Will our state’s

dramatic tax hikes

kill economic
growth?
By Jeff Fleischer
Page 4

In This Issue:

Garden Fresh Let’s Keep This Country It’s Survival of Jobs Available in
From Israel to Your Kitchen Table Great – and Free the Fittest Your Area
By Yisroel Kamen By Moshe Klein By Jewish Business News Staff By JB2B Networking, Inc.
Page 6 Page 8 Page 10 Page 14
 CONTENT FROM THE PUBLISHER
3 BUSINESS NETWORKING Dear Reader,
CALENDAR

4 COVER STORY
Every business faces challenges. The frightening
Illinois, Open for Business? figures show that most new businesses fail in
Will our state’s dramatic tax hikes their first few years, often because they are
kill economic growth?
undercapitalized. Other business owners struggle
By Jeff Fleischer
with staffing, while still others face fierce competition.
6 FEATURED BUSINESS
Garden Fresh From Israel to But every business owner knows that “Uncle Sam” takes a share of
Your Kitchen Table
the pie: whether you are a mom-and-pop or a large corporation, all
By Yisroel Kamen
businesses pay taxes.
8 IN MY OPINION
Let’s Keep This Country Great – In the final days of the 2010 legislative session, Gov. Pat Quinn
and Free
signed into law a bill that raised both personal and business taxes
By Moshe Klein
for Illinois residents. In this month’s cover story, “Illinois, Open for
9 FEATURED NETWORKERS Business?” we explore the impact of those tax increases and whether
they will affect Illinois’ ability to attract large and small corporations.
9 BUSINESS ETHICS
Jewish Ethics Demand We
Pay Taxes To keep abreast of everything happening in Springfield and
Washington, JBN publishes a monthly state and federal legislative
10 SMALL BUSINESS FORECAST update. We encourage you to stay apprised of federal and state action
It’s Survival of the Fittest:
and to realize that there are changes being made daily on the state
Be Sure Your Are a Survivor
By Jewish Business News Staff and federal level that directly affect all of us.

12 SMALL BUSINESS Last month, JBN hosted its first educational panel, “How to Run a
LEGISLATIVE UPDATE
Successful Small Business in Illinois.” It was a big success, and I
By Blanca Campos and Elliot Richardson
look forward to greeting you at one of our upcoming business events
14 JOBS BOARD this month.

On the cover:
Cover montage by Michael Borkovec, images from
iStock Photography To Success,

Publisher: Shalom Klein

Editor: Gerald Burstyn
Shalom Klein
Contributing Editors: Moshe Klein,
Khane-Faygl Turtletaub
Contributing Writers: Blanca Campos, Yisroel
Kamen, Hilary Markow, Mendy Rimler.
Creative Director: Michael Borkovec
Advertising/Sales Coordinator: Leah Alpert
Distribution Coordinator: James Austin

Check www.thejewishbusiness.com for updates.

© 2011 Jewish Business News. All rights reserved.

Reproduction in part or whole without permission
is prohibited. Editorial, publishing and advertising
offices: 3564 W. Dempster St., Skokie, Ill., 60076,
Phone: (888) 477-4466.

