Kabbage, an online finance company that helps small businesses with funding has joined together with Azlo, an online-only banking platform, to help SMB members apply for loans worth up to $250,000. The two companies are working together to help speed up the process of loan applications, as Kabbage will now be able to provide real-time analysis of banking data thanks to Azlo, who's mission is "to help small businesses success in their mission..".Read More
April seemed to be a good month for Rhode Island job growth as the state reportedly added 4,200 jobs for the month. This is the first positive month for job growth in the state for the 2019 year with the total number of jobs in Rhode Island as of April is 500,300; however the number of Rhode Island employed residents dropped down 300 from March to 532,600 and the RI labor force dropped 1,100 from March and down 2,600 from April 2018.Read More
Biagio's Pizzeria and Bar in Smithfield, RI has reopened in the same location under a new owner. Sonia Villetti McKinely had purchased the restaurant and added in a fresh new look for the Pizzeria and Bar along with a Gluten-Free pizza-crust options and a new menu of burgers, salads, pastas, hard-roll grinders, and more. The restaurant will no longer make deliveries, but will be offering take out orders and deliveries through Grub-Hub.Read More
Small businesses are critical to both our local and national economy, however, entrepreneurial growth is starting to slow with research showing that the millennial generation are the least likely to be investing in starting up businesses. Data shows that more businesses are closing than opening and new businesses have gotten smaller over the years, with only creating on average 4.4. jobs per firm. Financial constraints of student loan debt and other costs seem to be a big deterrent for millennials to start businesses.
According to a recent from Bank of America, U.S small business owners are gearing up for a recession. Over two-thirds of those surveyed had claimed that they are beginning preparations in the event of a recession, though only 19 percent of business owners have an open line of credit. Small business optimism has also fallen over the year, with 55 percent of small business feeling optimistic last fall now dropping to only 48 percent feeling that way.
The Baker Administration had announced this past Wednesday that they will be giving Massachusetts businesses another three months for them acquire a private sector alternative to the new paid family and medical leave program. Businesses are able to apply for an exemption from the state program, if they can prove they have a policy with generous benefits. However, insurance companies are not offering any products to the businesses just yet, which are keeping them from applying for the state program exemption.
Job growth is continuing to rise in the United States, with the U.S. Department of Labor reporting that the economy had an added 263,000 more jobs in the month of April. This is up from March, which had only added 196,000 jobs and much higher than the low month of February, which was only able to add 33,000 jobs. The department also reported that the nation's unemployment fell to 3.6 from 3.8 percent, while wages remained at 3.2 percent for the year.
It is reported that only two-thirds of the small businesses started will survive the first two years, with half surviving for the first five years, and only one-third lasting for 10 years. Some of the several small businesses in Attleboro, MA who have lasted for well over a century discuss how they believe their businesses have been able to stay open and remain successful for so long.Learn More
A new survey from Bank of America has reported that 59 percent of the 1,800 small business owners surveyed believe that the new imposed tariffs will have no affect on their businesses. The impact of increased tariffs will greatly depend on what industry the business is in, as agricultural and wholesale businesses will feel the impact over others. Business owners will continue to monitor any news on trades, but for now they are not concerned.
In celebration of National Small Business Week, Rhode Island has introduced a new tool, RI Business Data Hub, that will allow small business owners to look up and have access to information from the state's business registry. They will be able to look up competitors in the state and cities, business trends, business locations, as well as each city's median income, education levels, and unemployment rates. This tool will help give small business owners access to information that they need, without having to pay high costs for someone else to give it to them.Learn More