New Law Authorizes Low-Interest Loans to Help Firms Get Funding They Need to Secure Bonding and Equipment Financing

CHICAGO - Governor Pat Quinn today signed a new law that will establish a revolving loan program to increase minority- and female-owned business participation in state construction projects. Governor Quinn made this issue a priority in his 2013 State of the State address, and the new law is part of his agenda to make business opportunities available to everyone in Illinois and drive the state's economy forward.

"Small, minority-owned firms often don't have the necessary resources to bid on state construction projects, and this new law helps them get a foot in the door," Governor Quinn said. "As the loans are paid back, those funds help other firms who are in the same situation, which grows our economy and creates jobs."

House Bill 3267, sponsored by State Representative William Davis (D-Homewood) and State Senator Mattie Hunter (D-Chicago), creates the Disadvantaged Business Revolving Loan Program and allows the Illinois Department of Transportation to make low-interest loans to certified minority- and female-owned businesses that have construction contracts with the agency. Many of these firms are small and lack the ability to obtain the lines of credit necessary to secure the bonding and capital equipment financing needed for state construction projects.

An initial state investment of $3 million will start the revolving loan program. Once operational the program will be largely self-funding, with payments on existing loans allowing new loans to be made. The new law takes effect immediately.

"The contracts awarded by our state departments should reflect the diversity of Illinois," Representative Davis said. "This measure helps to provide equal opportunities for firms owned by socially and economically disadvantaged individuals."

"I have worked tirelessly to create a state financing program that will level the playing field for all businesses by providing working capital to contractors who are shut out by the banks but, are qualified to successfully complete state construction projects," Senator Hunter said. "A subcontractor's inability to attain lines of credit severely hinders them from attaining bonding or becoming prime contractors. This legislation works to eliminate one of the major barriers to meeting those goals."

The new law will help these firms take part in Governor Quinn's $31 billion Illinois Jobs Now! program, which is supporting more than 439,000 jobs over six years. Illinois Jobs Now! is the largest capital construction program in Illinois history, and is one of the largest capital construction programs in the nation.

If you're a woman, chances are good that in the years ahead, it will be you and you alone who's responsible for managing your money.

That could be a problem: Even among the very affluent, many women admit they know little to nothing about bigger-picture money concerns such as financial planning and investment management, according to a recent survey.

"A lot of women cede those responsibilities to their husbands or partners because they say they don't have the time, interest or opportunity to learn," says Luna Jaffe, Certified Financial Planner™, psychotherapist, and author of the new "Wild Money: A Creative Journey to Financial Wisdom" and its companion workbook, "Wild Money: A Financial Field Guide and Journal," (www.lunajaffe.com).

"Things are changing- more women are choosing not to marry or have been devastated by divorce or death of a loved one.  They recognize they can't ignore money any more, but don't know where to turn or who to trust."

But even women with a net worth of at least $1 million concede they aren't especially knowledgeable about money management. In the Women & Wealth Study sponsored by GenSpring Family Offices, only a third said they know a lot about financial planning, and 30 percent said the same for investment management.

Part of the problem is that financial education is male-oriented, catering to how men's brains are wired and what appeals to them, Jaffe says.

"When we approach it creatively and from a more emotion-based perspective, women are not only drawn to learning about it, they have no trouble getting it," Jaffe says.

She offers these three things every woman should know about their relationship to money:

• Your investment decisions are influenced by your emotional baggage.
We all bring baggage into our relationships, and it's no different with money, Jaffe says. When you're not aware of the baggage operating quietly in the background, you may think you're making smart decisions when you're actually simply reacting to past experiences. And those might not have been even your own experiences! "Whether you or a loved one suffered the consequences of a bad financial investment, it can color your thinking in many ways, from destroying your confidence in your judgment to writing off all similar investments as 'bad.' '' Take time to reflect on the experiences you've had with investing, the decisions you made, and the conclusions you made as a result. What stories do you tell yourself because of these experiences?

•  Understand the emotional response with which you receive money, whether a paycheck, a gift or an inheritance. It's important to receive money with grace - to savor it, to be grateful for it, to be at peace with it. But depending on the circumstances by which it arrives, and lingering emotions from past experiences, we sometimes receive money with anger, guilt, resentment, greed, entitlement or any of a host of other negative emotions. This can lead to self-destructive actions. Jaffe shares a story about receiving a small inheritance from her father at a time when she had no money. She loaned the whole sum to a friend, who promptly vanished. "I was still grieving his death, and I received money that represented his legacy, yet it was only a tiny fraction of his estate - his second wife got everything else. Deep inside, I felt ripped off. Perhaps I thought by loaning my inheritance, I could wash the confusion and grief out of the money making it clean and safe to use. "

• Know your Comfort Zone for risk and stay within it. Investment comes with risks; you can assume a lot for potentially greater returns, or less for lower returns. Understanding your Comfort Zone and staying within it will help you stay committed to your financial plan. Would your best friend describe you as a risk taker? If you got $100,000 with instructions to invest it all in just ONE of these options - stocks, a savings account, a mutual fund portfolio of stocks and bonds, or your best friend's start-up - which would you choose? Knowing whether you're very conservative; happy with a little growth; comfortable with some ups and downs; or in for adventure will help you avoid taking financial advice that makes you uncomfortable.

About Luna Jaffe

Luna Jaffe is a Certified Financial Planner™ and Accredited Asset Management Specialist with more than 10 years of financial advising experience. She holds a master's degree in Depth Psychology and a bachelor's in Bilingual Education. Jaffe is a popular speaker whose creative compassionate approach to financial guidance differs sharply from male-oriented approaches. Securities and advisory services offered through KMS Financial Services, Inc.

They're called second acts, encore careers or reinventing yourself - they're the completely new and different jobs people take in midlife or later.