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T
he last time Illinois raised taxes was in 1989, when Gov. James
Thompson passed what was then among the highest state tax increases
in American history: 20 percent. That was exactly 20 years after the
state income and corporate taxes were created, and it was another 22
years before a huge budget deficit drove the state to raise taxes again.
When it ultimately did so, on Jan. 12, Illinois raised those rates
dramatically.
Such a huge increase, all coming at once, can’t help but have a serious
impact on both consumers and businesses – and therefore the future
of Illinois business. In the weeks since the tax hike, local business
owners have had to contend with the new reality and what it will mean
for their ledgers.
“The biggest thing we’re going to see is the tax increase will definitely
affect the bottom line for most companies,” says Tomer Laks, president
and CEO of Phasecorp, a business consulting firm on Chicago’s north
side. “And that will affect their decision-making processes, whether
that’s hiring employees, buying equipment, or buying real estate – and
all that will impact their growth.
“The problem is businesses, like most entities, like to be able to plan
ahead. They don’t like surprises. And such a substantial increase all
at once was a major, major surprise.”
4 Jewish Business News - A publication of Jewish B2B Networking, Inc.
Will our state’s dramatic tax hikes kill
economic growth?
By Jeff Fleischer
With the increase, the state tax rate on individuals shot up by two-
thirds, from 3 percent to 5 percent, while the corporate tax went from
4.8 percent to 7 percent. And both rates were passed retroactive to
Jan. 1 of this year.
The Illinois corporate tax rate was introduced in 1969 by then-Gov.
Richard Ogilvie, at a rate of 4 percent. The existing 4.8 percent rate had
stayed constant since July 1, 1989. However, that rate doesn’t include
the state’s personal property replacement tax – a 2.5 percent tax on
corporations (1.5 percent on partnerships and S-corps) that passed in
1979. The state department of revenue collects the replacement tax,
though the revenue goes to local (rather than state) governments.
So, from a business perspective, the new 7 percent rate will feel
more like 9.5 percent. And because Illinois’ individual and corporate
income taxes use a flat rate, small local businesses face the same
percentage increase as multimillion-dollar corporations that can more
easily absorb the costs. (Fourteen states have progressive corporate
taxes with lower rates for corporations below certain income levels).
Larger companies can also benefit from specific tax breaks that often
aren’t available to small business. For example, in early February,
Illinois announced $29 million in tax incentives over 10 years for
Mitsubishi, which employs about 1,300 people at its downstate plant
in Normal, to ensure the company would keep the plant here. The state
has previously used large tax-break packages to attract businesses
such as Boeing.
The Chamber of Commerce and other business lobbying groups have
expressed concern that the new rates will hurt Illinois’ ability both to
recruit and keep businesses.
‘The biggest thing we’re going to see
is the tax increase will definitely affect
the bottom line for most companies.’
“For most of us, it’s going to be a case of we are where we are,”
says Tom Sodeika, president and CEO of Oakbrook Terrace-based
Precision Payroll of America. “But it depends on the type of business.
If you’re operating a call center or are dealing with a not-highly-skilled
workforce that can be easily replaced, maybe you go somewhere else.
“In our case, we built our business on the quality of our people, and
www.thejewishbusiness.com
I know I would never be able to move and find the same quality of
people I have right now. We wind up in kind of a Catch-22.”
Shortly after the tax increase passed, a few businesses openly spoke
of moving out of state. For example, the founder of the nationwide
sandwich shop Jimmy John’s – which employs about 100 people in
Champaign, where it was founded – said he would consider moving
the company to Florida. New Jersey Gov. Chris Christie has already
started a marketing campaign aimed at recruiting Illinois businesses,
while the city of Indianapolis ran a full-page ad in the Chicago
Tribune encouraging companies to move there.
However, it’s still unclear how real those threats will be, and whether
out-of-state pastures will prove greener.
The Washington-based Tax Foundation – a nonpartisan think tank
that advocates for lower taxes – dropped Illinois from 23rd to 36th
among states in its State Business Tax Climate Index after the passage
of the Jan. 12 tax hike. Even still, it ranks the state ahead of neighbors
Wisconsin, Iowa and Minnesota, though lower than Indiana and
Missouri (which it ranks 10th and 19th, respectively). While New
Jersey has made a fair number of headlines for its recruitment efforts,
that state faces its own budget deficit of about $10.5 billion this year.
It was such a deficit – estimated at $13 billion dollars – that caused
Illinois to pass the tax hike (as well as borrow additional funds).
What’s also hard to measure is what opportunity costs the increased
tax burden will have for Illinois business as a whole. There’s no way
to know how many out-of-state or even international businesses
would have been recruited to set up shop here, or how many jobs
those businesses would have created. At the start of the year, the
Illinois unemployment rate sat at 8.8 percent – down from the high
of 12 percent it had hit in February 2010, but still high for any point
in the last two decades.
The state also had limited flexibility in terms of spending cuts.
According to data from the Chicago-based Center for Tax and Budget
Accountability, Illinois’ spending ranked 43rd among states in 2010
as a percentage of state GDP, and the state already had a low level of
funding public services compared to other states.
‘Shortly after the tax increase
passed, a few businesses openly
spoke of moving out of state.’
There’s no question the bill is now coming due, though it will be
some time before we know if the tax hike did enough to address
the shortfall or whether it prevented additional growth in the
business sector. As of now, the increased rates – both for individual
and corporate taxes – are scheduled to stay in place through 2015,
at which point they’re expected to drop down to 3.25 percent and
5.25 percent. They’re scheduled to drop again in 2025, and the tax
package did include state spending caps that – if violated – would
trigger a lower tax rate.
“In a couple years, we are going to be able to review the data of the
tax effect, and see what this has done in terms of reducing the number
of viable business in the state,” Phasecorp’s Laks says. “The worry
is that, at a time when the economy on the global scale is starting
to recover from the recession, this tax cut will lead to economic
stagnation in the state. If that happens, it’s a big problem.”
Jeff Fleischer is a Chicago-based journalist and author who has written for
publications including Mother Jones, the Sydney Morning Herald, National
Geographic Traveler, the New Republic and Chicago Magazine.

