Stimulus for craft business!
President Obama yesterday announced a stimulus plan for the small businesses. His plan focuses on tax breaks for the small business and tax credits for those who lend to small businesses. He also talked about making credit available to small businesses via more loan guarantees provided by the SBA. All this sounds good but does it really help a craft business?
I am hoping it helps me. I have good credit as an individual. I want a small line of credit for my bead jewelry business. But I have been unable to do so as I have no collateral. I do not want to borrow against the house, as I have enough mortgage as is. If I can get SBA to guarantee my line, I should be able to get the loan. This will really help me in my day to day operations. I would be able to buy some really nice, large beads that I have been wanting to get. These beads would make gorgeous focal beads for simple necklaces. I may even sell to my larger customers on credit (if I am feeling adventurous).
This going to take time. I know it may take up to a couple of months before the money actually starts flowing. I hope I can hang in there..