Print
Time To Startup!
Inspiration and Information for Starting Your Business

Archive for the ‘Financial Services’ Category

Fantastic Free Cloud Apps, Part 9: Mint

Posted on October 17th, 2011 by Joey Donovan Guido
Category: Entrepreneur, Financial Services, Grow a Business, Small Business, Small Business News

http://www.bizfilings.com/blog/wp-content/uploads/2011/10/Fantastic-Free-Cloud-Apps-Mint.jpg

Take a fresh look at your personal and small business finances with Mint, a Fantastic Free Cloud App that’s compatible with both Mac and Windows, as well as iPhones, iPads and Android devices.

What is Mint?

Intuit, the company behind the app, touts that Mint is “the best free way to manage your money.” With more than 6 million users, they might just be right.

Mint has the ability to pull together all your financial accounts into one place. It also automatically categorizes your transactions, lets you set budgets, helps you achieve your financial goals — and offers unbiased free advice, recommendations and helpful next steps concerning your financial health.

In their October 2011 article covering finance apps, MacLIfe magazine rated Mint 5 out of 5 for ease of use and ease of editing transactions. It also received high marks for its reports and graphs, as well as mobile device integration (iPhone, IPad and Android devices).

However, when it came to creating budgets, two other apps — iBank and Money Dance — scored higher. One of the drawbacks of these apps is that neither is free (although neither is overly expensive). And while Money Dance can be used on both Mac and Windows based machines, iBank is only compatible with Apple operating systems.

Safe and Secure
Mint uses 128-bit SSL encryption — just like a bank. They guarantee that “all data is protected and validated by VeriSign and TRUSTe. Plus, since Mint is read-only, no money can be moved in or out of any account.”

Automatic Updates & Categorizing
With Mint, your financial information is automatically updated and categorized. It also offers savings suggestions. Automatic alerts, including bill reminders, is also included in the service.

How is this Free?
Mint does make money. Just not directly from you. They’re very upfront about exactly how they’re able to offer their app for free and still stay in business. “The fees that banks pay us for introducing new customers allow us to keep the service free for our users. We’re committed to staying free for everyone, whether or not you ever act on one of our savings recommendations.

Our recommendation is always unbiased: It makes no difference to us which bank or company you work with. We rank products in order of savings, whether we get paid or not. If your current bank is cheaper, that’s great. If not, it’s up to you whether you make a change.”

Whether you choose an app to manage your finances, or prefer working with pen and paper, two things remain true: taking the long view and setting clear goals are both important steps in gaining more control of your financial future. May it be prosperous, and filled with growth …

Business Blogs

blog

2 Comments

Truckers: HVUT Due Date is November 30th this Year

Posted on August 10th, 2011 by The BizFilings Team
Category: Small Business, Small Business News, Small Business Trends, Taxes

http://www.bizfilings.com/blog/wp-content/uploads/2011/08/Truck-2-iStock_000000760627XSmall.jpgWith temperatures and gas prices both soaring, it’s been a long, hot summer for independent operator-owners and other owners of heavy highway vehicles. However, the IRS’s decision to move the due date for the Heavy Highway Vehicle Use Tax Return to November 30, 2011 provides truckers a chance to chill out and keep a bit of their hard-earned money a few months longer this year.

Owners of a highway vehicle that weighs 55,000 pounds or more must pay an annual vehicle use tax of up to $550 per vehicle in use during the reporting period. Normally the heavy highway vehicle use tax return (HVUT) is based on vehicles in use during the month of July and is due August 31. However, the HVUT is scheduled to expire on September 30, 2011 and efforts to extend it are bogged down in Congress.

In order to avoid the situation where each owner must file two returns during a single twelve-month period (and where the IRS must process two returns) the IRS opted to move the due date from August 31 to November 30. The IRS cautions that HVUT returns should not be filed and payment of the tax should not be made before November 1.

State DMVs Must Accept Prior Year Schedule 1
When the HVUT is paid, the IRS returns a copy of the Schedule 1. Having this proof of payment is required in order to obtain state vehicle registration for any truck, truck trailer or buses that weighs at least 50,000 pounds. The IRS has told the states that they must accept the prior year’s Schedule 1 as proof of payment for any registration applied for before December 1, 2011.

Vehicle owners who need a copy of their Schedule 1 for the taxable period July 1, 2010 through June 30, 2011, should call the Form 2290 toll free number at 866-699-4096 if they are calling from the United States. Those in Canada or Mexico should call 859-669-5733, which is not a toll free call.

No Comments

More Small Business Lending Brings SBLF Total to $337 Million

Posted on July 26th, 2011 by The BizFilings Team
Category: Financial Services, Grow a Business, Small Business, Small Business News, Small Business Trends

With the help of the recent $214 million that the U.S. Department of Treasury dispersed to 17 community banks, there are now 23 community banks that have received a total of $337 million from the Small Business Lending Fund (SBLF).

