Latest news with #SmallBusinessAssociation
Yahoo
04-08-2025
- Business
- Yahoo
Major Aussie bank slammed over 'obscene' move as thousands struggle to make ends meet: 'Falling off a cliff'
St George Bank has been criticised by the small business community after it revealed certain people would be hit with a fee increase for essential services. The bank recently sent out letters to its business customers informing them that the cost to withdraw and deposit cash will be going up by 200 per cent. The increase will kick in next month, and the bank said the change was to bring its fees in line with its parent company, Westpac. But Anne Nalder, CEO of the Small Business Association of Australia, told Yahoo Finance it's a kick in the guts for many business owners who might already be struggling. "At a time when there is a high cost-of-living crisis for individuals and a high cost of doing business by small business owners, it is obscene and without much thought," she said. RELATED Cash controversy reignites as St George Bank increases fee to deposit or withdraw Commonwealth Bank reveals LMI home loan changes for borrowers Centrelink update on little-known support for Aussies in crisis "Although the cost may not seem too high, every dollar adds to the cost of doing business at a time when small businesses generally are falling over the cliff. "The very same banks will be the first to tell businesses to rein in their costs, yet they are adding to those costs. "Whilst the Big Four continue to have a stranglehold in the banking sector, the plight of the small business owners will remain forgotten." A poll of more than 6,300 Yahoo Finance readers found an overwhelming 95 per cent said they would leave their bank if they were charged a fee to withdraw their own fees are increasing at St George Bank and why is it happening? The change will only target business customers, with everyday accountholders spared from the fee hike. Staff-assisted transactions at St George Bank branches, which include depositing and withdrawing cash, will go up from $1 to $3 at the start of September. The number of monthly fee-free transactions will also be slashed from 30 per month to just five. The fee to deposit and clear cheques is going up from 50 cents to $3, a 500 per cent increase. "The changes will provide consistency across Westpac and St George so that all business customers are treated the same," a spokesperson for the bank told Yahoo Finance. "Our fees remain competitive in market, and online transactions will be free. We also have a number of fee-free options available for customers." The fee-free options include withdrawing up to $1,000 in cash each day from select ATMs, depositing up to $10,000 per day per account, depositing 40 cheques at a time, and $0 monthly fee transaction accounts. But Nalder said the reasoning behind the fee hike didn't pass the pub test. "It is a weak excuse by St George to say they are increasing these fees to have them align with their parent company Westpac, one of the Big Four banks," she said. "Australia banks are already amongst the most profitable in the world and it is not due to efficiency but rather due to all the charges they impose on their customers, the cutting of branches and services and replacing workers with AI." Businesses face 'uncertain' future amid record high insolvencies Businesses across Australia have been battling rising costs in seemingly every direction. Some have been hit by rising commercial rent prices, while others have battled a hike in the cost of their goods and services. Many have also faced fee increases in essentials like gas and electricity. CreditorWatch tracks the health of the Australian business sector and how many become insolvent or are forced to close their doors forever. More than 14,700 businesses became insolvent in the 2024-25 financial year, a 33 per cent increase from the previous year, with this trend hitting healthcare and education, retail, construction, and transport, postal and warehousing particularly hard. While there has been some stabilisation in this trend, its still at historically elevated levels. The credit reporting company noted that while interest rates appear to be on a downward trend, along with inflation, the future doesn't look bright for many industries. "Significant uncertainty remains about the ultimate effects on economic growth globally and in Australia from President Trump's tariff and trade policies," it said in its July report. "Other longer-term forces including AI and technology, the ageing of populations, rising inequality, climate change and geopolitics contribute to a challenging outlook for firms, though each trend also provides opportunity for business growth."
