Archives for 2019

[ad_1]

When it comes to a business loan, applicants want to start and expand their company, or they need funds to get out of a financial jam. But the application process is not uniform across the board, which leaves room for inefficiencies small business owners inevitably face.

How Long Does It Take to Get a Business Loan

A new survey conducted by Lending Express reports inefficiency runs rampant. A number of small business applicants (7.5%) say they had to wait more than 6 months to hear back about a loan application. Another 16.3% said they had to wait more than a month.

The waiting process varies from institution to institution, but this length of time can be detrimental. If a small business owner has to wait up to six months or more, opportunities will go by the wayside.

As stated by Lending Express, a single loan can make all the difference in the world for a small business. With just a single loan, 61% of owners said they were able to turn profitable.

In the emailed report the company said, “Funding for small business owners is vastly important. It allows them to start, boost and even keep their businesses afloat. Luckily, though at times a trying experience, this survey found that most small businesses can become profitable after receiving just one loan.”

The survey was designed to determine the current business lending landscape. With a representative sample of more than 1,000 small business owners, Lending Express conducted the Google survey in April 2019.

Business Lending Landscape

Small business owners have a wide range of views on the current lending landscape. But the one common theme is they want their loans processed as soon as possible. So much so, 17% of Gen-Zers are willing to clean toilets for a two-day loan process. Another 14% are willing to go through a root canal for that speedy loan process.

It might sound comical, but the need to get the funding quickly highlights the anxiety small business owners are facing.

The anxiety is further exasperated with each loan denial. Because one in eight or 12.6% of owners say they have been turned down twice. Another 9% said it was three times. This has crushed the confidence of a segment of the small business sector.

More than a third or 36.5% say not all deserving small business owners get the funding they deserve. For Gen-Zers, the disillusionment is even deeper as 43.6% say they have no confidence in the integrity of the lending process.

When it comes to gender, millennial females are disenchanted with the lending process. Close to 9 in 10 or 89.5% millennial females feel there is gender-bias in lending. But only 58.7% of their male counterparts perceive gender bias.

The perceived gender bias is high across all ages. While 83.4% of all females say there is some level of bias, it goes down to 70.6% for males.

Key Takeaway

This survey offers some interesting insights into the current business lending landscape. It shows business owners have some predetermined understandings about the lending process. If this is not based on fact, it can deter them from applying for a loan altogether.

Whether you are applying for your first business loan or you are looking for some capital to expand, talk to the lender. Even if you are well informed, the information you have may not apply to this specific lender.

The more informed you are, the better you will be prepared to come up with the requirements the lender wants.

Image: Depositphotos.com

This article, “Some Small Businesses Had to Wait Longer Than 6 Months to Hear About a Loan Application” was first published on Small Business Trends

[ad_2]

Source link

[ad_1]

Baby boomers have begun delaying their retirement. And this creates challenges for small businesses. But it creates opportunities too.

The experience baby boomers bring to the table is undeniable, but employers are overlooking them. And according to a new study by iHire, 53% of respondents say they have experienced age discrimination. In addition to age discrimination, 44.5% also say their generation is unfairly stereotyped by today’s employers.

As older workers delay their retirement and compete with everyone else, the challenges are undeniable. But there is also great opportunity, especially for small businesses. The experience and knowledge of these employees can be used to guide new startups so they can avoid the many pitfalls of the business world.

This is exactly what Steve Flook, iHire’s president and CEO pointed out in the press release. Flook said, “As the talent shortage and tight labor market continue to complicate hiring, employers should put their bias aside and consider what seasoned, eager, reliable, and highly qualified baby boomer candidates can offer.”

The purpose of the survey is to find out the job search experiences and expectations of baby boomers. To that end, iHire surveyed 1,265 baby boomer job seekers in April 2019 across 56 industries.

Hiring Baby Boomers

The biggest problem organizations face now is the lack of qualified applicants. According to the 2019 State of Online Recruiting report, 53.5% of employers say this is their predicament.

