News in Brief

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New overtime rules|ret||ret||tab|

New rules for overtime, issued by the U.S. Department of Labor and effective Aug. 23, simplify regulations for small businesses.|ret||ret||tab|

"Previous rules had not been updated in decades, causing confusion and litigation for these entrepreneurs. These new rules will make it easier for small businesses to comply with overtime regulation," said Hector V. Barreto, administrator of the U.S. Small Business Administration, in a news release.|ret||ret||tab|

The new rules provide overtime protections to 6.7 million workers who earn $23,660 per year or less. About 1.3 million salaried white collar workers will gain up to $375 million in additional earnings per year. Another 5.4 million salaried workers will get a guarantee of overtime rights. |ret||ret||tab|

"With these new rules, small-business employers will have more clarity should they decide to hire more employees, without the fear of additional litigation," Barreto said. "Now, both employees and employers will have iron-clad protections. This is very positive for small businesses in the long-term."|ret||ret||tab|

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SBA loan record|ret||ret||tab|

With nearly two full months remaining in the fiscal year, U.S. Small Business Administration Administrator Hector V. Barreto announced Aug. 11 that SBA already has backed a record numbers of loans in its 7(a) and 504 programs. |ret||ret||tab|

As of Aug. 6 eight weeks before the end of fiscal year 2004, SBA's 7(a) loan program had guaranteed 67,493 loans for the current fiscal year. The agency also had backed 6,974 loans through its 504 program, surpassing the 2003 record of 6,863. The 2004 fiscal year ends Sept. 30. In comparison to the same period a year ago, the record-breaking numbers represent a 23 percent increase for 7(a) loans and a 27 percent increase for 504 loans.|ret||ret||tab|

According to an SBA news release, the agency has not only broken overall lending records, but it also has already exceeded 2003 numbers for some of the fastest-growing segments of the small-business community. |ret||ret||tab|

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Small-business contributions|ret||ret||tab|

Scott and Charlotte George, owners of Mid-America Dental & Hearing Center in Mt. Vernon, joined more than 600 small-business owners and advocates from across the country at the 2004 National Small Business Summit, held in Washington, D.C. The summit was presented by the National Federation of Independent Business. |ret||ret||tab|

The Georges and the other owners and advocates discussed the challenges facing small businesses, and how those should be addressed. Delegates highlighted important small-business priorities, including Association Health Plans, reducing regulatory burdens and allowing workers to invest part of their Social Security payroll taxes in personal accounts. |ret||ret||tab|

Among the leaders at the summit were President Bush, U.S. House Speaker Dennis Hastert, Commerce Secretary Don Evans, Labor Secretary Elaine Chao and U.S. Senate Majority Leader Bill Frist. |ret||ret||tab|

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2004 outstanding lender|ret||ret||tab|

Springfield-based Liberty Bank was honored by the U.S. Small Business Administration as the "SBA Outstanding Lender 2004." The award was presented Aug. 4 by SBA Region VII Administrator Sam Jones. According to a bank news release, Liberty Bank was chosen from all banks in the four-state region of Missouri, Kansas, Iowa and Nebraska. Liberty Bank has previously been designated as "the Most Small-Business Friendly Bank in Missouri," and it has been the No. 1 producer of SBA loans in the Ozarks for the past six fiscal years, the release said. |ret||ret||tab|

Liberty Bank has nine locations in Springfield, Ozark, Marshfield, Mt. Vernon, Greenfield, Stockton and El Dorado Springs. |ret||ret||tab|

Plans are under way to open new locations in Joplin and on South National in Springfield. |ret||ret||tab|

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Spanish-owned businesses|ret||ret||tab|

The U.S. Small Business Administration has published four new brochures in Spanish as part of its efforts to provide Spanish-speaking customers with additional, easy-to-use information about basic entrepreneurship and SBA resources. According to an SBA news release, the four brochures are "Information for the Small Business Owner," "How to Start Your Own Business: A Practical Guide," "How to Finance a Small Business" and "Assistance for Small Businesses at Women's Business Centers." |ret||ret||tab|

SBA launched its Spanish-language portal at www.negocios.gov in September 2002. Since then, the site has received more than 7 million hits. |ret||ret||tab|

The SBA is working to expand its reach in the Spanish-speaking community, the largest ethnic minority in the country. Hispanic-owned businesses account for about 8 percent of all U.S. businesses, with combined annual revenues of nearly $200 billion. |ret||ret||tab|

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