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ENTREPRENEURS

Businesses With Overseas Research Targeted by IRS Expense Rule

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The change in tax treatment of research and experimental expenditures under Internal Revenue Code Section 174, effective for tax years beginning after Jan. 1, 2022, could have additional impacts on US taxpayers that incur research costs overseas. Under previous rules, businesses had the option of deducting these expenses in the year they’re incurred, or capitalizing the costs and amortizing them over five or 10 years. Starting in 2022, businesses lose the option to deduct these costs in the year they are incurred.

Under the new rule, taxpayers must capitalize and amortize Section 174 expenses over a five-year period for research conducted in the US, or over a 15-year period for research conducted overseas. Many businesses need to review their expenditures to determine if costs they have deducted annually now qualify as “research and experimental expenditures” that must be capitalized and amortized for tax years beginning in 2022.

Taxpayers making payments for research outside the US will have some additional concerns. On its face, the new law imposes a longer amortization period on costs incurred for overseas research. So, some expenses that businesses deduct in full in 2021 will generate only one-thirtieth of that deduction in 2022, using the half-year convention to calculate the deduction in the year the cost is incurred.

The change also will have some secondary effects on calculating other items on the tax return, such as global intangible low-taxed income, foreign-derived intangible income, foreign tax credits, and base erosion and anti-abuse tax.

Capitalization of International Section 174 Expenses

Many businesses incur costs that meet the Section 174 definition of research and experimental expenditures. Until now, there has been little need to track those costs separately because they’ve been treated the same as other deductible expenses for tax purposes. Deductions for payments such as maintenance and overhead expenses on research facilities and wages for engineering and lab costs weren’t separated out from general building maintenance and wage accounts.

Businesses that have tracked costs in order to qualify for the research and experimentation tax credit may have systems in place to monitor some Section 174 expenses, but the Section 174 definition covers more types of expenditures than the limited list of costs that qualify for the R&E credit.

Businesses that make payments to service providers outside the US need to determine if the activities conducted qualify as “research” within the definition of Section 174. For example, if a business buys a raw material or a finished good from an overseas supplier, that cost probably doesn’t include a research component. But if it pays for engineering services or software development from an overseas supplier, some of the costs that have been fully deductible when incurred may now have to be amortized over 15 years.

Any business that relies on a global network of contractors and suppliers to develop products and deliver services likely will need a more detail-oriented system to track costs that qualify as Section 174 expenses and the jurisdiction in which they are incurred.

Special Concerns for Related Parties Overseas

Businesses whose global networks include related foreign subsidiaries may see additional consequences of this change. When Section 174 is applied to foreign R&D expenses incurred by controlled foreign corporations, taxpayers could see significant increases in tested income included in the GILTI calculation in the first year the rules are implemented. This will lead to additional GILTI inclusion and may result in residual GILTI tax.

In some cases, considering the new Section 174 rules, taxpayers that previously qualified for the high-tax exception under GILTI rules could become subject to the tax when foreign taxable income is recalculated for GILTI purposes. In most cases, the underlying tax paid in the foreign region will not change, as the foreign region will apply its own tax principles in computing taxable income without regard to US tax principles.

Double amortization concerns arise when a US taxpayer contracts a foreign subsidiary to perform R&D-related services. The payment to the foreign subsidiary is amortized over 15 years by the US business, and the related costs incurred by the foreign subsidiary are also amortized over 15 years for CFCs and foreign disregarded entities whose activities are includable in US income.

When this type of transaction occurs between multinational related parties, it can cause multiple layers of slower cost recovery that amplifies the impact on the taxable income of the US parent in the year the payment is made. This situation leaves the foreign subsidiary in the position of receiving the contract income for tax purposes in the year it’s earned with the benefit of only a small fraction of the deduction for related expenses.

The Section 174 change will also modify the taxable income number that provides the starting point for tax calculations such as FDII, BEAT, and the foreign tax credit. In some cases, the result could skew slightly in the taxpayer’s favor with these calculations, but the overall impact of this change will be a reduction in current-year deductions and a significant increase in current-year taxable income.

Many Questions Still Unanswered

Taxpayers applying the international aspects of the Section 174 expense amortization rules may benefit from IRS guidance. For instance, when engaging both unrelated and related foreign parties to conduct research on a taxpayer’s behalf, do both parties need to consider underlying expenses as capitalizable research? Or could a rights and risk model treat the payment as capitalizable research for one party and a deductible operating expense for the other? Additional guidance in this area could certainly help reduce the potential risk for dual amortization.

As there is no current path for this change to be deferred, taxpayers should review their expenses that could be subject to five- or 15-year amortization to project the tax impact of these new provisions on current-year tax liabilities. To learn more about how the amortization of Section 174 expenses and the related international aspects could affect your business, contact your tax adviser.

Authors Information

Robert Piwonski is an international tax senior manager at Plante Moran. He assists companies with global compliance and effective tax rate considerations, as well as advising on cross-border transactions, providing international tax due diligence, and offering continuous strategies to reduce worldwide cash taxes.

Caitlin Slezak is senior manager of Plante Moran’s national tax office. She advises colleagues and clients on emerging tax issues, focusing on technical tax accounting methods as they relate to tax revenue, expense recognition, and tax inventory accounting.

