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By:
Dan Yocum, SBA Administrator, Univest Bank and Trust Co. December 1, 2017
Small business owners in the restaurant and craft brewing industry have historically approached the Pennsylvania Liquor Control Board with one emotion: dread. Fortunately, the modernization of liquor laws in the Commonwealth has created a thriving craft industry centered on the production and sale of alcohol. Small business owners and craft beer, wine, and liquor enthusiasts…rejoice!
Prior to 2016, Pennsylvania’s archaic liquor laws severely limited the ability of small business owners to obtain a liquor license and cash-in on the lucrative spirit industry. With licenses topping out at more than $400,000 in Montgomery County, for example, virtually no “mom & pop”…
Are you looking to start a business or is your small business poised for growth? Access to capital is often one of the biggest challenges facing small businesses, however an SBA loan could be the solution.
What is an SBA Loan?
The Small Business Administration provides a number of financial assistance programs for small businesses that have been designed to meet key financing needs, however, the SBA does not lend the money directly to business owners. Instead it provides a guarantee to banks and lenders for the money they lend to those businesses owners. This guarantee protects the lender’s interests by…
As business owners look toward the new year, there are certain things that can be done to help make the coming year even better than the last. I chatted with Richard Capasso, CPA, CFP and PFS at Clairmont, Paciello & Co. to create a list of five things to help set your business up for a successful year ahead:
Make a Plan: It’s been said, “People don’t plan to fail; they fail to plan.” This year, take the time to develop a financial plan for your business. It can be simple or complex – you decide; but make a plan….
In today’s society where a lot of small business owners might be consumed with social media marketing, constructing a fancy website and networking on LinkedIn, sometimes the basics of business are overlooked. One of the things that some small businesses overlook is the need for a business plan. A professional, comprehensive business plan is absolutely necessary when considering starting a new business. Think of a business plan as your foundation. It will help you identify your goals, target market, growth objectives, staffing, financing and organizational structure.
As a small business banker, it is the first thing I ask my prospective…
If you are like many small business owners, you are optimistic about your company’s future growth prospects. Several surveys have reported the vast majority of businesses with less than $5 million in annual revenue are extremely confident in their business growth in 2016. That growth can create a need for additional employees, more inventory and new office space. This all leads to a need for capital.
For small business owners who are unprepared, obtaining financing can be a barrier to realizing that growth. It has been reported that only a third to a half of small businesses succeed in getting…
Thirty years ago if you were to ask someone what their credit score was, they’d probably look dumbfounded or they might think you were asking them some sort of trick question. Today, many people not only know their approximate credit score, but they probably have a pretty good idea how it is calculated. Most are aware that if you apply for personal credit such as a home mortgage, auto loan, or credit card, the lender will obtain a copy of your credit report. They will then use your credit score as a factor in determining whether you qualify for…
