Business Buzz

Export University 101 makes Treasure Coast debut in Martin County

Export University 101 makes Treasure Coast debut in Martin County

It takes a lot of business to succeed in business, as any entrepreneur will attest. Doing so often means tapping new markets—even ones around the world. But how to do so and effectively navigate the logistics, language barriers and labyrinthine of legalities?

Those answers and more are coming—for the first time—to the Treasure Coast through the acclaimed Export University 101. Widely recognized as the premier resource for informing and equipping business owners on effectively accessing foreign markets, the event is taking place from 8:30 a.m. to 5 p.m. Sept. 28 at Indian River State College’s Chastain Campus in Stuar

Export University 101 will feature leading local, regional, state, and federal experts for in-depth discussion on topics as essential as promotions, compliance, trade grants, risk management, pricing, payment, shipping and more. The event culminates with the issuance of a certificate to participants

“We at the U.S. Commercial Service are very proud to be part of such a great initiative organized by the South Florida District Export Council in collaboration with the Business Development Board of Martin County,” says Eduardo Torres, director for South Florida U.S. Commercial Service, U.S. Department of Commerce. “Companies looking to export their products and services will have the opportunity to learn all aspects of the export process. Remember that exporting is not an event, it’s a process.

Organized by U.S. Commercial Service, South Florida District Export Council and the Business Development Board of Martin County, Export University 101 will give local business owners invaluable insights into accessing international marketplaces to expand the impact and influence of their companies.

“We’re incredibly proud to participate in bringing this unparalleled resource to businesses in Martin County and across the Treasure Coast,” says Joan Goodrich, executive director of the BDB. “While we have a robust service sector, Martin County is also home to some remarkable manufacturing companies whose innovations deserve even greater exposure. Export University 101 is uniquely designed to empower them with the knowledge to integrate internationally and we’re so excited to see these principles put into practice in our community.”

Speakers and Topics

Eduardo Torres, director at the U.S. Department of Commerce, will kick things off with the “Basics of Exporting and Products and Services of the U.S. Commercial Service.” He’ll teach attendees, among others, key dynamics to anticipate when entering a wider pool of competitors as well as the importance of creating an export strategy and marketing plan, contemplating logistics and complying with regulations.

Peter Quinter, who specializes in international law for Gunster law firm, will provide a deeper overview of U.S. regulations governing exports.

Emily McHugh, an international trade consultant for Florida Small Business Development Center at IRSC Entrepreneurship Development Institute, will better inform small business owners on how to effectively create, maintain and grow their companies to complement serving larger markets

John Diep, director of international trade and development at Select Florida, will give insights on international sales and how best to access both risks and opportunities before making costly commitments.

Ed Ciampi, chair of the Martin County Commission as well as vice president of sales and international development for Chicago Stainless based in Palm City, will speak on establishing an overseas infrastructure to grow business internationally. Ciampi will discuss, among other topics, determining the viability to potential markets, building a service network dedicated to after-sales relationships and managing and motivating channels of distribution in overseas markets.

Elena Mendez, eastern regional director of small businesses for the Export-Import Bank, will share more about federal programs that support financing of international sales.

Hernan M. Mayol, export finance manager in the Office of International trade for the U.S. Small Business Administration, will discuss financing programs for small businesses seeking to provide exports overseas.

Tyler Myer, senior director of securities for Bank of America, and Brandon Haase, B2B sales and partnerships for Flywire, will speak on managing international sales orders. They’ll delve into pricing,

quotes, and terms, how to factor shipping costs, payment mechanisms, credit insurance and financing export transactions.

Kathy Carlton, managing director at KCarlton International, will cover international logistics.

Afterwards, attendees can address their questions to a panel featuring Torres, Goodrich, Ralph MacNamara, South Florida District Export Council and Pierre Taschereau, business development executive for the BDB

About the Business Development Board of Martin County

Strengthening and championing Martin County’s economy is the Business Development Board’s primary mission. Organized as a 501(c)6 not-for-profit public-private partnership, the BDB provides confidential, complimentary, professional services to job creators, investors, and their representatives with designs to launch and grow in Martin County. Touting Martin County’s friendly business climate, fostering leading industries and good jobs; growing our own businesses, entrepreneurs, and talent; and promoting strategic economic development areas comprise the regular activities BDBMC is engaged in alongside the support of our executive leaders, investors and partners. To learn more, call 772.221.1380, visit http://www.bdbmc.org or follow us on Facebook and LinkedIn.