Jay Woods is an international tax manager at Plante Moran. As a member of the firm’s international tax services practice group, he works with internationally active clients, focusing on outbound operations and inbound services.

Originally Appeared Here

Filed Under: BUSINESS, ENTREPRENEURS

Nestle unveils platform for young entrepreneurs

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VEVEY, SWITZERLAND — Nestle is launching a digital platform for young innovators and entrepreneurs. The Nestle Youth Entrepreneurship Platform will provide opportunities to learn new knowledge and skills, test ideas and grow businesses. Areas of focus range from food science and technology to the development of products and services, including regenerative agriculture and sustainable packaging.

“At Nestle we work with startups, entrepreneurs, innovators and researchers to drive innovation, bring good ideas to market fast and provide nutritious, sustainable and affordable products for a growing world population,” said Stefan Palzer, chief technology officer of Nestle. “Our new digital platform supports young people to bring great ideas to life across the food value chain, shaping the future of food.”

Bringing together existing innovation initiatives and programs, the platform offers access to the Nestle Entrepreneurship Academy, as well as customized content and resources from specific geographies. Programs include the Nestle R+D Accelerator, which brings together company scientists, students and startups to boost innovation and speed to market, plus pet care-focused Purina Unleashed and regional initiatives such as Ignite Ideas, Reto Culinario and CEO X Youth Connect.

Nestle introduced its global Nestle Needs YOUth initiative in 2013 to help young people gain important skills for future careers. The effort has benefited more than 4 million youth across the three pillars of employability, “agripreneurship” and entrepreneurship. Through its new platform, Nestle is investing in early-stage companies and empowering young entrepreneurs to bring innovative ideas to market.

“Young entrepreneurs need guidance, support, and above all, opportunities and platforms where their voices can be heard and their ideas realized,” said Laurent Freixe, Nestle’s chief executive officer for Latin America and founder of the Nestle Needs YOUth initiative. “This includes building their knowledge and skills, testing their ideas in real-life situations, getting feedback from their audiences and receiving support to take their concept to the next level.

“The Nestle Youth Entrepreneurship Platform will help equip them with the skills, experience and mindset they need to kick-start their idea and business.”

Access to the platform, at nestleyouthentrepreneurship.com, is free.
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Filed Under: BUSINESS, ENTREPRENEURS

$50,000 in state funding will support Rochester’s black and women-owned businesses

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ROCHESTER, N.Y. — New York State announced new funding to support black entrepreneurs and business owners in Rochester.

State Senator Jeremy Cooney on Monday presented a state grant of $50,000 to the Urban League of Rochester.

The funding will go towards the Urban League’s Entrepreneurship Assistance Center and the Women’s Business Center. The center works to help women entrepreneurs, especially women who are economically disadvantaged and members of underrepresented groups.

“It is this investment than enables the Urban Rochester to add the back end support to support the entrepreneurs with a long-term plan to grow their business, to start their business, but also to support their first years of their journey when they need us most,” said Dr. Seanelle Hawkins, CEO of Urban League of Rochester.

Dr. Hawkins said the money will help them continue to provide financial literacy and growth strategies to entrepreneurs, along with strategies to enter new markets, like cannabis.

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Originally Appeared Here

Filed Under: ENTREPRENEURS

Young Entrepreneurs Earn Awards From BEDC

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The 5th Annual BEDC Summer Student Entrepreneur Program ended with an awards and graduation ceremony for the participating seven students on Friday, August 26th.

A spokesperson said,  “The Minister, the Hon. Jason P. Hayward, JP, MP and the BEDC’s Chairman, Jache Adams was on hand at the celebration to congratulate the students.”

Minister Hayward welcomed the students and attendees to the ceremony stating, “I encourage you to continue pursuing your dreams and leverage the knowledge and contacts you have made [in the Summer Student Entrepreneur Program].

“You have the power to chart your course and make your dreams a reality. Congratulations again on your commitment to your businesses and serving your community. As young entrepreneurs, you make a difference, and tonight, we celebrate your success.”

The spokesperson said, “The participating students that received their certificates included:

  • Aaron Lugo, Lugo’s Mighty Mower, lawn care services
  • Antoine Jones, Capsule, Vintage/Unique clothing
  • Isaiah Fraser, Digi Portal, Gaming services
  • Ry-Aidin Evans-Waldron, Snkrs Joint, Unique and custom sneakers
  • Salay Dyer-Raynor, Bermy Beads, Handmade Jewelry
  • Taquira Simmons, Lumineux, Specialised candles for mental wellness
  • Zen Marley Mello, Zenimations, custom animations

Each student had an opportunity to present an overview of their business and shared how the SSEP helped to prepare them as entrepreneurs.

Zen Mello stated “There is no limit to who can be an entrepreneur or what the idea is. It’s just about how you are going to approach it. Entrepreneurship is in my future, because I want to call my own shots.”

The spokesperson said, “The SSEP students between ages 13-21 earn a livable wage and save funds during the summer period as an alternative to securing summer employment for a period of 8 weeks. The program was designed to promote a culture of enterprise and entrepreneurship as a viable career option and inspire and equip young people in the local community to learn and succeed through enterprise.

“To incentivize participation, a competitive element was also included in the program. In addition to the money earned selling products and services, the students competed against each other to earn the most revenue. The three participants with the highest revenues earned an additional financial reward.