Today, making that jumpis more likely to be a matter of following the heart than it was during the throes of the economic recession, whenprofessionalscaught up in corporate layoffs discovered they were too old to find jobs in a poor market and too young to retire. They started second careers not to follow a vocation but to pay the bills.

"I'm glad to see the tide turning again - especially for all the baby boomers who don't want to  retire but do want to do something gratifying," says Betty Hechtman (http://BettyHechtman.com), who was on the eve of her 60th birthday when her first mystery series prompted a bidding war between St. Martin's Press and Berkley Books.

She has since published eight "cozy mysteries," including her newest, "Yarn to Go" - the first in her Berkley Prime Crime Yarn Mystery series.

Hechtman has had a lot of practice reinventing herself. She has volunteered as a farmworker on a kibbutz in Israel, waitressed and worked in retail sales, and made connections as a telephone operator, among a host of jobs.

"I've held jobs just for the paycheck and I've pursued my passions, so I know how profoundly different it is to do one versus the other," she says. "No matter what age you are, if there's work you feel called to, you should most definitely give it a try -- you may well experience a joy unlike any you've ever known."

Hechtman offers these tips for people considering an encore:

• Do your homework. There's nothing more disappointing them jumping in to something new only to become disillusioned and frustrated because you didn't take the time to prepare. If your dream is to open a particular business, research the market. Is there a demand for what you hope to sell? Should you give it a trial run as an online business before investing in shop space and other overhead? Start by checking the resources at Score.org, a nonprofit supported by more than 12,000 volunteers dedicated to helping small businesses off the ground. For other encore pursuits, you might take classes or spend a few hours a week working as a volunteer to learn the ropes.

• Join a group of like-minded people. This is particularly helpful for aspiring artists who want to paint, play music, write a book or indulge some other creative talent. You can brush up on your skills and make valuable contacts by becoming a part of a community theater, joining a writers circle, or finding a group of hobbyists. You may find your skills develop much more quickly with the support and guidance of collegial peers who are all helping one another achieve a dream.

• Consider working in one of the five most popular encore fields. Most people seek second their careers in health, education, government, environment and non-profits -- all fields expected to provide abundant job opportunities in the next couple of years, according to Encore.org, a non-profit that supports second careers "for the greater good." If you need training to qualify, now is the time to get it, Hechtman says. "Invest now in the education, and you can soon have a job that feeds the heart, the mind - and the body!"

About Betty Hechtman

Betty Hechtman is the author of "Yarn to Go," the first book in the Berkley Prime Crime Yarn Retreat mystery series, as well as the author of the best-selling Berkley Prime Crime Crochet  mystery series. The eighth book, "For Better or Worsted," comes out in November.  She has also written newspaper and magazine pieces, short stories and screenplays as well as a children's culinary mystery. She has a bachelor of fine arts degree and has been active in handicrafts since she was a small child. Hechtman divides her time between Los Angeles and Chicago.

DES MOINES - Senator Tom Harkin (D-IA) announced today that his aide, Alison Hart, will host a mobile office in Scott County, on Wednesday, July 31, 2013 for local residents. This event will focus on The Healthy Families Act - an effort by Senator Harkin that would allow workers to earn paid sick leave. The event is part of a statewide tour Harkin staff will host to share ideas on how to improve economic security. The mobile office tour began last month in Indianola.

Senator Harkin's staff will visit all 99 counties during this tour.  The media is invited to attend.

"Congress has the ability through meaningful policies to improve economic security for working families in Iowa and across the country," said Harkin. "Throughout the summer, my staff will visit each county and talk to Iowans about the ideas I am promoting to shore up retirement security, rebuild our manufacturing base, and ensure workers have access to paid sick leave and to a fair wage. I hope that Iowans will attend these events and share their ideas for policies that would help their families."

Senator Harkin, Chairman of the Senate Health, Education, Labor and Pensions Committee, has introduced four initiatives his staff will discuss during the tour:

Real Retirement Security: The Universal, Secure, and Adaptable ("USA") Retirement Fund. USA Retirement Funds combine the advantages of traditional pensions - e.g., lifetime income benefits and pooled, professional management - with the portability and ease for employers of a 401(k).  That will give middle class families the opportunity to earn secure retirement benefits that they take with them as they change jobs and that they cannot outlive.  Importantly, USA Retirement Funds also make it simple for employers to offer a benefit without having to take on all of the risk and administrative burden.

Allowing Workers to Earn Paid Sick Leave: The Healthy Families Act. The proposal would allow workers to earn up to 56 hours (7 days) of paid sick time per year, by earning 1 hour of paid sick time for every 30 hours worked. Workers can use this time to stay home and get well when they are ill, to care for a sick family member, to obtain preventative or diagnostic treatment, or to seek help if they are victims of domestic violence.

Raising the Federal Minimum Wage: The Fair Minimum Wage Act. The proposal would raise the minimum wage to $10.10 an hour from its current $7.25?in three steps of 95 cents?then provide for automatic annual increases linked to changes in the cost of living. The bill would also gradually raise the minimum wage for tipped workers?which currently stands at just $2.13 an hour?for the first time in more than 20 years, to 70 percent of the regular minimum wage.

Bolstering American Manufacturing: The Rebuilding American Manufacturing Act of 2013. The proposal requires the President to establish a National Manufacturing Strategy to better our resources and effectively support American manufacturing.  Senator Harkin also supports President Obama's call to create a National Network for Manufacturing Innovation, a public-private partnership to help manufacturing companies innovate, create new products, and improve the manufacturing process.

Details of the event are as follows:

Wednesday, July 31, 2013
10:00 AM - 11:00 AM
Davenport Public Library
3000 N. Fairmount Street
Davenport, IA 52804

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