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email news@indianrivermedia.com

 

Aug. 24, 2023|

2023 Business Awards nominations now open

2023 Business Awards nominations now open

Each year the Martin County Business Development Board’s annual awards luncheon is the most anticipated award event on the Treasure Coast as it celebrates the best of Martin County businesses, their innovations, entrepreneurism, leadership, impact, and economic contributions to the community.

Presented by Bank of America and taking place this December, for more than 20 years, the Business Development Board of Martin County’s Business Awards are widely recognized as the top honors for business achievement and economic excellence in Martin County.

Nominations are now open and run through September 1. Information about each of the nine categories and the nomination form can be found at www.bdbmc.org.

In 2022 the awards event at the Hutchinson Shores Resort and Spa sold out and attracted more than 60 nominations.  All organizations – public, private, and non-profit, large, or small – may submit nominations, or be nominated.

There are nine categories:

  • ECON Business of the Year
  • Company to Watch
  • Headquarters of the Year
  • Newcomer of the Year
  • Non-profit of the Year
  • Entrepreneur of the Year
  • Youth Entrepreneur of the Year
  • And the Charlene Hoag Leadership Award

SAVE THE DATE for the 2023 Martin County Business Awards Ceremony and Luncheon Presented by Bank of America

Friday, December 9, 2023

11:30 a.m. – 1:30 p.m.

Hutchinson Shores Resort and Spa

Tickets are available through sponsorships. For more information about the 2023 Martin County Business Awards, including information about sponsoring this prestigious business event, visit www.bdbmc.org/events or contact 772-221-1380.

Strengthening and championing Martin County’s economy is the Business Development Board of Martin County’s (BDB Martin) mission critical.

Organized as a public-private partnership for economic development, the BDB Martin provides confidential, complimentary, professional services to job creators, innovators, investors and their representatives with designs to launch and grow in Martin County.

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email news@indianrivermedia.com

 

Aug. 17, 2023|

Aldi buys 400 Winn-Dixie stores

Aldi buys 400 Winn-Dixie stores

Discount grocer Aldi said Wednesday it plans to buy 400 Winn-Dixie and Harveys supermarkets in the southern U.S. Under a proposed merger agreement, Aldi will acquire all outstanding shares of Jacksonville, Florida-based Southeastern Grocers Inc., the parent company of Winn-Dixie and Harveys. If the deal is approved by regulators, it’s expected to close in the first half of 2024.

Financial terms of the deal weren’t disclosed. Both Southeastern Grocers and Aldi are private companies. Aldi is based in Germany with a U.S. headquarters in Batavia, Illinois.

Aldi said the deal supports its long-term growth strategy in the U.S., where it expects to have 2,400 stores by the end of this year. The Winn-Dixie and Harveys supermarkets it’s acquiring are primarily in Alabama, Florida, Georgia, Louisiana and Mississippi.

Aldi said it will convert some locations to its own brand and format, which cuts costs with features like limited selection and self-bagging. But it will operate some stores under the Winn-Dixie and Harveys brands.

Neil Saunders, an analyst with GlobalData Retail, said the deal is unusual for Aldi, which usually opens its own stores. He said it suggests Aldi wants to experiment with more traditional supermarkets that don’t follow its low-cost model. He also said Aldi’s deep pockets and efficient supply chain will make Southeastern’s stores more competitive.

The deal comes amid wider consolidation in the grocery industry as customers increasingly defect to big box stores like Walmart. In the year ending June 30, Walmart controlled 25% of U.S. grocery sales, according to Numerator, a market research firm. Aldi controlled 2% while Southeastern Grocers controlled less than 1%. Aldi’s share had grown 0.2% since 2021, while Southeastern Grocers’ share was down 0.2%.

Last fall, Kroger and Albertsons — two of the largest U.S. grocery chains — announced plans to merge in a $20 billion deal. Regulators are reviewing that plan now; if it’s approved, it is expected to close early next year. Together, Kroger and Albertsons currently control around 18% of the U.S. grocery market, Numerator said.

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email news@indianrivermedia.com

Aug. 17, 2023|

President focuses on inflection points in the business lifecycle

President focuses on inflection points in the business lifecycle

Susan Rabinowitz

According to Susan Rabinowitz, Business Banking Market Executive and President, Bank of America Treasure Coast Market, "The Treasure Coast is home to large variety of business sectors, from manufacturing to logistics to a growing presence of industrial warehouses. Each of these businesses will face certain moments or 'inflection points' that can have a profound impact on the long-term success of a company and its legacy."

What are those inflection points for your business?  Rabinowitz shares here thoughts below.

Drawing on client insights and perspectives, we have identified a few key moments in time.

