Shady avenues in Squirrel Hill two weeks ago and altered its menu to adhere to Jewish dietary laws. It’s the first national chain to go kosher in Pittsburgh and could set the stage for others in the neighborhood, said Rabbi Daniel Wasserman of Shaare Torah Congregation.
It may take months or even years before markets return to normal, yet a number of key tax measures that have helped small firms survive the downturn are set to expire, touching off a scramble on Capitol Hill to get them extended. The franchise industry, one of the biggest beneficiaries, has taken the lead in the lobbying effort as the clock winds down on several key tax incentives.
The Associated Press reports that CIT Group Inc., a major lender to small and midsize businesses that struggled under mounting losses and tight credit availability, amended its debt restructuring offer to enlist more bondholder support for the plan. The troubled New York-based lender had launched the debt restructuring effort Oct. 1 with the hope that it will trim at least $5.7 billion from its near-term debt. It is also asking bondholders to approve a prepackaged reorganization plan in case it is forced to file for Chapter 11 bankruptcy protection.
Mark Calvey reports in the San Francisco Business Times that Visa Inc. and its banking clients who rely on the San Francisco company’s payment network to handle card transactions are fighting lawmakers on yet another front: the fees merchants pay to process a card transaction. Three bills in Congress would limit so-called interchange fees when banking issues are the hot topic.
In light of the current economic recession, Dunkin’ franchise owners are rightfully being even more vigilant about the bottom line. The DDIFO is mindful of this and wants to help its members identify ways to save money and boost profits. DDIFO Sponsor, Performance Business Solutions, LLC (PBS) and its sister company, MS Consultants, LLC offer services in areas franchisees might not be aware of that can make a significant difference in terms of reducing business expenses, particularly in the area of tax savings.
South Florida Business Journal reports, according to the National Association of Business Economists (NABE) that “The great recession is over.” The proclamation is based on a survey of professional forecasters, who also caution that the recovery will take place slowly as large increases in federal debt and unemployment rates are expected to remain very high through next year.
Jon Chesto reports at the Patriot Ledger that Eastern Bank has edged out perennial leader Citizens Bank as the state’s top Small Business Administration lender based on loan volume. Boston-based Eastern, the state’s fifth largest retail bank, originated 156 SBA-backed loans in the fiscal year that ended Sept. 30, totaling $7.3 million, including 28 loans totaling $1.6 million on the South Shore. Eastern easily topped Providence-based Citizens’ 130 SBA-backed loans, although Citizens loaned nearly $7.9 million.
There are three videos to watch: Scroll down to view all three! What a Hoot! [flv:https://ddifo.org/movies/WorcesterMeeting.flv 570 318] [flv:https://ddifo.org/movies/DressingRoom.flv 570 318] [flv:https://ddifo.org/movies/PostMeeting.flv 570 318]
Small Regular - No Sugar Newsletter is weekly email with news and updates - it is like a virtual cup of coffee with DDIFO Executive Director Ed Shanahan
