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| News from Our Business Districts |
February 2010
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Dear Neighbor,
Edgewater Development Corporation strives to attract new businesses to Edgewater, shape developments in our business districts to best serve the entire community and give voice to a community vision for our business districts.
Read on to hear about some of our recent work or visit our website to read more about us.
SAVE THE DATE!! Third Annual Taste of Bryn Mawr on Thursday June 10, 2010 from 6:00pm to 9:00pm. This event is designed to celebrate the historic and diverse Bryn Mawr Ave. and create an atmosphere of family friendly fun. If you are a business in the Bryn Mawr area that would like to participate in the event or if you are interested in learning about the benefits of becoming an event sponsor, please email Megha Shah at megha.shah@edgewaterdev.org.
Sincerely,
Edgewater Development Corporation
773-506-4016
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Edgewater- Just the Right Place to do Business
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If you want to buy a business, relocate a business, or start a business, Edgewater is just the place to be. Edgewater Development Corporation can provide support as well as the contacts and information to make your enterprise a success.
Edgewater is just the right place to do business. Our location, productive workforce, and exceptional quality of life make this an ideal place. Whether you are contemplating Edgewater as a new location, expanding an existing business, or planning to start up a new one, we want to help.
We understand that business is the engine that drives our economy and we have the resources to help you research, find a location, and begin operations.
Check out February's Featured Properties
1105 W Berwyn Ave- 650 sq. ft. with parking for tenant. The space is immediately adjacent to Berwyn Red Line station with 3000 to 4000 daily rail passengers and 100s of additional bus passengers of the 146 Inner Drive Express and 92 Foster. Locate you business here and join the many other successful businesses in this district, including Jewel/Osco, Pause Cafe, and Steep Theatre. Contact Ernst Walters at (847) 280-1050
5501 N Broadway Ave- (corner of Broadway/Catalpa), 1100 sq. ft. Lease is Triple Net (NNN), available immediately, utilities paid by tenant, no restaurants/kitchen prep, coffee shop possible. Very visible corner with high traffic count (30,000 autos/day), steps from the hot Bryn Mawr commercial district. Contact Karoline Whittaker (312)676-1866 or Laurie Ramirex (312) 676-1861
5526 N Broadway Ave- First floor space in 2-flat building, ideal as office space. Multiple rooms, with full kitchen & bathroom, refinished hardwood floors, ample street (metered) parking. Call UrbanSolutions Realty Group at 773-425-1170 www.usrgco.net.
5524 N Broadway Ave- 8'x8' Divisible suites for Medical / Dental / Physio-Therapy / Podiatry / Optometry. Utilities included except phone service, parking readily available! May see the space between 1-6PM Monday - Friday (Sat: 1-5PM). Contact Perpetual Help Med Ctr at 773-271-2350 or drbelgal@yahoo.com.
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Marketing and Social Media: How can your friends help your business?
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Shopping Centers, which are businesses after all, are extensively using social media outlets such as Facebook and Twitter to expand reach and gauge instant consumer responses. On Facebook, businesses can create a fan page where friends can become friends and be granted access to special promotions and offers. Businesses can also Tweet a message to their followers on Twitter. The use of these new social media sites has grown exponentially in the past few years. Because Facebook and Twitter boast numerous members, they are excellent methods of communication not just to keep in contact between friends, but for business outreach. According to Beth Faulkner, a regional marketing manager at Jones Lang LaSalle (a compnay that researched social media for about 18 months before creating a program using the two methods), "Social media have this incredibly vital effect that newspapers, radio and TV can't duplicate".* These sites allow a business' marketing team to reach a customer base that already supports the business while actively searching for new markets. Faulkner told Steve McLinden, a reporter for Shopping Centers Today, "Social media present an opportunity for [businesses] to build it's consumer bases".* Edgewater Development Corporation is starting up a Facebook page and will soon be active on Twitter. For those businesses already enjoying the benefits of social media, "friending" or "following" EDC is a wonderful option. EDC will be using these sites to reach out to the community to help businesses promote their products and specials, so businesses that do not already have a presence on social media sites may also email Megha Shah at the Edgewater Development Corporation to have their special events published on our website. Please email Megha Shah at megha.shah@edgewaterdev.org with a special offer for your business or any recent news. *McLinden, Steve. "How Many Friends Does Your Center Have?" Shopping Centers Today Jan. 2010: 29-31. Print. |
2010 Tax Tips for Small Businesses
The goal during
this tax season is to know how and what to do to maximize benefits.
