Tag Archives: Modest

SBA Honors Owners of The Gravity Vault Indoor Rock Gyms as The 2013 NJ Modest Business Persons of The Year

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Chatham, NJ (PRWEB) June 20, 2013

Two extended-time buddies and New Jersey natives, Lucas Kovalcik and Timothy Walsh know what it is like to climb to the leading. They took their passion for fitness and rock climbing and turned it into a productive business.

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These days, the owners of The Gravity Vault LLC, a premier indoor rock climbing facility with areas in Chatham and Upper Saddle River, had been named the U.S. Modest Company Administrations 2013 New Jersey Tiny Company Persons of the Year.

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In making the announcement at the companys Chatham facility, SBAs New Jersey District Director Al Titone stated Kovalcik and Walsh were chosen for the award based on criteria that consist of: Staying Power (a substantial history of an established enterprise) Development in Quantity of Workers Boost in Sales Financial Strength of the Company Innovativeness of Solution or Service Offered Response to Adversity and Contributions to Aid Neighborhood Oriented Projects.

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Soon after productive careers in the private sector, exactly where they held key management positions, each Kovalcik and Walsh felt strongly sufficient to leave that all behind them and commence The Gravity Vault in 2005 in Upper Saddle River. Given that that time, they havent looked back. The Gravity Vault is 1 of the prime indoor rock climbing facilities in the state of New Jersey offering a secure and wholesome environment for climbers from ages five and up. In 2009, they opened their second place in Chatham. This year, they plan to open a third company owned facility as nicely as their 1st franchised place.

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According to Titone, Kovalcik and Walsh enlisted the help of the SBA and TD Bank. Every time, they opened a location they utilized the SBAs 7(a) Assure Loan Program to develop their enterprise. When the third Gravity Vault facility opens later this year, they will have over 60 staff and sales in the mid seven figures.

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As we celebrate the 50th Anniversary of National Modest Business Week, this is a fantastic time to highlight the successes and achievements of New Jersey businesses like The Gravity Vault, stated Titone. Lucas and Tim have taken their passion for rock climbing and have turned it into a thriving company. These guys are living the American dream, going to work and loving what they do. It just doesnt get any far better than that.

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Its a wonderful honor to be named the New Jersey Small Enterprise individuals of the year, stated Lucas Kovalcik, co-founder of The Gravity Vault. To be in a position to able to share our passion for climbing and spread it all through this neighborhood is something unique.

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Our purpose is to take The Gravity Vault notion and bring awareness to the sport of climbing, stated Timothy Walsh, co-founder of The Gravity Vault. With developing demand for new and option fitness alternatives, climbing is positioned to be a exciting and fascinating selection for men and women of all ages. With the introduction of our franchise model nicely be in a position to change as many peoples lives as attainable.

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From initial time climbers to seasoned pros, The Gravity Vault offers a small anything for everybody. They supply their buyers monthly and annual memberships, birthday parties, youth classes, group developing events, scout groups, and the property to three youth climbing teams.

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In addition to becoming astute tiny organization owners, Kovalcik and Walsh make certain that The Gravity Vault is connected to the community via their philanthropic contributions. The organization donates to dozens of organizations which includes the NY/NJ Trail Conference to establish and preserve trails in their region The Access Fund to assist hold U.S. climbing places open and conserve the climbing atmosphere and Mohonk Preserve to help their mission to safeguard the Shawangunk Mountains by inspiring folks to care for, enjoy, and explore the all-natural planet.

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Moreover, Kovalcik and Walsh donate over $ ten,000 a year in cost-free climbing to nearby Parent Teacher Organizations, churches, temples, youth organizations and schools. In the course of Hurricane Sandy, The Gravity Vault supplied free of charge meals, warmth and electricity to these in need by opening the doors to their Chatham facility that was fortunate to maintain power following the storm.

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These are effectively-rounded entrepreneurs who have the correct balance and formula for success, stated Titone. It all begins with a great concept, but its the drive, the passion and perseverance that brings it all together. This is an thrilling time for Lucas and Tim as they embark on the subsequent phase of development for The Gravity Vault.

