Sincerely,

Sheila Burrus, Agent
StateFarm, Providing Insurance & Financial Services
www.sheilaburrus.com
Ph (206) 364 2210
Fax(206) 364 2305

“Help others achieve their dreams and you will achieve yours.”-Les Brown

Special to the Pinoy Reporter

July, 2009

By Alexander Borromeo, President

The American Recovery and Reinvestment Act (ARRA) was good news for small business. The Reinvestment Act contains an entire section dedicated to helping small business which is the backbone of the American economy.

The small business employs local citizens, injects money into the local economy, creates a thriving and successful local community, and pays a significant amount of taxes supporting the overall government structure.

The ARRA provides an enormous funding amount of $730 million to small business using the SBA as the funding distributor. Fil-Am businesses have an opportunity to leverage their economic influence and success on, not one, but two levels: as a small business and as a minority business.

The SBA is the recipient of the ARRA small business funds which are to be directed to local businesses in communities coast-to-coast. The goal of the money is to jumpstart the economy, ease the tight credit markets and enable small businesses to do much more than survive this difficult economy. This money is intended to be used to create a thriving economic foundation of small healthy businesses.

What a great opportunity for Fil-Am businesses! There is money to borrow and markets to enter or expand. The ARRA provides loan fee reductions, creates additional loan amounts, creates new programs, assists small businesses with debt payments, and provides essential technical assistance through micro-loans. There is money to refinance, expand, and develop new business.

Leveraging your business and minority status offers a tremendous opportunity to succeed even in this difficult economic climate. As a Fil-Am business, you can borrow money to invest in your business, refinance debt, bid on projects funded with stimulus money, build a new business, borrow inexpensive government-backed money, or partner with other businesses in a collaborative venture.

The small business section of the American Recovery and Reinvestment Act includes the following sections geared towards promoting business success.

• Increases SBA loan guarantees which will promote additional lending to small businesses
• Provides for stabilization loans which enable small businesses to initiate deferred payment loans to make payments on existing SBA loans
• Expands Microloan program, making more money available to low-income, women, and minority entrepreneurs
• Increases money for refinancing existing SBA loans
• Expands the Small Business Investment Companies fund loan capabilities
• Increases the amount of SBA guaranteed surety bonds

You can begin to learn more about turning promise into action by first working with the Chamber of Commerce and then the Small Business Administration.

There has never been a better time to leverage what the government has to offer the small entrepreneur. It’s all about…leveraging opportunities.

“Just as the tumultuous chaos of a thunderstorm brings a nurturing rain that allows life to flourish, so too in human affairs times of advancement are proceeded by times of disorder. Success comes to those who can weather the storm. – I Ching”

Special to the Pinoy Reporter

June, 2009

By Alexander Borromeo, President

With unprecedented numbers of foreclosures, business failures, and unemployment, it is clear the ability to adapt to changing circumstances provides an important lifeline for small businesses.

President Barack Obama signed into law the American Recovery and Reinvestment Act. The purpose of the Act is to provide the investment needed to stimulate the economy while also enabling America to reinvent itself on a number of platforms.

What is needed now is to take reinvention to a new level. It is not business as usual as owners struggle to meet the challenges of tight credit, lower consumer spending, and a contracting business climate. Instead of business as usual, it must be business as reinvented.

First re-evaluate your current business practices to determine if they are too limiting. It may have been profitable to operate the business in the past when local consumer spending was high enough to support the business. But it might be necessary to extend the business reach further by attracting new customers with innovative ways, products and services.

The market strength and contributions of small businesses cannot be ignored. It may be time to reinvent the small businesses through strategic alliances or partnering with other businesses in better positions. The micro or small business may offer the perfect complementary services to fill a gap in the larger businesses enabling them to better serve a larger market niche.

The power of networking should never be underestimated. Collaborative teaming between businesses can create synergy. Collaborative agreements between businesses are powerhouse tools for business survival and building and reinventing.

The key to surviving an economic crisis is to open your eyes and look beyond your current limitations. Business owners must use the very resourcefulness and adaptability they have relied on for success. Reinventing your business does not mean starting over. It means being innovative in finding and capitalizing on new opportunities.

In fact, it is important than ever that the Fil-Am business community increase meaningful dialogue and networking efforts with political and business groups. A business that hides its head in the sand, because times are tough, may very well find there is no business left when seeking the light of day.

You must be aware of opportunities and prepared to utilize them whenever possible. One of the best ways to stay informed and participate in the economic loop is through memberships in local business groups such as the Chamber of Commerce. You don’t want to be the last to know about programs, funding, and opportunities.

Reinventing the Fil-Am business will mean creating an even more powerful economic unit, because during a crisis, it is not business as usual.

“Just as the tumultuous chaos of a thunderstorm brings a nurturing rain that allows life to flourish, so too in human affairs times of advancement are proceeded by times of disorder. Success comes to those who can weather the storm. – I Ching”