RSS E’ship Magazine

Attribution-NonCommercial-ShareAlike 4.0 International

Except where otherwise noted, content on this site is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International license.

Coronavirus Relief for Small Businesses

coronavirus small business relief

The coronavirus pandemic has impacted every aspect of American life, including small businesses. With most Americans practicing extreme social distancing, businesses of all sizes have a dearth of customers. In some major markets, including New York, California and Chicago, governments have issued rules mandating that all non-essential businesses close and that restaurants only offer take-out and delivery. All of this has put an enormous strain on small businesses and led to a massive uptick in unemployment.

Fortunately, some help is on the way. On Friday, March 27, President Trump signed a coronavirus stimulus package known as the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act, which contains provisions intended to aid small businesses. In addition, some states have put together relief packages to help these small businesses make it through this increasingly difficult time. SmartAsset has rounded up all of these programs, along with information on how you can apply for them.

Check the SBA Coronavirus Response page for updated info (updated every few days during pandemic)

Federal

The $2 trillion stimulus package includes $350 billion in small business loans and $500 billion in loans for distressed companies.

These small business loans — known as the Paycheck Protection Program — will be run through the same infrastructure as existing 7(a) loans from the Small Business Administration. Loans will be for up to $10 million dollars and are guaranteed at 100% by the SBA. Some of these loans will be forgivable, so if certain requirements are met they may end up functioning more as grants for the business.

President Trump has also signed legislation to support low-interest disaster loans for any business impacted by coronavirus. These loans are administered by the small business administration and are available for up to $2 million in states where an economic disaster has been declared. The interest rate is 3.75% for businesses and 2.75% for nonprofits. The term of the loan varies by applicant but could be up to 30 years. Interested small business owners can apply here. Make sure you also understand your business interruption insurance coverage.

Additionally, don’t forget that the 2020 deadline for filing taxes has been pushed back to July 15 for both individuals and businesses. More federal relief efforts are likely to be coming in the days and weeks ahead.

Check the SBA Coronavirus Response page for updated info (updated every few days during pandemic)

How Do I Qualify?

For the federal programs, you qualify based on the size of your business and proving that you were negatively impacted by the COVID-19 pandemic. Normally, there are much more stringent requirements and documentation for an SBA 7(a) loan, but the loans offered under the CARES Act are being given under loser guidelines, allowing banks to get money to companies quickly so they can cover things like rent and payroll.

There are also individual state and local programs, described below, each of which has their own guidelines. Generally, though, you’ll need to prove your business is under a certain size and has been impacted negatively by COVID-19.

How Much Do I Get?

The size of these loans largely depends on what you ask for and what you need. The Paycheck Protection Program loans offered under the CARES Act are for up to $10 million or 2.5 times the companies monthly payroll cost. The federal disaster loans are for up to $2 million.

Each state program has its own maximum amount. Below, we break down these programs, so find your state to see what you may be eligible for.

How Do I Apply?

To get a loan under the Paycheck Protection Program, you’ll need to talk to a local lender.

Paycheck Protection Program (rehire your employees and receive forgivable loans if you keep them)

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by directing $349 billion towards job retention and business operating expenses.

Program Overview

The Paycheck Protection Program is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses.

If all employees are kept on payroll for eight weeks, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Up to 100 percent of the loan is forgivable.

Eligibility

Businesses – including eligible non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors described in the Small Business Act – with 500 or fewer employees may apply.

Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.

Other Assistance

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are currently eligible to apply for disaster assistance.

Enhanced Debt Relief is also available in SBA’s other business loan programs to help small businesses overcome the challenges created by this health crisis.

For information on additional Lending options, please click here.

SBA provides local assistance via 68 district offices and a nationwide network of resource partners. To find resources near you, please click here.

Each state plan has its own application process, some are described below.

Arizona

Arizona has passed a $50 million bill for coronavirus relief, but leaves much of the details in the hands of Gov. Doug Ducey. For this reason, more details aren’t available at this time in terms of how exactly it will help small businesses or what businesses will need to do to get funds. The bill does specify that businesses and nonprofits with fewer than 50 employees will receive relief.

Arkansas

Gov. Asa Hutchinson has announced that the state will use $12 million from Community Development Block Grants and $4 million from the state’s Quick Action Closing Fund to help small businesses struggling during the outbreak.

California

A number of programs are available in California, one of the states most impacted by the COVID-19 pandemic.

San Francisco has a Small Business Resiliency Fund for businesses that have between one and 25 employees, have less than $2.5 million in gross receipts and can demonstrate a loss of revenue of 25% or more. To apply for this program click here.

Los Angeles is offering microloans to small businesses of between $5,000 and $20,000. The term goes between six months and five years. The rate is 0% for a term of between six months and one year and between 3% and 5% for loans with a term of between one year and five years. Up to $11 million in these loans will be available.

Colorado

Denver, the largest city in Colorado, is offering businesses up to $7,500 if they are in an industry that is particularly impacted by the crisis. There still aren’t many details on how this program will work, but interested businesses can fill out a form here.