“With unemployment where it is, there are a lot of entrepreneurial

and talented folks who’ve been out of work and could use their skills
to start small businesses,” Precision Payroll’s Sodeika says. “With
the tax rate where it is now, that creates a higher barrier to entry for
those people who are looking to start up.”

While obviously difficult on the business community, the tax hike

was inevitably going to be high after 22 years without an increase.
Former Gov. Rod Blagojevich, for example, repeatedly vowed not to
raise income or corporate taxes, instead borrowing record sums to
cover the state budget.

That left Illinois with the lowest credit rating among all states (tied
with California, according to Moody’s Investors Service), unpaid
balances to key recipients like schools and hospitals, and a deficit
roughly half its total general-fund budget. The low credit rating also
increased the cost of insuring the state against default. And while
the $13 billion deficit got a lot of attention, the state also had an
additional $6 billion in unpaid bills and $4 billion in underfunded
pensions.

www.thejewishbusiness.com Jewish Business News - A publication of Jewish B2B Networking, Inc. 5

 Garden Fresh From Israel to Your Kitchen Table
By Yisroel Kamen
By all appearances, Garden Fresh Market in Northbrook is a typical North
Shore grocery store. Harried parents push children in strollers for a pre-
dinner shop while busy cashiers speed customers through the long lines.
Discerning shoppers who regularly converge at the SUV-lined strip mall
just off the Edens Expressway, however, know what separates this store
from the pack.
A huge selection of hummus, for one, along with a choice of Israeli dairy
products one could easily find on the shelves of Supersol in Jerusalem. In a
word, Garden Fresh is the Israeli food shopping mecca in the Chicagoland
area, a fact not lost on the swarms of customers who visit from as far away
as Iowa.
“They have items you can’t get at major grocery chains,” exclaims Yaakov
Pole, a 32-year-old teacher from Buffalo Grove who frequents the store in
search of quality produce and competitively-priced Israeli products. “It’s
an excellent value.”
Garden Fresh founder Adi Mor is one of those rare individuals who truly
understands what people want. Arriving in Chicago via Jerusalem in 1980
with no formal business background, he channeled his sabra sechel (sense)
and powerful work ethic to grow one of the area’s most successful specialty
grocery chains.
“Each one of our seven stores really caters to the particular community that
it’s in,” he explains, attributing his niche success to diligence in product
selection coupled with unmatched variety. Shelves loaded with Russian
pastries and pickled vegetables reflect the Eastern European tastes of the
patrons who shop the Wheeling location while Mundelein’s sprawling
rows of hot sauces and peppers satisfy its largely Hispanic clientele.
“We go to the market every day to purchase fresh produce and carry twice
as many items as a normal supermarket would,” adds Mor, who, as a
young soldier once had an all-night gig on Thursdays preparing challah
at the famous Angel Bakery in Jerusalem. More than 30 years later, the
spry 55-year-old manages business affairs along with his 28-year-old son
Golan and dozens of others at a modern corporate office and warehouse in
Wheeling.
The Northbrook location, featuring its fully staffed “Kosher Korner” deli
and massive selection of Israeli-branded items, is decidedly arranged with
the Jewish consumer in mind. Mor says that shoppers routinely pour in
from as far away as Iowa, Wisconsin, Michigan and Indiana to stock up on
the kosher quality meat and other delights that arrive fresh daily.
“Supermarkets realize that kosher can be a huge magnet for a loyal base
