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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 [email protected]

 

 

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 [email protected] 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 [email protected]

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 [email protected]

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 [email protected]

May. 4, 2023|

VNA receives five-star rating in patient satisfactio

VNA receives five-star rating in patient satisfaction

The Centers for Medicare and Medicaid Services (CMS) just announced their April-June 2023 Home Health Compare Survey Results, and the Visiting Nurse Association (VNA) achieved the highest rating in patient satisfaction. The non-profit home health agency achieved 5 stars in patient satisfaction, giving VNA the highest overall rating of all home healthcare agencies in Indian River County.

“I love seeing the patient recognition for our team of dedicated and passionate clinicians. We strive every day to earn the trust and privilege to serve this community with the highest levels of care,” says VNA President & CEO, Lundy Fields, MBA, CNA.

The 5-star rating system allows patients and caregivers to easily compare home health agencies in their area. According to CMS, it is the first national standard for collecting information on patient experiences that enable valid comparisons among all home health agencies. Star ratings range from 1 to 5 and demonstrate how a home health agency stands up to other home health agencies.

Patient satisfaction ratings are based on patient experience scoring: overall care, communication between provider and patient, provider professionalism, medication education and future recommendations.

Home Health Compare (HHC) data is available online at www.medicare.gov. There, information about the quality of care provided by "Medicare-certified" home health agencies throughout the nation, is available to the public. “Medicare-certified” means the home health agency is approved by Medicare and meets certain federal health and safety requirements.

VNA offers Medicare-reimbursed home healthcare and is the only non-profit home care agency in Indian River County. Individuals who are discharged from the hospital after a surgery or have been diagnosed with a chronic illness benefit from the skilled nursing and rehabilitation services the VNA offers. To learn more about how the VNA cares for Indian River County, please visit www.vnatc.com or call 772-567-5551.

About the VNA
The VNA of the Treasure Coast provides home healthcare services—including Medicare-reimbursed and private-duty nursing; home health aides; physical, speech, and occupational therapy; in-home companions; and personal transportation—throughout Indian River County. The agency is also the only licensed hospice provider in Indian River County, offering end-of-life care in patients’ homes, local hospitals, nursing homes and assisted living facilities, and the VNA Hospice House. The non-profit organization also provides community health services such as flu vaccinations, no-cost blood pressure/blood glucose screenings, and education on health-related topics in various settings. 

 

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 [email protected]

May. 4, 2023|

Total Truck Parts breaks ground in PSL

Total Truck Parts breaks ground in PSL

Total Truck Parts executives Marc Karon, Tom Gibson, Leo Cordeiro and Dennis Imbody break ground for the company’s new 47,000-square-foot facility on Glades Cutoff Road in Port St. Lucie.

 

Officials from Total Truck Parts and local dignitaries broke ground in Port St. Lucie, Florida, for the company’s largest facility.

After an almost two-year-long search, the employee-owned company with six locations in central and South Florida selected a 6-acre site in Midway Business Park to build its third company-owned facility.  The 47,000-square-foot building will include a 5,000-square-foot showroom, 16 heavy truck and trailer repair bays, a large area for hydraulic and drive line repair, and extensive warehouse space for parts.

“This new building is necessary to address the significant growth on Florida’s Treasure Coast,” said Total Truck Parts Chairman and President Marc Karon. “It is also key to our multifaceted growth strategy of expanding our shop repair capability with repair bays and shop services, as well as maintaining a deep inventory of parts to better serve our diverse customer base.”

“Our team is most excited about the continued company investment in growth and all the new opportunities that will be available to us with a facility of this size and functionality,” said CEO Leo Cordeiro.  Completion of the new facility is anticipated in late 2023.

Founded in 2002, Total Truck Parks has grown to be the largest independently owned commercial truck parts and repair business in the southeastern United States. The company employs a total of 106, of which 14 currently work in the neighboring city of Fort Pierce. The new Port St. Lucie location will have the potential to more than double local employment to 30, with wages at 25% above St. Lucie County’s average wage. Capital investment for the facility is estimated at $6 million plus additional investment for equipment and interior buildout.