Delaware

Gov. John Carney announced that restaurants, bars, hotels and other hospitality businesses will be eligible for the Hospitality Emergency Loan Program (HELP), offering no-interest loans at up to $10,000 per business per month. The loans have a 10-year term and have payments deferred for nine months. To be eligible, a business must have been operating for at least a year, have annual revenue below $1.5 million and be in a hospitality-connected industry. You can email business@delaware.gov to see if you qualify or call 302-739-4271 with more questions.

Florida

coronavirus small business relief

Gov. Ron DeSantis activated the Florida Small Business Emergency Bridge Loan Program, giving short-term interest free loans to small businesses impacted by COVID-19. Up to $50 million has been allocated for the program, Each loan is for one year and can for up to $50,000. Apply for the program online here.

Georgia

Georgia has delayed registration and registration fees for all corporations.

Illinois

Chicago, Illinois’ largest city, is working with the Catalyst Fund and private sponsors to offer the Chicago Small Business Resiliency Loan Fund. It will provide more than $100 million in low-interest loans to businesses severely impacted by the crisis, focusing on historically under-resourced communities. Up to $50,000 will be available to a single business. The program launches March 31, but interested businesses can fill out an interest form here.

Iowa

Iowa has launched the Iowa Small Business Relief Program, giving assistance to businesses impacted by COVID-19. The program offers grants of between $5,000 and $25,000 which can be used to help maintain operations or reopen following the pandemic. Funds cannot be used to pay debts incurred before March 17, 2020. The application deadline is March 31, and the application is available here.

Kansas

Kansas allocated $5 million for the Hospitality Industry Relief Emergency (HIRE) fund to provide bridge loans to businesses in the hospitality industry. The loans are for up to $20,000 at a 0% rate over a period of 36 months. Kansas has allocated all of the initial funds but is still asking businesses to fill out the form here to continue to collect information about businesses that need help.

Massachusetts

Penalties for paying certain taxes late have been waived for businesses impacted by the pandemic, such as restaurants.

Maryland

There are two programs available in Maryland:

  • The Maryland Small Business COVID-19 Emergency Relief Loan Fund is a $75 million fund offering loans at no interest or principal payments due for the first 12 months, then converts the loan to a 36-month loan with a 2% interest rate per annum. Apply here.
  • The Maryland Small Business COVID-19 Emergency Relief Grant Fund is a $50 million program offering grants of up to $10,000, not to exceed three months of demonstrated cash offering expenses for the first quarter of 2020. Apply here.

Michigan 

The Michigan Small Business Relief Program will be offering grants of up to $10,000 and loans of between $50,000 and $200,000 with interest rates of 0.25%. A total of $10 million loans and $10 million in grants will be available. Loans are for companies with 100 employees or less while grants are only for companies with 50 employees or less. Funding will be available around April 1. Application details aren’t available yet but will be posted here.

Minnesota

Minnesota has created the Small Business Emergency Loan Program, making available $30 million for loans to small businesses. The loans will be for between $2,500 and $35,000. Each will be 50% forgivable and offered at a 0% interest rate. The application is not yet live but those with questions can email elp@state.mn.us

New Mexico

There is no specific COVID-19 small business assistance in New Mexico, but the state is adjusting its business-loan guarantee programs to make capital more readily available for business owners who are impacted by the crisis.

New York

The following programs are available in New York:

  • New York City Employee Retention Grant Program. This is for businesses within the five boroughs of New York City with between one and four employees who can demonstrate that COVID-19 has caused at least a 25% drop in revenue. Businesses must have been in operation for at least 6 months. Businesses can get a grant covering up to 40% of their payroll, capped at $27,000. Apply here.
  • New York City Small Business Continuity Loan Fund. This program is for businesses located in New York City with fewer than 100 employees who have lost at least 25% of revenue because of the pandemic. The program offers zero interest loans for up to $75,000. Fill out the pre-application here.

Oregon

coronavirus small business relief

The following programs are available in Oregon:

  • The town of Beaverton — a suburb of Portland — has formed an Emergency Business Assistance Program. The program is for businesses with a Beaverton business license who have seen their business impacted by mandatory state guidelines. For now, that means restaurants. The program reimburses up for $2,500 a month for those businesses with 50 employees or less who can verify they are seeing an economic loss due to COVID-19. Apply here.
  • Hillsboro, Oregon put committed up to $500,000 for businesses impacted by COVID-19 but the program has stopped accepting applications due to demand.
  • The Jade District in Portland has up to $190,000 available for businesses impacted by the outbreak. Apply here.

Money Management Tips

  • If you’re worried about your portfolio during the COVID-19 crisis, a financial advisor can help. A financial advisor can help. Finding the right financial advisor who fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.
  • If your salary changes because of the crisis, your tax bill may change as well. Use SmartAsset’s free tax calculator to see.

Photo credit: ©iStock.com/Gwengoat, ©iStock.com/Kameleon007, ©iStock.com/djedzura

BEN GEIER, CEPF® Ben Geier is an experienced financial writer currently serving as a retirement and investing expert at SmartAsset. His work has appeared on Fortune, Mic.com and CNNMoney. Ben is a graduate of Northwestern University and a part-time student at the City University of New York Graduate Center. He is a member of the Society for Advancing Business Editing and Writing and a Certified Educator in Personal Finance (CEPF®). When he isn’t helping people understand their finances, Ben likes watching hockey, listening to music and experimenting in the kitchen. Originally from Alexandria, VA, he now lives in Brooklyn with his wife.

