Among the many challenges small businesses face as they try to grow these days is getting a loan. Banks big and small have tightened lending standards along with rising interest rates the past two years.
No entrepreneur is likely to receive a sign from the universe—or from their accountant—that it’s all going to work out.
The National Federation of Independent Business’ “optimism index” in September was listed at 90.8, which is lower than the group’s 49-year average—98—for the 21st consecutive month.
A National Federation of Independent Business index of sentiment fell to a four-month low in September.
The IRS has received 3.6 million claims for the credit over the course of the program. It said hundreds of criminal cases have been started and thousands of claims have been referred for audit.
The average credit card interest rate charged by commercial banks was 20.1% at the end of the first quarter—the highest since the Federal Reserve began tracking this statistic in 1995. In comparison, that rate stood at 14.6% during the same period a year earlier.
The agency last year received $1.6 million from the federal Minority Business Development Agency and added $400,000 in matching funds.
ConnectIND has a portal with information on everything from funding sources to coworking spaces to business incubators. It also has a network of 10 navigators being hired around the state to offer free guidance and support for the portal’s users.
The average prime rate, or the rate banks set as a reference for customer loans, was 4%. The prime rate has more than doubled since then, hitting 8.25% in May.
A local small business is hoping to deploy technology in the coming years that could help seed producers and distributors more quickly determine the genetic makeup of their products.
From a base in West Lafayette at the Purdue Research Park, the company’s scientists are racing to create environmentally friendly, food-insecurity-fighting crops through special genetic technology.
Cities around the country are beginning to look at container units to address homelessness and increase housing supply.
Small businesses are seeing the already-tough process of getting business loans get even tougher. They say they’re getting rejected for loans or seeing more unfavorable terms, meaning some plans for expansion are being put on hold.
Zionsville native Mark LaFay founded Old Major in 2016, developing a hobbyist’s pursuit into a business that sells meat online, at farmers markets and to restaurants.
In conversation with podcast host Mason King, Howl & Hide’s Christian Resiak details the process of building the business from scratch and his grand plan to become a global brand.
The bill would raise the exemption that determines which companies must pay the tax. It would exempt companies that own machinery, equipment and other tangible goods that cost them, in total, less than $250,000. The current threshold is $80,000.
A looming recession, still high (although easing) inflation and labor woes are some of issues carrying over from 2022 that small businesses will have to tackle.
Flowers is eager to focus on new podcasting, publishing, and television and film opportunities . With four projects in the works for streaming platforms, the company plans to expand into filmed entertainment this year.
Small retailers say this year is still far from “normal” because decades-high inflation is forcing them to raise prices and making shoppers rein in the uninhibited spending seen in 2021 when they were flush with pandemic aid or gains from the stock market.
On Dec. 8, the distiller will open a tasting room inside its 9,000-square-foot main building at 738 W. Broadway St.
