Small Business Grants: Get Free Funding

Sneha Hull | September 5, 2021 | 145 views

Doesn't free money for small businesses sound wonderful? Thus, free money to small-medium enterprises (SMEs) is the core purpose of small business grants. As a small business owner, you are constantly looking for funding opportunities for small businesses to expand your enterprise. This requirement became even more desirable during the coronavirus pandemic.

The following are the top challenges facing small businesses:

  • Cash flow is limited or inconsistent
  • Lack of capital raising
  • No provision for unforeseen expenses
  • Inadequate tax compliance
  • Absence of a budget
  • Combining commercial and personal finances

“It’s almost always harder to raise capital than you thought it would be, and it always takes longer. So plan for that.” 
                                                             – Richard Harroch, Venture Capitalist and Author


How About We Figure Out What a Business Grant is?

A grant is a sum of money provided to a business for a particular purpose. There are several financing possibilities for small enterprises when applying for start-up business grants. You only need to know where to find it. Government (federal and state), charities, and private institutions all offer small business grants.

Unlike small business loans, small business grants do not need a repayment. In addition, unlike loans, you are not required to provide security, are not charged late fees or interest, and are not required to give away any ownership of your business. As a result, grants for small businesses are an appealing source of finance for businesses.
 

Small business grants are frequently awarded based on specific areas, industrial sectors, community groups, or types of enterprises. Grants come in various forms, including those granted by the government, those supplied by private firms, and those directed for specific groups such as women, veterans, or women. In addition, considering the current pandemic crisis, a new grant has been established to assist individuals negatively impacted by the coronavirus pandemic.

The federal government does not provide start-up business grants; instead, its grant programs are often directed toward non-profit organizations or other government agencies that face financing challenges.

COVID-19 Small Business Grants

Several types of COVID-19 small business grants are available to mitigate the loss caused by the coronavirus to small businesses. First, government grants for small businesses provide economic relief from the loss of revenue.

The United States Small Business Administration (SBA) administers federal small business funds for coronavirus recovery under the Economic Aid to Hard-Hit Small Businesses, Non-profit Organizations, and Venues Act.

Paycheck Protection Program (PPP):

Small Business Administration (SBA) provides financial help by introducing financial assistance programs like Paycheck Protection Program (PPP). However, Paycheck Protection Program (PPP) concluded on May 31, 2021. Even after the termination of the program, you can still qualify for loan forgiveness. This program was a significant part of COVID-19 small business grants. As of May 10, 2021, the SBA has authorized $782 billion in PPP loans.

To qualify for loan grants, you must establish the following:
  • Maintaining employee and pay levels
  • The revenues of the loan are used to cover payroll costs and other allowable expenses
  • At least 60% of the earnings are used to cover payroll expenditures

COVID-19 Targeted Economic Injury Disaster Loan (EIDL)

The Federal government recognized the coronavirus's impact and introduced many COVID-19 small business grants, and Targeted EIDL was one of the leading financial assistance programs offered.

The SBA makes targeted economic injury disaster funding available to small companies in low-income regions that have suffered revenue loss due to the coronavirus pandemic. This is more of a donation than a loan, as it is not returnable.

The targeted EIDL offers up to $10,000 in advance if your firm is:
  • Located in a low-income neighborhood
  •  Has sustained a higher than 30% economic loss
  •  Employ no more than 300 people

Due to COVID-19, small business owners and qualified agricultural companies in all 50 states and territories of the United States are presently eligible to apply for a low-interest loan.

Shuttered Venues Grant

As of August 2021, the Shutter Venues Grant program is ended. However, later that month, the Small Business Administration (SBA) planned to establish a supplemental Shuttered Venue Operators Grant (SVOG) application for 50% of the initial amount, up to a maximum of $10 million.

The Economic Aid to Hard-Hit Small Businesses, Non-profits, and Venues Act established the Shuttered Venue Operators Grant (SVOG) program, modified by the American Rescue Plan Act. The initiative, managed by the SBA's Office of Disaster Assistance, would provide over $16 billion in subsidies to closed venues.

Eligible candidates may receive up to 45% of their gross earned revenue in the form of a grant. The maximum grant is ten million dollars.

Restaurant Revitalization Fund (RRF)

The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide emergency assistance for eligible restaurants, bars, and other eligible businesses impacted by the pandemic.

