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Healthcare: Who Win’s? Who Loses

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Business (31)

27-Year Old Black Entrepreneur Raises $7.2 Million in Just 3 Days

 

Atlanta-based Patientory, the company behind an advanced healthcare app, has raised $7.2 million in a very successful online Blockchain token sale (not via Kickstarter, as previously reported). The block-chain startup, founded by CEO and Black entrepreneur, 27-year-old Chrissa McFarlane, enables the connecting of digital medical records without compromising privacy.

Crowdfunding is real

Chrisa was able to raise that much funding in just about 3 days by launching an Initial Coin Offering (ICO) that drew 1,728 investors. She saw a real need for an application that would store private medical data in a secure area where it could not be hacked. Not only that, but the app can also store a patient’s entire health history and determine who can have access to it.

Exactly what the healthcare industry needs

Chrissa explains that the app uses what is called blockchain technology where patient information is coordinated through a Blockchain health information exchange. Patientory encrypts medical patient information in hospitals and insurance companies so that the data is distributed in an un-hackable environment.

Chrissa's new company offers a unique solution to connecting digital medical records without compromising privacy, which is one of the biggest issues in healthcare today. According to Huffington Post, Patientory is one of the leading exponents of blockchain in healthcare.at exactly is a Blockchain startup?

 

Blockchain start-ups and projects raise capital by creating their own tokens or digital currencies, and selling them to the public through ICOs. Other projects like Aragon, a management tool that creates software to manage companies, raised $25 million in less than 15 minutes.

For more details about Chrissa's company, Patientory, visit www.patientory.com

 

For more details about Blockchain, visit www.blockchain.com

 

 

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Free Small Business Tax Seminar and Resource Expo Comes to Ontario

Sacramento – Current business owners and aspiring entrepreneurs who would like to learn how to comply with California’s often complex tax laws are invited to attend a free Small Business Tax Seminar and Resource Expo in Ontario on Thursday, June 29, 2017.

California State Board of Equalization (BOE) Vice Chair George Runner is sponsoring the event with Senator Connie M. Leyva, Assemblymember Freddie Rodriguez, San Bernardino County Supervisor Curt Hagman, San Bernardino County Assessor-Recorder Bob Dutton, City of Ontario, and Ontario Chamber of Commerce.

“Small businesses are a critical part of California’s economy,” said Vice Chair Runner. “Our goal is to help business owners be successful by ensuring they understand California’s complicated tax laws.”

Those looking for assistance with state and federal tax issues, as well as those who want to expand their business knowledge, will benefit from informative presentations. Topics include avoiding common sales and use tax problems, employee versus independent contractor, forms of ownership, and recordkeeping. Representatives from the BOE, Employment Development Department, Franchise Tax Board, and Internal Revenue Service will conduct presentations and answer questions.

Event: Small Business Tax Seminar and Resource Expo

Date: Thursday, June 29, 2017

Time: 8:30 a.m. to 12:00 p.m. (registration begins at 8:00 a.m.)

Place: Ontario Convention Center

2000 East Convention Center Way

Ontario, CA 91764

Free parking is available.

Registration: 1-888-847-9652 or online

Learn more about a variety of other BOE in-person classes and online seminars.

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Omnitrans Offers New Summer Discount for Youth

(San Bernardino, CA) Local youth can get around town a little cheaper this summer, thanks to a special discounted bus fare on Omnitrans. Riders 18 and under will pay just $1 per trip in June and July.

While Omnitrans offers Youth discounts on its 7-day and 31-day bus passes, there was not a youth discount for single trips until this summer. In comparison, the regular one-way cash rate is $1.75; a 1-day pass is $5.

“Summer is a great time to get out and explore,” said Omnitrans spokesperson Wendy Williams. “We hope the discounted summer youth fare will make it more affordable for youth and families to get to the community pool, the library, the mall or the movies.”

The discount is good on all Omnitrans bus routes serving the San Bernardino Valley including 26 local routes, three freeway express routes, five OmniGo community shuttle routes and the sbX bus rapid transit line in San Bernardino and Loma Linda.