of consumers who, while looking for kosher products, also shop the rest of
the store,” notes Menachem Lubinsky, editor-in-chief of KosherToday.com
and founder of Kosherfest, the world’s largest kosher food and beverage
trade show.
“Kosher is simply attracting more people because of the very diverse and
quality nature of the products, making it much easier for Jews of all shades
to buy into the concept.”
Mor recognizes that balancing the kosher element, which comprises 40
percent of the Northbrook store, with the varying demands of the broader
community is the key to maximizing overall value.
“Our business is very unique in that we’re open seven days a week and
6 Jewish Business News - A publication of Jewish B2B Networking, Inc.
Garden Fresh founder Adi
Mor surveys the bountiful
selection of produce at the
Northbrook location.
still able to serve the kosher and non-kosher communities,” he says,
acknowledging that fresh produce remains a prominent drawing card at
each location.
With Passover looming, the search is on for birthday cake buried deep in
the freezer or the errant crouton lost in the couch. And while many people
begin their chametz sweep several weeks before the first Seder, Garden
Fresh has been preparing to commemorate the Exodus from Egypt since
Chanukah in December.
The shift from shelves of leavened luxuries to a sea of matzo and macaroons
takes months of careful planning, Mor says, with much of the stock ordered
from suppliers in New York, as opposed to Israel, to ensure maximum
freshness. During the eight-day holiday, the Kosher Korner is temporarily
shuttered and sold to a non-Jew in accordance with Jewish law.
Garden Fresh also takes pride in providing its kosher catering services to
local institutions such as Solomon Schechter Day School in Northbrook,
which coordinates a student lunch program described by Mor as
“reasonably priced, healthy and wholesome.”
“We’ve had a great response from parents,” said Julie Smolucha, Garden
Fresh’s marketing director. The variety and nutritiousness of the food, she
says, allows children “to function better in school.”
Mor enjoys showcasing a plethora of popular Israeli products, from diet
grapefruit juice to organic peeled roasted chestnuts in his stores, many of
which have found their way onto shelves at the request of customers.
“Some of the big vendors realize that we put them on the map,” he contends.
According to Lubinsky, Israeli manufacturers are rapidly becoming more
attractive to American buyers buyers as competition for market share
widens.
“New products that bring something to the table, forgive the pun, will
continue to make it onto supermarket shelves,” he says. “Israel produces
quality products in great packaging, making them very competitive and
desirable. Israeli brands have a natural base in the U.S. but they still have to
compete on quality and price.”
That’s certainly good news for Garden Fresh, reflecting Mor’s vision of
providing Chicagoland consumers with their favorite fare at a great value.
“We give the customer what they want,” he maintains. “We cater to the
neighborhood.”
Yisroel Kamen is a freelance writer in Chicago. To respond to this column,
write: yk@thejewishbusiness.com.
www.thejewishbusiness.com
www.thejewishbusiness.com Jewish Business News - A publication of Jewish B2B Networking, Inc. 7
 Let’s Keep This Country Great – and Free
By Moshe Klein

The end of April brings Passover, a holiday that commemorates the come together on a plan to turn the economy around in a meaningful
time when Pharaoh was on the throne, the Egyptian economy was in way. Businesses that cannot succeed should be allowed to fail and the
shambles and the Hebrews yearned to be free. government must stop the bailouts.

