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Earlier this week President Barack Obama signed into law the Small Business Jobs and Credit Act 2010 (H.R. 5297). The bill aims to boost small business – the sector most agree is the economic engine of this country – by providing incentives and tax credits. Good news for most small businesses, although some say the bill is just another hit to our already strained budget.

Whatever your position, the new legislation has some hard-to-ignore benefits. They include:

- $30 billion in funds that will be funneled to community banks to lend to small business, thus easing the credit crunch

- Higher loan limits for SBA loans and loan fee waivers

- 100% capital gains tax exclusions for those investors that fund small business ventures

- Double the allowable deduction for startup expenses, from $5K to $10K

- Allows self-employed individuals to deduct their own health insurance costs

It’s time to get your tax accountant involved because there are more technical tax incentives than this blogger can adequately explain (or understand!).

So, what do women business owner think? How will this impact their businesses?

Kira Bruno, president, Fortis Resource Partners

Kira Bruno says that the type of business you run will determine if you will benefit from the the legislation.

“There is not much in this Act for me as a small business owner of an employee intensive business,” says Bruno. ” Companies that are more asset intensive will have a greater benefit from this new tax law. The cell phone is a small benefit, but most people have been disregarding the listed property rules anyway. The new equipment, etc. rules will help companies that buy assets to grow their businesses.

On another note, and something that is not part of the new federal law, my company gains the greatest benefit from hiring individuals that have been out of work more than 6 months; we get a new employee tax credit on the federal side and if we have net greater wages as a result of new employees on our total payroll over prior year we gain a tax credit on the state side.”

Cathy Daugherty, owner, Trademark Insurance

Cathy Daugherty suggests those that are impressed with the increase in SBA loan limits should check the latest statistic about the amount of SBA money NOT taken currently because of the strict bank regulations. She calls this ” … a frequent PR opportunity” by the Feds to raise the amount offered to the SBA. ” It really does not matter,” she says.

Second, Daugherty stresses that while credit may be easier to obtain, “I still need to consider paying it back with current business volume (which is) very unstable.”

If you’re a woman business owner, what are your thoughts?

Last week Big Brothers Big Sisters of Orange County held its 3^rd annual “Doorways” mentor recruitment event. It was a big success and since it was a hot day, the water rides became a main attraction.  Check out the group shot of all the littles.

The event is designed to match business and community leaders with children waiting to be mentored through Big Brothers Big Sisters. The event also coincided with a Facebook campaign aimed at increasing awareness about the need for mentors and donors for the program.  Users who become a “fan” of Big Brothers Big Sisters of Orange County at www.facebook.com/bigbrooc will receive special discount offers from all participating partners.  Big Brothers Big Sisters matches adult mentors with children in need. 

Additional volunteers and donors are always welcome; call (714) 544-7773 or visit www.bigbrooc.org.

You can also check out the video from last year’s Doorway event http://www.youtube.com/watch?v=_ei4g2DvcGc

A special thank you to our event sponsors Panda Express, Knott’s Berry Farm, Aquarium of the Pacific, Wahoo’s Fish Tacos and Wienerschnitzel.

Being involved in this service industry I am proud of our core values and how they line up to serve others.  Some critical things that I have discovered over the twenty years are that success comes down to two things: our relationship with all parties involved and providing exceptional service with the willingness to do what it takes to get the job done right and to do it that way consistently every time.

This profession has been and still is at many firms notorious for the long hours that staffing firms require.  I know, I lived it.   I am excited to provide an environment where our colleagues can lead well balanced and purposeful lives.  Working to eliminate stress and pressure helps us provide and deliver the highest levels of service and top talent. 

Enjoying what you do in your profession is very important and knowing that it fulfills your life’s purpose is icing on the cake.  I go to work every day, loving what I do…I have found that I am a living example of when you love your work, you will never work another day in your life.  Part of what we do at FORTIS is help others find that perfect role, that they will enjoy, find purposeful, and fulfilling. 

Through understanding our clients, we are able to provide professionals that are perfectly suited for their companies.  We add value to their departments and assist them in succession planning at all levels. In the end we add tremendous value and simply make everyone’s lives easier.

All success lies at the heart of relationships.  Over the years as I served as a consultant, recruiter and executive in the staffing industry I have come to the conclusion that nothing is more valuable than the relationship with your clients, candidates and colleagues.  Focusing on the relationship is the foundation upon which FORTIS was created.  I am happy to say that my years of experience have led me to places where I can confirm this time and again.  I look forward to my continued years of service to those who call upon us to impact their lives and their companies.