In this week’s small business news roundup, we’ll talk about small business lending through Bank of America and Wells Fargo, an effort to repeal the health insurance fee, the “Oprah Effect” on small businesses, and small business owners’ summer vacation plans. Let’s go!
- Bank of America Plans Small Business Banking Expansion: In anticipation of the “rebound of small business news following the recession,” Bank of America is planning to hire 1,000 small business bankers nationwide starting in the mid-Atlantic region. These bankers will cater to the needs of small business owners and assist them with their lending and financing needs.
- Wells Fargo Bankers Answer Criticism of Lending Practices: Speaking of small business lending, via The New York Times, Marc Bernstein and Douglas Case, the bank’s top executives for small business lending, respond to complaints about the bank’s practices. Wells Fargo is the largest lender to small businesses.
- Small Business, Trade Groups Push for Repeal of Health Insurance Fee: According to ABC News, a group of trade associations and small business groups are “opposing an annual fee that health insurance providers have to pay under the Affordable Care Act, starting in 2014.” They assert that the costs will be passed on to small businesses and, in turn, consumers.
- Oprah Winfrey Swansong Leaves Void for Small Businesses: This article talks about how many small businesses benefited from publicity through Oprah Winfrey’s talk show — and how that opportunity has now dried up with her show going off the air.
- Survey: Vacation Still Not a Priority for Small Business Owners: The American Express OPEN Small Business Vacation Monitor has found that “46 percent of the 501 small business owners surveyed said that they plan to take one full week of vacation this summer – a number which is actually up from the 40 percent who responded to last year’s poll, but still nowhere near the 67 percent recorded in 2006.” Are you taking a vacation this summer?
What’s new in your small business world this week?