Tag: small

Boeing’s defense arm weighs sale of small surveillance business

boeing logo dark skies

Storm clouds gather behind the logo of Boeing at the 2023 Paris Air Show. (Aaron Mehta/Breaking Defense)

WASHINGTON — Boeing is considering selling off a small defense subsidiary that makes surveillance equipment for the US military and intelligence community, Breaking Defense has learned.

Boeing has engaged financial advisers to seek out potential buyers for its Digital Receiver Technology Inc. business, as well as to gauge interest in unspecified defense programs under Boeing’s aftermarket business division, Bloomberg first reported on Tuesday, citing people familiar with the discussions.

A source with knowledge of the discussions told Breaking Defense that conversations about the DRT sale have been going on for about a year — long before the U.S. planemaker became embroiled in a reputational crisis after a door plug ripped off a Boeing 737 MAX airliner in mid-air in January.

Boeing declined to comment on Tuesday. During a Bank of America conference earlier today, Chief Financial Officer Brian West said he wouldn’t speculate on whether the company would sell off portions of its defense business, but said the reported divestments were “pretty small to us, both economically and strategically.”

“We love our strategic position across our defense portfolio,” he said.

Boeing acquired Germantown, Md.-based DRT in 2008, when the aerospace giant was seeking to expand its presence in the intelligence sector. DRT, which sold for an undisclosed amount, specializes in the production of wireless receivers and transceivers.

Richard Aboulafia, an aerospace expert with AeroDynamic Advisories, said a sale of DRT is unlikely to have any material financial impact for Boeing, which has been struggling under the weight of $39 billion in debt and could face further financial headwinds as it considers re-acquiring Spirit AeroSystems, a Boeing spin off which makes large fuselage components for Boeing and Airbus commercial jets.

Selling DRT could

Van Duyne: “Navigating Regulations: Alternative Pathways to Investing in Small Businesses”

WASHINGTON, D.C. – Today, the House Committee on Small Business Subcommittee on Oversight, Investigations, and Regulations is holding a hearing titled “Navigating Regulations: Alternative Pathways to Investing in Small Businesses.”

Subcommittee Chairman Van Duyne’s opening statement as prepared for delivery:

Good morning, and welcome to today’s hearing, which will highlight how small businesses across the nation are struggling to access capital because this Administration continues to impose undue restrictions.

Access to private credit is more critical today than it ever has been. I want to thank our witnesses for joining us today to have a robust conversation on this topic. I am eager to hear from you and discuss how we can empower our job creators to access the investment sources they need to grow.

Small businesses across America are continuing to navigate economic challenges in a post-pandemic world alongside the repercussions of reckless government spending that has given us decades-high inflation and crushing interest rates. Coupled with stifling regulations implemented by this Administration, it is now more expensive and strenuous to do business than ever.

Our job creators rely on access to capital to keep their doors open. Without stable access to capital, our small businesses don’t have the certainty they need to grow – or, in some cases, survive.

Along with limited access to small business investment options, bank lending standards have grown stricter and loan growth has slowed significantly, making it harder for mom-and-pop shops to stay afloat.

Instead of lenders being able to make decisions based on business models and risk assessments, this Administration is forcing them to base investment decisions on demographic quotas. Entrepreneurs, job creators, and employees at small businesses are much more than demographic boxes to check. Small businesses are critical to communities across our country and are the result of innovation

Toronto councillor sounds alarm on rise in small business break-ins across the city

A Toronto city councillor is sounding the alarm over a rise in break and enter thefts targeting local businesses across the city, saying more needs to be done to prevent these crimes from occurring.

Coun. Mike Colle, who represents Ward 8, Eglinton-Lawrence, hosted a summit Friday in response to receiving a record number of reports of small business break-ins within his ward.

“We have small, family-run businesses that are being financially devastated by these break ins,” Colle told CBC Toronto Friday. 

“They’re not only breaking into their business and sometimes taking products, they’re taking their point-of-sale terminals… and they’re accessing their accounts when they steal the terminals.”