This program compensates restaurants for income losses caused by the pandemic, up to a maximum of $10 million per firm and no more than $5 million per physical location.

As of now, RRF is closed for new applications.

Government Grants for Small Business

Numerous government grants for small businesses have been made available for free by the federal, state, and municipal governments. However, accepting free government money entails a considerable bit of paperwork and is time-consuming and technical at the same time.

Federal Government Grants for Small Business

The federal government offers many other additional grants for small businesses along with COVID-19 assistance. Federal government grants for small businesses are generally available to firms engaged in research, technology, or health.

The government agencies that support small company grants are the SBA, the National Institutes of Health (NIH), and the Department of Agriculture.

Let us find out which are the most competitive government grants for small businesses.
  • Small Business Innovation Research Program (SBIR)
  • Small Business Technology Transfer Program (STTR)
  • U.S. Small Business Administration State Trade Expansion Program (STEP)
  • NIH Grants
  • U.S. Department of Energy (DOE) and Environmental Protection Agency (EPA)
  • U.S. Department of Agriculture (USDA)

State Government Grants for Small Business

State offers government incentives to a small business that address the state's social or economic issues. However, due to the minor application set for state funds, competition may be less severe and easily accessible.

Federal agencies occasionally award grants to state governments, which then distribute the monies.

Below is few resources body that offers funding opportunities for small businesses:
  • U.S. Economic Development Administration
  • State Business Incentives Database
  •  Small Business Development Centers (SBDCs)

 Private Small Business Grants

While government grants are beneficial to small companies, the financing levels are insufficient. Occasionally, private corporations and charities step forward and provide small business grants. On the other hand, private business grants need separate applications and may have eligibility limits confined to specific industries.

Numerous corporate-sponsored small business grants require applicants to compete in pitch competitions or something comparable. Unfortunately, few major private corporations provide substantial financial incentives to small businesses for joining (and winning) contests or pitch competitions. However, even if you do not win, you may receive a runner-up reward or exposure for your business.

Below are few private small business grants available
  • FedEx Small Business Grant Contest
  • National Association of the Self-Employed (NASE)
  • Visa Everywhere Initiative
  • Wells Fargo Community Investment
  •  Nav's Quarterly $10,000 Business Grant
  •  Patagonia Corporate Grant Program

Start-Up Business Grants

A start-up business grant is money provided by the government or another entity to assist small businesses and organizations in establishing and developing their businesses. Initially, small business grants are often not accessible to launch a firm; nevertheless, they are available for specific businesses and owners.
 

The following is a list of different sorts of businesses eligible for start-up small business grants:
  •  Innovators
  • Rural Businesses
  • Green businesses
  •  Women, veteran, or minority-owned businesses
  • Non-profit organizations

Here is an example of small business start-up grants
  • 4.0 Schools fellowships
  •  Jack Daniel's pitch distilled

Final Thought

As the information above indicates, there are several small business grants available. However, applying for grants is time intensive and may result in your firm not receiving the money needed. Finally, explore the small business grant, whichyour business is eligible for.
If small business grants are not a possibility for you, several alternative funding choices are available that fit your budget.

FAQs:

What can a small business grant be used for?

Small business grants are used for a variety of purposes: to establish a business, to stimulate minority entrepreneurship, to support research and development in a particular industry, to bring innovation, and to assist businesses in the domains of science, technology, and health, the list goes on.

How can I get a grant to start a small business?

There are several websites and organizations where you may obtain small company grants, including the following:
  • SBIR.gov
  •  USDA Rural Business Development Grants
  • Small Business Development Centres
  • Grants.gov
  •  National Association for the Self-Employed (NASE)
  •  FedEx Small Business Grant Contest

What distinguishes grants from small business loans?

The primary distinction between small business grants and small business loans is that grants are not returned (with certain circumstances), but loans need to be paid back. In addition, grants are generally reserved for small firms, requiring more time to process and receive the funds.

