In Buffalo last week, President Obama said banks "shrunk from lending" during the financial crisis. But area banks, especially smaller community banks, say it isn't so. Many tell Business First that they continue to lend to small businesses and that there's a huge misconception. That's the focus of a report in today's Business First. While big banks did pull back, many smaller community banks say they have money and are willing to lend, but it's a matter of whether companies want to borrow. Banks say many small business owners assume they can't get financing so they don't try.
For the first time, small nonprofit groups, with annual revenues under $25,000, are required to file with the Internal Revenue Service. Deadlines for filing vary depending on when their fiscal year ends.
A report in today's Business First shows how thousands of small nonprofits scrambled to meet a May 17 deadline this week. Those who miss a deadline face fines and could lose their tax-exempt status.
You can read more about services for small businesses and nonprofits in today's Business First.