Colle said it’s not small amounts of money: “In some cases, it’s been up to $50,000 taken out of accounts of small business [owners].”

Toronto police saw a 19 per cent increase in break and enters in small businesses from 2022 to 2023, with a total of 300 point-of-sale terminal thefts reported last year. 

“We’re working diligently on this,” Acting Staff Supt. Shannon Dawson told reporters ahead of the summit, adding that it is a widespread issue across the city.

Break-ins seen as ‘crime of opportunity’: police

Dawson said the increase is likely the result of burglaries being seen as “crimes of opportunity.” She said one people are successful, they tend to keep doing it.

She said police are helping businesses by putting preventative measures in place.

“The goal for us at the Toronto Police Service is to be able to provide the small businesses with crime prevention techniques and opportunities,” Dawson said.

“It is very preventable by ensuring that these terminals are used properly, that passcodes are put on them and that they’re secured can greatly decrease the ability for these thefts to be successful.”

Dawson said the majority of break-ins occur

How to invest in small businesses

The story of the “mom and pop” small business is really the story of America.

Hollywood has celebrated the small business theme in films, books, and television shows like Shark Tank, but what people don’t seem to talk about enough is the investment power fueled by small businesses. Overall, there were 33.2 million small businesses in the United States in 2023, according to the US Small Business Association (SBA), representing 99.9% of all American businesses.

While every small business has a story, the general consensus is that a robust small business, be it a local launderette or an up-and-coming artificial intelligence tools provider, can be a money maker. According to Bank of America’s 2023 Small Business Owner Report, 65% of small business owners surveyed said they expected revenue increases over the next 12 months, and about 50% said they were expanding their businesses in the year ahead.

With the ever-expanding amount of money on the table, it makes sense to consider investing in small businesses. Properly executed, small business investment can be a reliable source of income not just for banks, credit unions, and venture fund investors but for Main Street Americans as well.

Why invest in a small business

Investing in small local businesses has its advantages and its risks.

On the upside, aiming “small” can mean getting into the ground floor of a highly profitable business.

“Small business makes up the backbone and muscle of the US economy,” said Kelly Ann Winget, founder and CEO of the private equity firm Alternative Wealth Partners. “It’s the country’s largest, most robust, and resilient piece of money-making. They have the most opportunity for growth, generational wealth building, and creativity for investors to work with — whether passively or actively involved.”

There’s plenty of opportunity in the small business investment space, as

Small Business Weekly Forecast | U.S. Chamber of Commerce

We track the latest data on the small business outlook so that you don’t have to. Every week, Tom Sullivan analyzes new data from NFIB, Intuit, WSJ/Vistage, and more, to give a weekly economic forecast for small businesses.

The Latest Forecast

The small business forecast for this week is cold.  High interest rates and anxiety over high inflation are putting a “deep freeze” on small businesses’ growth plans.  Maybe there will be an early thaw if more good prospects enter the job market, but that is doubtful since worker shortages have been a challenge for Main Street employers for six years. 

What it means: High interest rates are dampening small businesses’ plans for growth.  Consistent with a MetLife & U.S. Chamber of Commerce Small Business Index survey from last summer, a majority of small businesses say they are postponing growth plans because of high interest rates.  Inability to borrow at such high rates, combined with anxiety over inflation are enough to forecast frigid temperatures on Main Street.

Listen: Tom Sullivan and National Federation of Independent Business (NFIB)’s Holly Wade talk about their small business forecasts on a weekly podcast. Listen here.

Watch: Catch Tom Sullivan on ASBN (America’s Small Business Network) every month providing the latest small business policy updates, news, and analysis. Watch here.

Just released! The Q4 MetLife & U.S. Chamber Small Business Index was released on December 12, 2023.

Stand Up for Free Enterprise

Join us in standing up for American free enterprise.

Your voice is essential, and your participation is critical.