Spotlight

CarData Consultants

Vehicle reimbursement plans for mid-size coompanies to Fortune 500 corporations. Technology focussed CarData featuring Smart DataBases, cloud computing, and SaaS; and built on Client Service first model. The CarData plans are non-taxable, geographically sensitive, and offer savings for companies moving from company cars, cents per mile, or flat taxable plans. Plans offer outsourced or in-house administration tailored to each business's needs. Services nclude financial - direct deposit; risk reduction - insurance docs; safety - distracted driving; GPS mileage tracking as well as a host of management tools for reducing costs, and ensuring HR Policy and IRS compliance.

OTHER ARTICLES
TECHNOLOGY,SMALL BUSINESS ADVICE

Emergence of 5G Presents a World of Opportunity to Small Businesses

Article | July 20, 2022

Together with 'artificial intelligence' (AI) and 'machine learning,' 5G has emerged as a hot topic in the tech industry over the last couple of years. There's a lot of buzz about the next generation mobile network's technological capabilities, and for good reason: faster, more consistent, and higher bandwidth mobile connectivity can open up new levels of productivity, versatility, and opportunity for small businesses. Benefits Motivating Small Businesses to Invest in 5G The world may be in for a devastating recession as a result of the war's impact and the emergence of new waves of coronavirus pandemic. This is encouraging enterprises to prioritize digital transformation. Digital innovation helps to develop tools and strategies that businesses can use to overcome challenges and solve complex problems. Improved hardware and smarter software enable data collection and analysis for scalability.With its promising strength of connectivity, exceptional frequency of data transfers, and high-speed, 5G technology can foster digital innovation, especially among small and medium-sized businesses (SMBs), allowing a wide range of highly skilled workers to work from any location or workplace. Here are some major benefits, encouraging SMBs to invest in 5G, as follows: Provide businesses with increased operational flexibility. Increasing the sales channel's productivity. Creates an intuitive supply chain. Facilitate access to cutting-edge technologies such as augmented and virtual reality (AR and VR). Improves workforce functionality and safety by lowering latency. Enhances the customer experience. A Plethora of Opportunities for Small Businesses With a projected annual growth rate of around 97 percent and 40 percent of the population around the world using internet of things (IoT) apps on a 5G network, the new digital technology has the potential to create an incremental opportunity of around $251 trillion by 2025. A large number of businesses, irrespective of size or industry, are considering preparing themselves for the deployment of advanced 5G technology to benefit them and their customers. In addition, the deepening trend of digital transformation and the incorporation of cloud technologies are presenting a wide range of opportunities for businesses to scale up their connectivity, reach, and productivity.

Read More
SMALL BUSINESS ADVICE

Cyberattacks: Surfacing Threat to Small Businesses

Article | September 23, 2022

The internet has transformed into a modern-day silk road that supports almost all aspects of modern life. Growing penetration of the internet has made it possible for businesses of all sizes to reach all parts of the sector and access previously inaccessible areas, increasing productivity via the use of digital tools. Any business strategy that involves using computers online, even if only for an email and a website, needs to include cybersecurity measures. The theft of data and digital information is now more common than other types of theft and is becoming one of the most commonly reported types of fraud. Impact of Cyberattacks on Small and Medium-Sized Businesses Cybersecurity is emerging as one of the most serious economic and security challenges for businesses all around the world. It is not just a threat to big businesses, multinational corporations, and governments, but they are a major problem for small businesses too. According to a recent study, nearly 22% of small businesses have been the targets of cyberattacks. Also, around 46% of the security breaches were reported across small and midsize businesses in 2021. A cyberattack can have a devastating impact on enterprises, especially on small businesses. In fact, about 60 percent of small enterprises that are attacked and experience a breach shut their business within six months. Not just this, there are more detrimental repercussions that businesses can encounter, including the following: Financial losses due to business disruption Financial losses brought on by the theft of financial data High costs to remove threats from the network Reputational harm following disclosure of data breach to customers Demand for Cybersecurity Making SMBs Hotspot for Investment The need for effective cybersecurity measures increases in lockstep with the increasing number of organizations expanding their operations online. In addition, the rising incidence of security breaches, data theft, and others in small and medium-sized businesses (SMBs) is mandating these enterprises to adopt security solutions such as data backup solutions, encryption software, and password-security software, making them the center point for investment. Attributed to this, the prominent providers of cybersecurity solutions are focusing on coming up with advanced security software specially designed for SMBs.

