Small Business

Paws and PALs Honored with Dyer Difference Award

Paws and PALs honored with Dyer Difference Award

Diana Ciemko, Mary Wood, Snow (dog), John Dyer, Tatiana Dyer, Cookie Pankiewicz. Ted Pankiewicz, Sr.,Ted Pankiewicz, Jr., Handsome (dog), Helena Voss, Cheryl Diedolf, Cheryl and Jim Wilson

Jessica Pankiewicz was just 32 when she succumbed to complications of Devic’s, an autoimmune disease. An animal lover who had a heart for helping others, Pankiewicz’s legacy lives on through For the Love of Paws, an organization formed in 2014 in honor of her. For the Love of Paws helps provide senior citizens peace of mind when they are no longer able to care for their beloved pet companions. The organization works hard to foster, adopt, or provide sanctuary for pets on its five-acre farm in Fellsmere. Additionally, For the Love of Paws also distributes more than 14,000 pounds of pet food each month to food pantries to ensure that pets don’t go hungry when times for their two-legged family members are ‘ruff.’ Best of all, For the Love of Paws also provides veterinary care for senior citizens on low or fixed incomes and free spay and neutering of seniors’ and veterans’ pets. The organization’s Fur Real Pet Companion program has given patients in 32 memory care facilities a chance to share the unconditional love provided by a pet, too. The January Dyer Difference Award recognizes the love and dedication of For the Love of Paws with its own equivalent to a tail wag and scratch behind the ear.

Sgt. D. Soesbe, General Manager Jonathan Holmes, President Lisa Johns-Grose, Tatiana Dyer, John Dyer, Sgt. M Woods

Building relationships and mentoring is what it’s all about at St. Lucie Sheriff’s PAL program, too. Every year, more than 300 youth are able to enjoy year-round activities including boxing, wrestling, and karate as well as leadership programs and mentoring to help connect youth in the community with law enforcement officers in a positive, respectful atmosphere. To encourage kids to put down video games and engage with one another and with deputies, the St. Lucie Sheriff’s PAL program is installing a basketball court at its new PAL Center in Fort Pierce. The January Dyer Difference Award in St. Lucie County will help make that happen and will help promote fun, respect, and positive role-modeling for youth in our community while building strong, positive, lasting relationships between law enforcement officers and the youth in the communities they serve.

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]

Jan. 20, 2023|

Inaugural Treasure Coast Women Who Rock Awards to be held March 28th in celebration of National Women’s History Month

Inaugural Treasure Coast Women Who Rock Awards to be held March 28th in celebration of National Women’s History Month  

The Small Business Development Center (SBDC) at Indian River State College (IRSC) has partnered with weVENTURE Women’s Business Center (WBC) at Florida Tech’s Bisk College of Business and presenting sponsor PNC Bank to host the Inaugural Women Who Rock Awards of the Treasure Coast on March 28th in honor of National Woman’s History Month.

“The Florida SBDC at Indian River State College is excited to partner with weVENTURE Women’s Business Center to elevate the profile of successful women in business and recognize the economic impact they have on our community,” said Katherine Culhane Associate Director of the SBDC at IRSC.

“As presenting sponsor, PNC Bank is thrilled to join forces with these important institutions to recognize dynamic women in this community,” said Tracy Sorzano, senior vice president and wealth strategy regional manager, centralized planning for PNC Private Bank. “This event is closely aligned with PNC’s commitment to supporting women business owners and further empowering women in business. The awards are designed to achieve exactly that, and my PNC colleagues and I look forward to celebrating the Women Who Rock.”

Nominees will be recognized Tuesday, March 28th, at the Indian River State College Chastain Campus, 2400 S.E. Salerno Road, Stuart, FL 34997.  The event takes place from 11:00am-1:00pm.

 Kathryn Rudloff, Executive Director of weVENTURE WBC notes that her organization has hosted the Women Who Rock Awards in Brevard County for the last 14 years. “We are so excited to partner with the SBDC and PNC Bank to bring this popular event to the Treasure Coast,“ Rudloff stated.

The 2023 Women Who Rock Awards categories are:

  • Small Business Owner of the Year, Presented by PNC Bank

  • Executive of the Year

  • Excellence in Mentorship, Presented by SBDC at IRSC

  • Women Trending in Tech, Presented by weVENTURE WBC

  • Excellence in Caregiving

The IRSC SBDC team of business advisors will select recipients for this inaugural Treasure Coast event.  Award recipients will be announced in February and honored at the luncheon.  For more information call (321) 674-7007 or email [email protected]

Sponsorships are available and include tickets to the event.  General Admission tickets to attend the luncheon are $50 and are available for purchase online.  All proceeds benefit community programs to support entrepreneurs via weVENTURE WBC and the SBDC at IRSC. Please visit https://weventure.fit.edu/events/women-who-rock-awards/.