New Small Business Data


WalletHub Best & Worst States to Start a Business in 2024 (January 16, 2024)

Summary: Utah tops the list this year because of how easy it is to find business loans, its employment growth, and having the lowest average

Biden’s America Investment Sparks Black Small Business Boom

Black small business ownership is growing at the fastest pace in over 30 years, and President Biden will announce new investments to support underserved communities.

Today, President Biden will visit the Wisconsin Black Chamber of Commerce to highlight how Bidenomics is helping drive a Black small businesses boom and announce new investments in Milwaukee and communities across the country. Under President Biden’s leadership, the United States is on track to have the three strongest years in history for new small business applications, and with Black business ownership growing at the fastest pace in 30 years.

President Biden will be joined by the founder and owner of Hero Plumbing, a Black-owned small business removing lead pipes in Milwaukee, which will help meet President Biden’s commitment to remove all lead service lines in the country by the end of the decade and benefit from the historic $15 billion in funding through the Bipartisan Infrastructure Law.

While President Biden highlights historic investments from his Administration to support small business, including Black-owned businesses, extreme Republicans in Congress have repeatedly tried to dismantle the President’s small business agenda. Every single Republican opposed the American Rescue Plan, which helped small businesses stay afloat during the pandemic and spurred a record small business boom. Many Republicans in Congress, including Wisconsin Senator Ron Johnson, opposed the Bipartisan Infrastructure Law. They also want to repeal key provisions of the Inflation Reduction Act that are lowering health care, prescription drug, and energy costs. President Biden will continue fighting for opportunity for working families and small business owners, while Republicans in Congress want to return to failed trickle-down economics that for too long left too many communities behind.

Beyond attacks from Republicans in Congress, over the past few months, there has been an intentional effort to erode ladders to Black economic

Wall Street CEOs say proposed banking rules would hurt small businesses, low-income Americans

Wall Street CEOs on Wednesday pushed back against proposed regulations aimed at raising the levels of capital they’ll need to hold against future risks.

In prepared remarks and responses to lawmakers’ questions during an annual Senate oversight hearing, the CEOs of eight banks sought to raise alarms over the impact of the changes. In July, U.S. regulators unveiled a sweeping set of higher standards governing banks known as the Basel 3 endgame. 

“The rule would have predictable and harmful outcomes to the economy, markets, business of all sizes and American households,” JPMorgan Chase CEO Jamie Dimon told lawmakers.

If unchanged, the regulations would raise capital requirements on the largest banks by about 25%, Dimon claimed.

The heads of America’s largest banks, including JPMorgan, Bank of America and Goldman Sachs, are seeking to dull the impact of the new rules, which would affect all U.S. banks with at least $100 billion in assets and take until 2028 to be fully phased in. Raising the cost of capital would likely hurt the industry’s profitability and growth prospects.

It would also likely help nonbank players including Apollo and Blackstone, which have gained market share in areas banks have receded from because of stricter regulations, including loans for mergers, buyouts and highly indebted corporations.

While all the major banks can comply with the rules as currently constructed, it wouldn’t be without losers and winners, the CEOs testified.

Those who could be unintentionally harmed by the regulations include small business owners, mortgage customers, pensions and other investors, as well as rural and low-income customers, according to Dimon and the other executives.

“Mortgages and small business loans will be more expensive and harder to access, particularly for low- to moderate-income borrowers,” Dimon said. “Savings for retirement or college will yield lower returns as

Holiday season make-it-or-break-it for some Ottawa small businesses


The holidays are essential for small businesses and with many still recovering from the pandemic, they say shopping local has never been more important for their survival.


“It’s the first time since I’ve opened my business I’ve ever even considered that I might have to evaluate its future,” said Jackie Morphy, owner of All Eco, a wellness store on Bank Street.


When Morphy opened her business four years ago, she never imagined this holiday season could be her last.


For Morphy, opening before the pandemic meant navigating the COVID-19 pandemic and the financial aftermath of lockdowns.


While things may be back to normal, Morphy says that doesn’t mean it is back to business.