1. This sounds simple, but it's one of the most important things you
can do. Keep everything organized. Keep a calendar for this tax season because
different forms have different deadlines. Start working with your accountant as
soon as possible rather than handing over a box of faded receipts at the
beginning of April. The more time your accountant has to work, the more likely
he or she will be to avoid mistakes. Speaking of receipts, make sure to keep all
documentation (i.e. bills, credit card statements, canceled checks, travel
logs, etc.) organized throughout the year. Take time to make sure that
"the books" are accurate.
2. Deductions naturally comes to mind when embarking upon tax season.
You want to maximize the number of write offs to decrease your taxable income.
Aside from the obvious deductions that go toward ordinary business costs like
business travel, equipment, salaries, rent, etc., a business can also write
off:
a. Start-Up
Costs- If you started your business this year, you may be able deduct $5,000 in
start up costs and $5,000 in organizational costs
b. Educational
Expenses- You can deduct educational costs for employees if the education or
training is needed to assist with their current job. Read the IRS Publication
970 "Business Deductions for Work-Related Education." Transportation to and
from classes may also be deducted. http://www.irs.gov/publications/p970/
c.
Entertainment
Deductions- Entertainment costs may be deducted for up to 50% of the costs as
long as they are in a clear business setting (like a conference room).
d. Travel
Deductions- If a trip is more than half business, it is acceptable to deduct
the costs of the trip, even if it is mixed with pleasure. You may be able to
deduct the costs of transportation, lodging, and half of any business meal.
e. Software
Expenses- You may be able to deduct off- the- shelf software the year it is
bought if it is used within the year as well. It must be needed for business
purposes according to IRS Section 179.
http://www.irs.gov/businesses/small/article/0,,id=213666,00.html
f. Advertising
Deductions- Advertising and public relations costs directly related to your
business may be deducted as miscellaneous expenses under IRS Publication 535. http://www.irs.gov/publications/p535/index.html
3. Retirement Account-
Start putting money in your IRA and saving for retirement. This reduces the amount
of taxable income.
4. Plan Your Spending- increase spending at the end of the year for
supplies you foresee needing: ) Office supplies (ink cartridges, paper,
staples, paperclips, pens), pay your bills early, buy any new equipment early.
You may also want to
consider deferring income or payments due to your business until after the New
Year. This could help reduce some of your taxable income for the year.
5. IRS website- Check
the website as a resource and as a tool to research more deductions, for
important deadlines, and for checklists to keep you on track. http://www.irs.gov/businesses/small/
These, along with other tax tips, can be found on the following
websites:
- http://esbjournal.com/2010/01/5-small-businesses-tax-tips-for-2010/
- http://sbinformation.about.com/cs/accounting/a/aa121502a.htm
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http://www.allbusiness.com/accounting-reporting/corporate-taxes/2975296-1.html
- http://sbinformation.about.com/od/taxes/a/Topdeduction_ga_2.htm
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Attention Business Owners!!
Small Business Financing
For a small business that has less than 100-300 employees, it could be difficult to get loans even with the increase in small business lending. For banks, small companies consisting of 1-5 people are riskier and involve a lot of paperwork and not a lot of profit. Because the smaller of the small businesses are not asking to borrow as much money as medium sized small businesses and the risks associated with them, the smaller companies are not getting the money they need to increase their market share and create more jobs.
There is still hope, however, if you have a small business. Start out by asking yourself what the requirements are for obtaining a micro small business loan with a SBA lender and what you can do to meet those requirements. Make sure you have a business plan and see where else you can obtain loans.
Learn about the requirements by going to the SBA website and looking at micro loans. Then look up your personal credit report and make a goal to improve your credit if it is lower than 700. Your next step should be to try to leverage trade or vendor credit by building a business credit profile. Then specify exactly what you will be using the money for by creating a detailed list. You should also have a detailed business plan. While it may be a tedious task to create, it will greatly improve your chances of obtaining financing.
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Business
News You Can Use
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Need Financial Assistance to Improve Your Business
SBIF Grants of up to $150,000!
Overview
Small Business Improvement Fund (SBIF) Program
SBIF helps make improvements to small business properties in select Chicago neighborhoods. The program uses tax increment financing (TIF) revenues to help owners of commercial and industrial properties within specific TIF districts to repair or remodel their facilities for their own business or on behalf of tenants.
