Highlights from Toast & Topics, March 17, 2009

A summary of the topics covered by the speakers at the T&T on small business financing and changes in tax credits.

March 17, 2009  7:30 a.m. - 9 a.m.

Navigating the Availability of Small Business Financing

& Changes on Federal Tax Credits for Small Business

The Ocala/Marion County Chamber of Commerce held a Toast & Topics on Tuesday morning, March 17, focusing on the traditional and alternative ways for companies to raise capital and capitalize on their tax returns.

The meeting kicked off with a presentation from Dave Fechtman, RBC Bank, defining the current financial marketplace and its everchanging state.  Dave explained that the information he would have provided just 3 months ago could very well be obsolete today.  He is optimistic that creating a strong relationship with the your local financial team is the best way to ensure your stability and longevity in todays marketplace. He recommends building your financial relationship not only with your lender, but your CPA, attorney, personal banker, etc.  Dave provided a very easy to understand table dissecting the business loans available. 

Lori Hornby, CPA, Crippen, Trice and Hornby, LLP, brought forth a simplified presentation on the sometimes complicated federal tax changes.  She focused on the recent tax law changes and their effects on businesses and individuals.  Lori did a great job of honing in on the deductions relating to depreciation, debt forgiveness and AGI.  She also discussed the real ways that some new credits can really affect a company's bottom line by impacting the real dollars they have in their pocket.  Mike Torres, CPA, Crippen, Trice and Hornby, LLP, rounded out the tax discussion with a solid presentation on the individual income tax portion of these new changes.  Focusing in on the making work pay credit, unemployment compensation exclusion, as well as credits for education, first time homebuyers, energy and much more!

Educating the group on the availability of alternative financing options for small business was Robert Couch, Liquid Capital of Central Florida.  Robert really summed up the topic of alternative financing options when he commented, "when the bank says no, we say yes - as long as there are sales"  He focused on factoring, the practice of outsourcing your accounts receivable to free up cash. 

Dr. Phillip Geist, Small Business Development Center Network, concluded the morning presntation by defining what small business financing involves.  He described the myriad of opportunities for small businesses in the United States and urged the group to keep a close eye on www.recovery.gov and www.whitehouse.gov (click on speeches) to follow and understand the details of the government assistance and plans for the small business administration and financing options.  Among a few key examples of what creative financing he has seen several local businesses recently secure he hinted at a few things possibly coming down the pike from the government including 2% loadance for existing small businesses and modifying short term SBA loans to interest only or no interest for one year. 

The next Toast & Topics will be held May 19, 2009 at 7:30 a.m.  The topic will be Buy Local and more information will be available soon. 

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