Nationwide (BlackNews.com) – Sadly, many African Americans don’t think about taxes until the days and weeks leading up to April 15. However, there are many things you can do now to help our results then be more appealing.

1. Make Wise Business Purchases
   If you are business owner, think about purchases that you can make between now and year end. If possible, try making purchases that you were planning to make in January in December. Consider pre-paying your cell phone or internet bill. But careful, though, about large purchases such as heavy equipment, as these may need to be depreciated rather than capitalized, greatly minimizing the tax impact you might be expecting from such a large purchase.

1. Maximize Your Heath Savings Accounts (HSA)
   With the political climate and uncertainly on the continuation of Obamacare, Health Savings Accounts (HSA), along with High Deductible Health Plans (HDHP), may see increased popularity. If you already have a HSA and have not yet maximized your contribution for the year, now would be a great time to do so. Contributions and interest earned are tax free and the maximum contribution amount for 2016 is $3,350 for individuals and $6,750 for families. If you are over 55 years of age, you get an additional $1,000 in catch up contributions which will be tax free as well.

1. Manage Tax Withholdings/Exemptions
   Employees that changed jobs or started a new job this year should review their tax withholdings/exemptions claimed on their new hire paperwork (Form W-4). Claiming too many exemptions could result in an unexpected or large tax liability at tax time. Claiming too few exemptions could result in giving the government more money than necessary, which could result in a cash flow problem for you during the year. Ask you HR or payroll department to review your withholdings and ask your accountant or tax adviser to review them for you so that if adjustments are needed, you can catch them at the beginning of the new year to avoid potential problems during next year’s tax season.

In addition to tax adjustments, some basic financial planning can go a long way in setting the stage for you (and your money) as you enter the new year.
Randy Hughes is the founder of Counting Pennies, a nationwide tax and accounting firm that specializes in tax preparation, bookkeeping and debt management. Contact him at (800) 234-1449 or randy.hughes@cpennies.com or visit www.cpennies.com.

Nationwide — The saying “there is strength in numbers, united we stand, divided we fall” may be the inspiration of Global_Mpg, a minority, veteran-owned (GPO) Group Purchasing Organization that is reaching out to minority small businesses to join its collective-buying group.

The Houston, Texas based business was founded in 2005 with the intent of becoming a buying group organization so that small businesses could leverage their indirect and direct purchasing spend as a group in order to get a lower pricing and improved terms and conditions.

Global_Mpg (Global Materials Purchasing Group) started with five companies with an eye on MRO industrial and office supplies, but quickly expanded into other sectors. Most of its current members customer base make the Fortune 500 or Fortune 1,000 lists.

They’ve chosen to bid for goods and services contracts in areas such as temporary staffing, pharmaceuticals, medical industrial, office supplies and logistics. Projects currently running include contracts for vendor-managed inventory, electrical, industrial, office supply and janitorial supplies.

“The most basic component is clearly that you’re thinking, ‘I can get this for less by participating in this aggregated model than I could on my own,’ but the value proposition goes well beyond that,” said company Managing Partner Bill Williamson.

Purchasing Group positive impact on the profits for each individual networked company

Did you know that a reduction in purchasing costs, for example of 5%, produces an increase in profits of more than 2% and that to obtain the same result, sales would need to increase by more than 20%…? This means that the savings generated by a centralization of purchasing in a network of businesses, will increase profits in each individual network company without having to increase sales. For full details, Global_Mpg has a news center page on its website at www.globalmpg.com

There’s a one-time guaranteed refundable administrative set up fee to join Global_Mpg (Global Materials Purchasing Group) but the company’s primary source of revenue are payments from the awarded suppliers.

Small businesses that find the administrative fee reasonable and are interested in contracts that will leverage their purchasing power. Includes billion-dollar firms and get pricing discounts no matter their size or purchasing budget.

Global_Mpg member Darts Packaging Inc. a company based in Pine Bluff , Arkansas, a contract packaging and private label co-packer, said the savings on office products alone would justify its membership, but it has found savings elsewhere.