About PNC Bank

PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

About weVENTURE WBC


weVENTURE Women’s Business Center (WBC) was launched in 2007 at Florida Tech, accelerates growth for entrepreneurs by providing customized coaching, business education, mentorship, and networking programs. weVENTURE WBC also strives to be the leading voice and resource for professional women across all industries, providing leadership development and purposeful networking events for women on the Space and Treasure Coasts. weVENTURE WBC is funded in part through a cooperative agreement with the U.S. Small Business Administration. For more information, or to register for weVENTURE WBC courses and mentorship programs, visit https://weventure.fit.edu/ or call 321-674-7007.

About Florida Institute of Technology


Florida Tech was founded in 1958 at the dawn of the Space Race that would soon define the Atlantic coast of Florida and captivate the nation. Now the premier private technological university in the Southeast, Florida Tech is a Tier 1 Best National University in U.S. News & World Report and one of just nine schools in Florida lauded by the Fiske Guide to Colleges. Florida Tech is ranked among the top 5 percent of 20,000 degree-granting institutions worldwide in the 2020-21 World University Rankings and has been named a Top College and Best Value University for 2019 by Forbes. Florida Tech offers bachelor’s, master’s and doctoral degrees in aeronautics and aviation, engineering, computing and cybersecurity, business, science and mathematics, psychology, education and communication. Learn more about our relentless pursuit of greatness at floridatech.edu.

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 [email protected]

Dec. 29, 2022|

SBA offers disaster assistance to businesses and residents of Florida affected by Hurricane Nicole

SBA offers disaster assistance to businesses and residents of Florida affected by Hurricane Nicole

Low-interest disaster loans from the U.S. Small Business Administration (SBA) are available to businesses and residents in Florida following the announcement of a Presidential disaster declaration due to damages that occurred Nov. 7-30 from Hurricane Nicole.

“SBA’s mission-driven team stands ready to help Florida small businesses and residents impacted by this disaster in every way possible under President Biden’s disaster declaration for certain affected areas,“ said SBA Administrator Isabella Casillas Guzman. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”

The disaster declaration covers the following Florida counties:  Brevard, Flagler, Lake, Putnam, Saint Johns and Volusia, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans (EIDLs): Alachua, Bradford, Clay, Duval, Indian River, Marion, Orange, Osceola, Polk, Seminole and Sumter.

Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.

Disaster loans up to $200,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace disaster-damaged or destroyed personal property.

Interest rates are as low as 3.305 percent for businesses, 2.375 percent for nonprofit organizations, and 2.313 percent for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Building back smarter and stronger can be an effective recovery tool for future disasters. Applicants may be eligible for a loan amount increase of up to 20 percent of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, elevation, retaining walls, and landscaping to help protect property and occupants from future damage caused by a similar disaster.

Applicants that have an existing SBA disaster loan may apply under this declaration. Businesses and residents with previous SBA disaster loans and current applicants have up to two years from the date of their prior loan approval in which to request a loan increase for mitigation projects.

“The opportunity to include measures to help prevent future damage from occurring is a significant benefit of SBA’s disaster loan program,” said SBA Associate Administrator Francisco Sanchez, Jr. “I encourage everyone to consult their contractors and emergency management mitigation specialists for ideas and apply for an SBA disaster loan increase for funding.”

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloanassistance.sba.gov/ela/s/  and should apply under SBA declaration # 17729.

To be considered for all forms of disaster assistance, applicants should register online at DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.

Disaster loan information and application forms can also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services) or sending an email to [email protected] Loan applications can also be downloaded from sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The filing deadline to return applications for physical property damage is Feb. 13, 2023. The deadline to return economic injury applications is Sept. 13, 2023.

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

 

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. 29, 2022|

The City of Fort Pierce seeks small business poll input

The City of Fort Pierce seeks small business poll input

The City of Fort Pierce Economic Development Division releases new Small Business Development poll to gauge the state of the small business community within the city. The purpose of the program is to garner feedback from small business owners in an effort to create new programs and initiatives specifically designed to help small businesses with growth and sustainability.

Business owners participating in the survey are automatically entered for a chance to receive special recognition on the City’s website, social media accounts, and City Manager’s Report.

The short, 3-minute poll is open now and closes Friday, Dec.30, 2022, at 11:59 p.m. Eligible participants must be small business owners within the city limits of the City of Fort Pierce.

Complete the Small Business Development Poll at www.surveymonkey.com/r/fpsmallbiz.poll. For more information, please contact Marsha Noel, redevelopment specialist at [email protected] or by phone at 772-429-9834.

 

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. 9, 2022|

Comcast Opens Xfinity Store in Port St. Lucie

Comcast Opens Xfinity store in Port St. Lucie

 

Comcast today announced the opening of a new Xfinity Store in Port St. Lucie. The store is designed entirely around the needs of Comcast customers, allowing them to experience the latest Xfinity services firsthand, plus handle account-related tasks like signing up for new services or exchanging equipment.
 