At the same time, baby boomers are actively and passively looking for new employment opportunities. In the survey 40.8% said they are unemployed and looking for a job. According to iHire, this is a sign of growing interest by baby boomers to go back to work, and it can also mean there is an uptick in the number of layoffs.

No matter the reason, they want to work. And they don’t lack confidence when it comes to their qualifications. The majority or 82.9% feel they are very qualified or over qualified for the jobs they are applying for. Only 5% say they are somewhat or not at all qualified.

In addition to getting hired, baby boomers are looking for solid compensation. Most, if not all, are looking to pad their retirement savings. In the survey 73.5% chose fair salary/compensation as one of their primary criteria from an employer.

Beyond a good salary, they want health benefits, work/life balance, 401(k) options, and flexibility. The flexibility is telecommuting and setting their own schedule. And this is where a small business can seize on the opportunity of hiring a baby boomer.

While it may not be possible to hire someone with so much experience on a full-time basis, it can be possible as a part-time or freelancer. This will allow baby boomers to stay in the workforce longer, and small businesses to use their expertise as needed.

The Opportunities

The iHire report concludes by saying baby boomers are retiring faster than employers can fill the positions they leave behind.

For those who don’t want to retire, they offer organizations solutions to the hiring problems in the current employment market. With the right hiring strategy, businesses can have a good balance of young and older employees to create the perfect working environment.

There are far too many intangibles older workers bring to the table. Businesses who are able to see this and capitalize on it will experience surprising growth and productivity.

Image: Depositphotos.com

This article, “53% of Baby Boomers Say They’ve Experienced Age Discrimination in the Hiring Process” was first published on Small Business Trends

[ad_2]

Source link

[ad_1]

Miami and Los Angeles are just two of the major U.S. cities where minority entrepreneurs are thriving. But would the nation’s capital have been at the top of your list?  Or Orlando?

Our 2019 rankings of the Best Cities for Minority Entrepreneurs identify the top 10 cities for startup owners of color and minorities.  The cities in the top 10 rankings may surprise some people, but perhaps not other people

Our rankings are based on our latest research of U.S. Census data. The rankings reflect the percentage of entrepreneurs to the overall population in metropolitan areas of the United States. We also identify factors such as industry clusters, lifestyle, infrastructure, costs, workforce availability and a thriving startup community.

Read on for the Best Cities for Minority Entrepreneurs, 2019 edition.

Best Cities for Minority Entrepreneurs

1. Miami

Sometimes called the capital of Latin America, Miami is also a capital for minority entrepreneurs. 62,992 of them work in the metro area. That makes them 1.03% of the total population working mainly in the retail trade sector.

But opportunities in the city go way beyond a single market. Miami is also a major international trade center. And Miami International Airport and PortMiami provide two of the nation’s busiest ports of entry. The city is also a hub of Spanish language media.

2. Los Angeles

The second largest city in the U.S., also hosts the second largest percentage of minority entrepreneurs, with 114,509 operating in the metro area, or .86% of the population. They work largely in healthcare and social assistance.

Entrepreneur and business consultant Rieva Lesonsky, the CEO of SmallBizDaily and GrowBiz Media, thinks the ranking is well deserved. “California is populated by so many people who moved here — from other states and other countries, making many of us comfortable with taking on risk. Los Angeles’s official name is literally translated as the City of Angels, and has long attracted people in pursuit of a dream. While “making it in Hollywood” is not your typical goal, it still symbolizes the concept that dreams can come true.”

3. San Jose

At the heart of a major techno hub, the metro area is also home to 16.705 minority entrepreneurs. They make up .84% of the population and work mainly in the professional, scientific and technical services.

Far more than just another technology center, San Jose has been called “Capital of Silicon Valley” for its cultural, political and economic influence in the region.

4. San Francisco

The Bay area is more than just a center for culture and tourism. It also provides a home to minority entrepreneurs. After all, 34,409 of them, (making up .73% of the population) work there, mainly in the accommodation and food services sector.