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Franchising will sooner or later enable them to bring their indoor rock climbing facilities to other regions across the United States, added Titone. Of course, we are grateful for our partnership with TD Bank which provided the required injection of capital that has led to this exceptional achievement.

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As component of SBAs National Small Enterprise Week festivities (June 17- 21), Kovalcik and Walsh will be honored in Washington, D.C. by SBAs Administrator Karen Mills, exactly where they will compete for the title of SBAs National Little Company Person(s) of the Year with representatives of 49 other states, the District of Columbia, Puerto Rico, and Guam.

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Zane Benefits Publishes New Information on Modest Firms Wellness Insurance Requirements in 2014

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Park City, Utah (PRWEB) June 12, 2013

Right now, Zane Positive aspects, Inc. published new info on Tiny Companies Wellness Insurance coverage Needs in 2014. Zane Advantages, which provides comprehensive and flexible options to conventional employer sponsored wellness positive aspects, is the leader in defined contribution and wellness reimbursement arrangement plans.

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According to Zane Rewards internet site, several tiny companies are asking “starting in 2014, do I have to provide well being insurance to employees?” According to the Inexpensive Care Act (ACA), no company has to offer you well being insurance. Even so, the ACA involves a mandate for certain large employers (with more than 50 complete time equivalent workers) to either provide qualified and cost-effective health rewards, or pay a tax penalty. This is typically referred to as the employer mandate, play or spend requirement, or employer shared responsibility.

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It is critical for little organizations to realize regardless of whether they are defined as an applicable huge employer by the IRS, as the mandate and employer tax penalties only apply to the little enterprise if regarded an applicable massive employer.

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No Mandate or Penalties for Employers with Less Than 50 Staff

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According to Zane Positive aspects site, if a organization has significantly less than 50 employees, the mandate and tax penalty does not apply to the small enterprise.

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How the IRS Defines Applicable Huge Employer

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According to Zane Rewards internet site, for the majority of businesses calculating regardless of whether the business is an applicable big employer is a straightforward calculation. However, for companies on the border with many element-time or seasonal employees, the calculation will be much more in-depth. In common, if the company employed an typical of 50 or a lot more complete-time equivalent (FTE) personnel for the duration of the preceding calendar year, the business is regarded an applicable huge employer for the existing year.

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Very first, a enterprise is defined as an applicable huge employer on a calendar-year basis. For example, a organization could be an applicable large employer in 2015, but not in 2014. Did the organization employ 50 or far more full-time employees on average throughout the preceding calendar year? If yes, then the enterprise is an applicable large employer for the existing calendar year.

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Second, the organization is NOT an applicable huge employer if the organization employed less than 50 full-time staff on typical during the prior calendar year, or the organization employed more than 50 full-time employees no much more than 120 days in the course of the prior calendar year due to a seasonal workforce.

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Calculating Complete-Time and Portion-Time FTEs

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According to Zane Advantages site, for the purposes of determining regardless of whether a organization is an applicable massive employer, a business must contain all full-time workers plus the complete-time equivalent of portion-time personnel. A full-time employee is defined as functioning on typical at least 30 hours of service per week in a offered month.

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Subsequent, a organization aspects in component-time personnel. To calculate the full-time equivalent of component-time employees, add the number of hours worked by portion-time personnel in a provided month and divide the total by 120.

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Lastly, the sum of the full-time personnel and the complete-time equivalent of the element-time workers is the quantity used to establish regardless of whether the business is an applicable big employer. If the sum is 50 or more than, the business is an applicable massive employer.

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Click right here to study full report, and access FTE worksheets.

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About Zane Rewards&#13

Zane Benefits was founded in 2006 to provide a revolutionized SaaS (Computer software-as-a-Service) administration platform (“ZaneHRA”) for Health Reimbursement Arrangements (HRAs) and defined contribution wellness care. The flagship computer software gives a 100% paperless administration encounter to employers and insurance pros that want to offer far better overall health advantages with no a standard group wellness insurance coverage plan at reduced costs. For a lot more information about ZaneHRA, visit http://www.zanebenefits.com.

