This week ILS helped a Tour Bus Company get through a serious emergency. The Tour Bus company’s business relied heavily on their fleet of touring buses. They take their customers on tours of local attractions, jumping states and long distance adventures. Continue reading
This past week Innovative Lease Services has provided capital to a Specialty Food Restaurant with the intentions of growing their business double fold. The Specialty Restaurant was presented with the opportunity to package their most popular menu item and distribute it at the retail chain level. In order to do so the Specialty Restaurant needed a custom production machine in order to mass produce. ILS provided the capital to the manufacturing company on behalf of the Restaurant, and the manufacturing company produced the custom machinery needed.
Background: The Specialty Restaurant is owned by 3 members. Two with bad credit scores and one with a good credit score. Considering the businesses financial and credit situation ILS was able to provide 85% of what the Restaurant was asking for in one week.
Currently the Restaurant is producing their food item for retail now, and may hit the stores in the next month or two.
Have a similar situation? We specialize in packaging equipment leasing. Give ILS a call, 800-438-1470.
Small Business Jobs Index Shows Improvement in Employment
The latest Small Business Jobs Index grew 0.50 percent in the 12 months leading up to April, increasing to 101.26, a new peak level, reflecting improving employment conditions. Washington had the greatest gains among the states measured, with help from Seattle, which showed the highest increase in growth rate among metro areas.
The report, produced by payroll and employment technology provider Paychex and business information provider IHS, increased 0.10 percent in April indicating job growth improvement, bringing the three-month growth rate to 0.22 percent.
According to James Diffley, chief regional economist at IHS, “The April increase in the Paychex | IHS Small Business Jobs Index adds to a series of optimistic signals in 2014 that job security and employment conditions are improving for American workers.”
“This month’s small business jobs index continues to show a trend we’ve been seeing for many months now,” said Martin Mucci, president and CEO of Paychex. “While certain regions, states, and metro areas are experiencing accelerated growth, overall employment among small businesses continues to advance at a slow, steady pace.”
Advancing 0.50 percent in the past year to 101.26, the April Paychex | IHS Small Business Jobs Index rose to its highest point since tracking of the index began in 2004.
Tracking the same regions measured by the Bureau of Labor Statistics (BLS), at 1.75 percent, the Mountain region had the highest 12-month growth rate again in April. However, the West North Central region, led by Missouri, had the best one-month gain at 0.26 percent, though job growth conditions remain at a relatively low level there.
State Employment Trend
Measuring the 20 largest states based on U.S. population, Texas experienced the largest one-month index drop at -0.61 percent in April. Nevertheless, the Texas index level remains among the highest state results. Washington, meanwhile, jumped to the top spot, with a 12-month change of 2.22 percent.
Metropolitan Employment Trend
Measuring the 20 largest metro areas based on U.S. population, the Seattle index spiked to 103.84 in April, with the 12-month growth rate climbing to 2.66 percent, highest among the twenty metro areas. Dallas showed the worst one-month drop at -1.12 percent, bringing the 12-month acceleration rate to a halt at 0.00 percent, though continuing to show a high index level due to overall growth.
Launched on April 1, the monthly index from Paychex, Inc., a leading provider of payroll, human resource, insurance, and benefits outsourcing solutions for small-to medium-sized businesses, and IHS, Inc., a leading global source of critical information and insight, provides insight into the state of small business employment in the U.S.
The Index analyzes same-store year-over-year worker count changes to identify and track small business employment trends using real small business payroll data from the Paychex client base. The index is based on aggregated data from approximately 350,000 small businesses with fewer than 50 workers across the United States, one of the largest sample sizes of any small business index or report in the country, and provides timely, accurate insight into national, regional, state, and metro employment activity. The index uses a base year of 2004, a period of expansion before the start of the economic downturn. When the index trends up it is a sign of a strengthening job market, and when it trends down it is a sign of a slowdown.
This past week Innovative Lease Services has helped a mom and pop gas station upgrade their current station’s gasoline system, also known as EVR Phase II. The conversion will help the station get picked up by a franchise gas company which will give the station a recognizable name and bring in more business.