The San Francisco metropolitan center also happens to be the home base for some of the best known technology brands on the planet. Think Craigslist, Google, Facebook, Dropbox and FitBit, to name a few.

5. New York

New York City is famous for many things, but perhaps the number of minority entrepreneurs should be one of them. There are 131,340 to be exact, (about .65% of the population) mostly working in the retail trade.

New York City’s ranking makes sense to local entrepreneurs like Ramon Ray, who is the self-employed author of Celebrity CEO, and a speaker and business evangelist, says, “New York is a melting pot of so many cultures and ways of life with a huge small business support system.” And Ray says this is one of the reasons the city has become a center for minority entrepreneurs.

In addition, Ray also points out that New York is a media capital. “You just can’t get the media coverage opportunities you get here anywhere else.”

6. Washington, D.C.

Who knew the nation’s capital would also be a hotspot for minority entrepreneurs? 35,011 of them work there. That’s .57% of the population. And most work in professional, scientific and technical services.

Washington D.C. is a growing and diversified economy. But it shouldn’t be too surprising that tourism is second only to government-related businesses as the city’s most important industry. The city is believed to draw more than 18 million visitors annually generating more than $4 billion.

7. San Diego

Renowned for its world famous zoo, the metro area should also be known for the 16,286 minority entrepreneurs who operate businesses there. These entrepreneurs make up .49% of the San Diego metropolitan area’s population. And they work largely in the healthcare and social assistance industries.

The city is also home to many major defense contractors which make up one of its major industry clusters. Major companies in this cluster include General Atomic, Cubic and NASSCO.

8. Houston

This Texas metropolis also is big with minority entrepreneurs — 32,609 of them. They make up .48% of the cities population serving mainly in the retail trade.

Pete Detlef, Managing Partner of 24 Hour Translation Services, sees opportunity as limitless in  Houston.  “As the fourth largest city in the U.S., Houston was named the most diverse city in America this year and is the new great melting pot of culture, language, ethnicity, income, education, religion and industry.  As a measure of diversity, there are over 145 languages spoken in Houston.”

Detlef says this diversity creates a fusion of arts and thinking like nowhere else leading to the development of many successful businesses in the metropolitan area.

9. Atlanta

The home of the Atlanta Braves is also home to 26,653 minority entrepreneurs. That represents .46% of the region’s population. And most work mainly in retail trade.

John Lawson, CEO, ColderICE Media believes he understands the reason for the ranking. “Atlanta is one of the best cities in the country for entrepreneurs. However the cherry on top for minorities is that this city is 54% African American. That should say it all! Can you name another city where the makeup and leadership is so populated with minorities and people of color? A primarily African American city that is thriving and moving up in opportunity this rapidly? NOPE…Atlanta is an ecosystem where you and your business dreams and goals can thrive.”

10. Orlando

It may be known for its theme parks but the metropolitan center is also home to 11,207 minority entrepreneurs (.46% of the population) working mainly in the healthcare and social assistance industries.

As Barbara Weltman, President of Big Ideas for Small Business, Inc. explains, “Orlando is the center of Florida. For years it’s been associated with entertainment: Disney World and Universal Studios. That’s still true. But now it’s also a hub for tech and is located close to the Space Coast where things are really heating up. There’s been a huge population influx, from those relocating from the north to Puerto Ricans coming after Hurricane Maria. The state government here is supportive of small business. There’s no personal income tax on owners and various other business taxes (e.g., rent taxes) have been going down in recent years. There’s just a great buzz that this is THE place to be!”

Methodology for Top 10 Cities for Minority Entrepreneurs

If you are a minority entrepreneur thinking of starting a business or just got one off the ground, and you are located somewhere else, no worries.  There are plenty of opportunities all over this great country. But if you want a support system of minority entrepreneurs for mentoring, any of the above cities would be good ones to locate in or near.

This Best Cities for Minority Entrepreneurs ranking is based primarily on our proprietary analysis of the U.S. Census Bureau’s Annual Survey of Entrepreneurs (ASE) and Annual Estimates of the Resident Population for Incorporated Places of 50,000 or More.