Let’s review. After being hit by a series of plagues, Egyptian tax
revenue shrank dramatically as farmers lost their crops to locust
swarms, hail and the like. Little was being produced in Egypt so there
was little to tax. Egypt was in fact importing much of its basic needs
from the Hebrews in the nearby Goshen district, which was oddly
unaffected by the plagues. The government of Egypt found itself in the
unenviable position of watching its country deteriorate, yet Pharaoh
remained hard-hearted and refused to do the one thing that could keep
his people from starving: free the Hebrew slaves. His advisors saw
what Pharaoh could not, at one point commenting: “Does Pharaoh not
see that Egypt is lost?”
Three thousand years later, years of unchecked spending by our state
and federal governments has led us to the brink of disaster. Believing
it was their right, taxpayers placed many unreasonable demands for
goods and services upon state and local governments. Elected officials
were only too happy to accommodate the benefits that citizens
demanded—anything to get re-elected one more term.
Now we find ourselves on the brink of financial disaster. Fiscal
conservatives have been screaming for years “Do you not see that the
country is lost?”
Only now, as the national debt grows by trillions of dollars each year,
as unfunded entitlement programs such as Medicare, Medicaid and
Social Security balloon out of control to over $105 trillion in budget
shortfalls, do we find that Pharaoh (i.e., our government) is even
aware of the problem. However, Pharaoh’s heart remains hard and the
spending continues. Pharaoh refuses to put down the public’s credit
card and to live within his means, much less think about paying back
the trillions he owes.
Canada recently reduced spending across the board and the economy
rebounded very nicely. Unemployment dropped and business activity
expanded. In the United States, too, we must face facts that we have to
get back to basics. We must learn to rebuild our economy without the
“slaves” (i.e., social benefits we can’t afford) just as Pharaoh would
have been wise to do. It won’t be easy, but it’s the only way that we can
possibly avoid what appears to be certain bankruptcy for our economy.
Billionaire Steve Forbes told me recently that he believes there is still
time to turn things around in our great country—but the window of
opportunity is closing fast. When I asked him how he thought we could
make a difference, he told me “We must get back to the principles that
our founding fathers believed in: the rule of law and the integrity of
our lawmakers.”
Happy Passover, the holiday that celebrates freedom. Let’s exercise
that freedom to make the right choices in our business and personal
lives that will keep this country great.
Moshe Klein is an accountant and small business consultant. His firm, Moshe
Klein & Associates, Ltd. is based in Chicago and services clients throughout
the United States and Canada. To respond to his column, write to:
mk@thejewishbusiness.com.

We all know how the story ends. Pharaoh refused to free the Hebrew
slaves and Egypt was lost. Pharaoh lost his army and his national
treasure and Egypt lost its ranking as the wealthiest and most powerful
country in the world. It became a second-class power, both militarily
and economically and was never able to regain its former standing. All
because its leaders chose to pretend that the problems and challenges
they faced did not really exist.

Our government today, too, continues to be hard-hearted and to

pretend that it can spend its way out of the fiscal crisis in which it
finds itself. How foolhardy. We continue to import textiles from China
that could be produced right here at home. We continue to import oil
from countries that are hostile to us rather than to make do with the
resources that our country has been blessed with in abundance. We
continue to believe that redistribution of wealth from those who work
hard and produce to those who choose not to produce is the way to
make our great country even greater. All the while, more people are
waking up to the reality that the country will be lost if we don’t change
course immediately.

In my opinion, as we prepare ourselves for Passover and relish the

great freedom that we enjoy in our blessed land, we should stand
up to Pharaoh. No more spending beyond our means. Let’s balance
the budget and tighten our belts. The president and Congress must