Strategies for Getting the Most Out of an Online Class

In the past, earning a college degree meant physically attending in-person classes, which often posed challenges for working professionals or those with complicated schedules. Now, thanks to advances in technology, it’s easier than ever to find a degree program that offers the flexibility you need, whether through traditional in-person classes, online learning, or a blend of the two.

There are many advantages to online courses; they allow you to learn whenever, wherever, and however works best for you, making it easier to earn a degree while balancing work and family commitments. And without having to attend classes in person, online learning affords you access to top degree programs across the country that might have otherwise been inaccessible or highly inconvenient.

Online classes can present unique challenges, however, if you’re not prepared. But if you develop skills for effective online learning, you’ll find the courses can be an excellent alternative to a traditional classroom setting. Here are some tips for online learning success to make sure you get the most value out of your next class.

Image result for online learning

Tips for Taking Online Classes

If you’re considering taking online college courses (or you’re already enrolled in a program) the tips and advice below can help you address their unique challenges to get the most value out of your online program.

1. Treat an online course like a “real” course.

When it comes to online classes, you need to have the discipline to sit down and say, “I am going to work on this,” as well as the dedication to actually follow through. Though you can be flexible as to when you choose to complete your work during the week, you can’t put it off indefinitely.

One of the easiest ways to ensure follow through is to remember that you are paying to take this online course, just as you would for a traditional, in-person class. You must “show up” if you’re going to get real value out of your class. Treat your online classes the same way you would a face-to-face class—or, better yet, a job—and you’ll be off to the right start.

2. Hold yourself accountable

Set goals at the beginning of the semester, and check in with yourself weekly. In a traditional classroom setting, you’ll often receive verbal or visual reminders of an assignment’s upcoming due date. But without a professor actively reminding you, it’s up to you to make sure you’ve allotted enough time to complete the work so you’re not starting an assignment the day before it’s due.

If you’re having trouble holding yourself responsible, pair up with a fellow classmate, or enlist the help of a spouse or friend to check in as an accountability partner. By being organized, proactive, and self-aware, you can get the most from your online class even when life outside of school becomes chaotic.

3. Practice time management.

The flexibility to create your own schedule is often one of the biggest appeals of taking online classes. But that freedom can also be detrimental if you do not have solid time management skills. Without them, you might easily to find yourself cramming before classes or handing in subpar assignments.

Though how you manage your time will depend on your schedule, learning style, and personality, here are some universally valuable tips to help you practice and improve your time management skills:

  • Look at the syllabus at the start of the semester and make note of major assignments. Mark them on a calendar you check regularly so you know what workload is coming in the weeks ahead. Don’t forget to factor in prior commitments that may interfere with your regular study schedule, such as weddings or vacations, so you can give yourself enough extra time to complete assignments.
  • Create a weekly schedule that you follow, designating certain hours each week to reading, watching lectures, completing assignments, studying, and participating in forums. Commit to making your online coursework part of your weekly routine, and set reminders for yourself to complete these tasks.
  • When working on your assignments, try time-blocking, allotting yourself a certain amount of time for each task before moving on to the next one and setting a timer to keep you accountable.
  • Check in periodically throughout the term, and look at how you’re spending your time. Ask yourself: How much time am I dedicating to course reading and assignments? Am I regularly underestimating the time it’s taking me to get things done, forcing me to cram the nights before the exams? A little self-reflection and adjustment can go a long way.

4. Create a regular study space and stay organized.

Set up a dedicated learning environment for studying. By completing your work there repeatedly, you’ll begin to establish a routine. Whether your workspace is your kitchen table, a library, or the corner booth in a local coffee shop, it’s important to determine what type of environment will work best for you. Experiment to discover which type of setting boosts your productivity. Wherever you choose, make sure there’s high-speed internet access so you’re not trying to take an online course over a lagging connection.

Setting up a regular workspace or office will also help you to stay organized. Knowing exactly where important dates, files, forms, syllabi, books, and assignments live will help keep you on track towards hitting your goals. When setting up your study space, make sure you:

  • Have a high-speed internet connection
  • Have the required books, materials, and software for the course
  • Have headphones for listening to lectures or discussions (especially important in shared spaces)

5. Eliminate distractions.

From Netflix to social media to dishes piling up in the skink, you’ll be faced with many distractions that can easily derail your studies. The best online students know how to lessen these distractions and set aside time to focus.

Exactly how much of a challenge these distractions will prove to be will depend on your own unique personality and situation. Some might find that they can tune out a noisy home by listening to music. Others might choose to work from a local coffee shop or library to eliminate their urge to multitask at home. Ultimately, you will need to find a strategy that works best for you.

Regardless of where you choose to work, consider turning your cell phone off to avoid losing focus every time a text message or notification pops up. And if you’re still having trouble resisting the temptation to check your email or surf the web, try downloading a website blocker. Using applications like Flipd can help eliminate distractions by blocking the apps or websites that tend to compete for your attention, such as Facebook and Twitter.