Read More
TECHNOLOGY,SMALL BUSINESS ADVICE

HR Trends in Small Businesses 2022: Embracing the New Normal

Article | June 30, 2022

The global workforce is coping with the new normal that includes — remote or hybrid work, new laws and regulations regarding the COVID-19 pandemic, and increased interest in employee health and wellness programs. The HR departments of small businesses are adapting to these changes. So, let us take a quick look at what to expect in 2022: Priority: Diversity and Inclusion Small business HR departments will prioritize diversity and inclusion in the workplace for talent acquisition, employee engagement, and retention Advancement: Automated HR Processes HR will use technology to streamline onboarding and recruiting processes in 2022 Environment: Remote Work The possibility of long-term remote work with technology and new policies is on the horizon Interaction: Virtual Employee Engagement SMBs must work towards engaging their employees through virtual meetings, employee surveys, and clear communication Support: Employee Health and Wellbeing Small business leaders should step-up to support their employees’ well-being through a healthy and flexible work environment Enhancement: Improved Employee Benefits The focus will be on increasing healthcare benefits, flexible work arrangements, and health wellness programs New Leave Policies: Paid Sick Leave Small business HRs need to be aware of new paid sick leave policies and accommodations to help employees cope with the pandemic Health Advisory: COVID-19 Vaccination for Employees Small businesses need to take proper precautions if mandating a compulsory COVID-19 vaccination policy Compliance: Burdened HR Departments Modified employee labor laws will require HR departments to modify their HR strategies frequently Drug-testing Laws: Impact on Drug-free Work Policies Medical marijuana usage policies differ across states, so HR departments will need to remain up-to-speed with them A Productive 2022 for Small Businesses Small businesses’ HR departments are working to retain, engage, and safeguard employees to lead their companies towards a productive 2022. However, they need to be diligently compliant and offer lucrative benefits to employees to sustain and grow their business.

Read More
TECHNOLOGY,SMALL BUSINESS ADVICE

Reasons Why Small Businesses Need CRM?

Article | June 30, 2022

CRMs, as highly customizable software, can be tailored to any small business. From an e-commerce business to an educational service to a logistics firm, every industry benefits from CRM integration to manage, organize, automate, and grow revenue and operations. The CRM industry has grown by 600% since 2010. It is expected to generate $80 billion in revenue by 2025. 6 Reasons Every Small Business Needs CRM It aids in the collection and organization of customer data:CRM solutions enable cleaner customer data. Data mining and enrichment are automated and standardized to ensure that nothing is overlooked. Data duplication is impossible with advanced duplicate prevention features. Advanced Database Segmentation Enables Personalized Communication with Leads:Personalization is expected by 63 % as a standard of service, and they believe they are recognized as individuals when they receive special offers. A CRM solution enables you to effectively personalize your communication with leads. Most small business CRM systems include advanced segmentation filters and tags that allow you to divide your audience into smaller groups based on a variety of criteria. Beneficial to run well-managed email campaigns: Email marketing can generate a 44.4 % ROI, generating $44 in revenue for every $1 spent. According to Hubspot, 93 % of B2B marketers use email to share content, and 59% say email is their top ROI driver. Email marketing is extremely cost-effective and scalable and generates considerably higher quality leads for your small business. Enables you to keep track of the sales process: The CRM system visualizes your sales process, highlighting the points where leads frequently abandon ship. This allows you to quickly identify threats and opportunities, as well as weaknesses and strengths. Avoids missed lead opportunities:CRM systems make sure that small businesses never miss a lead. Even if the sales rep goes on a different route, the lead will still get recorded with efficiency. Increases Sales Performance: Businesses that have integrated CRM into their operations report a 34% increase in sales productivity. CRM automatically populates customer profiles with data, schedules mailouts, and relieves you of the responsibility of monitoring your inbox. It keeps track of your agenda and keeps an eye on your calendar. In a nutshell, CRM frees up your time for more important tasks such as understanding your customers' needs or selling. For effective expansion of business and increasing sales, small businesses-integrating CRM software will serve with endless benefits.

Read More

Spotlight

CarData Consultants

Vehicle reimbursement plans for mid-size coompanies to Fortune 500 corporations. Technology focussed CarData featuring Smart DataBases, cloud computing, and SaaS; and built on Client Service first model. The CarData plans are non-taxable, geographically sensitive, and offer savings for companies moving from company cars, cents per mile, or flat taxable plans. Plans offer outsourced or in-house administration tailored to each business's needs. Services nclude financial - direct deposit; risk reduction - insurance docs; safety - distracted driving; GPS mileage tracking as well as a host of management tools for reducing costs, and ensuring HR Policy and IRS compliance.