Growth

While a company is growing, there are several considerations: hiring the right talent, expanding your operations and accessing additional capital.

Talent: Talent acquisition is one of the most pressing challenges facing Treasure Coast businesses as they look to expand. The surge in home prices and rents has created a rift in the labor market, with potential employees unable to afford housing close to their employer. One business, St. Lucie Battery and Tire, has gone so far as to build its own affordable housing project to meet the needs of its workforce and help recruit and retain workers.

When growing your workforce, you’ll also want to provide comprehensive benefits to help attract and retain the best talent. This includes traditional offerings such as retirement savings (401K) and health savings accounts (HRA, HSA). Forward-looking companies are taking an integrated approach to help support employees’ broader needs, including financial wellness, saving and investing. According to the Bank of America Workplace Benefits Report, 95% of employers feel a sense of responsibility for the financial wellness of their employees

Leasing: Whether it’s essential equipment or additional space for offices, warehouses or manufacturing, a business owner must weigh the risks and benefits of purchasing vs. leasing equipment and real estate. Some factors include cash on hand, risk mitigation, strength of balance sheet and tax implications. For example, if technology is changing rapidly in your industry, it may be advantageous to lease equipment and upgrade as needed, instead of buying it outright

Asset-based loans: Businesses can borrow based on their own financial and physical assets, which can range from accounts receivables and inventory to equipment and real estate. Asset-rich companies that have variations in cash flow but need significant capital to help them operate can access revolving lines of credit or term loans that are secured by the borrower’s assets

Maintenance and Expansion

Maintaining and expanding your business involves ongoing fine-tuning of operations, including automating tasks, strengthening working capital and creating accountability to strengthen operational efficiency.

Payments: Making and accepting payments are a lifeblood for business owners. With the challenges presented by the COVID pandemic, our local Bank of America financial advisors were able to help Treasure Coast businesses migrate to digital payment processing, eliminating paperwork and freeing up manhours otherwise devoted to managing a company’s books. Now, nearly eight in ten payment transactions globally are now contactless, and that number is expected to increase. Companies are also using real-time payments, which are initiated and settled nearly instantaneously, 24x7x365. As real-time payment methods are adopted, suppliers and companies will increasingly expect faster, more efficient payments.

Working capital: The pandemic showed us how volatile our systems could be, with supply chain disruptions and labor shortages among other challenges. Even well-capitalized companies are vulnerable to market changes; however, companies can strengthen their working capital to mitigate risk. This includes examining how a company can lower costs, evaluate weeks of float, identify new revenue streams and automate tasks to reduce manual work.

Optimize existing technology: Many companies can optimize their existing technology without making significant technology investments. For example, manual tasks, like accounts payable, can be automated or streamlined.

Mapping your strategy: Whether through international expansion, going public or M&A activity, the decision-making process at a time of expansion represents a critical inflection point for a company. When developing a growth strategy, it is also crucial that business owners determine the target effects on various stakeholders, including employees and partners.

Digital transformation: Digital tools can help support expansion, including systems that provide real-time and other payments across geographies, streamline cross-border compliance and protect businesses from fraud and cybercriminals across global jurisdictions. Digital banking is also helping to accelerate M&A deals, reducing transaction time and costs, and delivering greater value to buyers and sellers.

Exit

Proactive and strategic planning in advance of exiting a business will ease the transition whether it’s passing the company on or divesting entirely.

Succession planning: After successfully navigating their business through the COVID pandemic, we’ve found that many younger Treasure Coast business owners decided now was the right time to step aside and sell their company. In the past, many business owners decided to step aside at retirement age, but now many are seeking exits while still in their 50s. Good succession planning involves deliberation over what is needed for the long-term success of a business. A comprehensive succession plan should include a roadmap for current and future leaders to assess opportunities and risks, earmark strategic investments, plan for disruption and position the company for sustainable growth.

Exit strategy: Before exiting, business owners should assess whether they have a successor with the right skills and desire to take on their role. And they should also define what they want to do upon exit, including selling the business, transferring it to a partner or family member, taking it public or liquidating.

Every moment can be an inflection point, a chance to move your business forward with the right strategy, planning and action. Assessing your business’s overall growth and direction regularly can create a valuable legacy in the years to come.

Susan Rabinowitz, Business Banking Market Executive and President, Bank of America Treasure Coast Market

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email news@indianrivermedia.com

Jul. 6, 2023|

Bank of America to join one of the world’s largest Sustainable Aviation Fuel (SAF) programs

Bank of America to join one of the world’s largest Sustainable Aviation Fuel (SAF) programs

BOA Logo

American Express Global Business Travel (Amex GBT), the world’s leading B2B travel platform, and Shell Aviation today announced that Bank of America is the first financial institution to join their sustainable aviation fuel (SAF) program. The program launched in 2022 with 1 million gallons of SAF available for corporate customers – enough to power almost 15,000 business trips from London-to-New York 1.  Operated on the Avelia platform, it is one of the world’s first blockchain-powered digital SAF book-and-claim solutions for business travel.

