New intitiative for small businesses created by Google

Since small businesses are the ones that really help generate revenue for search engine Google, they have recently announced plans to create a Small Business Network.  On their Web site they write, “Google’s Small Business Network was created to give small business owners the information and tools to promote business-friendly policies in Washington, D.C. and state capitols. The Internet provides an unparalleled opportunity for small businesses to start up, grow, and reach a worldwide customer base. But realizing its potential requires your participation.

Google wants to know about the issues that are important to you so that we can better invest in your goals and objectives and ultimately, your success. New laws, regulations and other public policy initiatives at the federal and state levels should be designed with your best interests in mind.”

They are looking to help small businesses stay on top of high-speed Internet and preserving an open Internet to reach customers.  They’re trying to prevent the Internet from serving only the interests of the broadband carriers, rather than the interests of the consumers.  The broadband carriers could have preferred vendors that they direct you to which could create longer wait times for the vendor you want.  They also want to make sure every small business has access to high-speed Internet or broadband.  Dial-up just isn’t the same. 

They’re doing this because their Ad applications (primarily AdWords, AdSense, etc.) have all grown because of the small businesses that use them.  They are asking for your help to write a letter to Congress asking that funds and grants from the Departments of Commerce and Agriculture go toward help preserving an open Internet.  They have a letter already written that you can go and send to your Congressional representatives.  You can also sign up to receive regular updates on these policy issues.

Do you think it’s proactive what Google is taking upon their shoulders?  Is this something that you would write to Congress about?  Please share your thoughts below or visit us online.

Relief offered for struggling small businesses

The Small Business Administration (SBA) is working with Washington to help those small businesses that are having trouble paying off their current debt.  Unfortunately, businesses that have current loans backed by the SBA won’t be able to use new loans to cover their current ones.  This new program is tentatively called “America’s Recovery Capital” and the stimulus bill from Obama’s administration helped to create it.  The bill requires the SBA to create a program to back loans of up to $35,000 for small businesses that are experiencing hardship.  The loans can be used to pay principal and interest on loans for up to six months.

Businesses with existing SBA loans can apply for the new ARC loans but they have to use it to help pay down debt other than a current SBA loan.  These loans will come directly from banks but the SBA will offer the banks a 100% guarantee.  If the business owner defaults, the SBA will pay the bank back the full value of teh loan.  The SBA will also subsidize all the interest on the loans.  Payments won’t be due for a full year and business owners will have up to five years to pay them back.

Only “viable” small businesses will be eligible.  “A ‘viable’ small business is a business that has a demonstrated earnings history and proven record for success that may just need a little extra help to get through a short-term downturn,” Eric Zarnikow, the SBA’s associate administrator for capital access said during a recent presentation.

Congress has allocated $255 million to start up this ARC program.  It will have a higher lending amount since this money will be used for the interest subsidization and the loan guarantees.

Does your small business need help?  Read this article for more details. For small business marketing assistance, be sure to visit us online.