Blogs

The U.S. Department of Labor (DOL) recently announced a new final rule, which revises and updates the Fair Labor Standards Act (FLSA). The final rule raises the minimum salary for most workers exempt from overtime pay, altering how and when businesses must compensate employees for working overtime.

To ensure entrepreneurs can take advantage of resources and funding available to them, we’ve compiled a list of new grant and loan programs available to small business owners during National Asian American & Pacific Islander Heritage Month in May and beyond. Discover these resources below.

With artificial intelligence (AI) rapidly evolving and taking the world by storm, small businesses need to stay ahead of the curve. For entrepreneurs, leveraging the nascent AI tools can help streamline their operations, improve efficiency, and stay competitive in the business landscape. This blog dives into 5 key AI tips and tricks that entrepreneurs can readily integrate into their business decision making.

February isn’t just about celebrating Black history–it’s about honoring the past, the present and investing in the future. Throughout this month, business and community organizations recognize the significant contributions of Black communities and their immense power in business. This is why we’ve compiled a select list of grant programs that small business owners can take advantage of during Black History Month and beyond.

Mentors can play a crucial role in the trajectory of a small business through guidance, support and encouragement. Mentors are often industry experts or business professionals who share their insights and knowledge of the industry to help entrepreneurs navigate the ever-changing challenges of business ownership to make more informed decisions.

Today, an estimated 13 million businesses are led by women entrepreneurs in the United States, accounting for about 43% of all businesses. Unlocking their earning potential through entrepreneurship is a great pathway to achieving gender parity and building economic independence and generational wealth. This is why nonprofit organizations and corporations are launching programs aimed at helping women entrepreneurs start and grow their businesses through access to capital, resources and online courses. Explore timely resources for women entrepreneurs below.

The Internal Revenue Service (IRS) has placed a moratorium on new Employee Retention Tax Credit applications through the end of the year. The halt to this program comes amid a surge in fraudulent claims and aggressive marketing practices to ineligible applicants. The agency is expected to put in place more safeguards for small business owners to protect them from unscrupulous entities. As part of the CARES Act, the ERC offers tax credits to encourage more businesses to retain employees during the pandemic, as a temporary measure. Learn more about the tax credit and its eligibility requirements. 

In 2022, Small Business Majority, in partnership with Support Latino Business and Modern Woodmen Fraternal Financial, awarded critical funding to three Latina business owners through their annual #SupportSmallBiz grant program. The grant program bridges the gap in small business funding for Hispanic and Latino businesses, which often face challenges and systemic barriers in getting the capital and resources they need to start, grow and expand their enterprises.

In the United States, nearly 1 in 4 new businesses is Hispanic- or Latino-owned. And while they make up almost 10% of all businesses in the country, these businesses also faced the brunt of revenue loss and business closures during the COVID-19 pandemic. Below you’ll find grant and loan programs that are working to increase access to capital for Latino and Hispanic businesses.