Related News

SMALL BUSINESS ADVICE

Equitable Launches New Turnkey 401(k) Program for Small Businesses

Equitable | September 26, 2022

Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc., today announced the launch of a new 401(k) program for small businesses, including those with startup plans and plans with account values up to $500kThe new program, Retirement Gateway for Small Business, will serve a growing need in the underserved micro 401(k) market to create a simplified onboarding and administrative experience for plan sponsors and financial advisors from initial consultation to implementation. We anticipate the enhanced tax credits for small businesses establishing retirement plans included in the SECURE Act 2.0 proposal will help grow the micro 401(k) market over time,” said Keith Namiot, Chief Operating Officer of Group Retirement at Equitable. “We have aligned our new program with where the market is expected to grow, and we are excited to help plan sponsors and advisors overcome the administrative barriers associated with setting up 401(k) plans a hurdle that has historically deterred many small businesses from offering them. Retirement Gateway for Small Business is poised to capitalize on other proposed provisions of SECURE 2.0, like the automatic enrollment requirement for new plans created by businesses with 10 or more employees. The growth of state-mandated retirement plans is also driving the demand for this type of program. All new Equitable 401(k) clients with plan account values of up to $500k have access to Retirement Gateway for Small Business. The program offers packages of services—some of which are made available through partnerships with unaffiliated third-party providers—to help ease demands on plan administrators and improve participant outcomes. They include: 3(16) Administrative Fiduciary: Significantly relieves the fiduciary burdens of running a 401(k) for plan administrators. 3(38) Investment Fiduciary: Provides professional assistance with investment management tasks. Automatic Enrollment: Reduces the amount of time employees spend on the enrollment process, which can lead to greater participation and increased savings rates. Stadion Managed Accounts as the QDIA: Reduces the complexity of selecting investments by automatically investing participants in a personalized portfolio. 360 Payroll Integration: Reduces the amount of time and effort spent managing census and payroll files. “Small business owners are focused on operating their organizations. That’s why it’s important to take the guess work out of choosing the right retirement plan design that can help them achieve the best participant outcomes,Predefined packages help advisors reduce the administrative burden and time spent selecting a plan, point their clients to the right amount of fiduciary coverage based on their specific needs, and streamline the overall onboarding process.” Jay Zickerman, head of Product Innovation and Implementation for Equitable’s Group Retirement business Another goal of the program is to help cut the time spent on getting plans up and running by quickly connecting advisors to a third-party administrator (TPA), who can assist with plan design, implementation and ongoing administration. Compass Retirement Consulting Group, Inc., a retirement plan consulting firm, will serve as the plan’s TPA and 3(16) administrative fiduciary for the Retirement Gateway for Small Business program. Equitable’s Group Retirement business offers tax-deferred investment and retirement solutions for employer-sponsored plans and consists of small-to-medium size businesses, educators and other public sector employees. The business serves more than 1 million clients with $45 billion in account value and assets under administration as of 6/30/2022. About Equitable Equitable, a principal franchise of Equitable Holdings, Inc. (NYSE: EQH) has been one of America’s leading financial services providers since 1859. With the mission to help clients secure their financial well-being, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. Equitable has more than 8,000 employees and Equitable Advisors financial professionals and serves 2.8 million clients across the country. A Retirement Gateway® annuity contract or any state variation thereof is a group flexible premium combination fixed and variable deferred annuity issued by Equitable Financial Life Insurance Company (Equitable Financial), NY, NY. Co-distributed by affiliates Equitable Advisors, LLC (member FINRA, SIPC) (Equitable Financial Advisors in MI & TN) and Equitable Distributors, LLC. Equitable Financial, Equitable Advisors and Equitable Distributors do not provide legal or tax advice and are not affiliated with Stadion or Compass Retirement Consulting Group, Inc. Guarantees are based on the claims-paying ability of Equitable Financial Life Insurance Company.

