April 18th, 2012
By: Melanie Berkowitz, Esq.
Our update of small business news:
- Waiting on Congress to Act: Small business funding and loan protection for thousands of small business that sell oversees is at risk if Congress does not act to reauthorize the independent Export-Import Bank by May 31.
While the bank’s taxpayer-backed loans and credit guarantees to large companies like Boeing are the focus of arguments for and against renewing the bank’s charter, Business Week reports that many mom-and-pop businesses whose major customer base is oversees will find themselves without recourse if their foreign invoices go unpaid.
- Credit unions vs. the Banks: The Winston-Salem Journal reports the heating up of a contentious fight between the nation’s credit unions and banks.
The credit unions are backing Senate Bill 2231 and House Bill 1418 which would raise the lending cap for credit unions to 27.5 percent of their total assets.
The change would allow credit unions to make more loans to non-member small businesses, which supporters contend will provide much needed small business capital and add thousands of jobs across the nation.
But the banking industry argues that the law would give credit unions an unfair advantage in attracting customers and that many credit unions are unprepared to manage the various lending needs of small businesses.
- Small business marketing "pins” plans on Pinterest: CEO and marketing guru Penny C. Sanservieri explains that Pinterest is not just a place for stay-at-home moms to get ideas about how to decorate the playroom. The Huffington Post reports that is evolving into a powerful marketing tool for small businesses who want to advance their company brand, reach thousands of potential customers and share their knowledge for free, without a lot of up-front effort.