The new Xfinity Store has an open, inviting environment and features multiple counters staffed by Xfinity sales consultants, comfortable seating areas and displays that illustrate all the features of Xfinity’s full range of products and services, including Xfinity Internet, Xfinity X1, Xfinity Mobile, Xfinity Voice, and Xfinity Home products. The latest mobile devices from Apple, Google, LG, Motorola and Samsung, as well as wireless accessories are available for purchase at the store.
 
Plus, customers can pay bills, get answers to account-related questions and return old equipment or pick up new equipment. They can even schedule appointments online ahead of time for certain service requests by using the online Xfinity Store Locator to find the nearest store and selecting the Book Appointment” button.
 
“This new store will give our St. Lucie County customers the opportunity to try our products and services and see how they fit in to their lives. For example, parents can see first-hand how they can use our xFi platform to make sure their children are not getting too much screen time. And someone watching their budget can see how Xfinity Mobile can save them money on monthly cell phone bills,” said Javier Garcia, Senior Vice President of Sales and Marketing for Comcast’s Florida Region. “We’re also able to take great care of our customers in a conveniently located and comfortable environment with top-notch service for whatever they need.”
 
As a part of Comcast’s commitment to bridging the digital divide, customers can also come to the store for assistance with the Affordable Connectivity Program and Internet Essentials.
 
The federal Affordable Connectivity Program (ACP) provides qualified individuals and households with a monthly credit of up to $30 to pay for internet and/or cellular phone service. Comcast is an ACP program participant and qualified customers can use the ACP credit towards any tier of Xfinity Internet service, including Internet Essentials.
 
Internet Essentials is Comcast’s signature digital equity initiative and the nation’s largest and most comprehensive broadband adoption program. It provides low-cost, in-home internet service for qualified households, the option to purchase an Internet-ready computer for less than $150 before taxes, plus multiple ways to access online digital literacy and skills training.
 
The Internet Essentials tier offers 50 Mbps internet service for $9.95 a month for qualified households. The Internet Essentials Plus tier offers 100 Mbps internet service, which is twice as fast, and costs $29.95 a month. The ACP’s $30 a month credit for internet and/or cellular phone service completely covers the monthly bill for Internet Essentials or Internet Essentials Plus.
 
The new Xfinity Store is located at 277 SW Port St Lucie Boulevard in Port St. Lucie in the shopping center with Winn-Dixie and is open seven days a week. Store hours are Monday through Saturday from 9:00 am to 8:00 pm and Sunday from 12 noon to 6:00 pm.
 
This store is replacing the Comcast customer service center that was located in the same shopping center at 261 SW Port St Lucie Boulevard and closed permanently October 21.
 
Comcast now has 45 Xfinity Stores throughout Florida. For more information about Xfinity products, services, and retail stores, call 1-800-XFINITY or visit www.xfinitystores.com
 
About Comcast  
Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company that connects people to moments that matter. We are principally focused on connectivity, aggregation, and streaming with 57 million customer relationships across the United States and Europe. We deliver broadband, wireless, and video through our Xfinity, Comcast Business, and Sky brands; create, distribute, and stream leading entertainment, sports, and news through Universal Filmed Entertainment Group, Universal Studio Group, Sky Studios, the NBC and Telemundo broadcast networks, multiple cable networks, Peacock, NBCUniversal News Group, NBC Sports, Sky News, and Sky Sports; and provide memorable experiences at Universal Parks and Resorts in the United States and Asia. Visit www.comcastcorporation.com for more information. 

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]

 

Nov. 17, 2022|

Ribbon cutting at House of Leafs Cigar Lounge

Ribbon cutting at House of Leafs Cigar Lounge

On Nov. 30 at 9 a.m., join members of the St. Lucie County Chamber of Commerce for a ribbon cutting ceremony at House of Leafs By Groovy Cigar Lounge. The ribbon cutting will take place at 5190-5192 Turnpike Feeder Road in Fort Pierce and is open to the public. For information, call 772.242.1668. 

 

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]

Nov. 17, 2022|

‘Tis the season to share good news with readers and customers

'Tis the season to share good news with regular readers and customers

 

We know good things are happening with your business, and wouldn't it be nice to share that good news with customers, other businesses, residents, and visitors to the Treasure Coast? You can do that with just a simple press release or email to us at [email protected]

 

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]

 

Nov. 17, 2022|

Florida First Capital remains top SBA lender

Florida First Capital remains top SBA lender

 

Florida First Capital Finance Corporation (FFC) is pleased to announce it is once again the top Small Business Administration (SBA) lender in Florida for fiscal year 2022. This is the 7th consecutive year FFC has been #1 statewide.