6. Figure Out How You Learn Best

Once you’ve established where you’ll learn, think about when and how you accomplish your best work. If you’re a morning person, make time to study first thing. More of a night owl? Set aside an hour or two after dinner to cozy up to your computer. If the kids require your morning and evening attention, try to carve out a study session mid-day while they’re at school. Brew your usual cup of coffee, put on your go-to playlist, and do whatever you need to get into the zone and down to business.

Not everyone learns the same way, so think about what types of information help you best grasp new concepts and employ relevant study strategies. If you’re a visual learner, for example, print out transcripts of the video lectures to review. Learn best by listening? Make sure to build time into your schedule to play and replay all audio- and video-based course content.

7. Actively participate.

Participate in the course’s online forum to help you better understand course materials and engage with fellow classmates. This might involve commenting on a classmate’s paper on a discussion board or posting a question about a project you’re working on. Read what other students and your professor are saying, and if you have a question, ask for clarification.

Make sure you are checking in as often as you can, too. The flexibility of online learning means that if you have 30 minutes before dinner plans, you could squeeze in a discussion response around your schedule. Set a goal to check in on the class discussion threads every day.

And if you do feel yourself falling behind, speak up. Don’t wait until an assignment is almost due to ask questions or report issues. Email your professor and be proactive in asking for help.

8. Leverage your network.

Online classes may sometimes make you feel like you are learning on your own, but this couldn’t be further from the truth. Most online courses are built around the concept of collaboration, with professors and instructors actively encouraging that students work together to complete assignments and discuss lessons.

Build relationships with other students by introducing yourself and engaging in online discussion boards. Your peers can be a valuable resource when preparing for exams or asking for feedback on assignments. Don’t be afraid to turn to them to create a virtual study group. Chances are good that they will appreciate it just as much as you will.

Practice Makes Perfect

Online classes are an excellent option to help you earn that degree you need to fulfill your goals. Though they come with their own unique challenges, following the advice above can help you be successful even in the most chaotic of times.

Bonus: How to Effectively Study with Online Courses (VIDEO)

Why Agile Now

Agile came from humble beginnings as a yardstick in software development and has now begun to enshrine itself in project management as well. The Agile Manifesto of 2001 called for valuing human interaction, a collaborative mindset, adaptability and a solid product over the so-called “means” to achieve an end – process, comprehensive documentation, contract negotiation and plan-based actions. The literature on the concept will constantly call for organisational training opportunities to “become Agile”. But what does this mean for an organisation that decides to “become Agile”?

Agile principles and values influence and enable organisations to adapt to an increasingly volatile, uncertain, complex and ambiguous clientele. As cumbersome as this may be to adopt, Agility is a practice best experienced by forming small, autonomous teams that continuously strive to deliver value to their end consumers, potential or otherwise. This consequently builds both competitive spirit and camaraderie within the aspiring organisation, keeping Agile values as the fulcrum of operations. The cluster of teams, then, actively and continuously initiate communication, interact, and coordinate with other teams to tackle obstacles that can hinder Agile-based workflows. These would include scope creep – continuous, unplanned project scope growth – and greater time and commitment requirements.

A look at Agile – Success stories and shortcomings.

While it may seem like rocket science to most readers of this article, Agile principles and practices have now percolated cross-industry into the ever-changing, customer-driven marketplace and general management. One of the most popular frameworks that help implement Agile within a series of fixed-length iterations, or sprints, is Scrum. While Agile is a set of principles and practices, Scrum is the process of executing these principles. In its annual State of Scrum survey, the Scrum Alliance, a unified Scrum community, details the issues of scaling and agile transformation from both the practitioner and Scrum coach/master perspectives. The end goal of this practice is to understand, compare and consider the efficacy of Agile methods across industries annually. The report contains information collected from 27 industry verticals that implement Scrum, such as Consulting, Human Resources, Sales and Marketing and Education, apart from IT.

Agile principles help connect small, high-performance teams, improving transparency and visibility of work across teams and among consumers. This essentially transforms an old, vertical dynamic of an organisation into one that has a common mindset – that of delivering value to customers. The focus of providing value to the customer is also why organisations choose Scrum, with 85% of the organisations positing that Scrum improves upon the quality of work life. So, while this might sound counter-intuitive to the process of acquiring Scrum certification, Agile aspirants would be better off recommending Scrum certification to colleagues, friends and professionals, upon obtaining the certification themselves. This also goes back to the Agile principle of a collaborative mindset.

In 2017, several media outlets, including Business Insider and USA Today, listed ScrumMaster as one of the highest-paying jobs in America. This stems from a lack of trained individuals capable of steering an organisational overhaul to adopt Agile principles and practices into the company framework. As BCBSAZ HR Director, Torrie Michaud, states, “When an applicant has a Scrum certification, we know that applicant will be a collaborative and strong communicator while being eager to improve processes or bring new ideas.”

Agile and Scrum find a place in mental health as well, with Monash Health in Australia implementing Agile principles of a collaborative and feedback-oriented path to mental health and recovery, without compromising individualised quality.

Agile through the ages!