Read More

SMALL BUSINESS ADVICE

Capital on Tap Virtual Cards Release to Provide Instant Access to Small Business Funding

Capital on Tap | September 28, 2022

Capital on Tap, a global FinTech providing access to an all-in-one small business credit card and spend management platform, introduced virtual cards as part of their mission to help small business owners run their businesses faster, simpler, and more efficiently.The virtual cards will be available immediately for the majority of approved applicants. Most applicants receive a credit decision within 24 hours, meaning approved cardholders will be able to make purchases on their Capital on Tap Business Credit Cards, issued by WebBank, within just one day of submitting their application. "For busy small business owners, the virtual card is a true game changer,David Luck,Having immediate access to funds is critical for success in this challenging business climate that often requires quick decisions and multiple strategic pivots." Co-Founder and CEO of Capital on Tap Virtual cards can be added to Google and Apple Pay accounts so cardholders can immediately make purchases in person or online. Small businesses also benefit from an added layer of security with virtual cards. Cardholders can replace them in real time, so if the account information is compromised or even if a cardholder makes a purchase from a vendor, they just don't feel completely confident in they have the option to void that card for all future purchases and instantly generate a new one. With no lag time between the cancellation of the card and the receipt of the new one, cardholders will never be without access to funds. Of course, all security features of the physical Capital on Tap Business Credit Card also apply to virtual cards. Account holders can also set spend limits on their virtual cards. This is useful for business owners who want to issue a virtual card for single use, such as travel or a large purchase. While account holders are currently limited to one virtual card per account, the option to generate multiple cards simultaneously will be available later this year, allowing cardholders to issue virtual cards to individual employees, and even designate separate virtual cards for different categories of business spend. About Capital on Tap Capital on Tap makes it easy for small businesses to manage their business spending, access funding, and earn best-in-class rewards. More than 200,000 small businesses have spent $5 billion on their Capital on Tap Business Credit Cards across the US and UK.

Read More

FINANCE, SMALL BUSINESS ADVICE

Deltek Announces Newest Program - Deltek Pro™ Bookkeepers - To Help Small Businesses Find Bookkeeping Professionals with Industry and Deltek Solution

Deltek | September 23, 2022

Deltek, the leading global provider of software and solutions for project-based businesses, has introduced a new partner program – Deltek Pro Bookkeepers – designed to make it easier for small businesses to find trusted accounting professionals experienced in their firm's needs, who also have expert knowledge of Deltek solutions. Initially launched for small government contractors, Deltek Pro Bookkeepers helps businesses maximize the value of Deltek Costpoint by managing back-office operations faster, more accurately, more cost effectively and within compliance.Deltek identified the additional challenges and needs of its small business customers – unlike midsized and large enterprises, a small business's accounting is typically managed by a small staff with limited resources. The Deltek Pro Bookkeepers partner program helps solve that issue by connecting Deltek Costpoint customers with expert bookkeepers in their industry. "When a smaller firm is ready to graduate from QuickBooks® or similar generic accounting systems to a purpose-built ERP solution like Deltek, the firm may need support running their back-office functions. With Deltek Pro Bookkeepers, Deltek is helping small businesses connect the advisors that know our solutions the best, so customers will get experienced support from experts in their industry who are also experts in their ERP and accounting solutions. Firms will not only accelerate the time to value with their Deltek solution, but also meet their business goals faster,Deltek Pro Bookkeepers will be a game changer for small businesses using Costpoint." Pete Mann, SVP of Corporate Development & Product Alliances at Deltek Deltek Pro Bookkeepers are trained professionals that not only understand Deltek solutions, but also understand small businesses and meeting the needs of the government contracting industry. Deltek Partners Premier Consulting & Integration (PCI), Redstone Government Consulting and CRI are currently participating in the Deltek Pro Bookkeepers program, with additional Deltek Pros anticipated to join in the coming months and years. Firms that take advantage of the services offered through Deltek Pro Bookkeepers will get access to services including journal entry, time & expense processing, accounts payable, month-end close, reporting, and more. While Deltek Pro Bookkeepers has launched for Costpoint customers, more Deltek Pros™ services for other Deltek solutions are planned to launch in 2023. About Deltek Better software means better projects. Deltek is the leading global provider of enterprise software and information solutions for project-based businesses. More than 30,000 organizations and millions of users in over 80 countries around the world rely on Deltek for superior levels of project intelligence, management, and collaboration. Our industry-focused expertise powers project success by helping firms achieve performance that maximizes productivity and revenue

