OPEN finance expert Mike Periu on successfully rebuilding your small business and the hidden costs of hurricane sandy. The Hidden Costs of Hurricane Sandy Far Exceed Insured Losses Costs of hurricane Sandy are expected to cause between $10 and $20 billion in damages. This only addresses the explicit damage, such as broken windows, flooded houses and cars crushed by trees; it doesn't take into account the far larger opportunity costs borne by consumers, businesses and government agencies that … [Read more...]
Hurricane Sandy Threatens National Economy
OPEN finance expert Mike Periu on Hurricane Sandy Threatens National Economy. As Hurricane Sandy weakens and moves westward, the process of providing assistance, assessing damage and cleanup begins along the northeast of the United States. The impact of the storm expands beyond its path and will have national repercussions. 15 percent of all U.S. flights over the past three days have been canceled with more expected. As many as 10 million homes will be without power for up to 10 days. Financial … [Read more...]
Low-Interest Loans Available for Small Businesses Impacted by Sandy
OPEN finance expert Mike Periu on SBA low-interest loans available for small businesses. Small-business owners that need financial assistance due to hurricane Sandy should tap disaster recovery loans from the Small Business Administration. The low-interest loans may be used to repair or replace real estate, machinery, equipment, inventory and other business assets that have been damaged or destroyed in a "declared disaster". The two main types of disaster recovery loans for small businesses are … [Read more...]
Disaster-recovery resources available for small business
OPEN finance expert Mike Periu on state, federal and private sector disaster-recovery resources available. As small businesses in the northeast begin to assess damage and losses due to Hurricane Sandy, a number of state, federal and private sector resources are available to provide assistance. In addition to SBA disaster recovery loans, the U.S. Department of Agriculture and FEMA offer loan assistance programs as well. FEMA also offers legal counseling and the IRS allows for expedited tax … [Read more...]
Be Aware of Your Hurricane Deductible
Financial expert Mike Periu on your insurance's hurricane deductible. October 29, 2012 In order to compensate for increased coastal development, state insurance regulators in many states allow insurance companies to add a Hurricane deductible to their homeowners' insurance policies. These deductibles apply only to damage caused by hurricanes and typically range between 1 percent and 5 percent of the home's insured value. You can confirm if you have a Hurricane deductible by reviewing the … [Read more...]
Warning Against New Small-Business Fraud
OPEN's financial expert, Mike Periu, on protecting against new small-business fraud. Frank Abagnale became a household name when Leonardo DiCaprio starred in the movie Catch Me If You Can based on Abagnale's infamous frauds as a youth. For the past 30 years, he has used his expertise to prevent fraud instead of causing it. Abagnale recently discussed in a webcast how small businesses are being targeted by new types of check fraud. While consumers have largely abandoned checks for electronic … [Read more...]
U.S. Financial Markets Close Due to Hurricane Sandy
OPEN's finance expert Mike Periu on Financial Markets Close Due to Hurricane Sandy For the first time in nearly thirty years, all major financial markets in the United States will be closed today due to weather conditions in anticipation of Hurricane Sandy's arrival. The decision was made late Sunday night to halt both physical and electronic trading at the New York Stock Exchange, NASDAQ, BATS and all CME Group exchanges including the NYMEX. The Securities Industry and Financial Markets … [Read more...]
How Hurricane Sandy Will Raise Your Insurance Premiums
OPEN's finance expert Mike Periu Hurricane Sandy Will Raise Your Insurance Premiums. Since 2007, homeowners' insurance premiums have risen 22 percent with the average premium now exceeding $1,000 for the first time. This trend will likely be exacerbated if Hurricane Sandy leads to billions of dollars in covered losses for insurance companies. Unlike the Gulf Coast, many homeowners in Sandy's path are insured by private companies that are under greater pressure to raise premiums as a way to … [Read more...]
Think Beyond Banks and Angels When Looking for Capital
OPEN finance expert Mike Periu discusses finding funding with Angels When Looking for Capital for small businesses. Think Beyond Banks and Angels When Looking for Capital A recent study by the Center for Venture Research at the University of New Hampshire indicates that angels invested over $9 billion in companies last quarter, an increase over the previous period. The problem is that virtually all of that money goes to medical device, software and biotechnology companies. What if your … [Read more...]
Keep a Watchful Eye on Retirement Account Fees
Finance expert Mike Periu on the hidden costs of retirement account fees. Today marks the end of National Retirement Week and if you have some free time this weekend you should "celebrate" by opening your retirement account disclosure documents. Most people don't bother reading the small print associated with retirement accounts but you should because these accounts aren't free. You are paying fees to a third party to manage your retirement account and by law these fees need to be disclosed. A … [Read more...]
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