What Agile isn’t, however, is a “cost-cutting” technique to curb expenditures and “improve” the company’s workflow. Many organisations and conglomerates boast Agility but only do so in name. The top-down approach to becoming agile is counter-intuitive to the goals and values of Agile, which eventually kills an Agile-based ecosystem. Moreover, Agile cannot be implemented selectively; top-performing teams within an organisation cannot adopt Agile principles and function while the remainder of the organisation continues to be a top-down bureaucracy. Similarly, customer value and shareholder value will forever remain at distinct odds with each other, and one cannot serve two masters.

Under current management practice systems, Agile will fail in its adoption. It is only through time-tested experience and practice that Agile becomes part and parcel of the organisation’s mindset. Merely mimicking Agile practices from other Agile-based institutions won’t work in creating an Agile atmosphere at individual organisations – an organisation cannot “do Agile.” They need to “be Agile.”

Funding for Diverse Founders

Image result for start up funding minory"

Small business loan options

There are several government lending programs and non-governmental organizations you should look into if you want a business loan option that prizes the work of minority entrepreneurs.

SBA 7(a) and 8(a) Development Program

7(a) loan through the Small Business Administration, a federal entity created to foster small business growth, is not exclusively for minority-owned organizations. That being said, minority business owners have a better chance of qualifying for these loans if they participate in SBA’s 8(a) Business Development program.

The 8(a) program helps “socially and economically disadvantaged entrepreneurs gain access to the economic mainstream of American society.” The 8(a) program can also help minority business owners gain access to the capital they need in case they don’t qualify for SBA’s 7(a) loan. Once accepted into the program, organizations hold membership for nine years. Check here for eligibility requirements.

SBA Community Advantage Loans

Also run by the SBA, The Community Advantage program offers financial assistance for businesses based in underserved markets and communities. The program is a good option for small business owners who are looking for a large amount of capital but do not qualify for traditional financing. Loans are offered up to $250,000. Take a look at your local SBA district office for more information on the program.

SBA Microloan Program

For minority-owned businesses that have smaller capital needs, the SBA Microloan program offers federal loans of $50,000 or less. These microloans are made by third-party lenders—usually nonprofit community-based organizations that also offer professional assistance to business owners. Check out your local SBA district office to find microloan options.

Accion U.S. Network

While these loans aren’t created specifically for minority business owners, they do target low- to moderate-income businesses that don’t usually qualify for traditional lending. This makes Accion a great option for minority business owners and new entrepreneurs. The nonprofit-lending network has organizations in 50 states offering loans from $200 up to $300,000.

Union Bank

For business owners with large capital needs, Union Bank offers financing for up to $2.5 million. The program is under the Equal Credit Opportunity Act, and is “designed to empower woman-, minority- and veteran-owned businesses,” according to its website. The business loans and lines of credit are exclusively for minority-owned businesses and owners must meet the bank’s designation of “minority,” which is the same as the EEOC’s.

Community Development Financial Institutions (CDFI)

CDFIs offer financial assistance to minority and economically distressed communities. Below are a few programs to consider:

  • Native Initiatives is a CDFI that grants access to credit, capital and financial services to help Native Communities thrive and grow.
  • The Business Center for New Americans is a CDFI that offers loans from $5,000 to $50,000 specifically to immigrants, refugees, women and other minority entrepreneurs. The organization is also focused on business owners who were turned down by a bank for a number of reasons that include the borrower’s credit score being too low or that the requested amount is too small. The best part: there is no minimum credit score required to qualify for a loan.

There are 950 CDFIs nationwide that are certified by the CDFI Fund, which is a part of the U.S. Department of the Treasury. Take a look at the CDFI Fund’s database to search for businesses in your area that have received awards.

Consider starting at the local level

Because many of the programs that provide funding to minority-owned businesses operate on the state or local level, getting to know the agencies in your community is a smart first step.

How else would you learn that the program WESST helps political refugees in New Mexico start businesses? You would also never know that the National African-American Small Business Loan Fund offers loans ranging from $35,000 to $250,000 to African American-owned small businesses in New York City, Chicago and Los Angeles.

Starting at the local level also helps you get to know the terrain better, and find people who can help you. Those people include mentors, advisors, lawyers and accountants. These working relationships can help you find lenders who provide loans to minorities in your industry. Get in touch with your local Chamber of Commerce or talk to a mentor to learn what local opportunities are available.

Don’t rule out business grants

Few things beat free, especially free money. Most small business grants are difficult to obtain due to the competition, but the following resources are worth exploring due to the fact that they are, well, free.

  • Grants.gov provides information to more than 1,000 programs across 26 federal agencies that can help minority business owners tailor their search.
  • The USDA Rural Business Enterprise Grant Program offers free money ranging from $10,000 to $500,000 for rural businesses. The money can be used for a number of purposes, including purchasing equipment, and acquisition and development of real estate. To qualify, the business must employ no more than 50 employees and have less than $1 million in annual gross revenue. The business must also operate in an eligible rural area. Check out the USDA’s Rural Development state offices for more information on eligibility and the application.
  • Partnerships for Opportunity, Workforce and Economic Revitalization Initiative (POWER) was started by President Obama to help businesses in communities that were hurt by changes in the power and coal industries. The initiative is congressionally funded and has awarded $94 million in 114 investments since its start. Take a look here for more information.

