As the Unemployment Rate Jumps to a 26-Year High— President Obama Announces Plans to Increase the Flow of Credit to Small Businesses. Enterprising Americans are Getting Ready to Launch Their Businesses Now.
MADISON, WI - November 10, 2009
Last week the US unemployment rate passed the symbolic 10 percent mark jumping to 10.2 percent in October, the highest level in 26 years. President Barak Obama called the news “sobering” and said his administration was considering steps to spark job growth and to "increase the flow of credit to small businesses."
This news has caused an upswing in entrepreneurs looking to start a small business
“With more Americans out of a job every day, people are taking charge and planning for their financial future by starting their own business. Many people are capitalizing on their years of experience to become consultants and we’ve noted a growing trend of people turning their hobbies into home-based businesses.” said Karen Kobelski, general manager of BizFilings. “We’ve seen an upswing in people coming to us after learning they need an EIN (Federal Tax ID Number) or DBA (Doing Business As) to open their business bank accounts. Many people don’t realize that in order to obtain a small business loan or open a business checking account, you need to prove that you are a business.”
Establishing a tax ID number, filing a DBA, or forming a legal entity now will help ensure everything is in place when it comes time to secure a line of credit or open a business checking account. A bit of advanced planning now may provide forward-looking entrepreneurs with a distinct advantage once the Small Business Stimulus Plan is approved.
BizFilings.com has been professionally forming corporations, limited liability companies (LLCs), and nonprofits since 1995. The company has grown rapidly in the past decade, helping over 500,000 entrepreneurs to start, run, and grow their businesses. BizFilings is not a law firm and does not provide legal advice or counsel. BizFilings is headquartered in Madison, Wisconsin and is part of Wolters Kluwer, a leading global information services and publishing company.