Ellen McIlhenny - The Smart and Savvy Exit – The Unsolicited Offer.
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There are more than 30 million of them. Small businesses account for 44% of U.S. gross domestic product, create two-thirds of net new jobs and employ nearly half of America’s workers.
The new administrator for the Small Business Administration, Isabella Casillas Guzman is determined to grow those number and she is focusing on older and minority entrepreneurs. She says her goal is to make a very confusing and cumbersome system easier to navigate. Often when the need for capital is urgent for people trying to fund a new business venture, it takes much too long to tap into the needed capital to launch.
The numbers regarding small business operations since the spring of 2020 are staggering. Almost one-third of small and medium-size businesses had to stop operating for a while and over half of the nation’s smallest businesses were completely wiped out.
In addition, a recent Federal Reserve Bank survey found that 30% of U.S. small businesses which is about 9 million, will not survive 2021 without more assistance.
Recently the economic injury disaster loan (EIDL) program expanded, increasing the amount of capital owners in disaster areas who have suffered substantial economic injury could borrow from $150,000 to $500,000. Interest rates for these fixed-rate, 30-year loans are 3.75% for businesses and 2.75% for nonprofits.
It looks like these targeted loans are what we can expect in the future regarding COVID relief; trying to get the money to those who most need it.
As for the older entrepreneurs that Guzman also wants to focus on. Many older workers who lost their jobs during the pandemic are having trouble securing new positions. As in 2007-8 many of these people are giving up on traditional careers and pursuing new ventures.
The best advice for those wanting to start businesses or help strengthen their current businesses; is to use the free resources available through the SBA. There are small business development centers, SCORE chapters and women’s business centers throughout the United States to help business owners get advice they need to improve their companies.
The SBA’s regional Small Business Development Centers and Women’s Business Development Centers offer entrepreneurship courses. And SCORE, a nonprofit affiliated with the SBA, provides mentoring and educational workshops nationwide.
There are also many virtual programs out there aimed at older prospective entrepreneurs.
Get Set Up has classes showing how to launch a home-based business.
AARP Foundation as an initiative call Work for Yourself @50+ makes it easy for older adults to explore self-employment options to increase their financial stability
And there are dozens of online training courses that many universities, like Harvard, MIT and Temple University, host
Show Objectives - The Why
Today I will be talking about handling the unsolicited offer, and if time permits I’m going to talk a little more about Franchising.
Find My Podcast at https://pod.co/future-financial-confidence-with-ellen-mcilhenny
Next Week: Our Season V Overview.
Written by Ellen McIlhenny
Owner of CFO Plus Services, a Fractional CFO services firm which also offers Back Office Bookkeeping Services. Author of the business novel The Big Turnaround; How Bad Management Nearly Destroyed an Exceptional Company. Check it out at https://thebigturnaround.com
You can connect with Ellen on any of her #cfoplusservices platforms or email@example.com
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