“Total Truck Parts chose a fantastic location for their new facility, within a drive of just two miles to Interstate 95, so their customers can be back on the road and back in business quickly,” said Port St. Lucie Council Member David Pickett. “We are also very happy to be able to keep the company’s existing 14 local employees at work within the county and look forward to all the new jobs that will be created at this new facility.”

“It’s always exciting to see a local company grow, and we are very glad to be able to accommodate that growth within St. Lucie County,” said Pete Tesch, president of the Economic Development Council of St. Lucie County. “Total Truck Parts has been a thriving local employer for decades and the company’s investment in a new state-of-the-art facility here, the largest one in their portfolio, is the most rewarding kind of economic development of all. Richard K. Davis Construction Corp. of Fort Pierce is the general contractor for the project.

About Total Truck Parts

Total Truck Parts is the leading supplier of parts and service for commercial vehicles in Florida and the largest independently owned commercial truck parts and repair business in southeast Florida. Founded in 2002, the award-winning company’s value proposition is based on offering quality parts equivalent to, or superior than, the original equipment parts, along with a broad range of repair services and a deep inventory of parts that give its customers the opportunity to achieve their goals with one supplier. Total Truck Parts has six locations in Florida. Its more than 100 employee-owners have been providing world-class customer service in the Florida market for many years, accruing extensive product knowledge to diagnose problems and provide solutions for today’s complicated vehicles. For more information, visit www.totaltruckparts.net.

About the Economic Development Council of St. Lucie County

The EDC is a private, not-for-profit organization dedicated to promoting economic vitality in St. Lucie County through the attraction, retention and expansion of businesses in the community. The EDC works in partnership with local governments and the private sector to advance its goals of creating more and better-paying jobs for residents, broadening the tax base and improving St. Lucie County’s economic quality of life. Contact the EDC at 772.336.6250 or www.youredc.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 [email protected]

Mar. 23, 2023|

St. Lucie County community makes its mark on the Interstate Commerce Center

St. Lucie County community makes its mark on the Interstate Commerce Center

From left, Michael Rem of JBL Development, Fort Pierce Mayor Linda Hudson and Sandra Pabon of Itasca Construction Partners sign the cornerstone of the Interstate Commerce Center. Photo by MaryAnn Ketcham

Dozens of dignitaries gathered along Interstate 95 in Fort Pierce on Feb. 15 to add their signatures to a cornerstone for the Interstate Commerce Center (ICC).

Currently under construction at 3800 Crossroads Parkway in the Crossroads Park of Commerce, the 207,458-square-foot Class-A industrial building has 1,300 feet of clear I-95 frontage and is located in St. Lucie County at the northernmost point where I-95 and Florida’s Turnpike intersect.

The facility is being developed on 12.7 acres by JBL Development and will be managed by JBL Asset Management. Itasca Construction Partners is the general contractor. Designed for mid-size users with space requirements from 20,000 to 200,000 square feet, the facility will be ready for occupancy this spring.

ICC is located within one mile of both Exit 129 on I-95 and Exit 152 on the turnpike.  The facility’s location provides for access to Orlando, Fort Myers and Miami within two hours.  When complete, the facility will have 32-foot interior clear heights, a 60-foot speed bay, 60 dock-high loading bays, and several at-grade ramps.  Separate parking areas and entrances for employees will prioritize safety and visitor experience with a total of 302 parking spaces on site.

“There is currently quite a bit of product being developed for large users, so we are very excited to be able to offer attractive Class-A facilities for mid-size users with I-95 frontage and excellent access to both the interstate and Florida’s Turnpike,” said Michael Rem with JBL Development. “These distinctive and desirable qualities are driving interest from efficiency-minded businesses seeking brand exposure and quick access to Florida’s most densely populated hubs.”

“JBL’s choice of Fort Pierce as the home for this excellent facility was a wise one,” said Fort Pierce Mayor Linda Hudson. “Not only is the Interstate Commerce Center located at the northernmost point where the turnpike and I-95 come together, there is easy access to the Treasure Coast International Airport, the Port of Fort Pierce, the Florida East Coast railroad, our safe Fort Pierce Inlet connecting the Indian River Lagoon to the Atlantic Ocean, and our pristine uncrowded beaches.”

