GBJ Staff

Delta Air Lines donates $500,000 to Gwinnett Tech

Gwinnett Tech nursing students Christina Brunache, Heather Whalen, and Khanh Duong; Gwinnett Tech nursing instructor Becky Murck; Tad Hutcheson, vice president, Community and Public Affairs, Delta Air Lines; Gwinnett Tech nursing instructors Sue McGill and Carrie Snead; GTC nursing students Jessica Pruvenok and Sarina Shrestha.

Delta Air Lines has donated $500,000 to the Legacy of Lives campaign at Gwinnett Technical College, establishing a nursing professorship endowment to support the college’s growing registered nursing program.

The earnings from the endowment will underwrite an additional fulltime faculty member for the nursing program, enabling the continued expansion of the program and ultimately increasing the number of nursing graduates. GTC’s registered nursing program, launched in 2009, graduated its first class in June 2011 and doubled in size with the acceptance of 60 students fall semester. The college will expand the program to over 180 students with the addition of an LPN to RN Bridge program and a Paramedic to RN Bridge program, both of which will be implemented in 2012.

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GBJ Staff

Breakthrough science hinges on economics

Scientists and engineers working at public universities and medical schools produce almost 60 percent of all basic research in the U.S. and 75 percent of articles published in scientific journals. These statistics are cited in a new book written by Paula Stephan, an economist in the Andrew Young School of Policy Studies at Georgia State University. In How Economics Shapes Science (Harvard University Press, 2012), Dr. Stephan offers a persuasive vision of a more productive, more creative research system that would lead innovation and benefit the world.

In this publication she presents the historical perspective on research costs and the incentives that produce scientific research in public institutions. For example, the U.S. spends between 0.3 and 0.4 percent of its annual gross domestic product on research and development in public universities and medical schools, which in 2009 represented almost $55 billion, Dr. Stephan writes.

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GBJ Staff

SBA loans benefit commercial lending in Gwinnett

How are Asian-owned auto manufacturing plants in Georgia and neighboring states impacting small business growth in Gwinnett County? Just ask Steve Walker, NOA Bank senior vice president and chief lending officer.

“Eighty percent of NOA Bank’s commercial real estate lending is to owner-occupied small businesses,” says Walker. “We have seen a steady rise in the numbers of our clients who cater to the auto industry as parts suppliers, scrap metal recyclers and the like.”

Walker reports that NOA Bank is a good resource for companies ranging from supplier-type companies and retail businesses to medical clinics. Predominantly, these businesses qualify for U.S. Small Business Administration (SBA) loans and are either looking to purchase property upon which they will operate or to refinance existing loans. In its three-year history, NOA Bank in Duluth has steadily increased its customer base of owner-occupied small businesses with growth coming mainly from referrals.

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GBJ Staff

Give kids a money plan they can control

As a teenager, Trevor Bolin was a drug-abusing high school dropout who weighed in at more than 300 pounds. By 17, he’d had enough and came up with a plan. Within two years, he’d quit drugs, lost 100 pounds and was close to paying off $85,000 in debt. By 28, he earned his first $1 million in one year.

“My life has nothing to do with luck, good or bad,” Bolin, 32, writes in his new book, Take Charge and Change Your Life Today. “It revolves around having a plan, working hard, giving back as much as (if not more than) I get, accepting that attitude is everything and being grateful for what I have.”

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GBJ Staff

10 ways to master your finances

Today’s ‘new normal’ is tougher, grittier and more challenging than ever. The key to succeeding is to be your own best advocate, to take responsibility for your financial decisions and to develop your own course of action.

  1. Face up to debt. Take a hard look at your credit card debt, mortgage and budget to confront the reality of your individual situation to make positive changes.
  2. Develop a strategic debt plan. Create a balanced strategy to reduce debt in 2012 that won’t deplete all your cash reserves.
  3. Plan for right now. The key is to successfully ride out the rough years with as little collateral damage as possible and you’ll be set when the economy improves.

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Kim Marks

Partnership yields faster processing

A.S.A.P. Technologies, Inc. owners Maria Elena Grogan and Dennis Grogan, Sr. with son Dennis Grogan, Jr.

Thanks to a Sage Peachtree customer “listening tour” earlier this year, A.S.A.P. Technologies, Inc. in Buford has streamlined its monthly inventory reporting by 60 percent.

