1. SMALL BUSINESS DEVELOPMENT CENTER RESOURCES Andrea Zeller-Nield SBDC Associate Director CA State University at Monterey Bay SMALL BUSINESS DEVELOPMENT CENTER
2.
3.
4. WHY SHOULD YOU CONSULT WITH THE SMALL BUSINESS DEVELOPMENT CENTER?
5. Small business is the engine of economic growth! There are currently over 22 million small businesses in America — and the number is growing rapidly, with over 800,000 started last year, alone. Small business accounts for 99% of all U.S. businesses. It employs 53% of the private work force and contributes over half of the nation's private gross domestic product. The SBDC Network provides continuous significant impact in the central California economy! Join those who know the SBDC Network is the best resource available to business!
Over the last six months, credit for small businesses has tightened up in numerous ways. Here are some examples: Advanta (credit cards for small business) has been a leading provider of credit to small businesses. Last May, when the company closed all of their small business credit card accounts, close to 4 million small businesses were impacted. Last spring, American Express closed hundreds of thousands of lines of credit for small businesses. Banks have tightened credit to most manufacturers. This is impacting numerous businesses that are no longer able to gain credit terms from their manufacturers to purchase the goods they need to provide their product or service. In the past, many business owners have used their Home Equity Line of Credit to fund their business. Bank of America and other banks have started closing or decreasing lines of credit. Now we learn that Citibank and Chase are beginning to increase their interest rates to 29.99%. This is not due to poor payment record; rather, it is because these companies are trying to beat the new legislation taking effect in the next few months that will prohibit them from raising their rates so randomly.
![WHO WE ARE ,[object Object],[object Object],[object Object]](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)