“Since the inception of this project, JBL Asset Management has engaged with the St. Lucie County community to ensure the end users at the Interstate Commerce Center will not only have first-class space to lease in a great location but also have connections to the community to assist with employment and business services,” said Pete Tesch, president of the Economic Development Council of St. Lucie County. “Our signatures on the building’s cornerstone are tokens of our ongoing commitment to assist the tenants -- future local employers -- who will be joining us here in the Sunrise City.”

“We are pleased to work with JBL and the Economic Development Council of St. Lucie County in taking this top-tier industrial project to market,” said Michael Falk, executive vice president at Colliers. “We anticipate high demand for the facility given its ability to provide for tenants as low as 20,000 square feet with brand new, quality space in Fort Pierce’s booming market with excellent visibility along I-95.”  Leasing inquiries can be directed to Falk at 561.478.6400.

About JBL Asset Management

The project’s sponsor and property manager is JBL Asset Management, a privately held, fully integrated commercial real estate services company.  Founded in 2005 by Jacob Khotoveli, JBL invests private capital on behalf of itself and its investment partners. JBL is based in South Florida and invests in major metropolitan areas on the eastern half of the United States. Led by a skilled and seasoned management team, the company provides in-house professionals for all aspects of the real estate equation.  JBL’s portfolio currently exceeds 4 million square feet of real estate, diversified between asset classes of retail, multifamily and industrial products.

JBL Development, partnered alongside JBL Asset Management, has a proven track record of delivering high-quality projects on time and within budget. The company’s reputation has been built on execution within the industry and its portfolio includes 1,100+ multifamily units in various stages of development, 500,000+ square feet of ground up commercial product, and 400,000+ square feet of commercial repositioning projects.

Avenue Property Group is a boutique real estate investment company, founded in 2010 by Daniel Gohari, that specializes in identifying industrial/commercial assets and executing opportunistic strategies designed to maximize value.  The group’s investment strategy is governed by extensive knowledge of targeted real estate markets across the United States, with a focus on Florida and New York.  The long-term strategic vision is to recognize deficiencies in the real estate and capital markets and implement practical approaches to unlock value.  Avenue Property Group owns and is a partner in over 3 million square feet of real estate and is actively looking for opportunities.

Interstate Commerce Center Leasing Inquiries

Colliers Executive Vice President Michael Falk, Executive Vice President Scott Weprin, and Associate Jonathan Temple represent the property owner in leasing opportunities at the property.  Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 63 countries, its 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 27 years, the company’s experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.6 billion and $92 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of its clients, investors, and people. Contact Michael Falk and Jonathan Temple at 561.478.6400 or [email protected] / [email protected] for leasing inquiries.

About the Economic Development Council of St. Lucie County

The EDC is a private, not-for-profit organization dedicated to promoting economic vitality in St. Lucie County through the attraction, retention and expansion of businesses in the community.  The EDC works in partnership with local governments and the private sector to advance its goals of creating more and better-paying jobs for residents, broadening the tax base and improving St. Lucie County’s economic quality of life.  Contact the EDC at 772.336.6250 or www.youredc.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 [email protected]

Feb. 16, 2023|

St. Lucie Chamber announces 2023 Legislative Conference March 14 to 16, 2023

St. Lucie Chamber announces
2023 Legislative Conference March 14 to 16, 2023

Each legislative session, we travel to the State Capitol to visit with our legislators and important players on things that matter to us locally. All Chamber members are encouraged to attend this conference. For additional information, contact [email protected] or visit https://www.stuartmartinchamber.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 [email protected]

 

Feb. 9, 2023|

Dyer Difference Award Helps Children in Crisis

Dyer Difference Award Helps Children in Crisis

 

John Dyer and Jonathan Holmes present the December Dyer Difference Award to Debbie Butler of Guardians for New Futures.

