NEW YORK (TheStreet) - What happened in small business this week?
Who has the friendliest small-business credit card? Where are solo entrepreneurs starting businesses? National Small Business Week is coming in June. Is Facebook hurting your business? "Shark Tank's" Barbara Corcoran shares business lessons.
1. Bank of America is the "friendliest" credit card issuer to small businesses, according to CardHub's 2013 Small Business Credit Card Study. Bank of America (BAC) beat out rival credit card issuers because it's the only company to have extended all of the major CARD Act protections to its business-branded cards, said CardHub, a credit card comparison website.
The CARD Act was passed in 2009 ostensibly to protect credit card users from unfair policies. Nonetheless, the law applies only to personal cards rather than business accounts despite the close ties between many small business owners' personal and company finances.Also see: Viking Cruises Goes Ocean Despite Industry Mishaps CardHub does point out that of the 10 largest issuers, Citigroup (C), Discover (DFS), U.S. Bancorp (USB ) and Wells Fargo (WFC) have extended the least amount of CARD Act protections to their business-branded cards. 2. The number of single-person entrepreneurs rose in 2011 in every state apart from Louisiana and New Hampshire. The U.S. economy had more than 380,000 businesses without paid employees in 2011, an increase of 1.7% from the prior year, according to a new report, Nonemployer Statistics: 2011 from the U.S. Census Bureau. Also see: Behind-The-Scenes At a Popcorn Company The report covers 19.4 million sole proprietors, 1.4 million corporations and 1.6 million partnerships, which together comprise the total number of non-employer businesses and about 75% of all businesses in the U.S. The District of Columbia had the highest percent increase in the number of non-employer businesses, an increase of 7.2% in 2011 compared to the year before, followed by North Dakota (up 4.3%), Arizona (up 3.2%) and Delaware (up 2.9%). Establishments within the category of "other services," which includes automotive repair and maintenance, barbershops, beauty salons, laundries and dry cleaners, gained the largest number, adding 159,163 non-employer businesses in 2011, an increase of 4.7%.
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