Andrew Crawley, President, American Express Global Business Travel, said: “The business travel sector has a critical role to play in scaling SAF and accelerating the decarbonization of travel. We will move closer to achieving these objectives with more companies like Bank of America making bold commitments and recognizing the powerful role the corporate travel program can play in achieving a company’s broader sustainability ambitions.”

SAF is currently the aviation industry’s most promising pathway to decarbonize air travel 2.  However, today SAF makes up less than 0.1% of available aviation fuel and is two- to eight-times more expensive than conventional fossil-based jet fuel 3.

Amex GBT and Shell Aviation’s program aims to unite the aviation value chain to scale SAF supply and demand so the entire ecosystem can benefit. The program continues to gain momentum, with participants also including Aon, Cathay Pacific, JetBlue, and Delta.

Beth Sullivan, Head of Global Corporate and Executive Travel at Bank of America, said, “This is another step Bank of America is taking to reach our goal of having SAF account for at least 20% of our annual employee air travel by 2030. We pay a premium to utilize SAF whenever available for our corporate aviation fuel usage. When not available, we support partners’ purchases of SAF in an equivalent amount. By purchasing SAF and working with other companies, we are taking more tangible steps to help build a more affordable and accessible sustainable aviation fuel market.”

The program connects airlines with the buying capacity of businesses willing to share SAF’s ongoing price premium – drawing from Amex GBT’s 19,000+ customers from 140 countries. Corporations can reduce their business travel emissions on a lifecycle basis and work towards science-based emission targets by committing to purchase SAF environmental attributes. These commitments support the ongoing market development of SAF and introduce more to the aviation fuel network at affordable prices, as the costs are shared across the value chain.

Jan Toschka, President, Shell Aviation, said, “It’s brilliant to see Bank of America leading the finance sector’s charge to decarbonize business travel through SAF and I’m proud they have chosen Avelia to help them do this. Corporations that choose to fly on SAF have the power to catalyze the scaling of this technology and accelerate decarbonization across the aviation sector. It’s a fantastic opportunity for businesses to make aviation more sustainable and we are here to support this transition and help make it happen.”

This collaboration between Amex GBT, Shell Aviation and Bank of America ties together several private sector efforts to help finance aviation’s transition, further amplifying collective efforts to scale SAF. Shell is a partner of and Bank of America’s CEO Brian Moynihan is co-chair of the Sustainable Markets Initiative, which is enabling the private sector to accelerate the transition to a sustainable future. Bank of America SAF purchases this year through Avelia and the Sustainable Aviation Buyers Alliance further the bank’s commitment to mobilize $2 billion in sustainable finance for SAF production of 1.2 million gallons of SAF per year beginning 2025. The push for greater adoption of SAF is part of the bank’s $1.5 trillion, ten-year sustainable finance commitment to help drive progress on environmental and social issues.

Lauren Uppink, Head of Climate Strategy, World Economic Forum said, “The World Economic Forum is the international organization for public-private partnership – and our effectiveness depends on industry leaders pushing initiatives forward. While earlier SAF efforts focused on the important commitment of all companies signing our 2030 ambition statement for 10% SAF, today’s announcement signifies the transition underway. Companies are moving from pledges to actual business practices. This program and Avelia represents the culmination of years of groundwork building the value chain to support the scaling of SAF, now operational. The theoretical is becoming real.”

To learn more about Avelia, please visit aveliasolutions.com.

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email news@indianrivermedia.com

Jun. 22, 2023|

Unlock your small business potential at the Florida SBDC Network Small Business Success Summit 2023

Unlock your small business potential at the Florida SBDC Network Small Business Success Summit 2023

Florida's Small Business Development Center

Calling all small business owners! Get ready for an event that will propel your business to new heights. The Florida SBDC Network proudly presents the Small Business Success Summit 2023, taking place on August 2-3, 2023 at the prestigious Westin Fort Lauderdale Beach Resort in Fort Lauderdale, Florida.

The Small Business Success Summit is the premier gathering where small business owners, experienced business consultants from the Florida SBDC Network, and partners from across the state come together to ignite inspiration, share insights, and provide practical strategies to accelerate the growth and success of your business.