BEDC Summer Student Entrepreneur Program Bermuda Aug 2022 (3)

“This year, Antoine Jones of Capsule was the first-place winner, generating the most revenue throughout the program. He was awarded a $1,000 prize.”

“The SSEP program provided me with an exceptional foundation to begin running my business. This was made possible through various workshops and opportunities to market my products to the public. I am very fortunate to have been able to sell a number of my products placing me as a top earner and I cannot be more grateful to have been a part of this year’s Summer Student Entrepreneur Program.” said Jones.

The spokesperson said, “Taking home second place and a $750 prize was Aaron Lugo, Jr. and winning third place and a $500 prize was Ry-Aidin Evans-Waldron.

“Students were also awarded special certificates to reflect their hard work throughout the eight-week program:

  • Aaron Lugo – Best Business Branding Award
  • Antoine Jones – The Get Up & Go Award
  • Isaiah Fraser – Innovation Award
  • Ry-Aidin Evans-Waldron – Most Growth Award
  • Salay Dyer-Raynor, Bermy Beads – Best Business Pivot
  • Taquira Simmons, Lumineux – Best Social Media Presence
  • Zen Marley Mello, Zenimations – The Creativity Award

Deshun Simmons, Assistant Communication & Development Officer, and Program Coordinator, stated, “I am very proud of each student. I have seen tremendous growth within all of them. The program’s goal is not just to assist participants with earning money over the summer, but to also impart an entrepreneurial mindset that will assist them as they prepare for their futures working in the business arena or as entrepreneurs.”

BEDC Summer Student Entrepreneur Program Bermuda Aug 2022 (5)

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Filed Under: ENTREPRENEURS

PNC BANK STRENGTHENS COMMITMENT TO WOMEN AND NONBINARY ENTREPRENEURS

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Company expands relationship with Coralus to address economic gender gap, unequal access to credit

PITTSBURGH, Aug. 29, 2022 /PRNewswire/ — On the one-year anniversary of the company’s three-year, $1.257 million commitment to Coralus (formerly SheEO), PNC Bank today announced it will provide an additional $220,000 to expand funding and support for 200 businesses owned by women and nonbinary individuals. Coralus provides interest-free loans and an ecosystem of support to help underrepresented entrepreneurs grow and scale their businesses.

PNC’s further financial support will cover the cost for an additional 257 women and nonbinary individuals to join the Coralus community and the new PNC Bank + Coralus Collective, a cohort of women and nonbinary entrepreneurs and financial advisors collaborating for growth and success.

“Creating an opportunity for 257 individuals to become Coralus members directly ties to PNC’s Project 257SM, which represents the number of years it will take for women to catch up to men economically, according to the World Economic Forum’s 2020 Global Gender Gap Report,” said Beth Marcello, director of PNC Women’s Business Development. “Expanding our partnership with Coralus allows PNC to make a real difference toward helping to narrow that gap by providing increased access to capital for more women and nonbinary entrepreneurs – perfectly aligned with our commitment to helping all move forward financially.”

The Coralus community comprises women and nonbinary-led organizations working on the World’s To-Do List — a register of 17 interconnected United Nations’ Sustainable Development Goals that address global challenges such as poverty, inequality, climate change, environmental degradation, peace, and justice. Coralus provides financial support to these businesses, or “Ventures,” and crowdfunds capital from “Activators” who fund the loan pool and play an active role in evaluating and selecting the Ventures. The additional 257 individuals who will benefit from PNC’s expanded commitment include 200 entrepreneurs and 57 PNC employees who identify as women or nonbinary and will serve as Activators on behalf of the bank – one per each market in which PNC Bank has a presence – and who will play a significant role in the selection, mentorship, and success of Coralus Ventures.

“From the start, PNC expressed and demonstrated its strong commitment to women, first by offering us the largest contribution that we’ve ever received from a United States-based company, but also by investing more in this effort than simply writing a check,” said Vicki Saunders, Coralus founder. “In just the first year of our partnership, PNC referred 30% of the entrepreneurs who applied for funding. And today, by expanding its financial support of 200 additional aspiring entrepreneurs, PNC is significantly contributing to the loan pool that ultimately will offer no-interest funding to these entrepreneurs and access to an ecosystem of resources, helping their businesses blossom.”

In addition to providing 200 entrepreneurs with all the benefits of being an Activator in the Coralus community, entrepreneurs selected to participate in the PNC Bank + Coralus Collective will receive the additional resource of a PNC-Certified Women’s Business Advocate to serve as a mentor and sounding board, exclusive invitations to financial workshops designed to meet the needs of businesses in the cohort, and other benefits.

To apply to participate in the PNC Bank + Coralus Collective and learn more about PNC’s partnership with Coralus, and how the bank is accelerating women’s financial equality, visit pnc.com/women.

PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

CONTACT:
Connor Peoples
(412) 645-6234
[email protected]

SOURCE PNC Bank

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Filed Under: ENTREPRENEURS

10 Business Books Every Entrepreneurs Should Read

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Being an Entrepreneur is not child play as it mostly requires enormous knowledge of how to run a business, manage money and carry out several other business-related activities. Unfortunately, most of these basic business skills are not taught in school, making it virtually impossible for a regular person to venture into business. However, thanks to technology and the pioneers of the global business industry, you can now learn how to be a successful entrepreneur, by reading certain books.  These books will give you basic knowledge about being an entrepreneur and share advice on what happens while on the journey to entrepreneurial success. So here 10 best business books every entrepreneur must read.

