Business & Economy
Office Tips for Small Businesses PDF Print E-mail
News Releases - Business & Economy
Written by Ginny Grimsley   
Monday, 29 October 2012 13:24

Consider Buying Your Office Space, Expert Advises Small Businesses

The ‘5 Cs’ Lenders Look for When Considering Applicants

It’s not a question of if, but when most business owners should think about owning commercial property, says financial expert and small-business advocate, Chris Hurn.

Owning your workplace is a path toward long-term wealth – one that doesn’t rely on constantly bringing in new income, says Hurn, author of “The Entrepreneur’s Secret to Creating Wealth: How the Smartest Business Owners Build Their Fortunes,” (

“Once they’ve established their business, usually after about three to six years of operation, they should look into property ownership – owning their store, office, or other workspace,” says Hurn, who has been featured in the Wall Street Journal, the New York Times, Bloomberg Businessweek and other financial publications and TV news shows.

“The smartest way to do that is through the SBA 504 – a little-known loan program administered by the Small Business Administration. It offers long-term financing at below-market fixed rates, which businesses generally can’t get through banks.”

Whether or not business owners qualify for the SBA 504, they will benefit by knowing the “five Cs” lenders look at when considering loans, Hurn says.

• Collateral: Lenders – usually banks – will want to know that the property in question is worth the loan. The property to be purchased is the lender’s collateral, so it must have the potential to cover the loan if for some reason owners can’t. Lenders will consider the age of a property and other factors, including whatever equipment may be involved.

• Cash flow (or capacity): The lender will look to see how much cash the business generates along with the amount of existing and proposed debt. In other words, they’ll want to know the cash available to service the total debt. A lender will also consider current rental payments, plus noncash expenses such as depreciation, amortization and interest costs.

• Credit analysis: This reveals the business owner’s history of making good on debts and other obligations. The higher the credit scores, the better. Lenders generally shy away from credit scores lower than 650, however, they will often listen to credible explanations on lower scores.

• Character: Numerous late payments, for example, suggest that owners do not manage debts responsibly, which will likely be indicated in a credit score. Factors that determine character judgment are largely subjective. An applicant can supply evidence in his or her favor.

• Conditions: What are the conditions in the industry and the economy? The better those conditions, the more likely lenders are to give applicants a plus in this bracket. Conditions are often out of a borrower’s control, which makes a positive showing of the other four factors that much more important.

About Chris Hurn

Chris Hurn is CEO and co-founder of Mercantile Capital Corp. based in Orlando, Fla. MCC has earned numerous accolades and has been featured in the Wall Street Journal, the New York Times, Bloomberg Businessweek magazine, Forbes and SmartMoney, among others. Hurn has been a frequent guest on Fox Business News and PBS. He graduated from Loyola University Chicago with two magna cum laude bachelor’s degrees and earned his master’s degree from the University of Pennsylvania’s Fels Institute (formerly at the Wharton School of Business).  He is also the CEO, chairman and co-founder of an upscale men’s barbershop franchise called Kennedy’s All-American Barber Club.

Horse racing in other states "surviving" because of racinos. PDF Print E-mail
News Releases - Business & Economy
Written by Illinois Revenue and Jobs Alliance   
Monday, 29 October 2012 13:19
The state’s Commission on Government Forecasting & Accountability (COGFA) recently issued an update on the Illinois gaming industry. The COGFA report states that revenue generated by slot machines at race tracks would make horse racing more competitive with neighboring states, and would help sustain the industry in Illinois.

From page 64 of the report:

"...having this other source of revenue would give Illinois horse tracks a
secondary source of income needed to offer competitive purses, which should help
sustain horse racing in Illinois. Without this additional source of revenue, the horse
racing industry will likely see its dramatic declines continue. And without the
ability to compete with other states, many fear that the pressure on some Illinois
horse tracks to close for good may become insurmountable."