This two-day event is designed to empower entrepreneurs with the tools and knowledge they need to thrive in today's competitive business landscape. With a rich lineup of keynote speakers, over 20+ engaging breakout sessions, and unparalleled networking opportunities, the Small Business Success Summit offers an immersive experience that will leave you equipped with tangible strategies and valuable connections to take your business to the next level.

"This conference creates an environment where small business professionals can connect, learn, and gain actionable insights," says Tom Kindred, Regional Director at the Florida SBDC hosted at Indian River State College. "We are committed to supporting the success of small businesses and believe that by bringing together industry experts, experienced consultants, and passionate entrepreneurs, we can unlock limitless potential and drive economic growth in Florida.

Whether you're a budding entrepreneur looking to start a business or an established owner seeking strategies for sustainable growth, the Small Business Success Summit has something for everyone. Dive into a range of topics, including marketing and branding, financial management, digital transformation, customer experience, and much more. Engage with experts who have successfully navigated the entrepreneurial journey and gain invaluable insights from their experiences.

Early bird registration is available until June 30, 2023, for the special rate of $175. Take advantage of this limited-time offer to secure your spot and maximize your savings. General registration will be $250 after June 30, 2023. To register and learn more about the event, visit https://floridasbdc.org/success_summit

Key Details:

- Dates: August 2-3, 2023

- Location: Westin Fort Lauderdale Beach Resort, Fort Lauderdale, Florida

- Early Bird Registration: $175 (Available until June 30, 2023)

- General Registration: $250 (After June 30, 2023)

- Website: [Event Website]

Don't miss this unparalleled opportunity to connect, learn, and propel your business forward. Join us at the Small Business Success Summit 2023 and unlock the true potential of your small business.

About the Florida SBDC Network:

For over forty years, the Florida SBDC Network, the state’s principal provider of business assistance [Fl. Stat. 288.001], has nourished a statewide partnership between higher education and economic development to provide existing and emerging small and medium-sized business owners with management and knowledge resources that enable overall growth, increased profitability, and economic prosperity for Florida’s economy.

In 2019, Florida SBDCs provided 114,064 hours of professional business consulting to 12,535 client businesses, resulting in 37,966 jobs impacted; $4.4 billion in sales generated; $496.5 million in government contracts acquired; and $255.3 million in capital accessed; and 453 new businesses started.  With over 40 offices statewide, the Florida SBDC is funded in part by the U.S. Small Business Administration, Defense Logistics Agency, State of Florida and other private and public partners. The Florida SBDC Network, headquartered at the University of West Florida, is nationally accredited by the Association of SBDCs and is a recipient of the President’s E Award for Export Service. Florida SBDC services are extended to the public on a nondiscriminatory basis. Language assistance services are available for individuals with limited English proficiency. For more information, please visit www.FloridaSBDC.org.

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email news@indianrivermedia.com

Jun. 22, 2023|

BofA report finds 64% of women want menopause-specific benefits

BofA report finds 64% of women want menopause-specific benefits

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Bank of America published Break Through the Stigma: Menopause in the Workplace(PDF), a new report revealing half of peri- and post-menopausal women (51%) report menopause has negatively impacted their work life, yet only 14% believe their employers recognize the need for menopause-specific benefits. The under-recognized need for menopause-specific benefits comes as 20% of the workforce is in some phase of menopause transition 1 and the number of post-menopausal women is expected to reach 1.1 billion by 2025 globally.

“Right now, there are millions of women suffering in silence – trying to simultaneously manage menopause symptoms, stigma and their careers,” said Lorna Sabbia, Head of Retirement & Personal Wealth Solutions at Bank of America. “With this report, we are addressing the issue head-on by bringing awareness to the challenges and identifying actions for employers. Our goal is to help women of all life stages comfortably and confidently bring their best selves to work.”

The report, which surveyed 2,000 female workers and 500 benefit managers on menopause and its impacts in the workplace, uncovered there is room for employers to better support women in this life stage. The report was developed in partnership with the National Menopause Foundation, a foundation committed to providing women with the information and resources they need to thrive during their journey to and through menopause.

Disconnects Between Employers and Female Employees

While 76% of HR benefit managers say they discuss menopause with their employees, only 3% of peri- and post-employees say they have talked about menopause with HR, revealing a significant disconnect between the two groups. In addition, while 71% of employers have a positive perception of their company’s culture toward menopause, only 32% of women employees share that same perspective.

The number one reason employers say they do not offer menopause-specific benefits is that employees have not asked for them. Among employers who say they offer menopause-specific benefits, top benefits include access to menopause health professionals (40%), menopause policies such as time off or flexible work arrangements (38%), and hormone replacement therapy coverage by health insurance plans (38%). However, less than 1-in-3 women are aware of available benefits and only 1-in-10 use them.

