SMALL BUSINESS
Small business owners are trying to survive in a hostile economic environment.
We have to stick together and support each other, because it is clear the government is not going to help us. We keep hearing how small business is the engine that drives the economy, but I see little that the government does that genuinely helps small business owners.
Try getting loan that is $30,000.00 or less and see how welcomed you are by most banks. The truth is, most of the banks don’t want to be bothered with small business. For some businesses, having ready access to a loan or a revolving line of credit between $10 and $30,000 can make the difference between surviving to fight another day, or not.
Raise your hands. How many are forced to use bank credit cards to survive? And of course, we all know how fair the credit card game is, don’t we?
We deal with phony teaser rates, due dates changed without any warning, payments received on the due date, classified as late because they posted an hour late. “Sorry, we posted your payment at 4:00pm. Had the payment posted at 3:00 pm we wouldn’t have had to charge you with a $39.00 late fee. Oh ya, we can now raise your interest rate to 29% (or more) because you were an hour late! HA, HA, HA!
What a country . . . this is from the banks speaking, ” you give us your money to use in a savings account and we pay you 2.5 or 3% interest at the same time we charge you 35% on your credit card.” Like I said, what a country!
Wow, how great is that? BTW, we must thank then Senator Obama, now Faux President Obama, for voting against legislation that would have capped credit card rates at 33%! He couldn’t even get that right.
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Jim your words are comforting to a small business owner until I another news report that peels another layer off the onion congress is call hr3200. I hope that my business as well as my employees can survive this legislation.
The small business engine survives no matter what congress throws at it; that is because the small business owner must make decision that make his/her business suceed despite the effort of congress to usurp their efforts. I have always said, when I ran my own small businesses, let congress enact a law that affects the productivity of my business and I will find a way, legally, to counter that legislation. In other words change course and set a new direction. My employees were always to important to be turned out into the streets because of congresses action; and many times the employees helped me figure out the new direction or action to take to continue the business in a thriving environment. The biggest issue for me was alway finding a way to provide health insurance coverage for my employees; most of the time I could not. If congress, and here we are talking about congress again, would lift the restriction on small businesses being able to pool together and remove interstate restriction on purchasing healthcare insurance coverage the problem of health insurance coverage for small businesses would be solved. Still congress refuses to address that issue in deference to reforming healthcare insurance nationally. Shame on them! Small businesses may want to self-insure by forming their own cooperative insurance company and reinsure through a reinsurer until the cooperative is sufficiently capitalised. Just a thought from a retired previous business owner.
Is there a way to email you, because I can’t find it.
I can be reached at cetes-45944@mypacks.net.