Small Business Majority writes in support of California's Angel Investor Bill, AB 2758. The legislation would would support qualifiying small businesses struggling to find financing by creating a tax credit of 5% to angel investors that invest in businesses with less than $2 million in gross receipts. Additionally, the legislation prioritizes investor applications from those investing in traditionally underrepresented businesses.
Access to capital
Small Business Majority writes in opposition against HB 5139, Illinois' Regulatory Sandbox Act. The legislation would permit a range of financial institutions to test unlicensed financial products on consumers, including entrepreneurs. It allows financial products that would normally be subject to licensing requirements and regulations to operate freely. The bill language lacks strong disclosure requirements or provisions promoting transparency, and this lack of clarity opens the door to predatory lending.
National Small Business Week, which began on Sunday, April 29 and runs through Saturday, May 5, is a time to highlight the role small businesses play in our economy. Small businesses represent 99% of all employer firms and account for half of our nation’s jobs and economic output. Innovation by small businesses spurs growth throughout the entire economy and boosts prosperity in their local communities, and NSBW is an important time to celebrate these contributions. It’s also an important time to consider policies that can help facilitate entrepreneurial activity year-round.
Recent scientific opinion polling found small business owners are broadly supportive of a range of policies that would support responsible lending. Specifically, the poll found 77% of small business owners support a policy that would lift a cap on credit union lending and an overwhelming 87% support a “truth in lending” act for small business loans to increase transparency, among support for other policies.
A few years ago, Rachel Bernier-Green was looking for an outlet from the stress of her intense job at a multinational accounting firm and discovered a passion for baking. It didn’t take long before friends and family were encouraging her to sell her baked goods to the masses. Rachel founded ‘Laine’s Bake Shop, LLC in 2013 using a shared kitchen space, working on the side to get her business off the ground. After a few years of baking part-time, Rachel decided to finally quit her job and start a bake shop full-time with her husband Jaryd.
April is often associated with spring cleaning and reorganizing, which means you finally made the time go through that overflowing junk drawer or to organize last year’s financial statements for the tax filing deadline. But when it comes to your finances, you can use this time to do more than just file your tax return documents thanks to the resources provided as part of National Financial Literacy Month.
On April 18, Small Business Majority CEO John Arensmeyer testified before the California Senate Committee on Banking and Financial Institutions in support of SB 1235, which would create regulations for new sources of alternative lending in California. The testimony explained that such regulation is widely supported by small business owners, as it would protect them from predatory lending practices.
Small Business Majority submitted a letter of support for California's Truth in Lending Act (SB 1235) under consideration by the California Senate. This bill would require standard disclosure methods for the terms of a loan offered to a business, allowing a small business owner to make a better informed decision about loan offers.
Throughout Women’s History Month, we celebrate the economic, social and political contributions that women make to our world. Women account for roughly half of the American workforce, attain higher levels of education than men and are an increasing share of primary or solo breadwinners. There is no doubt that for America to thrive, we must promote the economic empowerment of women. Central to women’s economic success is women’s entrepreneurship, which contributes significantly to overall economic growth and prosperity.
As a small business owner, you’re the Chief Everything Officer, you keep the customers happy, the doors open and the lights on.
But it’s tough to feel like a boss if getting a loan for the cash your business needs right now feels like rolling the dice and hoping for the best.