When it comes to addressing the impact of menopause on the workplace, employers see the responsibility equally split between employees (49%) and employers (51%). However, female employees see the responsibility to be more on themselves (70% vs. 30%).

Menopause-Specific Benefits Create Better Workplaces

Nearly two-thirds (64%) of women want menopause-specific benefits. In fact, when benefits are offered, 58% of women report they have had a positive impact on their work, mostly by allowing them to bring their best selves to work (40%). Female employees are also likely to feel more comfortable talking about menopause in the workplace when they have access to menopause-specific benefits.

Additional support from employers can impact female employees’ overall perception of the workplace. Employees feel more inclined to recommend their employer as a great place to work when menopause-specific benefits are available (83% vs. 69%), revealing an opportunity for employers.

“Menopause is a normal life stage in women’s lives, yet there is still a need and opportunity for workplaces to enhance their menopause policies and benefits,” said Claire Gill, founder of National Menopause Foundation. “We hope this research will inspire employers to create cultures that reduce stigma and foster better communication.”

Impact of Menopause

Top symptoms peri- and post-menopausal employees report experiencing include impacts to their sleep (45%), mental health/mood (30%), physical health (20%), relationships with family/partner (20%), ability to focus on work (17%), daily activities (15%) and even career progression (9%).

Despite millions of employees experiencing menopause each year, stigmas around the topic persist. The majority of women (60%) consider menopause to be stigmatized, with 58% of peri- and post-menopausal women reporting they don’t feel comfortable discussing their menopausal symptoms at work. Most women (80%) consider the topic to be too personal to discuss, but other concerns include:

  • 32% fear being perceived as old.
  • 28% are embarrassed to talk about their body.
  • 23% do not want peers to treat them differently.
  • 18% fear not being respected by male peers.

More findings, including actionable steps for employers, are available in the Bank of America Break Through the Stigma: Menopause in the Workplace (PDF) report.

Break Through the Stigma: Menopause in the Workplace Methodology

These are the findings of two polls conducted by Ipsos between February 21 and March 8, 2023. The first was conducted among a sample of 500 human resource benefit decision makers from companies that have at least 1,000 employees. No post-hoc weights were applied to the data and findings reflect the opinion of these respondents. The second was conducted among 2,000 women ages 40-65 that are employed full-time at a company with 1,000 or more employees and have had a menstrual cycle. Both surveys were conducted online in English in the continental U.S., Alaska, and Hawaii. Results among human resource benefit decision makers have a credibility interval of plus or minus 5.4 percentage points for all respondents. Results among employed women have a credibility interval of plus or minus 2.7 percentage points for all respondents. Survey content was developed by Ipsos in consultation with the Bank of America team. Bank of America, Merrill, their affiliates, and advisors are not affiliated with Ipsos.

National Menopause Foundation

The National Menopause Foundation (NMF) was founded in 2019 by women and for women to create an informed community where women can learn, exchange information, find support and be inspired as they approach and journey through menopause.

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email news@indianrivermedia.com

 

 

Jun. 1, 2023|

FCF/FFC advocates for and delivers tax relief for small business owners

FCF/FFC advocates for and delivers tax relief for small business owners

First Capital Finance/Florida First Capital (FCF/FFC) won big for small businesses in Florida during this legislative session. Working hand-in-hand with members of the Florida House of Representatives and the Senate, FCF/FFC secured passage of language addressing the double taxation of SBA 504 loans.

“This is a huge win for both small business owners and our lending partners,” said Todd Kocourek, FCF/FFC President and CEO. “By signing this bill, the state has provided flexibility in structuring loans, reduced lender risk, and removed the double taxation many small business owners incurred.”

FCF/FFC has 40 years of experience working with private-sector lenders to provide small business owners in Florida with long-term, fixed-interest below-market financing through the Small Business Administration (SBA) 504 Loan Program. These loans are used by businesses to buy or build commercial property and purchase heavy-duty machinery and equipment.

The passage of this year’s tax package eliminates the requirement for additional documentary and intangible taxes when issuing a note to transfer interim loans to an SBA loan.

The unfair language of the original statute was evident to legislators who saw no reason to impose additional taxation on 504 loans to small business owners simply because the named lender on the interim loan was different than the one on the first mortgage. Governor DeSantis signed the legislation into law on May 25, 2023, and it goes into effect July 1, 2023.

FCF/FFC thanks the legislature and the Governor for passing such an important piece of tax relief for small business owners and borrowers.