Background: The mom and pop station had a “B” Business Credit Score, and needed $100K for station conversion, shipping and setup. From the time of lease application submission to the deposit of $100K into business bank account, took a total of 4 days.
The mom and pop gas station are patiently waiting for their enhanced vapor recovery equipment to arrive.
Innovative Lease Services specializes in EVR Equipment Leasing. Call for more information, 800-438-1470
Written by Neil Clark, VP of Sales, Innovative Lease Services, Inc. – Issued in “Member Line” of Newsline by Nefa, January/ February 2014, Volume 6
Being a self- proclaimed “foodie” and lover of all drinks, I had always had thought opening a restaurant would be wonderful opportunity. In 2007, I recall Rachel, one of my best friend’s (and now business partner of 7 years) driving by this old restaurant building that was for sale in Nashville Tennessee. We looked at each other and said “Let’s do it”.
Being in your early thirties, taking on anything and everything seemed like such a great idea. We were both working full time jobs so why not just whip up a restaurant and add a side venture to the mix? My visions of restaurateur grandeur shifted as soon as we bought the building. Being that we had never been involved in the reconstruction of a home, rehabbing a kitchen, or even assembling a doll house from Toys-R-Us, we were certainly in for a real education. We were under quoted on the construction costs of the building. We were given false hope on the timelines to rehab the building. We didn’t even think that the city has to stop by and to approve or disapprove of the rehab in stages. Needless to say, a project that was expected to take three months to complete turned into a frustrating thirteen months. It all seemed so easy on HGTV! Being so heavily involved in the construction aspect, we realized about 2 weeks prior to opening that we needed to hire an entire staff and get a menu together. Oops!
After all of the hiccups, we finally open in March of 2008, and then the economy took the worse turn I had seen in my lifetime. There we were, ready for business, and our potential customers were losing their jobs and watching their retirement accounts disappear. Rachel and I immediately shifted from frustration to panic. I had never experienced that kind of panic before and felt helpless. Thank goodness, I was blessed with a business partner that shared the same thoughts on needing to come up with the solutions to overcome folding, as many of our business neighbors did during that time. We explored and took on all viable options that lead to a solution from re-organizing our debt, to revising our menu, dealing with suppliers that were calling for payment, to the tax office threatening to put chains on our doors. Rachel and I were shaken to the core. Reflecting on it now, I found the earth shattering experience to be one that unknowingly (at the time) to be a character-builder. We learned how to operate in an economy that I only heard my grandparents compare to the “crash of 1929”.
The experience has helped us grow in ways that cannot be described. After now being open for over 5 years, the sense of relief has turned to gratitude for the experience. We’ve become more open-minded, business savvy, and left with the sense that if we can get through that experience, we can get through just about anything. Experiencing obstacles are to be expected in life, but how you choose to overcome them can make you a stronger person. Trying, and succeeding, is the most valuable lesson learned here.
Check Out Mad Donnas for yourself!
Article from NBC NEWS:
Good Sign for Economy: Small Business Borrowing Rises – In good sign for the economy, small business borrowing rose to its highest level in almost seven years in December, an index shows.
U.S. small businesses boosted borrowing in December, pushing a broad lending index to its highest level in nearly seven years and signaling that economic growth may continue apace in the early part of this year.
Small companies typically take out loans to buy new tools, factories and equipment, so more borrowing can be an early signal of increased hiring ahead.
The Thomson Reuters/PayNet Small Business Lending Index, which measures the volume of financing to small companies, rose to 121.6 in December from an upwardly revised 114.6 in the prior month, PayNet said on Tuesday.
That was the highest level since March 2007, the data showed, and was up 5 percent from a year earlier. A rise in the index is historically correlated with stronger U.S. economic growth a quarter or two in the future.
“We are fairly optimistic there will be some growth coming at least from the small business portion of the economy,” PayNet founder Bill Phelan said.
— Reuters, http://www.nbcnews.com/business/economy/good-sign-economy-small-business-borrowing-rises-n21736