The collective buying power will have more impact for minority owned and smaller businesses because they have less buying power alone. Contracts are negotiated in high volumes but you can order from them in the volume that suits your company.

 Maggie Anderson, author Our Black Year, will lead an address to empower struggling communities 

Norfolk, VA (BlackNews.com) — On Black Friday, November 25th, a newly minted Black Chamber of Commerce named Black BRAND will ignite a powerful movement within Hampton Roads to honor local community leaders and successful black business owners at the Wyndham Garden Hotel in downtown Norfolk at 6 p.m.The event, The Black Diamond Affair, will serve as the official launch of the organization to the public and is an all-black, semi-formal affair.

Black BRAND is a 501(c)(3) organization with the mission to promote group economics through professional development and community empowerment.

The Black Diamond Affair will welcome keynote speaker Maggie Anderson, author of Our Black Year and founder of the Empowerment Experiment, to lead a self-help economics address that will teach black business owners, consumers and community leaders how to empower struggling communities.

This highly anticipated presentation and organization will stimulate the black economic revolution and connect like-minded community leaders within a lavish environment while enjoying an evening of live music, food and fellowship.

Our mission is to continue in the tradition of prior Black leaders, both locally and nationally, said Blair Durham, co-founder and co-president of Black Brand. We gratefully accept the baton they have passed, we are energized to work and committed to the relentless pursuit of a shared vision.

Tickets for The Black Diamond Affair are now available along with sponsorship opportunities. For more information and to purchase a ticket, visit www.BlackBrand.biz or call 757-541-2680.
About Black BRAND
Black BRAND is a 501(c)(3) organization whose mission is to promote group economics through professional development and community empowerment. Black BRAND is an affiliate of the National Black Chamber of Commerce and U.S. Black Chambers, Inc. All donations are tax-deductible. For more details, send correspondence to Black BRAND, P.O. Box 385, Norfolk, VA 23501 or visit www.BlackBrand.biz

Photo Caption: Maggie Anderson, author of “Our Black Year”

SPRINGFIELD, IL – The Illinois Department of Commerce & Economic Opportunity’s Office of Trade and Investment has received $850,000 in federal funds to support export growth among Illinois small businesses. The funding was awarded through the Small Business Administration’s competitive State Trade Expansion Program (STEP).

“In our increasingly global economy, companies looking to grow need to look beyond domestic markets,” Department of Commerce Acting Director Sean McCarthy said. “Illinois companies reported exports of more than $63.4 billion in 2015. STEP will allow the Illinois Department of Commerce to continue to help Illinois companies explore new markets and grow their businesses through our State Trade and Export Promotion program.”

Illinois’ State Trade and Export Promotion (ISTEP) program provides small businesses with financial and technical assistance to increase their exports. Eligible companies may participate in group or individual trade and sales missions, and receive training and support in international marketing, product compliance and general export education.  Through ISTEP, Illinois companies have the opportunity to attend international trade shows across the globe.

“Our STEP program, as well as SBA’s export loans and International Trade Centers, ensure local resources are available to help small businesses tap into the global marketplace,” SBA Illinois District Director Robert “Bo” Steiner said. “By funding Illinois and its export development partners, the SBA is delivering the tools and resources necessary for small businesses in our state to build relationships and launch their services and products abroad.”

STEP helps businesses increase their market reach and international sales, generating significant returns for U.S. companies. STEP recipients on average generate $22 in U.S. small business export sales for every $1 of STEP investment. In total, Illinois has received nearly $3.9 million in STEP funding since FY 2011.

Exports represent a significant opportunity for Illinois businesses. Small and medium-sized companies account for 98 percent of U.S. exporters, however less than one percent of U.S. companies currently export. Illinois is the largest exporting state in the Midwest, and the fifth largest exporting state in the country.