About First Capital Finance/Florida First Capital 

With 40 years of experience, FCF/FFC is one of the nation’s top-ranked CDCs promoting economic development and job creation in Alabama, Florida, and Georgia. FCF/FFC is a non-profit-certified development company promoting economic development and job creation.

Under the SBA 504 Loan Program, FCF/FFC works with private-sector lenders to provide eligible small business owners in Alabama, Florida, and Georgia with below-market, fixed-interest rate long-term financing to buy or build commercial property and/or purchase fixed heavy-duty machinery and equipment. Florida First Capital also lends under the Rebuild Florida Business Loan Fund as well as the Florida Recycling Loan Program and other small business assistance programs.

 

Get in Touch: Email us at info@ffcfc.com or call us toll-free at 800.504.LOAN.

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email news@indianrivermedia.com

Jun. 1, 2023|

Bank of America Breakthrough Lab™ seeks founders of early-stage startups

Bank of America Breakthrough Lab™ seeks founders of early-stage startups

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Bank of America is pleased to officially launch its impact accelerator program named Bank of America Breakthrough Lab with the call for applications for the September 2023 cohort. The six-month program provides tailored mentorship, digital expertise, networking with industry experts and access to potential investors to Black, Hispanic-Latino, Native American and other entrepreneurs from underrepresented communities so that they can scale-up their technology-related businesses.

Founders of early-stage startups from underrepresented communities are encouraged to apply to the program that promotes financial inclusion and financial technology development with the goal of increasing the number and growth of small businesses. The deadline for applications is June 8, 2023 for a September 2023 start date.

“The bank’s long-standing commitment to supporting economic opportunity for people and communities we serve is at the core of Bank of America Breakthrough Lab,” said Rina Arline, Breakthrough Lab Program Director in Global Transaction Services at Bank of America. “We’re excited to play a role in giving emerging entrepreneurs from a range of backgrounds access to the bank’s vast resources and industry networks.”

Bank of America plans to host a new cohort each year. Program details and instructions for how to apply appear below.

Breakthrough Lab Success

In 2021, the bank launched a pilot program with five startups from the New York area. Following the initial success, in 2022 the bank expanded the pilot with 17 companies from the U.S., Mexico, United Kingdom and France.

Bank of America’s Efforts to Advance Economic Opportunity

Bank of America remains committed to supporting business owners and entrepreneurs from underrepresented communities grow their businesses, which generates economic opportunities that helps create jobs and build wealth. Bank of America also works with an established network of community partners that provides capital or serves as depository institutions, and offers businesses with access to other funds, investors and vendors by creating connectivity within the venture capital sphere. In 2021, the bank launched the Access to Capital Directory for Entrepreneurs - Access to Capital Directory to help connect women-owned businesses to resources on navigating the capital landscape and identifying potential sources of funding. This directory has now expanded to encompass Black and Hispanic Latino entrepreneurs.

To date, Bank of America has committed $421 million to more than 130 minority and women-led funds.  Those funds will in turn invest in an estimated 2,000-plus minority- and women-led companies over five years.

“Our investment in minority and women-led funds has a catalytic effect in supporting diverse communities,” said Tram Nguyen, Global Head of Strategic & Sustainable Investments at Bank of America. “Each time we support a minority-led fund, they in turn support diverse entrepreneurs, which ultimately helps us to achieve our goal of advancing economic opportunity.  Each cohort of Breakthrough Lab founders plays a critical role in helping us to drive progress.”

Program Application Details

  • Timeline: The six-month part-time program runs September 2023 to March 2024.
  • Who can apply: Pre-seed stage companies with ideas related to FinTech or tech-enabled ideas promoting inclusion such as HealthTech, WealthTech, EdTech, and housing. While the aspirational goal of the program is to increase access for underrepresented groups, all eligible entrepreneurs regardless of background are encouraged to apply.
  • Online application

Highlights:

  • The program is offered at no cost1to the BTL participants and there is no expectation or requirement to exchange equity with the bank.
  • Each cohort is assigned mentors at the managing director or executive level from Bank of America.
  • 94 hours of live instruction spanning a diverse range of business management topics.
  • Technology support.
  • A branding package covering website and logo design.
  • Guidance on how to partner or sell to large enterprises.
  • Exposure to investors and providers of capital, including a pitch day at the end of the program where each cohort will present their business case.

