House approves boost in funding for SBA programs; Marquette University team wins CFA competition; M&I ranked high in customer survey
House approves boost in funding for SBA programs
The U.S. House of Representatives has approved legislation that will bolster funding for small business services at the Small Business Administration (SBA).
Rep. Nydia M. Velázquez (D-N.Y.), the chairwoman of the House Committee on Small Business, said the funding, which was increased as part of Congress’ omnibus appropriations bill for fiscal year 2009, represents a significant investment in small businesses at a time when they most need help.
"Small businesses will be key to putting our nation back on a path to prosperity," Velázquez said. "The funding in this bill means more fledgling firms will receive counseling to build successful business plans, more budding entrepreneurs will have access to microloans, and more Americans who want to start their own businesses will be able to do so."
The legislation increases funding for small business counseling services. For instance, Small Business Development Centers (SBDCs) help individuals and small businesses through a national network of easily accessible branch locations. The bill provides $110 million for SBDCs, up from the $97.2 million that Congress approved for the previous fiscal year.
"Entrepreneurs that take advantage of Entrepreneurial Development Programs, like Small Business Development Centers, are twice as likely to succeed," Velázquez said. "The increased funding for SBDCs means more counseling and technical assistance for small businesses, a greater chance of success and, ultimately, the creation of more jobs."
Velázquez said the legislation would also make credit more available to the nation’s smallest businesses by expanding funding for the SBA’s microloan program, which provides funding for small loans used by newly established or growing small businesses. The legislation provides a 25-percent increase in funding for the program, which is expected to generate $25 million in loans for small enterprises.
"Historically, after recessions, many Americans who have lost their jobs go into business for themselves," Velázquez said. "This increased funding for the SBA microloan program will provide an opportunity for new entrepreneurs to get off the ground and get credit to self-employed individuals who are looking to expand."
The bill appropriates $1 million for a new Small Business Development Center entrepreneurship pilot program that provides counseling and assistance to veterans of military service who return home to become entrepreneurs. The legislation boosts funding for Veterans Business Outreach Centers (VBOCs).
"When our nation’s heroes return from serving in Iraq and Afghanistan and re-enter civilian life, many of them will want to start their own businesses," Velázquez said. "These programs give them the tools to do so."
The legislation now heads to the US. Senate for consideration.
Metavante launches new text message banking service
Brown Deer-based Metavante Corp. announced today it is partnering to offer technology from Monitise Americas to launch new text message banking services.
The service will allow consumers to use text messaging to obtain any-time balance information on their accounts. It also enables consumers to set alerts to, for example, notify them when their balance is low or when their payroll deposit has arrived.
Metavante is the first provider to deploy the new technology from Monitise Americas. Monitise Americas is known for providing mobile money services using secure applications that consumers download to their cell phones. The company has added text message banking to deliver financial information to all mobile phone users, whether they have advanced, data-enabled handsets or more simple devices.
"Text alerts have become mainstream for many consumer services today. Many of us already receive news alerts on our mobile," said Lisa Stanton, chief executive officer of Monitise Americas. "Especially in this economy, consumers have told us that they want immediate access to their financial information. Mobile financial alerts will allow consumers to manage their money any time, anywhere, and I firmly believe that there is no better time to introduce this than now."
"Metavante is committed to keeping our clients competitive by moving consumers to mobile banking," said Frank D’Angelo, group president of Metavante Payment Solutions, and chairman of the board for Monitise Americas. "By enabling this text messaging functionality, we are making money management via a mobile phone available to virtually anyone, and making it easy for even reluctant consumers to engage with the idea of using their mobile phones to manage their finances."
Monitise Americas is a joint venture between Metavante and Monitise plc.
Marquette University team wins CFA competition
A team of students from Marquette University will compete at the national Chartered Financial Analyst Society’s annual competition in New York on March 18, after winning the state competition. The competition involved detailed investment analysis, report preparation and formal research presentations and was sponsored by the CFA Society of Milwaukee. Teams from Carroll University, Marquette University, the Milwaukee School of Engineering, University of Wisconsin-Madison, UW-Milwaukee, UW-Whitewater and Wisconsin Lutheran College took part.
M&I ranked high in customer survey
M&I Bank was recently rated as a “notable leader” for providing a high level of branch service in a recent survey by Informa Research Services Inc.
The survey studied the 20 leading banks in the country to determine strengths and weaknesses from a customer service standpoint. In the survey, M&I was ranked high on customer acquisition, sales and service skills and exemplary customer service. It was also noted for customer courtesy and establishing good customer relations.