Florida First Capital provided $348,713,000 in SBA dollars to small businesses and helped create 2,621 jobs. The company also finished the fiscal year ranked fourth nationally out of 270 CDCs across the country.

Florida First Capital is a nonprofit certified development company, created by the state of Florida to promote economic development and job creation by small businesses. SBA 504 loans are provided in partnership between CDCs like Florida First Capital and commercial lenders. In FY 2022, Florida First Capital and its commercial lending partners loaned $859,560,078 total dollars to Florida’s small businesses.

“This accomplishment is a testament to the Florida First Capital professional lending team and our lending partners who work diligently to help small business owners grow and succeed through the 504 loan program,” said Todd Kocourek, President and CEO of Florida First Capital Finance.

The SBA 504 Loan Program provides up to 90% financing at below-market, fixed interest rates for as long as 25 years to help small businesses buy or build commercial property, purchase heavy duty machinery and equipment and/or refinance commercial debt. “In a rising rate market, the 504 loan remains the best solution for small business owners,” said Kocourek.

In the SBA North Florida District during FY 2022, Florida First Capital dominated the market with $142,999,000 total approved dollars and 1,215 jobs created. In fact, of the SBA lenders serving north Florida, Florida First Capital lent 66% more SBA dollars and created more than twice the number of jobs than the next 5 lenders combined.

Since 1983, Florida First Capital has helped thousands of small businesses grow and expand, create jobs, and strengthen Florida’s economy. For more information on the SBA 504 Loan Program, visit our website at www.ffcfc.com or call 800.504.LOAN.

About Florida First Capital

Florida First Capital is Florida's original statewide certified development company promoting economic development and job creation. Under the SBA 504 Loan Program, Florida First Capital works with private-sector lenders to provide eligible small business owners in Florida and Alabama and Georgia (dba First Capital Finance) with below-market, fixed interest rate long-term financing for the purchase of capital assets, such as owner-occupied commercial real estate and/or fixed heavy duty machinery and equipment.

Get in Touch: Email us at [email protected] or call us toll-free at 800.504.LOAN.

Stay Informed: Visit or website to sign up for monthly interest rate releases plus the latest small business lending information through e-alerts and our SBA 504 Q&A articles.

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]
Nov. 7, 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.

 

BOA Logo

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|

SBA adds central and north Florida counties to disaster declaration for Hurricane Ian

SBA adds central and north Florida counties to disaster declaration for Hurricane Ian

 

 

The U.S. Small Business Administration (SBA) announced the addition of several Florida counties to the disaster declaration for Hurricane Ian that began Sept. 23. This expands eligibility for more businesses and residents to apply for SBA’s low-interest disaster loan program. The SBA is opening a second and third Business Recovery Center, in Bonita Springs on Wednesday and in Naples on Thursday, to provide one-on-one assistance to those applying for a disaster loan.

The disaster declaration now covers Charlotte, Collier, DeSoto, Flagler, Hardee, Highlands, Hillsborough, Lake, Lee, Manatee, Orange, Osceola, Pinellas, Polk, Putnam, Saint Johns, Sarasota, Seminole and Volusia counties in Florida, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans (EIDLs): Alachua, Bradford, Brevard, Broward, Clay, Duval, Glades, Hendry, Indian River, Marion, Miami-Dade, Monroe, Okeechobee, Pasco and Sumter in Florida.

SBA’s Lee County Business Recovery Center (BRC) will open at 10 a.m. Wednesday, Oct. 5 at The Hub at SWFL, Inc. in Bonita Springs. The Collier County BRC will begin operation at 11 a.m. Thursday at The Naples Players in Naples. All BRCs will remain open as indicated below until further notice:

 

 

SBA Customer Service Representatives will be available as indicated above to answer questions about the disaster loan program and assist business owners in completing their applications. Due to the ongoing COVID-19 pandemic, the SBA has established protocols to help protect the health and safety of the public. All visitors to the BRCs are encouraged to wear a face mask.

Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.

Disaster loans up to $200,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace disaster-damaged or destroyed personal property.
Building back smarter and stronger can be an effective recovery tool for future disasters. Applicants may be eligible for a loan amount increase of up to 20 percent of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, elevation, retaining walls, and landscaping to help protect property and occupants from future damage caused by a similar disaster.

Interest rates are as low as 3.04 for businesses, 1.875 percent for nonprofit organizations, and 2.188 percent for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloanassistance.sba.gov/ela/s/ and should apply under SBA declaration # 17644.

To be considered for all forms of disaster assistance, applicants should register online at DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.

Disaster loan information and application forms can also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services) or sending an email to [email protected]. Loan applications can also be downloaded from sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The filing deadline to return applications for physical property damage is Nov. 28, 2022. The deadline to return economic injury applications is June 29, 2023.

 

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

 

 

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. 10, 2022|