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email news@indianrivermedia.com

May. 18, 2023|

Survey says 76% of small businesses feel well-equipped to survive a recession

Survey says 76% of small businesses feel well-equipped to survive a recession

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The majority of U.S. small business owners (72 percent) are concerned about the impact of a potential recession; however, 76 percent are confident their business could withstand the downturn, according to the Bank of America 2023 Small Business Owner Report (PDF). The survey of more than 1,000 business owners across the country found that, despite the continued impact of inflation and supply chain issues, 65 percent of business owners anticipate revenue growth in the next 12 months.

Small business owners were also asked about topics including future plans, sustainability, employee retention and labor. Conducted in March and April, other findings include:

  • 79% of business owners raised prices over the last 12 months.
  • 53% added benefits and perks to retain talent.
  • 49% plan to use automation and artificial intelligence (AI) tools for their business in 2023.
  • 34% believe the national economy will improve in the next 12 months.

“While the dual pressures of inflation and supply chain disruptions continue to incumber operations, small business owners remain bullish about their prospects for the year ahead,” said Sharon Miller, President of Small Business and Head of Specialty Banking and Lending at Bank of America. “Small businesses are poised for growth, implementing strategies to retain and attract talent and exploring new tools including artificial intelligence to gain an edge in a highly competitive market.”

Economic Concerns and Business Outlook

Inflation (79%) and a potential recession (72%) top business owners’ concerns over the next 12 months. These entrepreneurs also expressed anxiety around commodities prices (68%), the U.S. political environment (68%), rising interest rates (67%) and supply chain (57%).

Despite these concerns, the bottom line remains strong for many entrepreneurs. Fifty-six percent of business owners reported increased revenue in 2022 compared to 2021, and looking ahead at the next 12 months, 48% plan to expand their business (vs. 37% last spring). Additionally, 82% intend to obtain financing in the year ahead (vs. 70% last spring).

Retention Efforts and Hiring Plans

Struggling with labor shortages and a competitive job market, business owners are increasingly focused on employee retention. Over the past 12 months, 53% have added additional benefits and perks to existing compensation packages, including remote/hybrid work (34%), cost-of-living bonuses (34%) and more vacation time (33%). And 75% of these business owners said their efforts meaningfully impacted employee morale and retention.

Additionally, 34% of business owners plan to hire in 2023, up from 26% last spring. Over the past 12 months, 51% implemented additional perks and benefits to attract new talent, such as increased base pay for new employees (54%), remote/hybrid work (30%), new employee training or resource groups (27%) and additional healthcare benefits (27%).

Entrepreneurs Embrace Sustainability Despite Obstacles

Three-in-four SBOs have already implemented sustainable business practices, such as reducing paper usage, establishing environmentally friendly habits in their work environment and working with sustainable vendors. While implementation challenges exist—82% of entrepreneurs cited challenges such as increased costs (49%), limited supplier options (29%) and variable quality of sustainable products/services (26%) as primary obstacles—78% of business owners plan to implement sustainable practices over the next 12 months.

Continued Digitization of Business Operations

In the past year, 80% of small business owners adopted digital tools for their business, leveraging digital banking to manage their finances and social media to reach their customers. Business owners are also embracing AI and automation, with 49% planning to use AI tools to enhance their business in 2023.

Looking ahead, 55% of entrepreneurs anticipate accepting exclusively digital payments at some point in the future, and 90% say digital tools help make their operations more efficient, helping them save time and stay organized.

For an in-depth look at the insights of the nation’s small business owners, please read the full Bank of America 2023 Small Business Owner Report (PDF).

Providing a Business Advantage to Small Business Owners

Bank of America provides advice, solutions, access to capital and dedicated support to meet the unique needs of our 11 million business owner clients. According to the FDIC, Bank of America maintained its position as the nation’s top small business lender at the end of 2022, with $36.2 billion in total outstanding small business loans (defined as business loans in original amounts of $1 million and under).

Bank of America 2023 Small Business Owner Report Methodology

Ipsos Public Affairs conducted the Bank of America 2023 Small Business Owner Report survey online between March 16 and April 10, 2023, using a pre-recruited online sample of small business owners. Ipsos contacted a national sample of 1,145 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between two and 99 employees. In addition, approximately 250 small business owners were surveyed in each of ten target markets: Atlanta, Boston, Chicago, Dallas, Houston, Los Angeles, Miami, New York, San Francisco and Washington, D.C. The final results for the national and designated market area segments were weighted to national benchmark standards for size, revenue and region.

Prior to 2016, previous waves of the Small Business Owner Report survey were conducted by telephone and while best efforts were made to replicate processes, differences in sample, weighting and method suggests caution when making direct statistical comparisons of the results from pre-2016 and post-2016.

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email news@indianrivermedia.com

May. 4, 2023|