Why an Entrepreneur Trip

How can I help you…

I decided to pivot my EntrepreneurTrip Purpose after a weekend of contemplation. I think there is something beautiful to be had by helping.

I guess I’ve always been a kind of collector. Not so much of stuff but information and experiences. This realization hit me hard as I am about embark on this EntrepreneurTrip. I am thinking about how I could gather the stories of diverse communities of business and what similarities of entrepreneurship there are across the USA.

It does sound compelling especially for someone like me. Then it hit me, what am I giving (not just collecting). Good storytelling takes time and effort – that’s a gift.

A crafted story being more powerful makes sense as humans we like well crafted things. It may be appreciated by humans more than any other animal. Well prepared food, thoughtful clothing, and nuanced stories (even if they are often seen as similar).

Having it flow in live and in unedited form is not as palatable as the crafted version. I love creating live media and generally don’t look back too much. Knowing how I am, how can I do the most Good in the moment?

So I’m traveling across the country as so many have before, how do I create a well crafted experience that helps?

I am open to suggestions. I think I should ask HOW CAN I HELP in every interview and see what happens. These business builders are helping me as I thrive in hearing those stories of challenge and success.

What do you think? [comment below]

I will be in 11 or so towns. No sponsors, no fanfare, just gathering and listening. What’s the point? What’s it for? How does it help?

If I just decided to do one good thing in each town instead, would that be better?

I think so.

I am now intent on seeing what doing good feels and looks like in entrepreneurship – not as social entrepreneurship but as caring in communities of founders. What does specific and directed caring look like for the business owners and me.

Join the EntrepreneurTrip Slack Channel to see what goes on with our community of care and compassion for founders.

We are on Facebook (primary live video interviews and partner organization updates), Instagram @entrepTrip (fun visuals from Trip and behind the scenes), and Twitter @entrepTrip (related articles, quotes from interviews, behind the scenes.

Basic accounting terms, acronyms, abbreviations and concepts to remember

Check out these basic accounting definitions and start to commit them to memory. That way, when you start thinking about your small business bookkeeping, you’ll already feel like you’re a step ahead and speaking the language.

1. Accounts receivable (AR)

Accounts receivable (AR) definition: The amount of money owed by customers or clients to a business after goods or services have been delivered and/or used.

2. Accounting (ACCG)

Accounting (ACCG) definition: A systematic way of recording and reporting financial transactions for a business or organization.

3. Accounts payable (AP)

Accounts payable (AP) definition: The amount of money a company owes creditors (suppliers, etc.) in return for goods and/or services they have delivered.

4. Assets (fixed and current) (FA, CA)

Assets (fixed and current) definition: Current assets (CA) are those that will be converted to cash within one year. Typically, this could be cash, inventory or accounts receivable. Fixed assets (FA) are long-term and will likely provide benefits to a company for more than one year, such as a real estate, land or major machinery.

Photo by Carlos Muza on Unsplash

5. Asset classes

Asset class definition: An asset class is a group of securities that behaves similarly in the marketplace. The three main asset classes are equities or stocks, fixed income or bonds, and cash equivalents or money market instruments.

6. Balance sheet (BS)

Balance sheet (BS) definition: A financial report that summarizes a company’s assets (what it owns), liabilities (what it owes) and owner or shareholder equity, at a given time.

7. Capital (CAP)

Capital (CAP) definition: A financial asset or the value of a financial asset, such as cash or goods. Working capital is calculated by taking your current assets subtracted from current liabilities—basically the money or assets an organization can put to work.

8. Cash flow (CF)

Cash flow (CF) definition: The revenue or expense expected to be generated through business activities (sales, manufacturing, etc.) over a period of time.

9. Certified public accountant (CPA)

Certified public accountant (CPA) definition: A designation given to an accountant who has passed a standardized CPA exam and met government-mandated work experience and educational requirements to become a CPA.

10. Cost of goods sold (COGS)

Cost of goods sold (COGS) definition: The direct expenses related to producing the goods sold by a business. The formula for calculating this will depend on what is being produced, but as an example this may include the cost of the raw materials (parts) and the amount of employee labor used in production.

11. Credit (CR)

Credit (CR) definition: An accounting entry that may either decrease assets or increase liabilities and equity on the company’s balance sheet, depending on the transaction. When using the double-entry accounting method there will be two recorded entries for every transaction: A credit and a debit.

12. Debit (DR)

Debit (DR) definition: An accounting entry where there is either an increase in assets or a decrease in liabilities on a company’s balance sheet.

13. Diversification

Diversification definition: The process of allocating or spreading capital investments into varied assets to avoid over-exposure to risk.

14. Enrolled agent (EA)

Enrolled agent (EA) definition: A tax professional who represents taxpayers in matters where they are dealing with the Internal Revenue Service (IRS).

15. Expenses (fixed, variable, accrued, operation)

Expenses (FE, VE, AE, OE) definition: The fixed, variable, accrued or day-to-day costs that a business may incur through its operations.