A.S.A.P. Technologies is known for its vast industry knowledge and stellar customer service – something clients like Gulfstream Aerospace Corporation validate, having named them supplier of the year since 2005. This distributor and fabricator is a national supplier of silicones, sealants, tapes, adhesives, heat shrinking and coatings for many industrial applications. Supplying to industries such as aerospace, aviation, military, electronics and telecommunications, they track every item ever sold as part of the company’s ongoing inventory management process.

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GBJ Staff

Behind the 2012 Gwinnett County budget numbers

Charlotte Nash, Gwinnett County Commission Chairman

Leaders grounded by a past, present and future financial perspective collaborated to create the 2012 Gwinnett County fiscal budget that was unanimously approved Jan. 3.

At the helm is Gwinnett County Commission Chairman Charlotte Nash who has been involved with this annual balancing act for 27 years as the County’s former administrator, finance director, budget director and grants manager. That expertise is the backdrop that inspired her to enhance two long-standing elements of this fiscal exercise – citizen input and capital project operating expense projections.

The key takeaways are that Gwinnett County has no planned tax increases for 2012 and will be operating from a balanced budget that is $200 million less than for 2011. Four consecutive years of cost-cutting measures have helped improve the County’s financial position, but the revenue source that provides 70 percent of the general operating fund, the property tax digest, is expected to drop another 8.3 percent.

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GBJ Staff

10 small business trends for 2012

Before putting the finishing touches on your 2012 strategic plans, consider these trends that in some way, shape or form, have an online component.

Listen to customers differently. Learn to use all avenues of communication available to you from face to face feedback to a myriad of digital options. If necessary, pull in an expert to help you figure out what convergent technologies will work for your business.

Offer bigger value propositions. Personally interact with a client or prospect prior to a sale. Consumers are more discerning and better informed than ever before. You need to quantify your value to them. If you don’t, your competitors will.

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GBJ Staff

Credit unions increasing role in the business community

“Credit unions provide financial products and services required by 99 percent of businesses,” explains Bonnie Trappe, chief financial officer for Excel Federal Credit Union. “Hopefully, when a business shops for a financial institution they will include their local credit union as a potential partner.”

Select credit unions in Gwinnett, like Excel Federal, have been providing business services and commercial mortgage loans for years. Many others are now expanding into this arena. Consistently higher business account volumes are due in part to credit unions that stepped in the vacuum when banks reduced their lending practices several years ago, a trend that is expected to continue.

Excel Federal manages the Credit Union Business Services (CUBS) organization that enables member credit unions to pool resources, make commercial lending more efficient and reach more business owners needing a loan or to open an account. Gwinnett CUBS owner organizations are Excel Federal, Georgia United, Gwinnett Federal, Associated, Georgia’s Own, GEMC and MembersFirst.

“A credit union provides value and flexibility,” adds Jason Halperin, chief marketing officer for Georgia United Credit Union. “Sit with your branch manager, explain your needs and if those financial products are not yet part of their business services package, your input may help define what they put in place.”

Trappe says the majority of Excel Federal’s business loan accounts are from companies new to credit unions, looking for alternatives to traditional banks. However, more than 50 percent of the business deposit accounts are from personal account members. Halperin reports that its current business accounts are with individuals who were already on board at Georgia United with their personal finances.

Reliability is the key attribute that both Trappe and Halperin state as the motivating factor for an increased presence of credit unions in the business community, primarily because of consistent quality, personalization of services and flexible fee structures.

Read more Money Matters from local financial experts:
Financial and Tax Planning Tips
Trends in Business Banking
How to Choose an Accounting Firm

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GBJ Staff

How to choose an accounting firm

“It’s very common for a small business to outgrow their own abilities or the services of the bookkeeper/tax preparer,” comments Laurie McClain, C.P.A., owner and managing partner of McClain and Company, P.C. in Suwanee.

Interview accounting firms near your place of business for the ease of regular meetings. Referrals from other companies, Chambers of Commerce and business networking groups are good ways to validate a firm’s stability and reputation. Ask about their longevity in the industry and in their communities. Also, are they a CPA firm? Hire a professional who has already met high standards. Find out if you will have to change your chart of accounts or anything else to fit their model.

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