1. Zero to One by Peter Thiel

Zero to One: Notes on Startups, or How to Build the Future is a 2014 book by the American entrepreneur and investor Peter Thiel co-written with Blake Masters. The book is a collection of lectures on Startsup delivered by  Peter Thiel, during his teaching years at Stanford.

Thiel and blake put together a hard-hitting set of standards for entrepreneurs, startups, and thought-leaders to carefully consider when building a business that’s aimed at shaping the future of our society.

2. The Entrepreneur Mind by Kevin D. Johnson

The Entrepreneur Mind by Kevin D Johnson is one of the best business books every entrepreneur must read.  The book teaches the mindset to build a successful business, noting the 100 essential beliefs, characteristics, and habits of elite entrepreneurs.

Kevin D. Johnson knows that to help entrepreneurs around the world change their mindset in order to be successful. In his book, The Entrepreneur Mind, Kevin D. Johnson talks about the different ways to change your way of thinking in order to start a business, make it grow, and make it last.

3. The $100 Startup by Chris Gillebeau

In The $100 Startup, Chris Guillebeau shows why you don’t need a lot of money to start a successful business. The book features 50 case studies of people who have built businesses earning $50,000 or more from a small investment — often $100 or less.

And, most of these people had no special skills, to begin with, but discovered aspects of their personal passions that could be monetized. This book will help you find the intersection between your passions and skills, and what other people are willing to pay for.

4. The 4-Hour Workweek by Tim Ferris

The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich by Tim Ferris is one of the books every entrepreneur must read. The book often referred to as “The Bible of Lifestyle Design,” shows you how to live more and work less. This business book constantly challenges conventional thought.

In the Book, Ferris noted why you should forget the outdated concept of working life, followed by retirement. You’ll also learn how to use time and location to gain financial leverage. At its heart, this book for entrepreneurs is about productivity and effectiveness — covering topics such as prioritizing, outsourcing, and automation.

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5. The Lean Startup by Eric Ries

Another book on the must-read business books for entrepreneurs is The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses by Eric Ries. The book shows entrepreneurs how to bootstrap a business, gain traction, and keep it lean for maximum results.

The book is centered around taking action, constantly testing, and relentlessly adapting. Due to the Constant digital innovation bewildering the business world, Ries argues that “the only way to win is to learn faster than anyone else.” He also provides an innovative, hands-on process for becoming a more adaptable company.

6. Rework by Jason Fried and David Hansson

Rework is one of the best business books every entrepreneur must read. In the book, Jason Fried and David Hansson challenge mainstream business mindset and culture, noting that you need far less than you think to start a successful enterprise.

According to the authors, what you need is to prioritize more. To say ‘no’ more. To stop talking, researching, and planning and start doing. You’ll also learn why plans are harmful, outside investors are unnecessary, and why ignoring the competition is best.

7. The Hard Thing About Hard Things by Ben Horowitz

As one of Silicon Valley’s most respected and experienced entrepreneurs, Ben Horowitz offers essential advice on building and running a business. Many people highlight the excitement of life as an entrepreneur. But in this business book, Horowitz also shines a light on the difficulties and struggles entrepreneurs face.

What’s particularly interesting is that Horowitz starts by arguing that there’s no formula for success. But, that you can learn invaluable lessons from others’ failures and hardships. It’s a great read for entrepreneurs looking for a mentor to guide them through their journey.

8. Crush It! by Gary Vaynerchuk

Gary takes a very motivating and persuasive voice in his book Crush It! by motivating you to move on to your passions. The book showcases new lessons, advice, tactics, and strategies taken from his own experiences, and that of many other powerful influencers and entrepreneurs.

In Crush It! he goes other the many reasons why you should stop sitting on your couch dreaming about the day you will get paid to do what you love. He wants you to get out of your comfort zone and create a happy and passionate life for yourself.

9. The Psychology of Selling by Brian Tracy

It is quite impossible to build a successful business enterprise, without a good sale technique. According to Tracy, Having a great product doesn’t do anything if you don’t know how to approach the person and make them fall in love with you and the product.

Through the  Psychology of Selling, Brian Tracy gives valuable information and strategies on how to make more selling by focusing on one thing – the person. Sometimes entrepreneurs forget the basics of selling and jump right over to get results, but in order to get results, you need to know the basics.

10. Purple Cow:  by Seth Godin

In Purple Cow, Seth Godin demonstrates how the traditional P’s of marketing (product, price, promotion, place, etc.) don’t work like they used to. Because there’s a new ‘P’ that’s now more important: the ‘Purple Cow’.

A ‘purple cow’ is Godin’s metaphor for something phenomenal, counterintuitive, and remarkable. Simply, cows are boring after you’ve seen a few. But a Purple Cow? Now, that would grab everyone’s attention. In this book, Godin explains how every business is either remarkable or invisible in today’s market.

He also explains how to stand out from the competition in order to thrive.