Special VIP Hiring Event for Black Sales Executives and IT Professionals in D.C., Maryland and Northern Virgnia 

The City of Chicago Department of Business Affairs & Consumer Protection (BACP) offers FREE business workshops every Wednesday and Friday at City Hall, 8th Floor. To register for a workshop call 312-744-2086. You also can register by emailing BACPoutreach@cityofchicago.org.

October 2016 Workshop Calendar 10/5 City Inspections – Ask Questions, Get Answers 3:00 to 4:30 p.m. Presented by the City of Chicago To operate a successful business in Chicago you need to know what it takes to maintain compliance. Officials from several City departments will provide insight to operate safely, stay compliant, help prepare for inspections and highlight the do’s and don’ts of operating a business.10/7  Accounting in Quickbooks 9:30 to 11:00 a.m. Presented by Trak Patel, CPA, PCIP from ARCC Consulting Corp Learn how to keep your financial recordkeeping books using QuickBooks. We will identify the differences of QuickBooks Online vs. QuickBooks Desktop and list the important features and benefits.10/12  Business Licensing 101 3:00 to 4:30 p.m. Presented by the City of Chicago Department of Business Affairs & Consumer Protection (BACP) Attendees will learn the 3 steps to obtain a business license, and free business resources to start or expand their business.10/14  How to Open a Concession at O’Hare or Midway Airport 9:30 to 11:00 a.m. Presented by Chicago Department of Aviation – Concessions Department Are you interested in operating a restaurant or shop at O’Hare or Midway International Airports, but don’t know where to begin? Come and learn about the Request for Proposals (RFP) process, how to operate a business at the airports, and a summary of the Airport Concessions Disadvantaged Business Enterprise (ACDBE) program. 10/19  Compelling Communications – Master your Message 3:00 to 4:30 p.m. Presented by Mark DiGiacoma, Crossroads Leadership Development, LLC There is a positive correlation between business success and your ability to clearly communicate your ideas. Learn how to create messages with impact, whether you’re talking with one person or an auditorium. This hands on approach begins with learning how the brain processes information. By the end, each attendee will have a framework to quickly build a captivating, clear and compelling message for your audience. 10/21  What Do I Blog About? 9:30 to 11:00 a.m. Presented by Business Bragger, Inc. We’ve all heard about the blogging craze that took the internet by storm!  Is your company blogging?  Find out why you should be and how it can increase your SEO rankings as well as your interaction on social media platforms.  If you’ve got writers block, this interactive workshop will help you get past what to say and teach you how to say it online.  Learn the SEO tactics to incorporate in your company blogs as well as how to create topics that will make a lasting impression. 10/26  Leadership and Happiness 3:00 to 4:30 p.m. Presented by J.B. Brocato What is the key component of effective leadership?  Simple: Happiness.  Join J.B. Brocato, author of HAPPY IS COOL: HOW TO IGNITE THE TRUE HAPPINESS IN YOU, will present a fun, interactive workshop to provide tools to both company leaders and employees to increase personal and workplace happiness.  Based on J.B.’s H.O.I.S.T. model, attendees will learn a framework for happiness, practice optimism, apply happiness interventions, explore the concept of signature strengths, and discuss thoughts and behaviors that maximize happiness. 10/28 An Important Cash Flow Conversation – Understanding Working Capital 9:30 to 11:00 a.m. Presented by Craig Feldman, Managing Partner – Bloom Lending Let’s have a critical conversation about the importance of cash flow, learn the key indicators of why working capital is crucial in all areas of your business and discuss when short term debt is the best decision for you. Attending this workshop will provide you with the confidence to make the important decisions to manage your cash flow and to secure the best financing needed to achieve your goals. Click here to view full monthly calendar. All workshops are free and are located at the City of Chicago Department of Business Affairs & Consumer Protection – City Hall, 121 N. LaSalle St., Chicago, Room 805. Incentive to Complete the Small Business Start-Up Certificate Program New Incentive For Businesses That Complete Start-Up Certificate Program The City of Chicago’s Small Business Center (SBC) has partnered with The PrivateBank to make entrepreneurs who complete the city’s Business Start-Up Certificate Program eligible to apply for low-interest and no-fee loans through the bank’s Entrepreneurial Loan Program. Program participants who complete the curriculum will now qualify to apply for The PrivateBank Entrepreneurial Loan. This low-interest, no-fee loan can range from $1,000 to a maximum of $10,000 for new businesses and $25,000 for businesses with one-year of filed tax returns. All financing decisions are made by the bank. For more information go business workshops email BACPoutreach@CityofChicago.org or call 312.744.2086. The PrivateBank Entrepreneur Loan Program With Application Requirements 10/29 Free Small Business Expo