“Continuing to unlock access to capital for Main Street entrepreneurs is vital to strengthening economic growth and job creation in local communities across our nation,” said Rosie Rios, treasurer of the United States.

Employing nearly half of the nation, and accounting for approximately 60 percent of gross job creation, small businesses need the funding to continue to grow. The SBLF was put together by President Barack Obama’s administration to help small businesses get the money they need to hire, and to fund new projects.

Adding another small business to the list of SBLF beneficiaries was approved by the U.S. Treasury Department, granting approval to the First Savings Financial group to acquire an investment of $17,120,000.

With 12 offices in Indiana, First Savings Bank will receive the capital in the form of preferred stock of the company.

No Comments

SBA Loan Helps Small Businesses Deal with Disaster

Posted on July 21st, 2011 by The BizFilings Team
Category: Cash Flow, Financial Services, Small Business, Small Business News

Disaster can strike at any time, and may leave some small businesses reeling from its destruction. Small businesses devastated by disasters may qualify for  federal economic injury disaster loans in specific areas (counties) of states.

“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to assist eligible entities affected by the same disaster,” said Frank Skaggs, director of the U.S. Small Business Administration’s Field Operation Center East, in Atlanta.

Counties in New York damaged by hail and flooding, and in Tennessee and Missouri that experienced harsh tornadoes, are just a few counties across the nation that are eligible for the loan this year. Small businesses can receive up to $2 million with an interest rate of 4 percent. However, loan amounts and terms are determined by the SBA.

Intended to pay fixed debts, payroll, accounts payable, and other bills, the loans are not meant to cover lost sales or profits. The deadline to apply for the loan in most states is in mid-August.

“Getting businesses and communities up and running after a disaster is our highest priority at SBA,” said SBA Administrator Karen G. Mills.

No Comments

Michigan Small Businesses Appear to Be On the Upswing

Posted on July 11th, 2011 by The BizFilings Team
Category: Cash Flow, Financial Services, Finding Money to Start a Business, Grow a Business, Small Business, Small Business News

Despite the economy’s rough nature, small business owners in Michigan are optimistic things will soon be moving in the right direction. Of the 600 business associates that were interviewed for this survey, over half believe the business outlook over the next six months is “good.”

The survey, conducted by Accident Fund Insurance Company of America, found that investments going into business grew 8 percent. Michigan business owners can finally breathe a sigh of relief after fighting through the difficult recession.

Hiring and layoff numbers are also expected to improve. Sixteen percent of business owners expect to hire new employees in the next 6 months, and 20 percent plan to increase wages.

More good news for Michigan small businesses owners is the new initiative by Representative Gary Peters to provide a Farmington Hills bank with over $11 million to lend to small businesses. The fund was created by the Small Business Jobs Act, in which Peters was a main influencer.

“This program will put our investment where it will create the most jobs: helping community banks make crucial loans to small businesses here in Michigan,” said Peters.

The bank receiving the funds will be Level One Bancorp, and the funds will lead to over $100 million in new small business lending in southeast Michigan.

No Comments

Small Business Owners Receive Funding Aide From Obama Administration

Posted on June 28th, 2011 by The BizFilings Team
Category: Cash Flow, Equity Loans, Financial Services, Form My Business, Home Business, Internet Business, Lines of Credit, Small Business, Small Business News

Any small business owner who’s gone through the pains of forming a company, and now requires a loan to keep matters progressing, is having a harder time securing a bank loan. But a new website is helping small business owners in need connect with alternative funding sources.

SBAdirectloans.com works in conjunction with the Small Business Administration, which is a federal government agency. This agency provides loans that come with preferable terms and guidelines — without the consequence of defaulting.

“Small business owners right now are sick with worry over their business,” said Mike Robbins, SBA lending expert. “They simply don’t realize that a private lending professional can get them SBA-guaranteed funds in as little as a month. Even if every bank in their town says no, it’s still possible to get an SBA loan.”

According to an article published on Bankrate.com, the nation is still going through the financial crisis and banks are still refusing small business owners bank loans at a higher rate than usual.

Robbins said the Obama administration can be thanked for setting aside billions in entrepreneur aide.

No Comments

Small Business Credit Demand Expected to Rise in Coming Months

Posted on May 31st, 2011 by The BizFilings Team
Category: Finding Money to Start a Business, Lines of Credit, Small Business Trends, Start A Business

Many analysts have pointed to community banks’ lack of interest in tapping the national Small Business Lending Fund as indicative of the overall state of the credit market, with lending stalled due more so to weak demand than tighter policies.

But as companies emerge from the recession and seek to expand their operations through hiring, marketing and equipment investment, the demand for credit is expected to grow as well.

As Maria Coyne, executive vice president of business banking for the Cleveland-based KeyBank, recently explained to Entrepreneur magazine, small firms are actually borrowing to afford additions to their payroll.