Description
Program participants can receive matching grants to cover up to half the cost of remodeling work, with a maximum grant amount of $150,000. The grant does not have to be repaid.
Objective
To help local companies expand and create employment oportunties for Chicago residents. Qualifications and Restrictions Expenses eligible for a SBIF grant include:
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New windows, floors or roof
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Sign removal and replacement
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Tuckpointing
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New heating, ventilation and air conditioning
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Improvements to accommodate disabled patrons or workers
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Purchase of adjacent property for building expansion or parking
SBIF grants are provided to property owners after remodeling work is completed and all expenses are paid. Residential property, residential components of mixed-use buildings, and property leased to fast-food chains and certain other businesses are not eligible for the program. Vacant business property is eligible, but grants are not paid until the space is occupied by a business tenant.
Applications are processed by SomerCor 504 Inc.
(312)- 744-0678
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Property Owners!!!
Do you have
Property for Sale or Lease?
Call us at 773-856-5191 or email us info@edgewaterdev.org and we will place your property information on our website for free!! |
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Edgewater Development Corporation
is proud to be a co-sponsor to Edgewater Artist in Motion
Check out new and upcoming window displays at CTA retail spaces on Granville, Thorndale, Bryn Mawr and Berwyn accessed by a collaboration between The Chicago Transit Authority and Edgewater Development Corporation.
Edgewater Development Corporation will continue its efforts to attract new businesses into the community by sponsoring initiatives like Edgewater Artist in Motion, Let's work together to beautify the area with gorgeous art displays from local Edgewater Artists. If you are a property owner interested in a window display contact:
Megha at (773) 856-5191
or
Rae Anne at (773) 878-9004
Edgewater Artists in Motion is a joint initiative of the Edgewater Development Corporation, Edgewater Community Council, Edgewater Chamber of Commerce, and SSA#26.
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Announcements
BACP February 10'
Business Education Workshop Calendar
Financial Assistance Available to Grow Your Business
February 10: 2:00pm to 4:00pm
Presented by U.S. Small Business Administration
If you want to expand your existing business or need
working capital the SBA may be a viable option. Learn
what is the SBA? What does it do? How to apply for
assistance? Learn about the SBA programs and resources
that may help you achieve your financial goals.
Job Order Contracting (JOC) Informational Workshop
February 17: 2:00pm to 4:00pm
Presented by the Department of Procurement Services (DPS)
This workshop provides a summary of the City's JOC Program;
benefits of JOC for prime contractors and subcontractors; how to
bid a JOC as a prime contractor and subcontracting opportunities
with JOC.
Como Empezar Su Negocio Sea Su Propio Jefe
(Workshop will be conducted in Spanish)
Febryary 19: 9:30am to 11:00am
Presentado por Illinois Hispanic Chamber of Commerce (IHCC)
Esta sesión provee información sobre los aspectos más importantes
de como empezar su negocio y la importancia de un plan
concreto para guiar el desarrollo y crecimiento de su empresa o
comercio.
How to Get Certified
February 24: 2:00 to 3:00pm
Doing Business with the City Of Chicago
February 24: 3:15 to 4:30pm
Presented by the Office of Compliance and the Department of Procurement Services (DPS)
Are you interested in doing business with or being a certified
vendor with the City of Chicago? You don't want to miss this
workshop. Come learn about the different types of procurement
opportunities as well as
How to Obtain and Renew A Sidewalk Café Permit
February 26: 9:30am to 11:00am
Presented by the Department of Business Affairs & Consumer Protection
A sidewalk café adds to the vibrancy of any business. Did
you know that sidewalk café season starts in March but your
application must be submitted a minimum of 30 days before you
can operate? This workshop will teach you the do's and don'ts
of a sidewalk café, the steps to obtain and renew your Sidewalk
Café Permit.
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JUST ANNOUNCED: February Green Room Sessions
Thursday, Feb. 11, 6-8pm
Topics: 'Planning and Development' curated by:
The Edgewater Environmental Sustainability Project
uncommon ground is proud to sponsor
the Green Room Sessions; a FREE
monthly eco-awareness series featuring local environmental organizations
along with FREE appetizers
featuring the product of a local farmer or producer prepared by uncommon
ground's Executive Chef Brian Millman.
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