 

Washington, DC (BlackNews.com) — After Noemi Prado had devoted 29 years to working for Southwest Moulding in Grand Prairie, TX, the owners decided to close the business. But Ms. Prado gathered her retirement savings and other financing to purchase the company, a transaction that has sustained and created jobs for 40 people in her community.

A key aspect of the financing was a $825,000 loan that she received from the Valley Economic Development Corporations (VEDC), a non-profit organization that provides affordable business assistance services, direct financial assistance, and entrepreneurial training to minority businesses and entrepreneurs. If it wasn’t for VEDC, it wouldn’t have happened, Ms. Prado said, noting that it was difficult to obtain traditional bank financing.

Research by the Association for Enterprise Opportunity (AEO) shows that a large percentage of people want to be like Ms. Prado and run their own businesses. At the same time, however, many would-be entrepreneurs lack the access to mentors, capital and support networks that could help them get up and running.

That’s the problem our nation faces.

Small businesses are actually creating a higher percentage of new jobs than big companies, but entrepreneurs and small business owners struggle to get the access to capital and the knowledge, known as trusted guidance in the microbusiness industry, that they need to start or sustain their businesses. The reality is that significant barriers limit opportunities for business owners of color. They face discrimination in the banking world, have fewer wealth assets, and often lack the technical skills, like financial management, to make their dreams and aspirations come true.

Yet, there are new developments that are slowly changing the landscape for minority entrepreneurs and small business owners.

Perhaps the most powerful is the changing demographics of the country, which corporate and government leaders are starting to better understand. The nation is moving towards a majority-minority status. Already, the majority of children born in the country are children of color. Thus, its clear that the nation must become more inclusive with business opportunities or the pockets of poverty across the country will just grow larger. And, smart corporate leaders recognize that the growing communities of color are where future growth and expansions of their businesses should concentrate for sustained growth.

To-be-sure, part of the answer lies with Community Development Financial Institutions (CDFIs), which are getting more attention than ever before from both the public and private sectors. These mission-based organizations, which receive federal resources to invest in disadvantaged communities, are frequently where minority business owners turn when they need financing. But needless to say, the demand frequently outpaces their money supply.

One of the positives is the collaborations now taking place between major banking institutions and CDFIs and other organizations, such as VEDC.

For instance, this year JPMorgan Chase & Co. announced the Small Business Forward initiative, which will allocate $30 million over five years towards growing local, community-based small businesses. The program includes a combination of targeted lending to minority-owned businesses, new kinds of community development financing and technical assistance for entrepreneurs. Through this work, JPMorgan Chase is helping minority- and community-based small-business owners become engines of job growth and economic vitality in the neighborhoods they serve.

At a recent event in Washington, DC that AEO co-sponsored with JP Morgan Chase, Janis Bowdler, their Head of Community Development for Global Philanthropy, put the institutions thinking in perspective. As the economy recovers, much of the growth is often channeled toward reviving commercial corridors and downtowns in U.S. cities, she said. As a result, many disadvantaged neighborhoods, where low-income people live, are being left behind.

Working with JPMorgan Chase, VEDC has created a National African American Small Business Loan Fund that will boost economic opportunity for minority-owned businesses and help them serve low-income communities by providing them with greater access to capital, technical assistance and financial consulting. VEDC is a member AEO, which is a trade association for the microbusiness and microfinance industry.

