May 11, 2009

SBA LOAN ACTIVITY – The volume of new SBA-backed loans has risen more than 20 percent since mid-March, with more than $1.3 billion in new loans approved. The weekly average number of 7(a) loans approved has risen 28 percent, to $145.8 million in loans, January to mid-March. In the 504 loan program, which lends money for the purchase of real estate and equipment, the average weekly number of loans has increased by one-third. Refinancing at a lower rate may be a way for businesses to lower their financing costs.

MORTGAGE HELP – President Obama’s “Making Home Affordable” program could help as many as 9 million homeowners reduce their monthly mortgage payments. The program has two plans. The Home Affordable Refinance Plan is for eligible homeowners who are current on their mortgages but haven’t been able to refinance because their home has decreased in value. The Home Affordable Modification Plan is for homeowners struggling to make mortgage payments. Go to www.makinghomeaffordable.gov to learn more.

SKILLS TRAINING WORKSHOP MAY 20 – Daytona State College (DSC), the Volusia Manufacturers Association and the Florida Manufacturing Extension Partnership will be hosting a workshop for employers to improve their ability to train new workers, handle safety issues and obtaining consistent results from training. The workshop will be at DSC’s DeLand campus from 8 a.m. to noon, Wednesday, May 20. Reservations can be made by calling (386) 673-0505 or e-mailing jayne.fifer@VMAonline.com.

OCEAN DESIGN AWARDED TRAINING GRANT – Workforce Florida Inc. has awarded Ocean Design Inc. of Daytona Beach a training grant of $44,400 for training for 60 employees to learn lean manufacturing techniques. For information on training grants and whether your company may qualify, call Lori Stone Maushund, Center for Business Excellence, at (386) 323-7087.

NEW PASSPORT RULES – As of June 1, all Americans reentering the United States will need a single document that shows citizenship and identity. A passport, which costs $100 for adults, is valid for all types of travel. A $45 passport card is valid only for land or sea travel from Canada, Mexico, Bermuda and the Caribbean. To learn more, go to www.getyouhome.gov.

HEALTH INSURANCE RELIEF – Lost your job and health insurance and COBRA is too expensive? COBRA, the Consolidated Omnibus Budget Reconciliation Act of 1986, is a federal law that enables workers to temporarily continue group health insurance when you’ve lost your job, but it can be very costly. Under the new economic stimulus plan, if you lose your job between Sept. 1, 2008 and Dec. 31, 2009, you can keep your company health insurance by paying 35 percent of your COBRA premiums – the government will subsidize the remaining 65 percent for up to nine months. If that’s still too expensive, you may be eligible for the federal Medicaid program, or the State Children’s Health Insurance Program (SCHIP). For more information on COBRA, go to www.dol.gov/ebsa/COBRA.html.

NOW'S THE TIME TO SHOW APPRECIATION – Recognizing employee accomplishments is important, and in today’s economic climate, it is even more critical. Most of your staff members probably are fearful for their jobs or their families’ well-being. One way to overcome this fear is through a public show of appreciation. An award presented in a public setting says you have confidence in your employee and appreciate their commitment to the company. A message like that can trump fear and lack of salary increase, and is never a wasted effort.

NEWS ITEMS WANTED! – Please send your business news items to Dave Byron, Volusia County Community Information Director, 123 W. Indiana Ave., DeLand, 32720-4612, by fax at (386) 822-5072 or by e-mail at dbyron@co.volusia.fl.us.