8 Jewish Business News - A publication of Jewish B2B Networking, Inc. www.thejewishbusiness.com

 Shana Erenberg
Co-founder and President of the Board
of Directors, Libenu
Personal motto: I help individuals with special
needs live independent, productive lives.
My work: I provide supervised group homes that
adhere to Torah values and principles.
What sets me apart: Professional expertise
combined with passion and determination to
make Libenu’s vision a reality.
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Web Developer
Personal motto: I strive to produce results better
than expected.
My work: I build your company a Web presence,
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What sets me apart: I use my experience in
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Publicist
Personal motto: I create captivating stories that
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My work: I launch and run publicity campaigns
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Locate these and other business networkers and create your own profile online at
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www.thejewishbusiness.com
Jewish Ethics Demand That We
Pay Taxes
By Rabbi Asher Meir
One of the more onerous obligations we face as citizens is the
requirement to pay taxes. By the time we are done with federal
taxes, state taxes, property taxes, sales taxes, Social Security, user
and license fees and so on, a pretty substantial chunk of our income
finds its way to the government. It is hardly surprising that citizens
are always looking for ways to minimize their tax burden.
At the same time, today’s citizen is, to an unprecedented extent,
the beneficiary of government expenditures. In most advanced
countries, we take for granted an extensive system of roads and
highways, an efficient legal system, well-planned neighborhoods
with sidewalks and green spaces, national defense which gives
most people lifetime security, an impressive level of public school
education and generous retirement benefits.
Enjoyment of these benefits implies an ethical obligation to be fair
dealers in the tax arena. We are entitled to minimize our tax burden,
but we must not engage in or abet tax evasion.
An instructive passage in the Talmud teaches us about the important
relationship between the general obligation to obey legitimate laws
and the special legitimacy of taxes that are used for our benefit.
“Samuel stated, ‘The law of the land is the law,’ Rava said.
‘Observe that this must be true. For [the government] fells trees and
builds bridges, and we cross them.’” The passage suggests that if it
were illegitimate for the government to appropriate private property
through taxes (felling trees), it would be equally illegitimate for us
to make use of the stolen property by crossing the bridges.
In order to illustrate, let us examine one scenario regarding tax
evasion. Suppose that a person’s friends are taking advantage of an
innovative and rather elaborate scheme to save taxes that is based
on a novel interpretation of the tax law. Would it be ethical to take
part in this scheme?
To begin, we must note the difference between tax avoidance and
tax evasion, between exploiting the law and flouting it. It’s all right
to minimize taxes by taking advantage of legitimate provisions of
the tax law, or even by taking a reasonable position on an unresolved
question of law. But we cross the line into tax evasion when there is
no sincere claim of lawfulness.
A good way for the average person to distinguish between a prudent
plan to save money and an illegal and immoral scam is to ask a
reputable tax adviser. If this professional clearly advises that you
need not declare sheltered income, then you may assume that your
acts are solidly defensible. But an evasive answer, such as “Nothing
will happen to you if you don’t report,” is a sign of danger.
An ordinary person can rely on a reputable accountant, but the
accountants themselves cannot just pass the buck. Their obligation
to know and conform to generally accepted accounting procedures
is legal, ethical and professional. An accountant who deviates from
these principles is in violation of the professional code of conduct
and may be subject to prosecution. From a Jewish point of view, the
accountant is abetting wrongdoing by the client.
Republished in a condensed form with permission from the Business
Ethics Center of Jerusalem (www.besr.org).
Jewish Business News - A publication of Jewish B2B Networking, Inc. 9
 It’s Survival of the Fittest: Be Sure You Are a Survivor
By Jewish Business News Staff
These days, the Middle East is on everyone’s mind. The events in
Tunisia, Egypt, Libya and other Arab countries are reminiscent of
the collapse of the Soviet bloc in the late 1980s and early 1990s.
However, while everyone can agree that the fall of communism
brought democracy and liberty (not to mention open markets) to
Eastern Europe, the outcome of the so-called Arab Spring is far from
certain.
In fact, with most of the world’s oil supply originating in the Middle
East, we will likely see a continued rise in oil prices, which will
inevitably affect our anemic recovery from the recession.
As the cost of living increases and the prices of basic necessities rise,
consumers have less money to spend on vacations, services, clothing
and other goods. The result is that whatever progress we have made
toward a recovery could be reversed. Our economy, nationwide and
in Chicago, is consumer driven. An employed, forward-looking
consumer with living expenses under control can confidently shop
for cars, clothing and other goods. But when that confidence erodes,
watch out.
In addition, small business owners should be aware that a new wave of
unemployment is likely coming our way. In state after state, prudent
governors are cutting back on state budgets to keep spending in
check. As a result, thousands of local government employees will face
10 Jewish Business News - A publication of Jewish B2B Networking, Inc.
layoffs, including teachers, policemen, firefighters and general office
staffers. Nationally, we could see cuts of hundreds of thousands of
jobs at the local government level that can and likely will prove to
be a real drag on the recovery that we all keep hoping to experience.
Though initial claims for unemployment trended down in March, the
numbers tell only part of the story. Millions who no longer qualify
for unemployment benefits, or who have simply stopped looking for
work, are not being counted. While the stock market continued its
climb, until the crisis in Japan erupted, March also saw increases in
the cost of commodities such as food and precious metals. It’s hard to
predict exactly what will happen with property taxes and the cost of
living, but it’s safe to say that we can expect the cost of gas and food
to rise in the coming months. Of course, rising costs coupled with
employment fears don’t bode well for our economy.
In summary, we continue to advise our readers to be very cautious
about debt and to consider and reconsider any new expenses that are
not mission-critical to business operations. Small and undercapitalized
businesses are very vulnerable to failure during volatile economic
times. If you have not done so already, create and work with a budget
which clearly outlines a realistic sales and expense forecast. Review
the forecast weekly and make use of a budget versus actual report
to track your progress toward business growth and profitability. It’s
survival of the fittest right now: be sure that you are a survivor.
www.thejewishbusiness.com
www.thejewishbusiness.com Jewish Business News - A publication of Jewish B2B Networking, Inc. 11