A broad range of organizations are recognizing the power of inclusive entrepreneurism, which will help bring equity to communities and Main Streets across the nation. The National Coalition of 100 Black Women and New Economics for Women partnered with AEO and JPMorgan Chase to celebrate minority business owners at the event in Washington, DC during the annual meetings of the Black and Hispanic Caucuses. Speakers specifically noted that minority women often need assistance in starting and running businesses, but frequently are unaware of how to get that help.

Clearly, various partnerships and collaborations can help minorities overcome the barriers. Empowered mission-based community lenders are working with underserved entrepreneurs to help them build and sustain businesses that can fuel financial and social mobility, and create jobs that are boosting the economy — locally and nationally.

We must make supporting entrepreneurs and small businesses a national priority.

Connie Evans is president and CEO of Association for Enterprise Opportunity (AEO), the voice of microbusiness in the United States. For more details, viist www.microenterpriseworks.org

TV Producer Nely Gal and Super Model Beverly Johnson promote minority small businesses.

Photo Credit: Ashleigh A.M. Bing

 

By Connie Evans

Americas Wire Writers Group

WASHINGTON, D.C. –   After Noemi Prado devoted 29 years to working for Southwest Moulding in Grand Prairie, TX, the owners decided to close the business. But Ms. Prado gathered her retirement savings and other financing to purchase the company, a transaction that has sustained and created jobs for 40 people in her community.

A key aspect of the financing was a $825,000 loan that she received from the Valley Economic Development Corporation’s (VEDC), a non-profit organization that provides affordable business assistance services, direct financial assistance, and entrepreneurial training to minority businesses and entrepreneurs.  “If it wasn’t for VEDC, it wouldn’t have happened,” Ms. Prado said, noting that it was difficult to obtain traditional bank financing.

Data collected by the Association for Enterprise Opportunity (AEO) shows that a large percentage of people want to be like Ms. Prado and run their own businesses.  At the same time, however, many would-be entrepreneurs lack the access to mentors, capital and support networks that could help them get up and running.

That’s the problem our nation faces.

Small businesses are actually creating a higher percentage of new jobs than big companies, but entrepreneurs and small business owners struggle to get the access to capital and the knowledge, known as ‘trusted guidance’ in the microbusiness industry, that they need to start or sustain their businesses. The reality is that significant barriers limit opportunities for business owners of color.  They face discrimination in the banking world, have fewer wealth assets, and often lack the technical skills to make their dreams and aspirations come true.

Yet, there have been new developments that are slowly changing the landscape for minority entrepreneurs and small business owners.

Perhaps the most powerful is the changing demographics of the country, which corporate and government leaders are starting to better understand.  The nation is moving towards a majority-minority status. Already, the majority of children born in the country are children of color.  Thus, it’s clear that the nation must become more inclusive with business opportunities or the pockets of poverty across the country will just grow larger.  And, smart corporate leaders recognize that the growing communities of color are where future growth and expansions of their businesses should concentrate for sustained growth.

Certainly, part of the answer lies with Community Development Financial Institutions (CDFIs), which are getting more attention than ever before from both the public and private sectors. These mission-based organizations, which receive federal resources to invest in disadvantaged communities, are frequently where minority business owners turn when they need financing.  But needless to say, the demand frequently outpaces their money supply.

One of the positives is the collaborations now taking place between major banking institutions and CDFIs and other organizations, such as VEDC.

For instance, this year JPMorgan Chase & Co. announced a Small Business Forward initiative, which will allocate $30 million over five years towards growing local, community-based small businesses. The program includes a combination of targeted lending to minority-owned businesses, innovative community development financing and technical assistance for entrepreneurs.  Through this work, JPMorgan Chase is helping minority- and community-based small business owners become engines of job growth and economic vitality in the neighborhoods they serve.

At a recent event in Washington, DC that AEO co-sponsored with JP Morgan Chase, Janis Bowdler, their Head of Community Development for Global Philanthropy, put the institution’s thinking in perspective. “As the economy recovers, much of the growth is often channeled toward reviving commercial corridors and downtowns in U.S. cities,” she said. “As a result, many disadvantaged neighborhoods, where underserved people live, are being left behind.”