Yahoo
02-06-2025
- Business
- Yahoo
Bluefield woman pleads guilty to COVID-19 fraud scheme
BLUEFIELD, WV (WVNS) — A Bluefield woman pleaded guilty to a COVID-19 relief fraud scheme. According to a press release, 43-year-old April Elick, of Bluefield, pleaded guilty to the theft of government money on June 2, 2025. She obtained $84,000 in COVID-19 loans through the Small Business Association (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and used the funds for personal use. Elick is set to be sentenced on September 8, 2025, and faces a maximum of 10 years in prison, three years probation, and a $250,000 fine. She owes $97,802.59 in restitution, as well. Court documents and statements made in court stated that Elick received two Paycheck Protection Program loans (PPP) amounting to $14,520 in April 2021, after stating that the money was for her home healthcare business to cover payrolls and other expenses. She received an Economic Injury Disaster Loan (EIDL) amounting to $61,000 through the CARES Act in January 2022, and also increased the COVID-19 business loan by $8,700 in April 2022, the release stated. As part of her plea, Elick confessed that she knew she could use the proceeds only for things outlined in CARES Act programs, the release noted. Elick also stated that she used funds for personal expenses, such as withdrawing $30,560, an estimated $16,350 in digital wallet transfers, and $8,290.11 in purchases made in West Virginia, North Carolina, and Virginia. The CARES Act allowed for forgivable PPP loans to be used for eligible for impacted businesses and sole proprietors, independent contractors, and self-employed individuals, the release stated. It also approved the SBA to provide EIDL loans of up to $2 million for eligible small businesses that were experiencing substantial financial struggles. Acting United States Attorney Lisa G. Johnston released the announcement and applauded the work of the WorkForce West Virginia Integrity Section, the National Aeronautics and Space Administration Office of Inspector General (NASA OIG), the Litigation Financial Analyst with the U.S. Attorney's Office, and the West Virginia State Police — Bureau of Criminal Investigation (BCI). Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
22-05-2025
- Business
- Yahoo
Shapiro backing flood relief loans; Shade Township bridge closed
CAIRNBROOK – The May 13 flooding will close another Somerset County bridge. And Gov. Josh Shapiro announced Wednesday his office will support an effort to help flood-battered Somerset County residents and businesses acquire Small Business Association aid. 'Committed to helping' Shapiro's support is another crucial step into acquiring multiple funding resources, emergency officials said Wednesday. For county residents impacted by the May 13 flood to receive low interest repair loans, Shapiro made a formal request to the U.S. Small Business Administration for the final clearance to make financial aid available. 'The flooding in southwestern Pennsylvania has been devastating, and the Shapiro administration has been on the ground providing support every day since the storm struck.' said Pennsylvania Emergency Management Agency Director Randy Padfield. Members of Padfield's staff have been conducting assessments in eight Somerset County communities that declared disasters as a precursor to the possibility of additional state support. That's included visits to Meyersdale, Garrett and Elk Lick Township, among others. 'Never seen it this bad': As Garrett strives to ease flood woes, council's own property among hard-hit areas For flood-battered Garrett Borough, one of the hardest-hit areas was the borough government's own backyard. The storm last week turned Garrett Community Park into a lake and the borough's office into a downstream drain. 'The Shapiro administration remains committed to helping Pennsylvanians recover and rebuild stronger than before, which is why we are working to secure federal low-interest loans as a tool to ensure homeowners and business owners have the support they need and can recoup unforeseen losses,' Padfield added. If approved, qualified renters, homeowners, private nonprofits and businesses within disaster declared areas could receive up to $500,000 in low-interest loans for residential repair and replacement. Loans up to $100,000 are possible for homeowners and renters to replace or repair personal property. Businesses could receive larger loans – up to $2 million – 'to cover disaster losses not fully covered by insurance.' Somerset County commissioners outline disaster recovery fund plan, make $10,000 donation The Somerset County commissioners will rely on an advisory board and eight flood-damaged communities to decide how a new disaster recovery fund is spent, they said Tuesday. Somerset County Emergency Management officials estimated earlier this week that at least six businesses reported first-floor flood damage in the southern part of the county. Somerset County EMA Director Joel Landis said his office was awaiting updates on a decision. County-owned bridge closed The deteriorating Shade Township bridge was already in line for replacement in the coming years, but last week's storm fast-tracked its closure, the county's EADS Group Engineer Andy Fedorko said. An area resident reported concerns about the span, which carries Whispering Pines Road over Dark Shade Creek, he said. A follow-up inspection showed one of the bridge's stone mansonary abutments further deteriorated from storm flooding, damaging mortar and causing additional material to break loose, he said. It made a bad problem worse on a bridge that previous saw its weight limit decreased to 3 tons due to preexisting concerns, Fedorko said. PHOTO GALLERY | 'We can't do it alone': Garrett hopes for help as state teams survey flood-hit areas in precursor to possible aid Don Hostetler's family bar survived Prohibition and generations of change in Garrett. On Monday, Hostetler was trying to figure out how Dub's Bar and Grill will survive four feet of floodwater from Buffalo Creek. Rockingham is one of several county bridges that have been closed over the past two years due to maintenance needs – most of which are set for repair or replacement projects. It's also one of at least three local bridges – county, state or township – that are now out of service due to damage inflicted by May 13 flooding. Further south, an emergency action plan is underway to build a temporary bridge in Boynton to enable U.S. Route 219 traffic to continue through the corridor. Design work for a new bridge at the Rockingham site was already in progress, and Fedorko said construction could start in fall 2026. Detours for the closure will be minimal, he said. 