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Filed Under: ENTREPRENEURS

Women and minority entrepreneurs face special challenges. These specialized grants can help close the gap | Business

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The economy is challenging for small-business owners. Companies owned by minorities and women have been among the hardest hit as they have been underserved and overlooked.

Various studies have shown that women and minority entrepreneurs are less likely to receive conventional bank business loans than their counterparts. Similar headwinds are cited for government-supported loans, such as those through the Small Business Administration. On average, women and minorities who can secure a loan are offered smaller amounts. Unsurprisingly, women and minority business owners are more likely to express fears about permanently closing.

Some organizations acknowledge these disadvantages and provide grants. Securing grants, particularly minority-focused gifts, is one solution to help close that equity gap. Below is a partial list of offerings accessible specifically to women and minority entrepreneurs.

Grants available to all small-business owners

The Grants.gov website can help you find gifts for various for-profit small businesses. You may wonder if your business is small enough to be awarded a grant. Federal programs define “small” as millions of dollars in revenue and hundreds of employees, depending on the industry.

The FedEx Small Business Grant Contest assists for-profit businesses with fewer than 100 employees. You can see past winners on the FedEx website. Its grant guidelines are not well defined, but FedEx is looking for an inspirational story. Ten winners are selected annually, with prizes ranging from $20,000 to $50,000. A bonus is that submitting your entry forces you to tell your story, which you can share with your customers and community.

The National Association of the Self-Employed’s Growth Grants Program allows members to receive a $4,000 development grant. Recipients are determined by a review of business needs, intended spending, and the potential of the gift to be helpful to the business. Grants can be used for marketing, advertising, hiring and expanding facilities.

Grants for women-owned businesses

GrantsForWomen.org is a database of grants for women. Not all grants require a woman to be a business owner.

Click the “Get Funding” link on the iFundWomen Grant Application Database to peruse several grant opportunities with varying eligibility requirements. I learned of iFundWomen through Visa’s She’s Next grants, which are offered to Black women-owned businesses. The company must have been operating for two years with a minimum revenue of $24,000. There is also an opportunity to promote crowdsourcing efforts.

The Ladies Who Launch’s Launch Program offers a $10,000 cash grant. The Launch Program was founded in response to COVID-19 to support women and nonbinary entrepreneurs. In addition to the gift, the program provides six months of educational resources and mentorship. It will also help women attain the Women’s Business Enterprise National Council Certification. Certificants are connected to their network and may receive targeted business opportunities.

Cartier Women’s initiative Award is open to women-run and women-owned businesses. Applicants can be from any industry so long as the company aims to have a social or environmental impact. Grants range from $30,000 to $100,000. Recipients also receive mentorship and resources coincident with meeting their goals.

The Tory Burch Fellows Program supports women founders with a $5,000 grant and a one-year educational fellowship designed for recipients’ business needs.

Amber Grants are for female entrepreneurs planning to start a small business. Each month, one female-owned firm is selected for a $10,000 grant. Of those monthly recipients, one per year is awarded a $25,000 grant. Recipients are chosen by assessing the entrepreneurs’ passionate story, vision and intention of use.

The Ms. Foundation for Women assists women-owned businesses that further the advancement of women and girls. The foundation organizes fundraising and helps with overall financial health.

Grants for BIPOC entrepreneurs

The Coalition to Back Black Businesses supports Black-owned businesses. It distributes $5,000 grants to applicants, with a select few receiving $25,000 enhancement gifts. Recipients are provided mentorship and training.

Comcast RISE is a multiyear commitment to providing marketing, creative, media and technology services to small businesses. You are eligible to apply if the organization is 51 percent owned and operated by someone who identifies as a person of color, including Black, Indigenous, Hispanic, and Asian American owners or a woman.

The Minority Business Development Agency is part of the U.S. Department of Commerce. Minority-owned companies can access business experts and help to raise capital. The agency will host its annual National Minority Enterprise Development Week Conference from Sept. 18-24, 2022. It will be a hybrid conference, so you can conveniently access informational sessions online.

The National Minority Supplier Development Council operates the Business Consortium Fund. The fund offers consulting services to minority business enterprises, including U.S. citizens who are Asian-Indian, Asian-Pacific, Black, Hispanic and Native American. If a business owner qualifies, they will receive assistance in receiving loans from the Small Business Administration 8(A) Business Development Program.

Asian American and Pacific Islander business owners can subscribe to alerts from the National Ace Grants. The AAPI Strong Annual Conference will happen Sept. 19-21, 2022, in Washington, D.C.

Grants for Berkshire-based businesses

The Community Development Corporation of South Berkshire’s Small Business Assistance Program is open to all small businesses. There is a particular focus on underserved companies, including, but not limited to, businesses owned by low-income individuals, women and members of minority groups. Among other benefits, the CDCSB helps entrepreneurs attain funding.

Mindy, the owner of the Berkshire County, Massachusetts-based touring company Berkshire Camino, worked with the CDCSB. Mindy shared, “My consultant’s keen insights helped me pinpoint financial resources available to small-business owners to help me grow and expand. She also helped me finalize a business plan, which will allow Berkshire Camino to get the funding for a marketing budget. Working with the CDCSB and the small-business program very much feels like a giant step in my entrepreneurial growth. With the help of CDCSB, I’m creating something that didn’t exist outside of my mind, and I’m determined to make it a success.”