Cities were ranked on the percentage of entrepreneurs in each category rather than the number of entrepreneurs. However, other data we reviewed based on information available to us included:

• Population
• Industry clusters
• Lifestyle
• Workforce
• Costs
• Infrastructure
• Other startups nearby

Check out our infographic below for a shareable summary of the best cities for minority entrepreneurs.

This article, “Best Cities for Minority Entrepreneurs” was first published on Small Business Trends

[ad_2]

Source link

[ad_1]

Women-owned businesses are on the rise. Just look at the numbers. The number of women owned small businesses with employees increased by 2.8 percent, according to the latest U.S. Census Bureau’s Annual Survey of Entrepreneurs. But where are these women entrepreneurs?

Our rankings of the best cities for women entrepreneurs provide answers. Our 2019 best cities rankings identify the percentage of entrepreneurs to the overall population, along with other factors.

In our latest research, we delved into the numbers to see which metropolitan areas of the U.S. have the highest concentrations of women entrepreneurs. Our original research examines the number of women entrepreneurs working in the area and how that number compares to the total population. We also identify factors such as industry clusters, lifestyle, infrastructure, costs, workforce availability and a thriving startup community. Read on for the Best Cities for Women Entrepreneurs, 2019 edition.

Best Cities for Women Entrepreneurs

1. Miami

Though it may be known primarily for its memorable architecture and beautiful beaches, Miami is also a haven for women entrepreneurs. There are 36,925 women entrepreneurs in the Miami metropolitan area making up .60% of the total population, working in the professional, scientific and technical services.

With an average temperature of 77 degrees and 249 days of sun each year, Miami fosters a fun and relaxed lifestyle. Casual attire is the norm among many entrepreneurs – imagine going to work everyday in shorts, sandals and light shirts. Add the lack of a state income tax, and this city is a magnet for women entrepreneurs.

2. Denver

The Mile High City of Denver is also a summit of women’s entrepreneurial achievement. With 15,102 women entrepreneurs, that’s a full .53% of the population running their own businesses.  Many of these women-owned businesses are in the professional, scientific and technical services.

With industry concentrations like aerospace and bioscience, Denver may be the perfect destination for entrepreneurs seeking to find clients in these industries. And with a median annual income of over $76,000, the area has plenty of affluent professionals to target if you sell consumer products and services.

Copious outdoor activities contribute to an enjoyable lifestyle. Skiing and hiking in the Rocky Mountains are popular, as are biking and horseback riding. The city itself always offers something to do, with shopping, major league sports, art galleries, museums, fine dining and more.

3. St. Louis

St. Louis is known as the Gateway to the West. And women entrepreneurs are also pushing frontiers as 13,619 of them run businesses in the city making up .49% of the city’s population, many working in healthcare and social assistance.

St. Louis has a long history of promoting women entrepreneurs. A number of womens’ entrepreneur groups, such as Brazen Women Entrepreneurs (formerly Prosper Women Entrepreneurs), offer support and resources.

4. Los Angeles

The city of angels shelters 63,850 women entrepreneurs under its wings. But that represents only .48% of the city’s population, with many working in healthcare and social assistance.

Entrepreneur and business consultant Rieva Lesonsky, the CEO of SmallBizDaily and GrowBiz Media, thinks the ranking is well deserved. “The fact the Los Angeles region is one of the best cities for women entrepreneurs is not surprising to me. Women in LA have long held powerful positions in the media and movie industry — Mary Pickford was one of the most powerful women in the nation and that was in the early part of the 20th century, before women even won the right to vote. Pickford once said, ‘You may have a fresh start any moment you choose, for this thing that we call ‘failure’ is not the falling down, but the staying down.’ That’s how I feel about LA — there just seems to be endless possibilities,” Lesonsky says.

5. Portland

The city’s motto is “Keep Portland Weird.” But the city is also keeping women entrepreneurs busy with 11,492 of them doing business in the metro area, .47% of the city’s population, working mainly in the professional, scientific and technical services.