During the traditional school year, Omnitrans averages nearly 40,000 youth trips per month. That drops to about half during the summer months.

Students who appear to be close to age 19 should be prepared to show bus drivers proof of age or a high school ID card to prove they are eligible for the discount.

Personalized routing assistance is available at 800-9-OMNIBUS (800-966-6428) or online at www.omnitrans.org

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Optimism Soars for Business Sales in 2017 According to The Market Pulse Quarterly Report

Despite Increased Confidence, Sellers Lacked an Intentional, Proactive Exit Strategy in Q4 2016

April 3, 2017 (Independence, Oh) Nearly three-quarters (74 percent) of business brokers— professionals who aid in the buying and selling of businesses—expect an increase in new clients coming to market in 2017, according to the quarterly Market Pulse Report published by the International Business Brokers Association (IBBA), M&A Source and the Pepperdine Private Capital Market Project.

Compared to one year ago, brokers are feeling an increased sense of optimism regarding closing rates, business exit opportunities and business conditions. When asked at the end of 2016 about their outlook for 2017, three-quarters of respondents said they expected a net increase in new deals, compared to 60 percent who expressed optimism for 2016.

“Small business optimism is on the rise following the election,” said Craig Everett, PhD, assistant professor of finance and director of the Pepperdine Private Capital Markets Project. “If President Trump is successful in fulfilling his campaign pledges to lower taxes and create a more business-friendly climate, we should see increased activity in the market. If the corporate tax rate drops from 35 percent to 15 percent, as he has proposed, businesses will have more capital to push into expansion and acquisition.”

The number one reason sellers go to market consistently remains retirement. In Q4 2016, respondents were asked for the first time how many of their clients had planned for a business sale. Responses showed that fewer than half (43 percent) had an intentional, proactive exit strategy.

“We are seeing that many retirement sales are rushed, rather than thoughtful, planned events,” said Lou Vescio, CBI, M&AMI, Principal, Coastal Business Intermediaries, Inc., IBBA Chair. “My concern is that business owners who do not plan ahead for their retirement typically get a much lower value because they decide to quickly sell their business due to high emotion, pressure or burnout.”

The Market Pulse Report compares conditions for businesses being sold on Main Street (values of $0-$2MM) to those being sold in the Lower Middle Market (values of $2-$50MM). The Q4 2016 survey was completed January 1 - January 15, 2017 by 350 business brokers and M&A advisors, representing 39 states.

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Small Business Administration loans available to businesses for drought losses

RIVERSIDE – Small, non-farm businesses in Riverside County that encountered economic losses as a result of California’s drought, are eligible to apply for low-interest loans from the Small Business Administration (SBA). These loans are intended to augment reduced business revenue caused by the drought.

A news release issued March 3 incorrectly stated that the SBA loans were for homeowners and businesses with damage that resulted from storms that hit Jan. 19-22. Owners of property damaged as a result of the January storms are NOT eligible for individual assistance.

Small, non-farm businesses with drought-related losses may apply online at https://disasterloan.sba.gov/ela. The deadline for businesses to apply for the SBA loans is Oct. 23.

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Chamber Plans China Trip

The San Bernardino Area Chamber of Commerce will be holding a Presentation Meeting for a Trip to China at 5:30 p.m. on Thursday, December 1, 2016, at the Chamber Office, 546 West 6th Street, San Bernardino. The China Trip is scheduled for November 3 - 11, 2017 and includes Round Trip Airfare from LAX Airport, 4 & 5–Star Hotel Accommodations, Deluxe Tour Buses with Tour Guides and Three Meals a Day.

China Trip 9-Day Package Rate for only $2,099 per person (based on double occupancy). Visit the cities and sights of:

Beijing – Tiananmen Square, Temple of Heaven, Palace Museum, Summer Palace, Great Wall and the Ming Tombs.

Suzhou – Lingering Garden, Tiger Hill, Hanshan Temple and the National Embroidery Institute.

Hangzhou – Economic Development Zone, Lingyin Temple and Boat Cruise on West Lake

Shanghai – Yu Garden, the Bund and Pudong Economic Development Zone.

