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Financial Education Videos Now Available

CCR is delighted to announce that they have completed eight videos on personal money management topics that are of concern to consumers.  Working with a grant from the New York State Banking Department, CCR along with a committee of financial advisors created scripts on fundamental financial practices that consumers need to know more about.  Each video is an eight to ten minute short story that provides great information about the topic under discussion in an entertaining and engaging way.  The topics include basic banking, debt management, budgeting and savings, retirement and investments, home purchase, home maintenance, credit cards and credit reports.  The videos, which are available in English and Spanish, each have a discussion guide which can be used to guide group discussions about the topic areas. 
View Videos in English - View Videos in Spanish

Let’s Talk About Taxes!  March 25th 6-8pm.  Join CCR and other business owners at this free Business2Business Networking workshop hosted by Key Bank.  George Beda of EZKR will review what you need to know to get ready for this tax season and how changes in the tax law will affect your business.  Where:  Key Bank, 188 East Post Road, White Plains, NY 10601.  RSVP to Robbin Finney-Granston:  914-747-8020 x 14  OR  rfinney-granston@ccrhv.org.

CCR offers 15 Hour Business Plan Writing Class at the Rockland County Guidance Center. The course starts April 1, 2010 and runs for 5 consecutive Thursday evenings 6-9pm through April 29, 2010.  Attendance at all 5 classes is required. CCR uses the nationally recognized Core Four curriculum which received the Presidential Award for Excellence in developing entrepreneurial skills. This is a free class with a modest materials fee.  To register contact Robbin Finney-Granston: rfinney-granston@ccrhv.org or 914-747-8020 X 14 no later than March 25th, 2010.

Tips for Running Your Business in a Recession – Martin Zeliger, CCR Business Coach

During my 30 plus years experience as the owner of a small business that manufactured and sold custom window treatments and custom upholstered furniture, I had the unpleasant and daunting experience of guiding my business through three recessions.  With that in mind, I would like to offer some tips on how to guide your businesses through the current difficult times.

TIP # 1 - Stay lean

Examine all expenses, large and small, and see if you can find ways to cut costs. Every dollar that you don’t spend is a dollar that you’ve earned. All non-fixed expenses should be reviewed. Ask yourself “Do I really have to spend this money? Is it essential to my business? Does it make me any money?”

Now here is the surprise. You should also review all fixed expenses. Talk to your landlord. Sometimes rent can be renegotiated. You may want to indicate to him or her that you are struggling to make the rent, and if you have to close your business, she may have difficulty in these tough times to rent out the space. Everything should be considered negotiable by you.

TIP # 2 - Never let them see you sweat

Sure times are tough and business might be down, but clients and suppliers can smell blood. Everyone prefers to do business with successful enterprises.  Put on a happy face, and stay optimistic. Present yourself and your business in a positive manner.

TIP # 3 - Throw a party/promotion

During this period of time, when most people are pessimistic about business, a promotional luncheon, or breakfast or wine and cheese event for your clients to promote your business might be an excellent and inexpensive way of letting them know that you have every intention of staying open and are optimistic that you can make it and even flourish during these tough times

Small businesses are finding it increasingly difficult to get financing due to the current economic and banking crisis.  The number of Small Business Administration (SBA) backed loans disbursed by banks has fallen by 30% over the last 12 months.  Banks are cutting lines of credit to existing businesses and new businesses have little chance of obtaining such lines.  

Microloans are all the more important during this credit crunch.  Microlenders like Community Capital Resources (CCR), the SBA intermediary microlender for Westchester, Rockland, Putnam and Dutchess counties, have their doors wide open to borrowers.  Since the beginning of 2008, CCR has lent to a range of businesses including restaurants, a nurse staffing agency, a children’s clothing business, a green cleaning product supplier and a home renovation company.  It currently has several applications in the pipeline from businesses in Dutchess, Rockland and Westchester counties.

“Businesses and start-ups are under pressure.  And like banks, we too are seeing a fall in creditworthiness and caution on the part of business owners.  We work carefully with loan applicants to structure a loan that is affordable while also ensuring that the loan will take the business to the next level.  CCR is a patient lender.  In the last quarter we assisted several loan clients whose businesses were experiencing a fall in sales by adjusting payments and loan terms,” says Kim Jacobs, Executive Director, Community Capital Resources.

Foreclosures Can Be Prevented

It is a distressing fact that over 60% of those who are facing foreclosure on their homes never even contact their lenders. A number of factors including embarrassment, frustration and a sense of hopelessness make many people believe that there is little they can do to hold on to their homes. The good news is that in many cases, those who have fallen behind are able to work out a plan with their lenders and to hang on to their homes. If you would like more information about the foreclosure process and how it can be prevented, click here.