  • Fixed expenses (FE): payments like rent that will happen in a regularly scheduled cadence.
  • Variable expenses (VE): expenses, like labor costs, that may change in a given time period.
  • Accrued expense (AE):an incurred expense that hasn’t been paid yet.
  • Operation expenses (OE): business expenditures not directly associated with the production of goods or services—for example, advertising costs, property taxes or insurance expenditures.

16. Equity and owner’s equity (OE)

Equity and owner’s equity (OE) definition: In the most general sense, equity is assets minus liabilities. An owner’s equity is typically explained in terms of the percentage of stock a person has ownership interest in the company. The owners of the stock are known as shareholders.

17. Insolvency

Insolvency definition: A state where an individual or organization can no longer meet financial obligations with lender(s) when their debts come due.

18. Generally accepted accounting principles (GAAP)

Generally accepted accounting principles (GAAP) definition: A set of rules and guidelines developed by the accounting industry for companies to follow when reporting financial data. Following these rules is especially critical for all publicly traded companies.

19. General ledger (GL)

General ledger (GL) definition: A complete record of the financial transactions over the life of a company.

20. Trial balance

Trial balance definition: A business document in which all ledgers are compiled into debit and credit columns in order to ensure a company’s bookkeeping system is mathematically correct.

21. Liabilities (current and long-term)

Liabilities (current and long-term) definition: A company’s debts or financial obligations incurred during business operations. Current liabilities (CL) are those debts that are payable within a year, such as a debt to suppliers. Long-term liabilities (LTL) are typically payable over a period of time greater than one year. An example of a long-term liability would be a multi-year mortgage for office space.

22. Limited liability company (LLC)

Limited liability company (LLC) definition: An LLC is a corporate structure where members cannot be held accountable for the company’s debts or liabilities. This can shield business owners from losing their entire life savings if, for example, someone were to sue the company.

23. Net income (NI)

Net income (NI) definition: A company’s total earnings, also called net profit. Net income is calculated by subtracting total expenses from total revenues.

24. Present value (PV)

Present value (PV) definition: The current value of a future sum of money based on a specific rate of return. Present value helps us understand how receiving $100 now is worth more than receiving $100 a year from now, as money in hand now has the ability to be invested at a higher rate of return. See an example of the time value of money here.

25. Profit and loss statement (P&L)

Profit and loss statement (P&L) definition: A financial statement that is used to summarize a company’s performance and financial position by reviewing revenues, costs and expenses during a specific period of time, such as quarterly or annually.

26. Return on investment (ROI)

Return on investment (ROI) definition: A measure used to evaluate the financial performance relative to the amount of money that was invested. The ROI is calculated by dividing the net profit by the cost of the investment. The result is often expressed as a percentage. See an example here.

27. Individual retirement account (IRA, Roth IRA)

Individual retirement account (IRA) definition: IRAs are savings vehicles for retirement. A traditional IRA allows individuals to direct pre-tax dollars toward investments that can grow tax-deferred, meaning no capital gains or dividend income is taxed until it is withdrawn, and, in most cases, it’s tax deductible. Roth IRAs are not tax-deductible; however, eligible distributions are tax-free, so as the money grows, it is not subject to taxes upon withdrawals.

28. 401K & Roth 401K

401k & Roth 401k definition: A 401K is a savings vehicle that allows an employee to defer some of their compensation into an investment-based retirement account. The deferred money is usually not subject to tax until it is withdrawn; however, an employee with a Roth 401K can make contributions after taxes. Additionally, some employers choose to match the contributions made by their employees up to a certain percentage.

29. Subchapter S corporation (S-CORP)

Subchapter S corporation (S-CORP) definition: A form of corporation (that meets specific IRS requirements) and has the benefit of being taxed as a partnership versus being subject to the “double taxation” of dividends with public companies.

30. Bonds and coupons (B&C)

Bonds and coupons (B&C) definition: A bond is a form of debt investment and is considered a fixed income security. An investor, whether an individual, company, municipality or government, loans money to an entity with the promise of receiving their money back plus interest. The “coupon” is the annual interest rate paid on a bond.

STEM to STEAM to STEAME: Science to Art to Entrepreneurship

Without question, STEM (science, technology, engineering, and mathematics) is the new buzzword for those worried about post-graduation employment. These are all disciplines in which students could excel if they are to retain their industrial and economic strength through a lifetime of work.

In his February 2013 State of the Union address, President Obama urged that we double-down on science and technology education starting in our secondary schools. To give the argument even more traction, some would widen the list of STEM professions to include educators, technicians, managers, social scientists, and health care professionals. Indeed, the talk these days in my college is about how to engage the 50%+ who study liberal arts in the 2-year programs.

According to the U.S. Department of Commerce, the STEM job sector is growing at twice the rate of non-STEM occupations, but we should note some caveats. First, let’s remember that STEM workers, as identified by the Commerce Department, comprise only 5.5% of the workforce. Second, while STEM workers overall may earn 26% more than their counterparts, the greatest differential is seen in the lowest-level jobs; the higher the terminal degree, the less the earnings difference.1

Why Art & Entrepreneurship

Therefore, we have to bring students into the power of their mindset. In particular, the entrepreneurial way of seeing problems and solutions. It’s not just thinking outside the box, it’s thinking of practical solutions that solve quickly and innovatively the problem. Many businesses do not have months and month or year to solve problems.