Interested individuals should attend the meeting to find out all China Trip details. Information packets will be handed out the day of the meeting. To RSVP call Lupe at the Chamber at (909) 885-7515 or e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..

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SBA Sets New Small Business Lending Records Nationwide

Santa Ana, CA – The U.S. Small Business Administration, Santa Ana District Office (SADO) announced FY16 lending numbers today showing record levels of small business lending nationwide through the 7(a) and 504 loan programs, as well as significant increases in lending to women, veterans and underserved communities. Borrowers in the Santa Ana District secured more than $1.4 billion across the 7(a), 504 and third party lenders in FY16.

7(a) Loan Program

SBA approved more than 70,000 loans in the 7(a) and 504 loan programs in FY16. These programs provided nearly $28.9 billion in financing to small businesses, supporting nearly 694,000 jobs.

SBA’s flagship loan program, referred to as 7(a), proceeds can be used towards a wide variety of legitimate business purposes including working capital, fixed and intangible asset financing, as well as refinance and export support, and can be structured as term loans or lines of credit. In FY16 the 7(a) program supported a record number of loans – more than $24.12 billion combined across 64,073 loans. Both the total number and dollar amount of 7(a) loans increased by 1 percent and 2.6 percent respectively over the previous year. SBA continues to streamline and improve access to its loan program for small loans and underserved markets delivering more than 44,000 small loans of $350,000 or less in FY16. In the Santa Ana District, 7(a) loans decreased nearly 5 percent in volume from last year’s figures.

The average dollar amount of an SBA loan dropped for the third year in a row, in line with agency efforts to incentivize the production of smaller loans. These “small” loans of $350,000 or less are most often sought by newly established businesses and businesses owned by individuals who are members of underserved communities.

Across the state of California, SBA loan production surpassed $5 billion for the second year in a row, with more than 10,000 small business borrowers financed by 233 participating lenders. California is a strong market for SBA lending, representing approximately 19% of all SBA loans originated in FY16. The top lenders in the Santa Ana District during FY16 were Wells Fargo Bank with 454 loans; U.S. Bank with 245 loans; and JP Morgan Chase with 131 loans.

According to J. Adalberto Quijada, Director, Santa Ana District Office, “The sustained demand for SBA backed loans over pre-recession levels is a signal of a strengthening economy. These loans are helping businesses to start and grow, creating jobs and providing a foundation for economic growth.”

SBA 7(a) Loan Program Ten Year Annual Statistics

Loan Data

504 Loan Program

504 loans provide small businesses with long term fixed rate financing to acquire fixed assets for expansion or modernization. 504 loans are available through Community Development Corporations (CDCs), SBA’s community-based partners. In FY16 the 504 loan program grew by more than 10 percent nationally to $4.74 billion, its third year of consecutive growth, and a 2 percent growth in loan volume. Reauthorization of the 504 Debt Refinancing Program in May was instrumental to the success of the 504 program in FY16.

504 Loan Program Ten Year Annual Statistics (Does Not Include Third Party Lender Portion)

504 Loan Data

Other Areas of Record Setting Lending

SBA lending had a significant positive effect on various underserved groups in FY16. Minority business owners received a record combined $8.65 billion in 7(a) and 504 financing. This record reflects the priority of the Administration and SBA in helping communities that historically find it difficult to access capital. In the Santa Ana District, minority owned businesses represented 875 out of 2029 borrowers, securing nearly $473 million in financing across both 7(a) and 504 programs.

Women-Owned Businesses

For the fifth consecutive year, 7(a) lending to women-owned businesses (both majority and minority owned) increased in total dollar and volume. FY16 lending was nearly $7.3 billion nationwide, an increase of $253 million from FY15. In the Santa Ana District, women-owned businesses obtained $304.5 million in financing across both major loan programs.

Community Advantage

Community Advantage loans provide up to an 85 percent guarantee on loans up to $250,000 and offers technical assistance to improve the rate of success among participants. This initiative grew by nearly 19 percent over the previous year nationwide.