A sad reality of life in 2022 is that there are children among us who have been victims of sexual and physical abuse by the very people they trust and love more than anyone in the world. Understandably, removing a child from a dangerous living situation is simply not enough. That’s where Guardians for New Futures and the recently opened Children’s Advocacy Center (CAC) come in. The CAC serves children throughout the 19th Judicial Circuit, which encompasses Indian River, St. Lucie, Martin, and Okeechobee Counties and provides a multidisciplinary team of professionals to coordinate all the necessary resources and services that child might need at the most difficult time. By combining all the services in one place and with one cohesive team of professionals, a child who has already been traumatized can choose to share the story just once in a setting that is designed to be comfortable and child-focused. Since opening the doors in July, CAC has already served nearly 200 sexually and physically abused children, and is on track to serve approximately 1,200 each year. The Dyer Difference Award will help aid in the creation of a Healing Garden on site.

Toys for Tots Coordinator Star Knudson accepts the Dyer Difference Award from General Manager Jonathan Hardie.

Even during the happiest season of the year, we all need a little magic to believe in, especially those among us who are most tender of age. In Indian River County, the spirit of Christmas lasts all year long, and there is no question at all about the existence of Santa and Christmas miracles. Last year, Toys for Tots of Indian River County distributed more than 52,000 toys and helped make Christmas a little brighter for 8,269 children. Since its inception in 1947, the Marine Corp’s Toys for Tots program has been providing holiday toys and gifts for children who might not otherwise receive them. Seventy-five years later, the need is larger than ever to help children throughout Indian River County, and volunteers have been working hard all year long to meet the needs and create a few Christmas miracles right in our own backyard.

The Dyer Difference Award is all about celebrating the beauty and kindness in our midst. For the Dyer family and the members of the Dyer staff, the award and the $6,000 in donations made monthly between the St. Lucie and Indian River Counties are all about helping to make a positive difference in the community. For the recipients, it’s an acknowledgement of their tireless efforts to do the same and a much-needed financial boost to help further their missions. If you’d like to nominate a non-profit organization for the Dyer Difference Award, please visit www.dyerdifference.org or find Dyer Difference on Facebook.

 

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 [email protected]

Dec. 23, 2022|

Bank of America finds 66% of small business owners expect revenue increases; 52% plan to expand their businesses

Bank of America finds 66% of small business owners expect revenue increases; 52% plan to expand their businesses

New report spotlights women and minority business owners, including challenges and overall business and economic outlook

 

 

Despite headwinds from supply chains, inflation and labor shortages, small business owners are forecasting a strong year ahead, according to the 2022 Women & Minority Business Owner Spotlight, a new report from Bank of America exploring the outlook of entrepreneurs nationwide. The report is based on a survey of more than 1,300 small business owners across the country, with additional insights into gender and ethnicity, and found that revenue expectations rose to a seven-year high, and expansion plans increased significantly since the spring. Over the next 12 months:

  • 66% of business owners expect revenue to increase—a seven-year high
  • 52% plan to expand their business—up from 37% this spring
  • 83% plan to obtain funding for their business—up from 70% this spring

As the possibility of a recession looms, 77% of entrepreneurs say their business is equipped to survive a recession.

“As we look ahead to 2023, small business owners are optimistic about the future, even with ongoing economic challenges and uncertainty,” said Sharon Miller, President, Small Business, Head of Specialty Banking and Lending at Bank of America. “The data underscores what we’ve seen time and time again: the continued resilience of small business owners whose success remains foundational to our local and national economies.”

Inflation and commodities prices are top concerns

When asked about their primary concerns, small business owners identified inflation (75%) and commodities prices (69%), followed by a potential recession (67%), the U.S. political environment (66%) and interest rates (65%). A strong majority (88%) say inflation and supply chain issues (80%) are continuing to impact their operations, leading to price increases.

Hiring plans are up significantly with wages on the rise to attract talent

Amid labor shortages, business owners reported that their hiring plans are reaching the highest levels in seven years, with 38% planning to hire in the next 12 months. The majority (61%) of business owners say labor shortages are currently impacting their business, up from 41% in the spring. Among those business owners impacted:

  • 49% are working more hours
  • 31% are raising wages to attract competitive talent
  • 30% are having difficulty filling job openings

The report also includes specific insights on the perspectives of women, Black, Hispanic-Latino and Asian American and Pacific Islander (AAPI) business owners, examining key areas including access to capital, business outlook, social change and community.