Read More

SMALL BUSINESS ADVICE

Equitable Launches New Turnkey 401(k) Program for Small Businesses

Equitable | September 26, 2022

Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc., today announced the launch of a new 401(k) program for small businesses, including those with startup plans and plans with account values up to $500kThe new program, Retirement Gateway for Small Business, will serve a growing need in the underserved micro 401(k) market to create a simplified onboarding and administrative experience for plan sponsors and financial advisors from initial consultation to implementation. We anticipate the enhanced tax credits for small businesses establishing retirement plans included in the SECURE Act 2.0 proposal will help grow the micro 401(k) market over time,” said Keith Namiot, Chief Operating Officer of Group Retirement at Equitable. “We have aligned our new program with where the market is expected to grow, and we are excited to help plan sponsors and advisors overcome the administrative barriers associated with setting up 401(k) plans a hurdle that has historically deterred many small businesses from offering them. Retirement Gateway for Small Business is poised to capitalize on other proposed provisions of SECURE 2.0, like the automatic enrollment requirement for new plans created by businesses with 10 or more employees. The growth of state-mandated retirement plans is also driving the demand for this type of program. All new Equitable 401(k) clients with plan account values of up to $500k have access to Retirement Gateway for Small Business. The program offers packages of services—some of which are made available through partnerships with unaffiliated third-party providers—to help ease demands on plan administrators and improve participant outcomes. They include: 3(16) Administrative Fiduciary: Significantly relieves the fiduciary burdens of running a 401(k) for plan administrators. 3(38) Investment Fiduciary: Provides professional assistance with investment management tasks. Automatic Enrollment: Reduces the amount of time employees spend on the enrollment process, which can lead to greater participation and increased savings rates. Stadion Managed Accounts as the QDIA: Reduces the complexity of selecting investments by automatically investing participants in a personalized portfolio. 360 Payroll Integration: Reduces the amount of time and effort spent managing census and payroll files. “Small business owners are focused on operating their organizations. That’s why it’s important to take the guess work out of choosing the right retirement plan design that can help them achieve the best participant outcomes,Predefined packages help advisors reduce the administrative burden and time spent selecting a plan, point their clients to the right amount of fiduciary coverage based on their specific needs, and streamline the overall onboarding process.” Jay Zickerman, head of Product Innovation and Implementation for Equitable’s Group Retirement business Another goal of the program is to help cut the time spent on getting plans up and running by quickly connecting advisors to a third-party administrator (TPA), who can assist with plan design, implementation and ongoing administration. Compass Retirement Consulting Group, Inc., a retirement plan consulting firm, will serve as the plan’s TPA and 3(16) administrative fiduciary for the Retirement Gateway for Small Business program. Equitable’s Group Retirement business offers tax-deferred investment and retirement solutions for employer-sponsored plans and consists of small-to-medium size businesses, educators and other public sector employees. The business serves more than 1 million clients with $45 billion in account value and assets under administration as of 6/30/2022. About Equitable Equitable, a principal franchise of Equitable Holdings, Inc. (NYSE: EQH) has been one of America’s leading financial services providers since 1859. With the mission to help clients secure their financial well-being, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. Equitable has more than 8,000 employees and Equitable Advisors financial professionals and serves 2.8 million clients across the country. A Retirement Gateway® annuity contract or any state variation thereof is a group flexible premium combination fixed and variable deferred annuity issued by Equitable Financial Life Insurance Company (Equitable Financial), NY, NY. Co-distributed by affiliates Equitable Advisors, LLC (member FINRA, SIPC) (Equitable Financial Advisors in MI & TN) and Equitable Distributors, LLC. Equitable Financial, Equitable Advisors and Equitable Distributors do not provide legal or tax advice and are not affiliated with Stadion or Compass Retirement Consulting Group, Inc. Guarantees are based on the claims-paying ability of Equitable Financial Life Insurance Company.