“Foot traffic has not recovered and in speaking with many other businesses, a lot of them have not reached their pre-COVID-19 sales,” Morphy said.


Relying on savings and government loans to make it this far, she says this holiday season is make-it-or-break-it.


In fact, 60 per cent of small businesses are still carrying pandemic debt with an average amount of $126,000, according to the Canadian Federation of Independent Business (CFIB).


“Everyone is facing inflation including them, so their input costs are going up but their revenues are going down so the situation is not ideal,” said Christian Santini, CFIB National Affairs Director.


“They’re not in a good position to pay off the debt they’ve accumulated just to keep their doors open.”


Santini says this holiday season is critical for survival for many small businesses, encouraging shoppers to check-off their holiday lists locally.


She adds for every dollar spent at a local business, 66 cents stays in the community.


“We’re often the ones that give gift certificates to the events that local people are

CEBA loan extension hoped for by Canada’s small businesses

OTTAWA –


As the deadline to repay pandemic loans and receive partial forgiveness approaches, small businesses are still hoping the federal government will reverse course and extend it for another year.


Nearly 900,000 organizations applied for and received a Canada Emergency Business Account loan during the COVID-19 pandemic. The federal program offered up to $60,000 in interest-free loans to help businesses and non-profits survive related shutdowns and slowdowns.


A total of $49.2 billion was disbursed through the program.


Up to one third of the loans can be forgiven if businesses pay back the outstanding amount by Jan. 18, 2024.


Those that miss that deadline would lose out on the forgivable portion and see their debts converted to a three-year loan with interest of five per cent annually.


Businesses were offered the chance to refinance their loans with a financial institution instead. Those that did were given until March 28, 2024, to get that in order and still be eligible for the forgivable portion of the loan.


Business groups have been calling for more time to pay back the loans, pointing to ongoing challenges facing small businesses after the pandemic.


But with just over two months until the deadline, the chances of another extension are dwindling.


“Federal support has been instrumental during the COVID-19 pandemic, yet many businesses are still grappling with rising costs, labour shortages and persistent operational issues,” Kate Fenske, chair of the International Downtown Association of Canada, said Monday at a news conference on Parliament Hill.


“Hence our immediate call is for an additional extension for the repayment of CEBA loans,” she said.


The federal government has already made several changes to the CEBA program in order to provide businesses recovering from the pandemic more flexibility.

Goldman Sachs brings $100 million rural small business investment program to Arkansas

Goldman Sachs 10,000 Small Businesses announced Friday (Oct. 27) it has expanded its $100 million “Investment in Rural Communities” initiative to Arkansas and is making a $20 million commitment to Community Development Financial Institution (CFDI) Hope Enterprise Corporation to foster job creation and help catalyze economic growth across the region.

The new initiative, which first launched in North Dakota in September, is an extension of Goldman Sachs’ successful 10,000 Small Businesses program, which it says has served over 14,000 businesses across the country for more than a decade by providing access to education and capital. The initiative plans to reach rural small business owners in 20 states in the next five years.

“We are thrilled to expand our 10,000 Small Businesses program by partnering with the University of Arkansas – Pulaski Technical College and Hope Enterprise Corporation,” said Goldman Sachs Chairman and CEO David Solomon. “Through our work together, we can provide rural entrepreneurs with the resources, education and access to capital they need to create jobs and grow the economy.”

As part of the $100 million commitment of the initiative, Goldman Sachs is partnering with Hope Enterprise Corporation to provide support to rural small business owners in Arkansas and across the region. In addition to investing in CDFIs to provide loans to small businesses, the broader initiative also provides funding for the 10,000 Small Businesses education program at local community colleges and capacity-building grants to support access to capital.

“Access to capital is a top priority for small business owners across the country,” said Hope Enterprise Corporation Bill Bynum. “We look forward to our continued partnership with Goldman Sachs to provide the financial stability that growing businesses need to thrive – in Arkansas and other under-resourced rural communities across the South.”

Survey data released by Goldman Sachs last