Women, minority entrepreneurs face barriers accessing capital

More than a quarter (29%) of women business owners surveyed said they do not think they will ever have equal access to capital, while 40% of Black business owners, 27% of Hispanic-Latino business owners and 22% of AAPI business owners said the same.

Minority business owners reported more challenges accessing capital for their businesses than the national average, with 46% of Black and Hispanic-Latino business owners and 55% of AAPI business owners reporting they’ve personally faced challenges. Black business owners were most likely to say they are concerned about credit availability—57% of Black business owners surveyed expressed concern vs. 45% overall.

Women business owners project growth but are less optimistic than men

Women business owners have an overall positive business outlook, while confidence in their business and the broader economic landscape is more tempered than their male peers. Over the next 12 months:

  • 63% expect revenue to increase vs. 68% of male business owners
  • 47% plan to expand their business vs. 57% of male business owners
  • 38% are confident that the national economy will improve vs. 50% of male business owners

Overall, women business owners say they face more challenges in business than their male counterparts, with the majority (59%) saying they have to work harder for the same success as men.

Black business owners advocate for social change through their businesses

Fifty-five percent of Black business owners say racial justice and equity are important causes for their business, compared to 30% of non-Black business owners. Eighty-seven percent of Black business owners say they are committed to driving social change through their business, and two in five have active pledges or commitments toward social causes through their business, including volunteering, making operational changes and monetary commitments. As a result of these efforts:

  • 61% say they have increased sales
  • 40% say they deepened ties to their community
  • 34% say they have increased their customer base

In addition, Black business owners are more optimistic than their non-Black counterparts about their business outlook. Over the next 12 months:

  • 72% expect revenue to increase vs. 63% of non-Black business owners
  • 65% plan to expand their business vs. 50% of non-Black business owners

Hispanic-Latino business owners prioritize building generational wealth

Keeping the future of their families in mind, a strong majority (86%) of Hispanic-Latino business owners are committed to building generational wealth through their business—compared to 77% of non-Hispanic-Latino business owners. Community involvement is a priority, too: 88% of Hispanic-Latino business owners say they actively give back to their communities, taking actions such as donating products/services, volunteering and sponsoring local events and teams.

Additionally, Hispanic-Latino business owners are more optimistic than their non-Hispanic-Latino peers about their business outlook. Over the next 12 months:

  • 71% expect revenue to increase vs. 65% of non-Hispanic-Latino business owners
  • 59% plan to expand their business vs. 52% of non-Hispanic-Latino business owners

AAPI business owners rely on family to drive business

AAPI business owners report strong support systems, as 80% say their family supports their business. Providing for the next generation is also top of mind, with 82% of AAPI business owners aiming to build generational wealth through their business. Additionally, more than one in three (37%) AAPI business owners said they received guidance on starting their business from family members.

When asked about their business outlook for the coming 12 months, 62% of AAPI business owners said they expect their revenues to increase, while 60% said they plan to expand their business (vs. 52% of non-AAPI business owners).

 

For an in-depth look at the insights of the nation’s small business owners, please read the full Bank of America 2022 Women & Minority Business Owner Spotlight.

Bank of America 2022 Women & Minority Business Owner Spotlight

Ipsos Public Affairs conducted the Bank of America 2022 Women & Minority Business Owner Spotlight survey online between July 26 and August 17, 2022 using a pre-recruited online sample of small business owners. Ipsos contacted a national sample of 1,308 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between two and 99 employees, as well as 357 interviews of Hispanic small business owners, 369 interviews of Black small business owners and 150 interviews of Asian American small business owners. The final results for the national and demographic segments were weighted to national benchmark standards for size, revenue and region, while the final results for the Hispanic segment were weighted for size, revenue, region, and whether the respondents were primarily English-speaking or Spanish-speaking.

 

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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 67 million consumer and small business clients with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 55 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 approximately 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 [email protected]
Oct. 17, 2022|