'Resource' support A pop-up emergency 'resource center' announced Monday for Somerset County will include a list of state agencies able to answer questions – and potentially provide support for flood-hit residents. Flood relief resource center planned in Meyersdale Somerset County is planning a one-stop shop to connect residents of hard-hit communities with flood relief resources. The resource center will be open from 10 a.m. to 7 p.m. Thursday through Saturday at Meyersdale Volunteer Fire Department, 202 Main St., Meyersdale. Landis and county emergency management staff organized the resource center to make it easier for Somerset County residents to get support, regardless of their post-flooding issues. Padfield said state agencies are joining the three-day event, recognizing it's a 'crucial time' for many people. Some of the resources provided by organizations staffing the resource center can help with replacing vital documents such as birth certificates and driver's licenses, checking insurance coverage for damages, trauma/crisis response and mental health resources, state officials said. Others can provide benefits and disabilities support, tax assistance, tips on how to avoid scams, and other recovery information. 'Key county agencies will be on hand to provide our residents with access to needed programs and services during this critical period of recovery,' Somerset County President Commissioner Brian Fochtman said. 'We are pleased to work in partnership with the commonwealth to ensure they receive all of the help they need.' PHOTO GALLERY | Somerset County residents reeling as floodwaters recede; officials document damage to provide aid Fueled by a full day of intense rain, the rapidly rising Casselman River filled Mark Smith's Mount Davis Road auto shop and nearby homes. Officials toured hard-hit areas Wednesday, going from property to property to document damage. Pennsylvania's departments of Aging, Agriculture and Health, Environmental Protection, Human Services and Transportation are attending. The Pennsylvania Insurance Department and Office of Attorney General also will have representatives at the center.
Yahoo
18-05-2025
- Business
- Yahoo
FEMA sets up in McLean County for disaster recovery assistance
HENDERSON, Ky. (WEHT) — The Federal Emergency Management Agency has set up a recovery center in McLean County. This comes less than a week after Governor Andy Beshear announced 24 additional Kentucky counties, including McLean, were approved for individual assistance by FEMA. Officials say representatives will be available to explain assistance programs, how to apply to FEMA and help connect survivors with resources for their recovery needs. According to the Judge-Executive's Office, both FEMA and the Small Business Association are set up at the Calhoun Baptist Church on Main Street. Officials say FEMA is available from Monday through Saturday from 9 a.m. to 7 p.m. and from 1 p.m. to 7 p.m. on Sunday. They say the Small Business Association will be unavailable on Sundays and will leave at 3 p.m. on Saturdays. For additional ways to apply, click here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
26-04-2025
- Business
- Yahoo
Where to get a business loan
Business loans are available from a variety of lenders, including banks, credit unions and online lenders. Banks and credit unions are ideal for established businesses with good to excellent credit. Compared to traditional lenders, online lenders and nonprofits are more willing to work with businesses with poor or bad credit. If you want to grow your business or make a large purchase but don't have the funds or revenue to achieve your goals, a small business loan may be the solution. Loan options available from various lenders, including traditional banks, credit unions, online lenders and the Small Business Association (SBA). Choosing the best place for a small business loan is key to getting approval. According to the 2024 Small Business Credit Survey, small banks had the highest full approval rate for business loans at 54 percent, followed by finance companies and credit unions at 47 percent, large banks at 45 percent, and online lenders at just 30 percent. Understanding how each lender differs, what eligibility criteria you have to meet and the pros and cons can help you determine the best place to get a business loan. There are several types of lenders available for small businesses. But since not all lenders are alike, choosing the best place for a business loan requires you to assess the benefits and drawbacks of available loan options. Traditional banks and credit unions offer the most small business loan variety, including term loans, lines of credit, equipment financing, auto loans for commercial vehicles and commercial real estate loans. SBA loans, backed by the U.S. Small Business Administration, are also available through many banks and credit. Business loans from traditional banks are ideal if you have good or excellent credit and your company has been established for at least two years. Your business should also be operating profitably. Otherwise, getting approved for a loan can be more challenging. Build business credit Face-to-face support (for banks and credit unions with physical locations) Low interest rates Several loan offerings with generous limits Extensive documentation requirements Less likely to offer prequalification Slower loan approvals and funding times Stringent eligibility guidelines The 2024 Small Business Credit Survey found