For the full report: Click here

Quad Cities IAAP Celebrates 60 Years!!! PDF Print E-mail
News Releases - Business & Economy
Written by Kat Riley   
Monday, 29 October 2012 12:55
The Quad City Chapter of International Association of
Administrative Professionals® celebrated their 60th anniversary
during the chapter meeting on October 8, 2012. The chapter was
chartered under the name of Rock River Chapter on October 25,
1952. The name was changed recently to better identify where
we are located and to encourage office professionals from both
sides of the river to become members.

The celebration included a ribbon cutting ceremony by the Quad
Cities Chamber of Commerce. The chapter recently joined the
chamber to become part of a larger network of companies and
organizations through the Quad Cities.

The Association has been in existence since 1942 and is now
known as the International Association of Administrative
Professionals (IAAP) to further reflect the various job titles used by
administrative support staff in today’s workplace.

Our website provides up to date
information on events happening at the Quad City Chapter.

Quad City Chapter sponsors a student chapter at Black Hawk
College. We encourage the students to attend chapter meetings
and take advantage of the speakers and programs presented on
topics of interest to administrative professionals.

IAAP is celebrating its 70th anniversary through December 31, 2012
and has reduced membership dues to $70.00 for all levels of

IAAP continues to provide education and training and set
standards of excellence recognized by the business community on
a global perspective. Our present and future vision is "to inspire
and equip all administrative professionals to attain excellence.”

SEASONAL EMPLOYMENT AVAILABLE Through the Davenport The Salvation Army PDF Print E-mail
News Releases - Business & Economy
Written by Holly Nomura   
Tuesday, 23 October 2012 14:39
Quad Cities, IA: Red Kettle Campaign bell ringers are still needed this season in Scott County to help raise money for The Salvation Army’s life changing programs. The hours can be as few as 8 hours per week, and as many as 40 hours per week. The bell ringing campaign will begin Friday, November 9, 2012.

The applications will be taken at The Salvation Army’s Community Center in Davenport: 3400 W. Central Park Avenue Monday through Friday 9am-3pm.  Please bring your social security card and current photo id in order to be hired.

Volunteers are also sought: If you are interested in becoming a volunteer bell ringer, please go to for easy sign-up.

Eighty-two cents of every dollar donated to The Salvation Army are used to sustain year-round programs that foster hope, and help change lives.


Iowa Governor to Sign Proclamation Declaring October 18 Credit Union Day PDF Print E-mail
News Releases - Business & Economy
Written by Emily Caropreso   
Thursday, 18 October 2012 07:50

Des Moines—Credit union representatives from across the state will gather at the Iowa State Capitol at 1:30 p.m. on Thursday, October 18 as Iowa Governor Terry Branstad signs a proclamation declaring the day as Credit Union Day in Iowa.

“While this is part of an international initiative, it’s important that we recognize at the state level the importance credit unions have in their communities,” said Patrick S. Jury, CEO/President of the Iowa Credit Union League. “We appreciate Governor Branstad signing this proclamation and recognizing the work credit unions do to help their members.”

The Credit Union Day proclamation recognizes the Iowa credit union community for its continuing advancement of the financial well-being of credit union members and the contributions made to their respective communities.

International Credit Union Day is celebrated the third Thursday of October each year. This year’s theme “Members Matter Most” speaks to the heart of the credit union philosophy of “people helping people.”

Credit unions are not-for-profit financial cooperatives that provide an effective and viable alternative to for-profit financial institutions for more than 196 million members in 100 countries worldwide. They exist to serve their members, providing a safe place to save money and access affordable loans.

As part of Credit Union Day, many Iowa credit unions will be holding celebrations in their branches. To find out more about International Credit Union Day, visit

The Iowa Credit Union League is the trade association that represents the interests of Iowa credit unions and their nearly one million members. Credit unions are not-for-profit, financial cooperatives owned and operated by their members. Iowans use their credit union membership to receive higher interest rates on savings and lower interest rates on loans. For more information on ICUL and Iowa credit unions, visit Follow ICUL on Twitter at or on Facebook at



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