Our daily blend of the latest news, trends and tips for the small business community.
What’s going ‘on’:
Small business owners taking less pay: More than half of small business owners have forgone paychecks to keep their companies afloat, according to a new survey from Citibank, and nearly a quarter have at some point gone at least a year without compensation. Additionally, seven out of 10 have sacrificed family or vacation time for work.
Russian arms dealer given small business distinction: A Russian state-owned arms exporter was briefly classified a minority-owned small business by the Army in contracting documents, according to a report from the New York Times, highlighting concerns that the federal government’s small business classification process is flawed.
Small subcontractors often misled by large primes: Nearly a third of subcontractors have at some point been stiffed on promised government work by large prime contractors after the project was awarded, according to a recent American Express survey. Contracting regulations don’t mandate that a prime firm must stick with any particular sub.
Keep an eye ‘on’:
Clock ticking on student loans, highway project: Congress faces a busy two weeks ahead, after which, should lawmakers take no further action, the interest rate on federally subsidized student loans will double and (on the same day, July 1) a temporary measure funding the nation’s highway and bridge-building program will expire.
Helpful advice ‘on’:
How to market your online fundraising projects (OSB)
How to select the right crowdfunding platform (Mashable)
How to get started in the franchising world (Fox Business)
How to read the fine print in a loan agreement (SBA)