SBA Launches Funding Competition to Boost Women Veteran Entrepreneurs
The U.S. Small Business Administration (SBA) has launched a funding competition, the Women Veteran Entrepreneurship Training Program (SB-OVWV-24-001), allocating $300,000 to up to six successful applicants. Managed by the SBA’s Office of Veterans Business Development, the initiative aims to empower women veterans in business ownership through specialized entrepreneurship training. The application window is open until March 21, 2024, providing non-profit organizations and private sector firms with an opportunity to secure funding. Acting Associate Administrator Timothy Green stressed the program’s importance in addressing the needs of over two million women veterans in the U.S. Organizations interested in funding must apply through grants.gov using the opportunity number SB-OVWV-24-001 by the March 21 deadline, reflecting the SBA’s commitment to supporting women veterans in entrepreneurship and promoting inclusive economic growth through diverse small businesses with military backgrounds.
Source: Small Business Trends
Crowe and Intuit’s Beacon Initiative for Underserved Businesses
Crowe LLP and Intuit Inc. have unveiled the Crowe Beacon small business advancement initiative in honor of Black History Month. This collaborative effort aims to source funding commitments from key financial institutions to assist Black, Indigenous, People of Color (BIPOC), women, and veteran-owned small businesses. The initiative offers 1,000 qualifying U.S. small businesses access to the QuickBooks financial technology platform, along with accounting and consulting services from Crowe, enhancing their financial maturity and capital readiness. Targeting BIPOC businesses with revenues below $5 million, the Crowe Beacon program provides traditional accounting and consulting services on an affordable managed service platform, empowering enterprises to evolve their financial and business planning capabilities. QuickBooks serves as the exclusive small business technology partner, offering a suite of tools and support to optimize financial management, transparency, and procurement readiness. The initiative aligns with Intuit’s mission to empower prosperity and supports underrepresented small businesses that contribute significantly to community vibrancy.
Source: PR Newswire
ADP Study Shows Drop in U.S. Work Hours, Rise in Part-Time Employment
The ADP Research Institute’s recent report highlights a nearly 2 percent decrease in the median number of hours worked by U.S. hourly employees from December 2019 to December 2023, attributing this decline to the pandemic’s impact on the labor market. Employers, keen on retaining labor, often opted to reduce hours rather than cutting headcount, while increased wages allowed some employees to work fewer hours for the same pay. The shift to part-time employment also became more pronounced, with part-time jobs accounting for 47 percent of all hourly jobs in December 2023. Smaller companies, particularly those with 20 to 49 employees, saw a more significant reduction in employee work hours compared to larger counterparts. ADP’s chief economist, Nela Richardson, notes that at smaller companies, employees’ preference for spending less time at work played a significant role in the decrease, as these companies have less ability to hoard talent. The data also reveals that women, younger workers, and higher-paid employees generally worked fewer hours, with women making up the majority of part-time hourly paid jobs, likely influenced by pandemic-affected sectors and increased childcare costs. Interestingly, despite the reduction in hours, productivity has shown positive growth over the last three quarters, reflecting a notable aspect of the changing work landscape.
Source: Inc
Gusto and Nav’s Strategic Partnership for Small Businesses
Nav, a leading financial health platform for small businesses, has announced a strategic partnership with Gusto, an integrated platform automating payroll, benefits, and HR processes for over 300,000 businesses nationwide. In an effort to address the financial challenges faced by small businesses, including cash flow unpredictability, the collaboration aims to provide solutions such as improved cash flow stability, access to available funding, and enhanced expense management. Through this partnership, Gusto customers will gain access to Nav’s extensive network of over 160 financing options, including loans, credit cards, banking services, and more. Additionally, businesses can leverage Nav’s financial health platform for insights into cash flow and credit, coupled with suggested financing options, empowering them to make informed financial decisions. This collaboration seeks to streamline the funding process for small businesses, offering transparency and control over capital management.
Source: PR Newswire
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