| State program helps small businesses expand, create jobs
A little-known state program is helping small businesses such as Huffman's Market cut their borrowing costs with the intention of creating and saving jobs. Ohio's Small Business Linked Deposit Program provides business owners a 3 percentage-point reduction for two years on the interest rate they pay on bank-issued loans up to $400,000. The state has about $500 million available in the program in a given month, said Amanda Hoyt, an investment coordinator with the Ohio treasurer's office. The program is helping Huffman's Market in Upper Arlington renovate. Owner Tim Huffman said he's planning to spend about $300,000 to remodel his store, including new fixtures, a freshened decor and expansion of the deli section. "We're limited in space, but we're expanding the selection by rearranging," Huffman said.
Courier News Online - Federal loans are available to businesses hurt by August storm
The U.S. Small Business Administration has announced that federal economic injury disaster loans are available to small businesses in several local counties as a result of hail and high winds on Aug. 17. Under the declaration, the agency's Economic Injury Disaster Loan program is available to farm-related and nonfarm-related small business concerns and small agricultural cooperatives that suffered financial losses because of the disaster. Farmers and ranchers cannot apply to the Small Business Administration.
Eligible small businesses in Hunterdon, Mercer, Morris, Somerset and Warren counties might qualify for loans of up to $1.5 million. The loans are available at a 4 percent interest rate with terms up to 30 years.
The agency determines program eligibility based on the size and type of business and its financial resources.
Intuit to Acquire Homestead Technologies
Intuit Inc. (Nasdaq:INTU) today announced it has signed a definitive agreement to purchase Homestead Technologies Inc., a leader in Web site and Web store solutions for small businesses. The cash transaction is valued at approximately $170 million, including the assumption of Homestead's outstanding options and restricted stock units. This transaction will enable Intuit to offer Web site creation and e-commerce solutions that help small businesses acquire and serve customers through the Internet, which are increasingly important factors to entrepreneurial success and business expansion. "This acquisition supports our growth strategy in small business by addressing an underserved need, and continues Intuit�s move beyond financial management solutions into helping small businesses solve other important problems,� said Brad Smith, senior vice president of Intuit�s small business group.
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