Question: What do you get when you combine a piggy bank with a hammer and the words "financial crunch?" Answer: The cover of the new BizVoice magazine — leading to a special Banking & Finance section that examines the fiscal crisis from an Indiana perspective.
BizVoice writers Candace Gwaltney, Matt Ottinger, Rebecca Patrick and Symone Skrzycki tackled topics ranging from banks and credit unions to financing alternatives and student loan impact.
The stories are quick, easy reads, but filled with valuable information. The print edition went in the mail on December 30 or you can check out the online version.
How are small business owners dealing with the latest financial crisis? How do they know if their bank is failing? What if they have a loan that is taken over by the FDIC or is acquired by a competitor? How could "Alf" speak English so well? You’re telling me the guy is from Melmac, eats cats and has the face of a bull terrier, yet he can pontificate like Oscar Wilde?
BusinessWeek responded to three of these pressing questions in a recent article focused on the impact the recent financial goings on have had on American small businesses. The article touches on the status and trends of banks, credit unions, loans and other information that could be useful to know:
While the financial crisis doesn’t necessarily affect the small business sector directly, economic pessimism and fears about winter fuel costs are likely to sap consumer confidence for some time. "Entrepreneurs should be mentally and financially prepared to hunker down in this economy for a couple of years," Thacker says. "The downturn that started a year ago could last another two Christmas seasons. I’m hoping its going to be less time than that, but people are worried."
Shameless plug: For those truly interested in helping their small business thrive, the Indiana Chamber offers Building a Business in Indiana. This publication, authored by attorneys at Bose McKinney & Evans LLP, walks new business owners through myriad trials and issues regarding a new business — things like protecting your company, taking advantage of the available tax credits and grants, legal obligations to employees, tax status and much more.