Read More

SMALL BUSINESS ADVICE

Capital on Tap Virtual Cards Release to Provide Instant Access to Small Business Funding

Capital on Tap | September 28, 2022

Capital on Tap, a global FinTech providing access to an all-in-one small business credit card and spend management platform, introduced virtual cards as part of their mission to help small business owners run their businesses faster, simpler, and more efficiently.The virtual cards will be available immediately for the majority of approved applicants. Most applicants receive a credit decision within 24 hours, meaning approved cardholders will be able to make purchases on their Capital on Tap Business Credit Cards, issued by WebBank, within just one day of submitting their application. "For busy small business owners, the virtual card is a true game changer,David Luck,Having immediate access to funds is critical for success in this challenging business climate that often requires quick decisions and multiple strategic pivots." Co-Founder and CEO of Capital on Tap Virtual cards can be added to Google and Apple Pay accounts so cardholders can immediately make purchases in person or online. Small businesses also benefit from an added layer of security with virtual cards. Cardholders can replace them in real time, so if the account information is compromised or even if a cardholder makes a purchase from a vendor, they just don't feel completely confident in they have the option to void that card for all future purchases and instantly generate a new one. With no lag time between the cancellation of the card and the receipt of the new one, cardholders will never be without access to funds. Of course, all security features of the physical Capital on Tap Business Credit Card also apply to virtual cards. Account holders can also set spend limits on their virtual cards. This is useful for business owners who want to issue a virtual card for single use, such as travel or a large purchase. While account holders are currently limited to one virtual card per account, the option to generate multiple cards simultaneously will be available later this year, allowing cardholders to issue virtual cards to individual employees, and even designate separate virtual cards for different categories of business spend. About Capital on Tap Capital on Tap makes it easy for small businesses to manage their business spending, access funding, and earn best-in-class rewards. More than 200,000 small businesses have spent $5 billion on their Capital on Tap Business Credit Cards across the US and UK.

Read More

FINANCE, SMALL BUSINESS ADVICE

Deltek Announces Newest Program - Deltek Pro™ Bookkeepers - To Help Small Businesses Find Bookkeeping Professionals with Industry and Deltek Solution

Deltek | September 23, 2022

Deltek, the leading global provider of software and solutions for project-based businesses, has introduced a new partner program – Deltek Pro Bookkeepers – designed to make it easier for small businesses to find trusted accounting professionals experienced in their firm's needs, who also have expert knowledge of Deltek solutions. Initially launched for small government contractors, Deltek Pro Bookkeepers helps businesses maximize the value of Deltek Costpoint by managing back-office operations faster, more accurately, more cost effectively and within compliance.Deltek identified the additional challenges and needs of its small business customers – unlike midsized and large enterprises, a small business's accounting is typically managed by a small staff with limited resources. The Deltek Pro Bookkeepers partner program helps solve that issue by connecting Deltek Costpoint customers with expert bookkeepers in their industry. "When a smaller firm is ready to graduate from QuickBooks® or similar generic accounting systems to a purpose-built ERP solution like Deltek, the firm may need support running their back-office functions. With Deltek Pro Bookkeepers, Deltek is helping small businesses connect the advisors that know our solutions the best, so customers will get experienced support from experts in their industry who are also experts in their ERP and accounting solutions. Firms will not only accelerate the time to value with their Deltek solution, but also meet their business goals faster,Deltek Pro Bookkeepers will be a game changer for small businesses using Costpoint." Pete Mann, SVP of Corporate Development & Product Alliances at Deltek Deltek Pro Bookkeepers are trained professionals that not only understand Deltek solutions, but also understand small businesses and meeting the needs of the government contracting industry. Deltek Partners Premier Consulting & Integration (PCI), Redstone Government Consulting and CRI are currently participating in the Deltek Pro Bookkeepers program, with additional Deltek Pros anticipated to join in the coming months and years. Firms that take advantage of the services offered through Deltek Pro Bookkeepers will get access to services including journal entry, time & expense processing, accounts payable, month-end close, reporting, and more. While Deltek Pro Bookkeepers has launched for Costpoint customers, more Deltek Pros™ services for other Deltek solutions are planned to launch in 2023. About Deltek Better software means better projects. Deltek is the leading global provider of enterprise software and information solutions for project-based businesses. More than 30,000 organizations and millions of users in over 80 countries around the world rely on Deltek for superior levels of project intelligence, management, and collaboration. Our industry-focused expertise powers project success by helping firms achieve performance that maximizes productivity and revenue

Read More

Events