“[Small businesses are] also taking advantage of existing opportunities,” Coyne told Entrepreneur. “Perhaps they’ve explored other ways to sell their products or services or expand into new markets and now they need to borrow to bolster their inventories. Maybe they’re taking advantage of existing tax credits to purchase heavy equipment that can help a company be more efficient.”

But underlying these market trends is consumer activity, which is often seen as the principle driver of sales, hiring and investment. With the most recent Thomson Reuters/University of Michigan Consumer Sentiment Index showing a three-month high in May, analysts may anticipate credit market growth in coming months.

No Comments

JPMorgan to Hike Small Business Lending as Credit Market Remains Debatable

Posted on April 28th, 2011 by The BizFilings Team
Category: Finding Money to Start a Business, Grow a Business, Lines of Credit, Small Business News, Start A Business

JPMorgan Chase, the nation’s second-largest bank, announced Tuesday it will boost its lending to U.S. small businesses by 20 percent this year, marking a volume of $12 billion in credit to the sector.

“Small business owners are not only our neighbors but also the entrepreneurs that hire half of the employees in the United States,” said Michael Cleary, CEO of business banking in retail financial services. “It’s critical that we support small businesses as they continue to fuel the economic recovery across the country.”

Chase, the banking sector of the financial service giant, increased its first quarter lending to firms with less than $20 million in annual sales by 64 percent. Last year, the bank became the No. 1 distributor of Small Business Administration-backed loans.

There has been debate in recent months over the state of the credit market and its impact on small businesses, with some groups, such as the National Federation of Independent Business, asserting small firms consistently achieve all of their credit needs. In fact, the NFIB reported that 93 percent of small businesses met their lending requirements in March.

Others, such as Federal Reserve Governor Elizabeth Duke, have argued that the issue is actually much more complex. In a speech earlier this month, Duke reasoned that perceptions of poor credit have actually discouraged firms from even applying for loans, thereby improving the acceptance rate but limiting distribution.

“Many small business owners were so convinced that their requests would be denied that they did not even apply for credit,” Duke said. “Despite this restricted credit availability, small business owners, by a large margin, still considered their most significant problem to be weak sales.”

However, Duke maintained that conditions are expected to improve in coming months, as private lenders and banks like JPMorgan Chase embrace greater levels of risk. Consumer spending and overall confidence will also help to stimulate the sector.

Still, other analysts, like Wall Street Journal contributor Angus Loten, have argued that banks are only lending to top-tier small companies and startups, while average-income firms have been struggling to access credit.

“Recent surveys of small-business owners suggest that lenders are targeting only the most credit-worthy businesses,” Loten wrote in a February article. “Such firms tend to be at the upper end of Bank of America’s $20-million threshold for small business, if not well beyond.”

No Comments

Solo Ventures, Hobbies and Full-Time Enterprises

Posted on April 21st, 2011 by The BizFilings Team
Category: Grow a Business, Small Business News, Start A Business, Taxes

One of the few positive trends to emerge from the recession has been the increase in entrepreneurial activity. This came about because of laid-off or unemployed professionals who took to forming a company as a means of returning to work.

A Kauffman Foundation study clarified this trend, as it found entrepreneurial activity to have risen during the downturn, while hiring among those new ventures declined. This distinction is important when considering whether or not a solo venture is a legitimate business or a personal hobby, as it will likely determine the tax obligations of the operation.

“The IRS will allow you to deduct your full losses against business income and you can use that net loss to offset your other sources of income. If the taxman decides that you are engaging in a hobby, you may only deduct certain itemized deductions,” writes Angie Mohr in the San Francisco Chronicle.

Ultimately, there are many different factors the IRS considers in determining whether an endeavor is a business or a hobby. According to the source, such considerations include time and effort, profit potential, personal dependence on business income, management experience and other details.

No Comments

Small Banks in Delaware Less Likely to Fund Small Businesses

Posted on April 19th, 2011 by The BizFilings Team
Category: Finding Money to Start a Business, Lines of Credit, Small Business News, Start A Business

The rate at which small banks in Delaware hand out initial financing for small businesses in the state has decreased sharply in recent times, the News Journal says.

This means that new players have stepped into the void left by those smaller local institutions, the newspaper reports, naming Bank of America and Wells Fargo as two of the biggest players in the market, and adding that the the presence of non-bank lenders and community development funds has also increased.

The state’s WSFS Bank underwrote $3.9 million in small business loans in 2008, according to the News Journal, but that figure fell all the way to $782,00 just two years later. Small Business Administration loans have also begun to dry up for those in the process of starting a business.

Fortunately, the SBA avoided the budget ax that many had feared in the run-up to the last-minute compromise measure earlier this month that averted a government shutdown. The administration even received $25 million back that had been removed by congress in February.

No Comments
« Older Entries