Many of the grants are paired with consulting opportunities. Having money is one thing; spending it in a manner that allows you the best possible return on investment is another. The CDCSB assists small businesses with creating business plans, developing expansion initiatives, refining marketing, advertising, bookkeeping and technology support. At no cost to the company, the CDCSB can be a proactive, objective partner from which some women and minority owners can benefit.

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Filed Under: ENTREPRENEURS

How the EU and CENN help social entrepreneurs, JAMnews

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How the EU and CENN help social entrepreneurs

In this story you will learn about Abram, a 22 year old with a vivid love of his native region Tusheti, a glorious mountain area of eastern Georgia, and how that love led him to social entrepreneurship. We will also tell you how his home in Tusheti became a family hotel, and how he began to teach local youth to be guides to the region. “Even when we are not in Tusheti, we are still there in our hearts,” to quote Abram.

How Abram turned his home, love of history and region into a business, and how the EU and CENN help social entrepreneurs

Tusheti is a difficult-to-access historical and ethnographic region in eastern Georgia on the northern slope of the Caucasus Range. In the autumn-winter season the road to Tusheti is closed, and at this time almost the entire population of the region lives at lower elevation, in the villages of Zemo Alvani and Kvemo Alvani in the Kakheti region, and returns to Tusheti in the spring after the opening of the pass.

Mother and son Tamara Gogotidze and Abram Ididze. Zemo Alvani, Georgia, 2022 г. Photo: Nina Baidauri/JAMnews

In Kakheti, in the village of Zemo Alvani, an old Tushetian house smells appetizingly of freshly ground coffee. Mother and son, Tamara and Abram, are waiting for guests in the evening – tourists from Belgium.

In the yard an old Tushetian carpet is spread. “Ofelia and Kalane”, someone has sewn on the carpet with white thread.

 An old Tush carpet woven by Abram's grandmother and things used to make carpet threads. Zemo Alvani, Georgia, 2022 г. Photo: Nina Baidauri/JAMnews

Photo from history - How the EU and CENN support social entrepreneursA Tushetian carpet woven by Abram’s grandmother, with weaving paraphernalia. Zemo Alvani, Georgia, 2022 г. Photo: Nina Baidauri/JAMnews

“Ofelia was my grandmother, the mother of my father, and Kalane was the wife of my grandfather’s brother. Ofelia and Kalane were the wives of the brothers, and they wove this carpet together,” Abram explains.

Abram Ididze is young; he has green eyes and blond hair. He sits on the stone steps in the yard and passionately tells the story of this home.

From Tushetian house into village control office

The house was built by Abram’s grandfather:

“When the Bolsheviks came, they dispossessed my grandfather and grandmother. The house was seized and turned into a village control office Grandmother told me that after ten years, when they returned, portraits of Stalin and Lenin hung in every room. My grandfather said that until you shoot them, I will not enter.”

Throughout his childhood, Abram listened to stories about the Bolsheviks and the dispossession they wrought:

“I heard all the time in my family about dispossession, shootings, repressions, deportations… If my friends didn’t know about it, then I learned everything by hearsay.”

Born in the village of Dartlo in the mountains of Tusheti, Ofelia, who first appeared in the valley at the age of fourteen, also told Abram a lot about Tusheti.

From here begins Abram’s special interest in history and his great love for Tusheti.

A museum opened at home

At the age of twelve, Abram decided to organize a museum at home. He told his grandmother, and Ofelia loved the idea.

The obliging grandparents vacated the room in the back of the house. Objects for exposition were collected in the villages of Zemo and Kvemo Alvani.

Antique tushrin silver items that Ididze hid in the wall under the Bolsheviks. Zemo Alvani, Georgia, 2022 г. Photo: Nina Baidauri/JAMnews

Photo from history - How the EU and CENN support social entrepreneursAntique silver items which the Ididzes hid in the wall from the Bolsheviks. Zemo Alvani, Georgia, 2022 г. Photo: Nina Baidauri/JAMnews

For the museum, grandmother offered up her priceless dowry – antique Tushetian silver: women’s jewelry, men’s buttons, belts and a horse harness.

“When the Bolsheviks came they hid these jewels in the wall, and that’s how they saved them,” Abram explains.

Then, ten years ago, when the Ididze’s had just started their domestic museum, tourism within Georgia had also just started taking off. Trips to the regions became increasingly popular. There was no shortage of visitors at the Abram museum, foreigners too.

Students, Tbilisi and the pandemic – How the EU and CENN helps social entrepreneurs

The museum had by then existed for several years. After graduating from school, Abram entered the Faculty of History and moved to Tbilisi.

Abram Ididze. Zemo Alvani, Kakheti, Georgia. Photo: Nina Baidauri/JAMnews

Photo from history - How the EU and CENN support social entrepreneursAbram Ididze. Zemo Alvani, Kakheti, Georgia. Photo: Nina Baidauri/JAMnews

Then, alas, the coronavirus pandemic began in the country. The university switched to distance learning, and second year student Abram returned to Zemo Alvani.

“I am sitting in the village and thinking about what to do. I accidentally stumble across the CENN organization on the internet – a competition for grants for social entrepreneurs.”

