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The Inflation Reduction Act: How small businesses may benefit from the law

So you’ve heard about the Inflation Reduction Act (IRA), but what exactly does it mean for your small business? The answer may surprise you. Below you will find an overview of the provisions and investments in the IRA.

Lower healthcare costs

The IRA is investing in healthcare through subsidies and caps on prescription drugs. The IRA is extending Affordable Care Act (ACA) subsidies through 2025, which will benefit small businesses and Americans alike. If you are one of the 2.6 million small businesses or sole proprietors accessing health insurance from the ACA marketplace, you’ll sav...

Hispanic Heritage Month: Grant funding for Latino and Hispanic small businesses

Latino and Hispanic entrepreneurs are starting small businesses at a faster rate than other groups, accounting for 44% of growth rate in the past decade. However, disparities in access to capital remain, particularly how Latino-owned businesses have been able to raise capital during the pandemic. This is why access to grant funding is critical to help them start, maintain, and grow their businesses. We have compiled a list of grant opportunities available to Latino and Hispanic businesses in celebration of National Hispanic Heritage Month, which spans from September 15 to October 15.

#...

Bidding on government contracts: Best practices for small businesses

The federal government spends roughly $600 billion in consumer goods and services, making it one of the largest buyers in the country. The Biden Administration has set out to increase and expand federal contracting opportunities for small businesses, and is setting new records through legislation such as the Bipartisan Infrastructure Law. In fact, a total of $154.2 billion or 27.2% of all federal contracts went to small businesses in fiscal year 2021, including those located in underserved communities.

To increase your chances of winning a government contract, we’ve compiled a list...

Key strategies to initiate succession planning for small businesses

For small business owners who may be considering the next stages of their lives, succession planning is a key step in standing down from your small business and/or transferring ownership of your business. While the process may be complex, determining ways to transfer ownership of a business can be rewarding, provide peace of mind and is key in planning for the future. Among those options, small business owners can choose to sell their business to family members or outside parties, sell their shares to a co-owner (if applicable), or extend employee ownership.

Selling your business to fam...

5 strategies to help retain employees in the workplace for small businesses

The COVID-19 pandemic has brought on numerous challenges for small employers, from supply chain disruptions to increased cyberattacks, which has forced them to rethink their marketing strategies to grow their online presence. Most recently, we’re seeing small businesses grappling with a wave of workforce shortages and labor reshuffling, with an estimated 47 million people who quit their jobs just last year alone. This is why employee retention has become top of mind for small employers, who are also increasingly competing with larger companies for a highly-skilled workforce.

Below yo...

Financial experts weigh in on the importance of National Financial Literacy Month for small business

In April, we celebrate National Financial Literacy Month, which serves as an opportunity to review your finances, assess your financial literacy and how it can help you take your business to the next level. In celebration of this special month, we reached out to some of our Venturize partners to get their thoughts on National Financial Literacy Month, key advice for business owners, and how their organizations work to support the small business ecosystem.

Panel of experts

Casey Estrada (CE): Casey Estrada is the Director of Investments at Founders First Capital Partners, an organizat...

Q&A Session with Black Cooperative Investment Fund Executive Director—Kaine Nicholas

This post originally appeared on the Inland Empire Business Journal and in partnership with Black Cooperative Investment Fund.

In celebration of National Financial Literacy Month, Small Business Majority's Senior California Program Manager Josaline Cuesta hosted a Q&A session with Black Cooperative Investment Fund's Executive Director Kaine Nicholas on the importance of making financially savvy decisions as small business owners.

Q: Why is financial literacy important for small business owners? What are the pillars of financial literacy?

A: Financial literacy is the comfo...

New deferment period for EIDL COVID-19 loans

The U.S. Small Business Administration (SBA) recently announced an additional deferment period of principal and interest payments for existing COVID-19 Economic Injury Disaster Loans (EIDL). Borrowers have a total of 30 months of deferment period from loan origination on all COVID EIDL loans. This is a change from the previous deferral period of 24 months.

Below you will find some additional information about the new deferment period on EIDL loans:

This deferment period is effective for all COVID EIDL loans originated in 2020, 2021 and 2022. Please note that interest will conti...

Preparing for the upcoming tax season: Resources for small businesses

While the tax season is quickly approaching, many entrepreneurs may be wondering about new changes to filing taxes or the best software to utilize in order to stay on top of their fiscal responsibilities.

Below you will find a list of resources that can help you file your tax returns and stay on top of your fiscal responsibilities.

Software options

Your tax obligations may vary, from the size of your business to how much income you earned the prior year. If you don’t have an accountant or can’t afford one, finding the best tax software may seem like a daunting task. Here are...

COVID-19 relief grant program available for microbusinesses in California

Microbusinesses in select counties in California may now apply for small grants from the California Microbusiness COVID-19 Relief Grant Program. The program, which is funded by the State of California and administered by the office of the Small Business Advocate (CalOSBA), provides competitive micro grants of $2,500 to eligible microbusinesses impacted by the COVID-19 pandemic and the related health and safety restrictions put in place. The grant program will be implemented by County organizations or nonprofits working on their behalf, and details about program eligibility and specific upda...

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