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Bank Failures and Working from Home

Bank FailuresAlthough bank failures in the United States continue to contribute to the recession, another look at the consequences arisen from the fall of many of these giants could provide a beneficial outlook for those who have always wanted to work from home. If you’re worried about either keeping your job or finding a job, this recession may be the perfect time to put that brilliant business idea that’s been on the back burner for years to good use.

As unemployment rates continue to drop, it is apparently a better time as any to be thinking about working from home as President Obama is encouraging surviving banks to increase their loans to small businesses. In his latest radio address, Obama stated that the administration will “…take every appropriate step to encourage them to meet those responsibilities.” This year’s economic stimulus package offers $5 billion in tax breaks available to small businesses. The package also cuts the costs of Small Business Administration loans. It looks as if the administration is attempting to redress the dissastrous bailouts of last year.

Small businesses are perfect for at-home set ups. A laptop and advertising can be the only large , initial costs you may have to incurr. Small businesses don’t have to have much overhead and have all the potential of thriving in an at-home environment. Small businesses can require little start-up money, which means that even a small loan could be enough of a launching pad for you to be well on your way to achieving your goals. However, if your business requires a larger starting loan, plans for Congress to increase the size of many SBA loans are also in the works. The thinking goes that proposed bailout funds would be reworked to benefit small businesses, which in turn, would help rebuild the economy. Working from home could be your way of helping the US overcome this recession. Plans to help those who live in areas hardest hit by the recession are also included. Financial institutions, such as credit unions and banks, in low income areas would also get help at even lower rates to help small businesses in rural and urban areas.

With banks continuing to fail, Wall Street’s savage attempt at using all its influence in Congress to avoid contributing to small businesses has not gone unnoticed. Obama also stated that he was dissappointed at the bonuses that were given to executives with taxpayer money last year and called them “offensive.” This atmosphere of mistrust and corruption in regards to large companies could actually help build a loyal customer base for your small, at-home business. Although starting to work at home is not always the easiest transition, it can have a huge payoff. And the current economic climate, Wall Street’s irresponsibility and disregard for the American public, as well as President Obama’s stimulus plan are sure to turn bank failures into opportunities for those hoping to start an at-home business.

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