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4 Merchant Advance Traps for Modest Organizations to Avoid

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Vancouver, BC (PRWEB) June 05, 2013

Now seven years old, the Canadian merchant advance market has turn out to be a valuable supply of cash for thousands of tiny businesses across Canada. However, although this new alternative funding source is a step in the correct direction, the industrys unregulated landscape has resulted in business practices to be wary of, according to David Gens, CEO of Merchant Advance Capital. New financial products translate into new means to make income for monetary solutions companiesand some of those indicates can be abused, Gens warns.

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To support small company owners ensure they are dealing with a reliable merchant advance organization and are producing an informed choice conducive to extended-term achievement, Merchant Advance Capital gives 4 red flags business owners need to be wary of.

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1. Shady Re-advance or Leading-up Policy&#13

Some businesses in the merchant advance industry use re-advances as a way to juice income. This is quite crucial to realize from the viewpoint of the small company owner as it is best for a business owner to align with a company that can be there for the lengthy run and on reasonable terms.

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Here is how they do it. When you re-advance or best-up, you finish up refinancing your current remaining balance. In other words, you pay for the money twice. Make confident you are only paying a fee on the new income becoming advanced to you, Gens advised.

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2. Automatic Re-advances or Leading-ups&#13

Financing can be helpful for a businessbut only when it creates an chance and the enterprise owner is in manage. Some merchant advance firms automatically provide companies with further funds after a portion of the advance has been paid (normally buried in the fine print of an agreement). Via these automatic re-advances firms finish up owing increasingly a lot more alternatively of quickly and efficiently repaying an advance through sales.

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Plus, automatic re-advances are usually completed at a greater percentage price than the initial advance.

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three. Delayed Receipt of Sales&#13

For little businesses, daily money flow is crucial. Right after a busy weekend, shop owners want to restock inventoryand possessing to wait days to get cash from weekend sales (which would permit them to efficiently restock) can be frustrating and harmful to organization and sales.

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Some merchant advance organizations need firms to open a third-celebration lock-box or escrow account where sales go initial and the companies portion of sales are released a couple of days later. Other companies might supply split settlement, exactly where the credit card processing organization will split the sales (based on the withholding percentage of an advance) and the organization receives its portion directly from the credit card business. At the surface, split settlement could seem to solve the delay problem but it does not, according to Gens who warns that the additional administration place into splitting funds also results in a delay of up to a handful of days.

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We have noticed competitors lie about this to merchants and tell them there will not be a delay, and company owners locate out only right after theyve been funded. At that point its also late. With Merchant Advance Capital, there is by no means a delay in getting your sales, Gens said. The essential is to ask a lot of queries. Ask what the re-advance policy is. Ask if there could be a delay in getting funds. Ask for a distinct set of numbers if you have issues (perhaps you would choose a reduce withholding, or a larger amount up-front and so on.)

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4. Not Accredited&#13

When picking a merchant advance vendor, its important that the firm is accredited by the Much better Business Bureau. Accreditation indicates a organization has passed stringent criteria and doesnt have any unresolved complaints against their organization.

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To learn a lot more about the option small company financing from Merchant Advance Capital or to apply for the program, go to http://www.merchantadvancecap.com and chat with our friendly agents on-line. Also, keep up with the most current Canadian enterprise news and happenings with the companys weblog and subscribe to the common monthly publication, The Merchant Advisor.

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About Merchant Advance Capital: &#13

Merchant Advance Capital (MAC) is a Canadian owned and operated company headquartered in Vancouver, British Columbia that gives versatile financing options for Canadian little organizations. Their processes are fully automated and business owners have the choice to tie their payments straight to sales volumes, giving tiny firms exceptional money flow flexibility.

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Founder and CEO David Gens comes from a household of entrepreneurs and his preceding experience was in the private equity investment organization with CAI Capital Management Co. He launched Merchant Advance Capital to provide option financing to a wide variety of businesses including: restaurants, pubs, clothing stores, retail shops, comfort stores, professional corporations, coffee shops, auto repair shops, clinics, franchise operations, wholesalers, hotels, and many other individuals across Canada.

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