that 44 percent of low credit risk businesses — those with good to excellent credit — opted for a loan, line of credit or cash advance from a large bank. Another 31 percent went with a loan from a small bank, while only 11 percent went with a credit union. Online lenders, including fully online banks and financial technology companies, often feature a more streamlined application process. Online lenders commonly offer faster loan approvals and funding times than traditional banks and credit unions. Most online lenders offer the same forms of financing as traditional banks and credit unions in their lending arsenals. However, they also offer non-traditional loan options to business owners who don't meet traditional credit scores, annual revenue or time in business requirements. These include merchant cash advances, invoice factoring and invoice financing. Non-traditional lending options Often, flexible or more lenient lending guidelines Rapid approvals and funding times Streamlined virtual application process May not report payments to credit bureaus No in-person customer support Steep borrowing costs on non-traditional loan options Typically, less favorable interest rates than bank loans According to the 2024 Small Business Credit Survey, 24 percent of all businesses looking for a loan, line of credit or cash advance applied for financing with online lenders. When looking at medium to high credit risk applicants — those with fair to poor credit — the number jumps to 45 percent. Many microloan programs are administered through not-for-profit organizations. A popular option is the SBA microloan, which maxes out at $50,000. Funded by the U.S. Small Business Administration, it exists to help underserved business owners grow their businesses, including veterans and women. SBA microloan interest rates typically range from 8 percent to 13 percent. The repayment period is up to six years. The loans cannot be used to pay off debt or purchase real estate, and you'll likely be required to pledge collateral to get approved. If an SBA microloan isn't right for you, inquire with local nonprofits about other potential funding opportunities for your company. Accessible by underserved business owners Lower credit score minimums May require collateral Slow approval times Small maximum loan amounts Nonprofits also provide financial support to small businesses in the form of grants. Many organizations target underserved communities, such as women, minorities and veterans, since they tend to face barriers to accessing capital. When you're ready to choose a lender, start by assessing your needs and decide on a loan amount. If you need a sizable loan — think $500,000 or more — you may have more luck with a traditional bank or credit union than an online lender or nonprofit. This can help you determine which loans could be a good fit. Most lenders have a credit score, debt-to-income, annual revenue and time in business requirement. If your business struggles in these areas, you may still qualify for short-term loans or alternative lending options. Also, some lenders specialize in working with startups. Along with reviewing requirements, consider using a business loan calculator to ensure you know what repayments your business budget can afford. Once you know how you'll use the funds, the amount you need and what types of loans are best, begin your search for lenders offering these lending options. Compile a list of lenders that could work and dig deeper to determine if they're reputable or if you should look elsewhere. Look for reviews on Trustpilot and complaints on the Better Business Bureau website. Some lenders allow you to view potential loan offers without impacting your credit score, including monthly payments, repayment periods and interest rates. If you have this option, comparing loan offers before applying will help you decide which lender offers the best deal. You'll also avoid applying with lenders who aren't a good fit. Ultimately, a business loan from a traditional lender or credit union is best for established companies operating profitably. Your credit health is equally important — it must be up to par to qualify for the most competitive terms. Loans for subprime borrowers Funding from traditional lenders like banks or credit unions may be out of the question for those with bad credit. As an alternative, subprime borrowers should consider online lenders. These often have flexible lending criteria and offer several types of bad credit business loans, including term loans, equipment loans and lines of credit. Figuring out where to go to get a business loan can be a big decision. You can get loans from online lenders, large and small banks, credit unions or some nonprofits. Evaluate your credit health and business loan needs and compare several lenders before applying. What is the easiest loan to get for a business? It depends on how long you've been in business and your finances. A business line of credit may be easiest if your business is brand new. If you need a large piece of equipment, an equipment loan may be easiest since the product is collateral to secure the loan. Researching your options and considering the criteria necessary to qualify can help you choose the right small business lender for the easiest loan. Can a new LLC get a loan? Yes. New LLCs may want to consider lenders offering startups loans to fund their new venture. Eligibility requirements vary by lender, as do interest rates and potential fees that can add to the cost of the loan. As a new business, you may face higher interest rates than an established LLC, but if you have an existing relationship with a lender, it may be the best place to start. Is an online lender less safe than a traditional bank? Online banks are usually FDIC-insured like traditional banks, making them just as safe. Some online lending options may offer more lenient approval requirements but can come at a higher cost. It's important to research lenders before submitting your personal identifying information to ensure it will safeguard your data before applying. Sign in to access your portfolio