Working with JPMorgan Chase, VEDC has created a National African American Small Business Loan Fund that will boost economic opportunity for minority-owned businesses and help them serve low-wealth communities by providing them with greater access to capital, technical assistance and financial consulting.  VEDC is a member AEO, which is a trade association for the microbusiness industry.

A broad range of organizations are recognizing the power of “inclusive entrepreneurship,” which will help bring equity to communities and Main Streets across the nation.  The National Coalition of 100 Black Women and New Economics for Women partnered with AEO and JPMorgan Chase to celebrate minority business owners at the event in Washington, DC during the annual meetings of the Black and Hispanic Caucus Conventions.  Speakers specifically noted that minority women often need assistance in starting and running businesses, but frequently are unaware of how to get that help.

Clearly, various partnerships and collaborations can help minorities overcome the barriers. Empowered mission-based community lenders are working with underserved entrepreneurs to help them build and sustain businesses that can fuel financial and social mobility, and create jobs that are boosting the economy — locally and nationally.

We must make supporting entrepreneurs and small businesses a national priority.

Ms. Evans is president and CEO of Association for Enterprise Opportunity (AEO), the voice of microbusiness in the United States.

Photo Caption: TV Producer Nely Galán and Super Model Beverly Johnson promote minority small businesses. Photo Credit:  Ashleigh A.M. Bing

ThinkZILLA PR & Consulting Group Welcomes Churches, Luxury Brands and Major Organizations Seeking High Growth and Exposure Across Multiple Demographics. 

Atlanta, GA (BlackNews.com) — According to Velma Trayham, founder of ThinkZILLA PR & Consulting, many corporations and luxury brands are missing the mark when targeting a diverse demographic of consumers. The agency is currently partnering with brands seeking to tap into multicultural demographics’ growing buying power, and helping them to develop initiatives that not only resonate with urban audiences but also result in deeper loyalty and increased revenue.

ThinkZILLA is one of only a few public relations firms in the country to focus on aggressively targeting consumers by finding unique ways to approach, engage and interact and then create brand loyalty, said Velma Trayham, founder of ThinkZILLA Consulting. We turn challenges into exceedingly profitable results.

ThinkZILLA specializes in helping brands and organizations revamp their multicultural outreach strategies in order to build stronger relationships with African-Americans, who now represent more than $1.2 trillion in buying power. The agency leverages years of experience, relationships and expertise to help its clients secure strategic partnerships and key media placements, produce event series and launch social media campaigns that are in alignment with African-American consumers preferences and trends, and the issues most impacting their communities.

Recently, as the agency of record for The Bridge Summit: Connecting Law Enforcement to Community Engagement, ThinkZILLA helped police chiefs from across the U.S. and political leaders open a meaningful dialog with members of the Phoenix community as friction escalated following widely-reported police-involved shootings. The agency also helped raise the profile of the Checkered Flag Foundations My Brothers Keeper Sports Dialogue by attracting A-list partners and participants, including Boris Kodjoe and Mike Epps. Both initiatives helped the client achieve its outreach goals, and resulted in extensive media coverage.

ThinkZILLA works with clients across a variety of industries, including sports, education, entertainment, film, music and faith-based. Unlike other public relations agencies, ThinkZILLA offers branding services, helping clients to build their image and messaging prior to their launch. The agency also excels at digital marketing, and has garnered millions of impressions for clients due to its expansive social media following and presence.

To successfully execute a multicultural outreach initiative, its important to enlist the help of an agency with deep ties and connections to your target audience, said Trayham. Our team reflects the audience that our clients are targeting, and we are passionate about helping our clients create campaigns and strategies that speak to African-American consumers in a powerful way.

For more information about ThinkZILLA PR & Consulting or to schedule a consultation, visit www.itsthinkzilla.com, Email info@itsthinkzilla.com or call 888-509-1145

Photo: Velma Trayham, CEO of ThinkZILLA PR Group