Small Business Financing News

Restaurants are making Credit Card Security a Priority

Scott Clark — Mon, 05 Mar 2007 18:03:00 +0000

Ruby Tuesday restaurants this April will introduce a new, ultra-secure credit card processing system that keeps credit card information safer. All 900 of its locations will use the new credit card processing system which prevents the storage of card numbers at the restaurant.

Some restaurants are now using similar systems that let customers swipe credit cards at the table, without giving their card to a waiter or waitress in the restaurant. Customers keep their credit cards in their hands at all times, reducing the chances of misuse by staff.

This problem is on the mind of restaurant owners as fraud of all kinds costs consumers nearly $60 billion annually. In 2006, California Pizza Kitchen and El Pollo Loco were sued in identity theft class action suits for violating federal law that requires retailers to cut off credit card numbers on restaurant receipts.

Success Strategies for Women Expands

Scott Clark — Fri, 09 Feb 2007 14:10:00 +0000

Women Small Business Owners Notice - Recommended Event

Office Depots 2007 Success Strategies for Women has expanded for 2007 to include six new cities: Orlando, Dallas, Orange County, Chicago, Washington DC, and Philadelphia.

In a statement, Office Depot stated: From this experience as well as six consecutive years of sold-out conferences in South Florida, Office Depot is well aware of the impact women entrepreneurs have on corporations as well as their local economies. Office Depot's learnings are supported by a recent report released by the Center for Women's Business Research which states that majority women-owned businesses are growing nearly twice as fast as the national average.

"The Conference is an invaluable resource for today's female professional," said Steve Odland, Chairman & CEO of Office Depot. "By expanding the conference to reach business leaders across the country, [we are] providing the tools needed to help educate, encourage and empower women to grow and ultimately achieve greater success in business."

Costs are $195 which includes breakfast, luncheon and various social events. Dates for the event are:

February 15, 2007, Orlando, FL Marriott - Downtown
February 27, 2007, Dallas, TX Adams Mark Hotel
March 6, 2007, Orange County, CA Sheraton Park Hotel at Anaheim Resort
March 20, 2007, Chicago, IL Wyndham - O'Hare
March 27, 2007, Washington, DC Marriott at Metro Center
April 25, 2007, Philadelphia, PA Union League of Philadelphia

Featured keynote speakers are Cynthia Kersey, performance and productivity expert and best-selling author of Unstoppable, which launched the theme of the conference; Sandra Yancey, award winning international business owner and author of Relationship Networking: The Art of Turning Contacts into Connections; Susan RoAne, author of best-selling books How to Work a Room and What Do I Say Next?; and George Fraser, successful business owner and author of critically acclaimed The Complete Guide to Effective Networking.

Women-owned Business Resources List

Scott Clark — Sat, 04 Nov 2006 17:59:00 +0000

List of Women-Owned Business Resources

Here is a great list of resources women can use while getting started in the entrepreneurial world. I encourage you to bookmark this post for the future.

American Woman’s Economic Development Corp
This non-profit exists to help women grow their own business. Most counselors are volunteers with business backgrounds

Capital Across America
Helps women get access to growth capital.

Count Me In - Micro Lending
Has a women-friendly credit scoring system for very small loans up to $10k. Includes consultations and education resources

EnterpriseWorks
Specializes in developing small enterprise business opportunities for women and people with disabilities.

National Women Business Owners Corporation
An amazing organization that centralizes corporate and government contract opportunities and makes them available to their network of women-owned businesses. This advantage saves time and gives women a strong advantage.

Office of Women's Business Ownership
Promotes the growth of women-owned busineses via training and access to federal contracts and international contracts. They have contacts with the SBA and mentoring resources as well as women-owned venture capital resources.

The Women's Business Center Program of the SBA
A network of over 100 centers set up to help women starting and running business.

Women's Business Enterprise National Council
A leading advocate of women owned businesses as suppliers to American corporations.

Women's Network for Entrepreneurial Training
Mentoring and training groups for women entrepreneurs. Located around the USA.

Women-21.gov
The USA Dept. of Labor and the US SBA provide this information resource to help women entrepreneurs get started in business.

WomenBiz.gov
A portal for women to use as they look to do business with the US Government.

US Women-Owned Businesses at Home most of the time

Scott Clark — Wed, 25 Oct 2006 01:19:00 +0000

A new US Government report says that 56% of women-owned businesses are run from home, typically because of family reasons. Of the workforce in general, nearly half of all businesses are run from home, and less than half of male-owned businesses are.

Despite the movement of our workforce to a more diverse and telework-based setup, getting financing for a home-based business can be a challenge, and even harder, sad to say, for women-owned businesses.

While not much capital is needed for a home based business most of the time, there is still a need for working capital. The usual restrictions apply here, and depending on your credit history and available collateral, you will either have an easy or difficult time securing it.

Securing financing for a home based business is much more difficult because, simply, banks don't take small businesses seriously. Sometimes it seems they are operating in a 10 year behind cycle. You can get taken much more seriously by having a business plan, and honing the presentation that goes with it.

Grants are also available for women-owned business loan alternatives, but the requirements are strenuous.