Community Advantage Loan data

Small Business Investment Companies

To fuel high-growth small businesses and start-ups and drive innovation, SBA issued more than $2.5 billion in debenture leverage supporting more than $5.5 billion in investment to more than 1,100 small businesses. These funds helped to sustain nearly 112,000 jobs.

Microloans

This program, which provides loans of up to $50,000 to small businesses through a network of nonprofit lending intermediaries, reached record levels again this year with 14 percent growth in dollar amount from $53 million to $60.57 million, and an increase in loan approvals of more than 18 percent.

Microloan data

Veterans

The total number of SBA loans to veterans is up more than 4 percent over the previous year and for the second year in a row 7(a)/504 lending to this group surpassed $1.36 billion nationwide. Veteran owned businesses in the Santa Ana District secured 77 loans for a total of $34,216,800 in financing in FY16.

Exporting

In FY16 SBA had another record year guaranteeing more than 1,800 small business export loans, which supported more than $1.5 billion in financing to small business exporters. Exporters in the Santa Ana District received 63 loans totaling more than $61 million.

Disaster Assistance

In FY16, SBA’s Office of Disaster Assistance responded to 289 declared disasters across the country, including processing more than 59,150 home and 8,531 business applications and approved 25,235 loans for more than $1.4 billion.

For more information about SBA’s loan programs, financial assistance and other services, visit www.sba.gov.

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John Stumpf and Wells Fargo

Taking a holistic look at a company and CEO

Business/Financial News

John Stumpf

As expected, our recent article on Wells Fargo drew a critical response bashing John Stumpf and management.

It’s all fun and games to beat up on John Stumpf now, but when our country needed him — in the depth of the financial crisis when Wachovia was failing — John Stumpf was able to integrate Wachovia without losing most of their team members or their successful culture (a very difficult thing to do). In the following five years, the combined team has been able to grow the bank’s revenue by another third. In addition, if you held onto your Wells Fargo stock through the crisis, you didn’t lose any money.

Further, despite the incredible hours he must have been putting in with his management team on integrating Wachovia as well as navigating the crisis and recession, he focused on diversity — he hired Jimmie Paschall (who, despite her sunny demeanor, is a demanding, focused and intense executive) and dramatically improved their performance in offering opportunities and developing people inclusively. In the past five years, Wells Fargo has risen from number 26 on our Top 50 list to number 12. An amazing accomplishment, considering everything they were going through as a company, but I have personally seen how this was an integrated and holistic approach to business, led by John Stumpf himself.

You’ll notice I spoke about business before diversity. That’s on purpose. John Stumpf treated diversity as a business subject and executed as well as he did on everything else. Yes, huge mistakes were made in the consumer bank — but John Stumpf, after having a bad appearance in front of the Senate, has turned around and given back a huge portion of his income and the retired head of consumer banking has done the same. I have no doubt Wells Fargo will make it right with all of their customers who were wronged — and I understand efforts are also underway to try and make it right with employees who got caught up in this mess.

In the interest of full disclosure, Wells Fargo does business with my company. I do business with them. They are about 2 percent of my gross revenue, which means I could write a column saying John Stumpf is the devil himself and the resulting loss of business would not be meaningful to me. I respect John Stumpf; I think he’s a great businessman and American. Especially for those of you interested in diversity, Wells Fargo is a good company and they do good things for the community and I am proud to be a customer of theirs.

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SBA Announces $18.8 Million to Support Small Business Trade Growth

Washington, DC – Administrator Maria Contreras-Sweet, head of the U.S. Small Business Administration (SBA), today announced $18.85 million to support export growth among American small businesses. The funding was awarded through SBA’s competitive State Trade Expansion Program (STEP).

Contreras-Sweet heralded the news as a boon for America’s small businesses: “Exporting provides tremendous opportunities for America’s small businesses and entrepreneurs. Two-thirds of the world’s purchasing power can be found outside of the United States, but only about one percent of America’s 28 million small businesses are reaching customers beyond our borders. Exporting is an important growth opportunity for our small businesses that are ready to expand their reach into new and increasingly borderless global markets. These STEP awards, in addition to SBA's export loans and U.S. Export Assistance Centers, help small businesses across our nation have the tools, resources and relationships they need to take their businesses global.”

