Investing and Global Finance News

Monthly Archives: October 2013

Women in Business: Mujeres de Exito

Women across the globe struggle to obtain low-interest loans in hopes of securing their families’ futures. One such woman is Marisol Santiago from Villalba, Puerto Rico. When she lost her job in the healthcare industry following the global recession, she was forced to take on three part-time jobs to support her children. Thanks to a small loan, Marisol was eventually able to launch her own pharmacy.

This is not so rare in Puerto Rico, thanks to Doral Bank. The bank, which has branches throughout the U.S. as well, teamed up with communities and non-profits to launch a program aimed at promoting women’s entrepreneurship. According to Doral, “these initiatives are focused on providing the requisite financial support and peer monitoring, so that women are propelled as drivers of economic growth.”

Marisol’s loan was a result of this effort. In fact, more than 25 women have received financial aid and mentoring for their businesses through Mujeres De Exito, or Successful Women, over the last two years. The program has already helped create more than 30 women-owned businesses and 100 jobs.

Still, Doral Bank and other programs like Mujeres De Exito have a lot of work to do. According to the Kauffman Foundation, less than 5% of venture financing goes to women-owned businesses in the United States today. In Puerto Rico, the number of women with bachelor’s degrees is significantly higher than men, and yet only about 1 of 100 women own their own businesses.

Doral Bank’s Lucienne Gigante explains: “There are millions of bold and ambitious women like Marisol in communities across Puerto Rico and the United States who deserve a more supportive hand. Financial institutions can play a vital role in this effort. If fostering entrepreneurship and advancing women are made distinct priorities at the local level, women will be empowered to take action, rebuilding communities one household at a time.”

Interview with Rob DeMartini, CEO of New Balance

Rob DeMartini, CEO of New Balance, recently discussed the company’s American factories, its plans to expand beyond running shoes, and the recent $500 million Brighton Landing project in an interview with the Boston Globe’s Taryn Luna. Luna asked: “You’re pushing the federal government to apply the Berry Amendment, which requires the military to provide soldiers… Continue Reading

All Eyes on FATCA

All eyes are on the FATCA (Foreign Account Tax Compliance Act) at the moment, as it will be phased in from January 2014 by the United States. This will influence bank account holders around the world who are US citizens, including those in Switzerland. Tax Attorney Bill Sharp is urging the US Department of Justice… Continue Reading

Tax Foundation Reveals the Most Tax-Friendly States for Businesses

According to the Tax Foundation, many states are hampering business growth with complicated tax structures. The group’s 2014 State Business Tax Climate Index recently ranked all 50 states to reflect the competitiveness of a state’s policies to businesses both large and small. The report looked at state income, corporate, property, sales and unemployment insurance tax… Continue Reading

6 Pointers from Business Leader James Donovan

James Donovan recently gave a lecture at the University of Virginia School of Law. With more than two decades of experience, Jim Donovan, Goldman Sachs draws on his own career to provide first-hand, practical advice to his students. On October 4th, Mr. Donovan discussed his career and offered six pieces of advice for anyone working… Continue Reading

Digital Tools in the Small Business World

USA Today Money’s Smart Small Business series focuses on expanding small firms and their tactics, challenges and triumphs. Reuben Canada, founder and CEO of Canada Enterprises, explains why digital tools have a significant role in small business growth today. He explains that he uses several social media platforms, including Facebook, Twitter, and Youtube to promote… Continue Reading

Business Leaders Remain Hopeful Despite Shutdown

The partial government shutdown on Tuesday had a minimal impact on business leaders. Partisan brinkmanship is not new to Washington, and according to the Boston Globe, businesses aren’t expecting any major changes in the near future. However, a threat does loom over the heads of business owners; when the federal government reaches its borrowing limit… Continue Reading