Small Business Expansions

Scott Clark — Thu, 19 Oct 2006 13:20:00 +0000

Many small business owners live with daily frustration of wanting to make an expansion or ownership move such as buying out a partner, a competitor, or purchasing an adjoining property.

No matter what the aquisition, there is one fact that remains true. The person initiating the deal names the terms - and to initiate the deal, you must prepare a package and be ready to execute on it.

This requires some research, including valuation, real estate and permit limitations, zoning, potential earnings and so on. Sometimes you know quite a bit already, having lived with the situation day after day, sometimes for years. But don't let this stop you from asking someone an arm's length away from the situation for some objective advice. Of course, an attorney is a must, as you must be sure that any aquisition is in fact complete, and without ties you may not have been aware of. The thought of making a major move in your business can cloud your judgement, even though you're a mature and experienced entrepreneur - it happens every day, so do your homework.

Other Resources

An escape hatch for small business partners

Rewards Network sued : Restaurant Owners lawsuit

Scott Clark — Thu, 12 Oct 2006 15:46:00 +0000

3,000 restaurant owners/bowers bring suit
against Rewards Network. Seek $100 million in damages

LOS ANGELES -- A U.S. District Court judge here heard arguments Aug. 22 in a
lawsuit by three restaurateurs charging discount-dining promoter and
restaurant lender Rewards Network Inc. with usury and unfair business
practices. However, an expected ruling was delayed on a petition to make
the case a class action, which attorneys said could bring to 3,000 the
number of co-plaintiffs in California seeking damages that might exceed $100
million.

The case was first filed in
state court here in May 2004 by the local restaurateurs, who claim the
Chicago-based defendant, operating as iDine Restaurant Rewards Network Inc.
and Transmedia Restaurant Co., preys on financially vulnerable operators.
The plaintiffs said Rewards Network extends cash advances that must be
repaid with 100-percent interest in the form of food-and-beverage
redemptions by its dining-club members.

“Restaurant owners quickly realize there
are sources like ours that can provide working capital for 65% less than
Rewards Network, and we do not require colateral or personal guarantees of
any kind” says Todd Taskey, a principal with Instant Capital Solutions, LLC
(http://www.flowfunding.com/). “When they realize they can get the capital they need so much less expensively and
without personal guarantees, their first reaction is anger and their second
reaction is to make a change to fix the problem”. Taskey estimates he
helps a 3-4 Rewards Network client “unwind” their dealings with the company
every week.

Pressing the litigation are Tournesol
Bistro in Studio City, Calif. owned by Patrice Lambert; the now-defunct Gray
Whale in Malibu, Calif., owned by Thomas Averna; and Minibar Lounge in
Studio City, owned by Rebekah Barrows. The plaintiffs' attorneys said they
expect a court ruling on the class-action petition by mid-September.

Separately, a Los Angeles area restaurateur
and member of the California Restaurant Association's board of directors,
who requested anonymity, said he was awaiting a pending lawsuit settlement
with Reward Networks over a similar claim.

Small Business Capital Regulation Slows Growth

Scott Clark — Thu, 05 Oct 2006 00:22:00 +0000

Regulation tops the complaints for businesses trying to raise capital a group of attorneys and investment bankers told the Securities and Exchange Commission at a form on small business capital formation. Inefficiency of registration and delays prevent companies from moving forward with small business capital raising activity until the SEC reviews any administrative changes as small as hiring an employee.

The goal of the annual meetings, which have been held since 1982, is to "provide a platform for small businesses to highlight perceived unnecessary impediments to the capital-raising process" by developing recommendations for new legislation, regulations, and private initiatives, according to the SEC.

Previous meetings have touched on everything from securities and financial services regulation, taxation, and state and federal assistance, attracting small business owners and executives, venture capitalists, trade association groups, and accountants, among others.

SBA provides record number of loans - 22% to women

Scott Clark — Wed, 04 Oct 2006 18:25:00 +0000

Small Businesses Receive More Than 100,000 SBA-Backed Loans in FY 2006, a Sixth Consecutive Record Year.

(BLACK PR WIRE) WASHINGTON - Small businesses used the SBA for commercial financing more than ever in 2006 SBA Administrator Steven C. Preston said today.

The SBA backed just over 100,000 loans worth $19.1 billion in the 12 months ending September 30th setting dollar and number records. Last year, the numbers were 94,554 loans worth $18.1 billion, respectively.

"We are very pleased with the small business lending performance this past year and for each of the previous five years," said Administrator Preston. "These numbers reflect the confidence American entrepreneurs have in the U.S. economy as well as in the SBA lending program that backs their loans. I am thankful to our lenders and resource partners for their steadfast commitment to small businesses.

"The SBA's loan programs have continued to set records every year," Preston said. "Before FY 2002, the programs never produced more than 42,000 loans combined. Since then, loan volume has more than doubled."

A third of the loans in FY 2006 went to minories, 32 percent were to start-ups, 22 percent were women-owned small businesses and 21 percent were in rural areas.

Preston noted that borrower fees on basic SBA 7(a) loans under $150,000 are the same as they were in 1985.

For details on the SBA's lending programs, visit www.sba.gov.

Scott Adds:
SBA is great if you can get it. If not, please review our small business capital sources comparison graphic to see what kinds of capital you might qualify for.