Portland is home to many small businesses including reputedly the largest independent bookstore in the world and a large number of local breweries. But what’s more, the city posts a “new business welcome kit” offering a simple way to view all relevant fees or licenses the city may require, information on how to contract with the Portland Bureau of Transportation and even a graffiti removal program to cut down on the costs of vandalism.

6. New York

The Big Apple has a big group of women entrepreneurs — 95,731 in all but just .47% of the total population — in the New York metropolitan area, working in other services excluding public administration.

The city’s ranking doesn’t surprise entrepreneurs located in the greater New York City area.

Ramon Ray, who is the self-employed author of Celebrity CEO, and a speaker and business evangelist, says, “New York is a melting pot of so many cultures and ways of life with a huge small business support system.”

Additionally, Ray points out that New York is a media capital. “You just can’t get the media coverage opportunities you get here anywhere else.”  Women entrepreneurs who are looking to build their personal brands and business brands could have advantages in New York City.

7. Seattle

With businesses like Microsoft and Amazon based in the metropolitan area, it’s no surprise Seattle  is a haven for women entrepreneurs. The presence of large companies tends to create an ecosystem of alumni who branch out on their own and in turn serve the large companies and their thousands of employees.

Seattle has 17,620 women entrepreneurs or .46% of the population. The largest industry groups you will find these females entrepreneurs in are the professional, scientific and technical services.

Seattle also has excellent infrastructure to support today’s entrepreneurs. For example, it is one of the most gigabit-ready cities, offering gigabit broadband internet service to residents and businesses.

8. San Francisco

It may be known for its Victorian architecture and iconic Golden Gate Bridge, but San Francisco should also be known for women entrepreneurs blazing new trails. The metro area is home to 20,813 of them. That’s .44% of the region’s population.

Between 1846 and 1852, thousands streamed into the city creating a boom town thanks to the discovery of gold in California. Today, thousands of women entrepreneurs seek their own fortunes in the city.

9. San Jose

Located in California’s Silicon Valley, the area is already known for tech entrepreneurs. And there are women entrepreneurs too. There are 8,639 of them, or .43% of the population, working mostly  in healthcare and social assistance.

The city is home to many successful tech firms including Cisco Systems, eBay, IBM, Hitachi and Adobe Systems. Also, its international airport serves 8.3 million travelers a year.

10. San Diego

Though known for its warm climate, San Diego is packing some other heat too. The metro area is home to 14.086 women entrepreneurs, making up .42% of the area’s population. They work mainly in the professional, scientific and technical services.

San Diego is also known for its lifestyle centered around good weather, food and fitness. Several significant business clusters nearby attract women entrepreneurs. This is particularly true of those working in the tech or B2B space.

Business owner Eric Strate, the founder of Web Design San Diego, explains, “San Diego is also home to a large military contingent, and biotech and tech companies like Qualcomm.  So, our city is growing, and there are plenty of opportunities for business-to-business or business to consumers.”

Methodology for Top 10 Cities for Women Entrepreneurs

If you are a woman thinking of starting a business or just got one off the ground, and you are located somewhere else, no worries.  There are plenty of opportunities all over this great country. However, if you want a support system of female entrepreneurs for mentoring, any of the above cities would be good ones to locate in or near.

This Best Cities for Women Entrepreneurs ranking is based primarily on our analysis of the U.S. Census Bureau’s Annual Survey of Entrepreneurs and Annual Estimates of the Resident Population for Incorporated Places of 50,000 or More.

Cities were ranked on the percentage of entrepreneurs in each category rather than the number of entrepreneurs. However, other data we reviewed based on information available to us included:

• Population
• Industry clusters
• Lifestyle
• Workforce
• Costs
• Infrastructure
• Other startups nearby

Check out our infographic below for a shareable summary of the best cities for women entrepreneurs.

This article, “Best Cities for Women Entrepreneurs” was first published on Small Business Trends

[ad_2]

Source link