CENN is a regional development organization working to protect the environment through fostering sustainable development and green growth throughout the South Caucasus

In the spring of 2020, CENN, with the support of the European Union, announced a grant competition for social innovations in the Caucasus as part of the project EU4Youth: Social Entrepreneurship Ecosystem Development (SEED) for Green Growth.

EU4Youth: Social Entrepreneurship Ecosystem Development (SEED) for Green Growth project is undertaken by CENN in partnership with KRDF in Georgia and Green Lane in Armenia. The project aims to discover and develop the entrepreneurial potential of young people in the South Caucasus region through social entrepreneurship and green innovation.

Abram filled out an application and waited for a response.

Shortly after submitting the application, Abram received a call. He was told that he would go to the next stage and would have to do retraining in Bakuriani.

In Bakuriani, the project participants learned how to work together with mentors in various areas, including how to turn an idea into a business idea, and how to write a business plan.

“Before that, I was very far from numbers. At first I thought I would fail – I could not understand the business plan, budget, Excel. I really thought nothing would come of it.”

But it happened.

After returning from Bakuriani, Abram wrote a business plan and started thinking about a socially relevant angle for his project.

Abram’s business idea

Abram worked in two directions – turning his house into a family hotel and training young guides from Alvani.

The Ididzes had a two-storey house in Alvani, but the second floor was in need of repair, even a bathroom. According to Tamara, Abram’s mother, if not for the help of the European Union, they would not have been able to do this at their own expense.

Abram’s main idea was to train young villagers as local guides. Abram says that many, including actual guides, did not know the history of Tusheti as thoroughly as Abram did, and of course did not know English.

In recent years, since Tusheti appeared on the tourist map, it has become increasingly popular as a destination. During the high season, many foreign tourists show up.

Abram decided to teach the guides English and the history of Tusheti:

“The beauty of Tusheti is in its history. So, I set myself the goal of “infecting” the young guides in my project with love for Tusheti. We Tushetians love Tusheti in a different way, we cannot live without it. Even when we are not in Tusheti, we are still there in our hearts.”

Photo from history - How the EU and CENN support social entrepreneurs

The young entrepreneur received funding from the EU. The total cost of his project was 30,322 GEL (~$10,700).

“With the money we received, we completely reconstructed the second floor of our house, equipped it with a bathroom, bought kitchen equipment, and the house became a family hotel,” Tamara says.

Abram and a friend created a special module for training guides, found materials, announced admission, and began training the first group of guides.

First guests and first guides

Abram and Tamara received their first guests – from Czech Republic – in June.

Their hotel, dubbed “Alon”, can accommodate up to ten people. Prices per night start at 30GEL (~$10).

Photo from history - How the EU and CENN support social entrepreneurs

Tushetian knitted socks and books in Georgian and English are lying in the hall on the second floor of the hotel. An old record player stands nearby.

Before going on to Tusheti, the tourist feels the charm of this region right from the comfort of the hotel.

Guest service is Tamara’s job. Abram supervises the training of guides.

The first five guides have already been trained. Due to the pandemic, training has been online. Abram introduced the future guides to the history of Tusheti and the Tushetian way of life. His friend taught English.

Mother and Son — Tamara Gogotidze and Abram Ididze in thear home. Zemo Alvani, Georgia, 2022 г. Photo: Nina Baidauri/JAMnews

Photo from history - How the EU and CENN support social entrepreneurs

Tamara Gogotidze and Abram Ididze in their home. Zemo Alvani, Georgia, 2022 г. Photo: Nina Baidauri/JAMnews

Three out of five were beginner guides, and two were total neophytes. The training process began in February and ended in June.

All five young people from Alvani are now in business making their first rounds.

Abram plans to train five more guides next year. He believes that this will benefit both Tusheti and the youth of Zemo Alvani.

There are still many plans, and everything is still connected with Tusheti and its history.

Abram plans to work with the Tushetian Community Council and the Tusheti Development Fund to save the Tsova-Tushet language, an unwritten language related to Chechen spoken by the Tsova-Tushes of Zemo Alvani. This will strengthen the social and educational dimension of the project.

For the sustainability of the hotel, Abram wants his tourism business to no longer be seasonal:

“From late autumn to spring, the pass is closed and it is impossible to climb up Tusheti. I want our hotel to be open year-round. So in the future we plan to work on wine tourism; we build a cellar at home and start producing our own wine,” he says.

“I want to go to graduate school. Of course, again at the Faculty of History. There’s no question,” Abram says.

 The story of a 22-year-old native of the highlands who started his own business - How the EU and CENN helps social entrepreneurs .

How the EU and CENN help social entrepreneurs

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Originally Appeared Here

Filed Under: ENTREPRENEURS

Dismantling of network to swindle entrepreneurs in the Axarquia with the purchase of tropical fruit

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Agents of Spain’s National Police have dismantled a network in Velez-Malaga specialized in swindling entrepreneurs through the purchase of tropical fruits. So far, two people have been arrested as alleged perpetrators of an on-going crime of fraud and document forgery.

The members of the network pretended to be sales representatives of an Italian company, negotiating the purchase of fruit with a guarantee of solvency and offering insurance in case of non-payment, which turned out to be false. In the contracts, payment was agreed to be made a month later, so when the victim became aware of the fraud, the fruit had already been shipped.