Take Stephen Northcutt, a 4-year college grad, who is now the president and CEO of The Escal Institute of Advanced Technologies. Before he began working in computer security, before he even went to college, Stephen was a Navy helicopter rescue crewman. Later, he became a whitewater raft guide, a chef, an instructor in the martial arts, a cartographer, and a network designer. Stephen came to college to study geology, but then he became intrigued by geodetics, or global mapping. His real strength, it turns out, was not in the technical arena. As one of Stephen’s professors said, “Stephen’s real strong point was being able to examine the situation and know what to do.” This means he had an entrepreneurial mind.

STEM is AI & STEAME is Humanity

When we add art and business, we immediately complicate basic machine learning. The brain is an amazing adaptive instrument that can make music, art, and expand on physics. Going into the increasingly technical world of work requires that integrate art and entrepreneurship into our educations system so that we can simple and clever solutions to complex problem. And of course complex solutions to complex problems. But heavens not—complex solutions to simple problems (bad tech can do that too).

When we focus in on STEM+AE, we can marry what our minds do best with the dynamic and intriguing work-world.

Moreover, it is not a given that the only path to STEM job success is to attain a STEM degree. About one-third of college-educated workers in STEM professions do not hold degrees in STEM. Two-thirds of people holding STEM undergraduate degrees work in non-STEM jobs. One-fifth of math majors, for instance, end up working in education.2  Nearly 40% of STEM managers hold non-STEM degrees.3  This data points to one of the realities of college and career: the workplace is flexible, vibrant, and often unpredictable—a moving target, if you will. It is a place where, over a lifetime, a college graduate will hold multiple jobs and may even see multiple careers.4 An entrepreneurially minded person in that job market will be able to adapt more quickly.

Numerous biographies of technology executives illustrate that even in the tech fields, the rise to the top is facilitated by non-tech degrees. A study of technology company startups by researchers at Harvard and Duke found that 47% of their CEOs and CTOs had terminal degrees in STEM subjects, but 53% had degrees in a variety of other fields—including finance, arts and humanities, business, law, and health care.5

Moreover, the CEOs of Dell, JP Morgan Chase, Walt Disney, IBM, and FedEx all have liberal arts educations.6

Why is this? We think it’s because the people who run things—whether divisions, departments, companies, or state governments—are integrators and synthesizer—and entrepreneurs.

So who brings together the scientists, the engineers, the designers, and humanists? I think you know by now what I believe. Not every one of our graduates will go on to be a Steve Jobs, but we know that they will be bigger, broader, and more creative and fearless thinkers and doers. That’s what community colleges need most.

Fun Video about STEAM…

BMCC Portfolio of Entrepreneurial Activities. Come Join us!

BMCC has a robust collection of resources and projects available to help students connect to entrepreneurial thinking. We welcome new students, existing business owners, partners and sponsors for these program. Check out what we are doing and connect to us!

We are also on all social media @eshipBMCC.

Poster Presentation at CUNY Games Conference

The CUNY Games Network of the City University of New York is excited to announce The CUNY Games Conference 5.0, to be held on January 18, 2019, at the Borough of Manhattan Community College in New York City.

R. Shane Snipes will be presenting a poster on Mindfulness, Technology, and Business Simulations.

In Fall 2018, BMCC’s Small Business & Entrepreneurship (SBE) 100 course used mindfulness interventions and the VentureBlocks.com simulation to increase student empathy for customer need, reduce student stress in interacting with new customers, and observing new potential business ideas based on customer interaction.

Pedagogically, mindful behaviors and access to useful teaching tech (EdTech) through games:

MINDFULNESS

  • Agree to the purpose and hopeful outcome
  • Pause to create “entry moment” for use of tech
  • Reduced distraction (framed as “focus training”)
  • Use in conjunction with www.FLIPDapp.co to manage & incentivize better tech usage

GAMING / VENTUREBLOCKS

  • Customer discovery process & EMPATHY practice
  • Teaching empathy in action / with a business purpose
  • Foundational entrepreneurship knowledge/skill
  • Healthy competition

Feedback

Students offered feedback on the game and the mindfulness (focus training). Which was most useful? [See Figure]:

A. Mindfulness (focus training and app) most useful.

B. Game most useful in learning the concepts of customer discovery.

C. Follow up on the simulation play the next class was most useful.

Results from VentureBlocks play.

More about Games Conference  – This year, the CUNY Games Conference distills its best cutting-edge interactive presentations into a one-day event to promote and discuss game-based pedagogies in higher education, focusing particularly on non-digital learning activities that faculty can use in the classroom every day. The conference will include workshops led by CUNY Games Organizers on how to modify existing games for the classroom, how to incorporate elements of play into simulations and critical thinking activities, as well as poster sessions, playtesting, and gameplay. For the digitally minded, we will also offer a workshop in creating computer games in Unity.

Visit other research here.

Study Entrepreneurship, Get a Degree, Transfer It Anywhere

There much more information on our webpage. Look for us in the left navigation on www.bmcc.cuny.edu/business