STEP awards were created to advance key priorities identified in the President’s National Export Initiative, namely to expand the base of small businesses that become exporters and to make the exporting process as easy as possible for small businesses.

These awards are granted to U.S. states and territories to support programs that help small businesses expand their export-related activities. This includes participation in foreign trade missions, foreign market sales trips, subscription services for access to international markets, as well as the design of international marketing campaigns, export trade show exhibits, export training workshops and more.

STEP funds allow small businesses the opportunity to meet foreign buyers face-to-face at trade shows or on trade missions, and complement SBA’s export loan guaranty programs, which can finance the working capital needed to complete export orders and in turn help finance the expansion of production facilities due to export success. Loans are available up to $5 million. More information can be obtained from SBA’s Export Finance Mangers located at 21 U.S. Export Assistance Centers across the country.

Recipients of STEP awards in the first three rounds (FY 2011, 2012, 2014) reported a strong return on federal taxpayer investment, generating $22 in U.S. small business export sales for every $1 awarded.

FY2016 (Year 5) STEP Awards

Awardees were determined via a competitive process, as required by the Trade Facilitation and Trade Enforcement Act of 2015.

Awardee Amount

Alabama $125,987

Alaska $194,000

Arizona $299,903

California $844,214

Colorado $186,140

Connecticut $244,000

Delaware $282,636

Hawaii $700,000

Idaho $388,500

Illinois $850,000

Iowa $130,000

Kansas $383,000

Kentucky $467,000

Louisiana $160,000

Maine $145,000

Maryland $777,579

Massachusetts $504,478

Michigan $820,000

Minnesota $155,736

Mississippi $509,760

Missouri $634,134

Montana $364,969

Nebraska $261,340

Nevada $283,000

New Hampshire $213,000

New Jersey $750,000

New Mexico $200,000

New York $602,115

North Carolina $850,000

North Dakota $231,045

Ohio $750,000

Oklahoma $464,900

Oregon $562,500

Rhode Island $427,950

South Carolina $333,364

South Dakota $116,250

Texas $800,000

Utah $365,700

Vermont $286,439

Virginia $359,461

Washington $850,000

West Virginia $186,500

Wisconsin $631,000

Wyoming $158,400

TOTAL $18,850,000

The SBA Office of International Trade resource page can be found here. Additional information on STEP can be found here.

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Rancho Cucamonga Chamber Of Commerce Announces The 2016 Candidates Forum For City Of Rancho Cucamonga Council Member Positions

Rancho Cucamonga, California (Monday, September 12, 2016) The Rancho Cucamonga Chamber of Commerce Board of Directors is proud to host and has announced the 2016 Candidates Forum to be held on October 04, 2016 at Central Park Community Center “Rancho Hall”, Rancho Cucamonga from 5:30 p.m. To 7:30 p.m.

“We are inviting the City of Rancho Cucamonga Council Members seeking Re-Election and we are extending the invitation to all the candidates that are running for Election as Council Member” said Ernie Braunwalder, President – Chair of Rancho Cucamonga Chamber of Commerce.

The community is encouraged to attend this free event and have an opportunity to meet the candidates. The moderator will be asking candidates a series of questions that are of interest to the community. The opportunity to submit questions to the Rancho Cucamonga Chamber of Commerce is available until close of business on September 19, 2016. Questions should be submitted via email at: This email address is being protected from spambots. You need JavaScript enabled to view it.. A series of questions will be selected by a panel assigned by the Board of Directors. The candidates will have an opportunity to introduce themselves, provide their biography and share their vision and goals if they were to be elected or re-elected as Council Member to the City of Rancho Cucamonga.

For more information about this event and to RSVP your attendance as guest or as Candidate, please contact the Rancho Cucamonga Chamber of Commerce at 909-987-1012 or visit our website at www.ranchochamber.org.

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