The investigation started after an entrepreneur reported that he had been the victim of fraud after negotiating the purchase and sale of fruit with an Italian company. The person who had conducted the negotiations had demonstrated the solvency of his company, offering also an insurance policy that provided coverage in case of any incidents in the payment.

After several unsuccessful requests, the victim realized that he had been the victim of a scam after having sent consignments of tropical fruits, including avocados and mangoes, worth 50,000 Euro.

The network was led by a 54-year-old man of Italian nationality, who used others to perpetrate the scams in Spain. The goods were intended for Italy, although, according to the investigations, the shipments made stops in Barcelona and Almeria.

The operation led to the arrest of two people and the identification of the alleged leader of the scheme. Among those under investigation there’s the head of an Italian company, who was arrested in Barcelona, and another member of the network, in charge of logistics, who was arrested in a checkpoint in the town of Sitges.

 

Source: diariosur.es

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Originally Appeared Here

Filed Under: ENTREPRENEURS

Work and learn: Sky City creates office, educational space for entrepreneurs | Community

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When COVID forced the temporary, and in some cases permanent, shutdown of some businesses in 2020, employees with more time on their hands began testing the waters of creating their own start-ups.

As most who have tried it know, that can be a daunting, scary process and many ultimately fail.

Jeremy LaDuke, chairman of the board for the nonprofit Sky City Initiative, is an entrepreneur himself, founder of Epic Nine Marketing Outfitters in Maryville. He and other business leaders in the community came together to form Sky City to give potential entrepreneurs the space and tools they need for the long haul.

“When you are getting started, it’s like you are walking down a trail,” he said. “There are so many opportunities for you to trip and fall off the edge of the mountain. And so many people do. What we are trying to do is smooth that trail out, help them run faster and safer so all that money and time and effort pays off for them and Blount County as a whole.”

This new co-working space is at 429 S. Washington St. in Maryville. Members of Sky City pay monthly fees for access to the large co-working space complete with Wi-Fi, kitchen and office amenities. There are individual offices for rent by the month too. The office complex has a large meeting center that can be rented by any outside organization for workshops, retreats, etc.

Sky City had just gotten off the ground in early 2020 when it was forced to close due to the pandemic, LaDuke explained. It reopened in January and has members who take advantage of these resources daily.

“This space,” LaDuke, said, “is the biggest manifestation of what our mission is about. That is to encourage and help entrepreneurship thrive in Blount County.”

Partial funding comes from the cities of Maryville and Alcoa and also Blount County, LaDuke said. Revenues are generated from rental space fees.

Entrepreneurs find one another

The first step, he said, was to figure out who the entrepreneurs are in this community. Sky City made an inroad into that by hosting some large events to attract them. As LaDuke and the others on the board listened, they heard some of the same complaints — that there is no decent, affordable office space.

Sky City, explained Shannon Bryant, the community manager, is now home to some start-ups who came to realize they could come here instead of rent offices they didn’t need at prices they couldn’t afford. She said they instead rent Sky City co-working space by the day or week. Those who need privacy can rent the individual office spaces. The conference room can be rented by the hour.

But this nonprofit’s mission is not to solely offer work space. LaDuke and Bryant said another component is education and mentorship. Sky City has been offering its Journey Nights this year, a chance for entrepreneurs to hear from those who’ve been successful.

In coming weeks, those looking to become business owners can take advantage of Sky City’s offering of Co-starters. It is a nine-week program for anyone who has recently started a business or who is thinking about it, LaDuke said.

The program got its start in Chattanooga. LaDuke said that city has a large downtown building dedicated to entrepreneurs and how to grow them. There is even a small manufacturing incubator where entrepreneurs can come to physically make their products, LaDuke said. One guy there was able to make and bottle his own barbecue sauce.

“Right now, Chattanooga is a hub for entrepreneurship,” he said. Knoxville is also doing some similar things, he added.

LaDuke admits he could have used some advice as he developed his own company. The problem has been where to go to meet others doing the same thing.

The Journey Nights have brought like minds together. Sky City is also hosting some “side hustle socials,” Bryant said. They select a local meeting place and interested people show up to share their experiences and listen to others.

“It is a leap of faith,” Bryant said. “A lot of people are starting businesses on the side as a side hustle. At some point, their side hustle becomes their real thing.”

Members find plenty to like

Jorge Chaparro was working this particular day in Sky City’s co-working space. He has started a tech company and said this model fits his needs.

After working in corporate America, Chaparro said he is a strong believer in entrepreneurship. “I love it here because it’s practical and I get to meet a lot of other people,” he said.

Levi Nunnink moved here from California and is starting a software company. He said the co-working space is just what he needs. “There are a lot of transplants here,” he said. “This has been awesome.”

Phillippe Siclait lives in Boston but his wife’s work brings him to Blount County often. Working at Sky City is a great option, he said. He also has started a software company with team members in Boston, California and Florida.

“This space fits my needs,” he said.

As Bryant explained, not everyone likes working from home. There are distractions, and motivation can become an issue. Coming into a work environment helps some people focus and provides interaction with others.

As the list of members grows, LaDuke and Bryant are confident these entrepreneurs will feed off each other.

“Blount County is innovative and entrepreneurial,” LaDuke said. “We are trying to take that and run with it.”

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Originally Appeared Here

Filed Under: ENTREPRENEURS

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