Federal Update: Lower Swap Fees May Be Coming Soon
By Blanca Campos
On July 21, 2010, President Obama signed into law the Dodd-Frank
Wall Street Reform and Consumer Protection Act (the Dodd-Frank
Act). Its mission is to protect consumers in the financial services
sector by preventing unfair, deceptive and abusive practices. One of
the most notable and hotly debated aspects of the law is the Durbin
amendment.
The Durbin amendment authorized the Federal Reserve to cap the
interchange or “swipe” fees financial institutions charge merchants
for debit card approvals. The amendment would cap debit swipe
fees at 12 cents, a 70 percent drop from the average fee today. The
statute further directs the Federal Reserve to publish a final rule by
April 21 of this year, which would take effect on July 21. The Fed
has indicated it intends to meet these deadlines unless Congress
directs otherwise.
Small businesses support this amendment, noting that swipe fees
have tripled over the last 10 years, largely benefiting the 10 largest
banks. In fact, swipe fees are the second highest expense many
small merchants face after labor costs. The fees are such that it can
be cheaper for a store to give away a local paper than to sell one to
a customer using a debit card.
Small business owners say lower swipe fees will allow them to
The Small Business Advocacy Council is a non-partisan group with over 160 members, including law firms, real estate brokers, accounting firms and others.
12 Jewish Business News - A publication of Jewish B2B Networking, Inc.
Provided by the Small Business Advocacy Council
expand hiring and save roughly $12 billion to $14 billion annually.
Financial institutions have been pushing to repeal the amendment.
They claim such fees cover the costs of the complex networks and
fraud-prevention measures that support the debit- and credit-card
systems. Banks warn of higher checking account fees and less
lending if the fee caps are implemented.
State Legislative Update: Tracking the Lending Practices
of Banks
By Elliot Richardson
The Small Business Advocacy Council has introduced Illinois House
Bill 3469, which requires all banks doing business in Illinois to report
the number of loans they made to small businesses to the Illinois
Department of Professional and Financial Regulation. Through this
bill, which would amend the Illinois Banking Act, SBAC hopes
to achieve transparency by ascertaining which banks are lending
to small businesses and which banks need to do better. The bill
is currently in the Small Business Empowerment & Workforce
Development Committee and a vote has not yet been scheduled.
SBAC members, and especially our policy team, were pivotal
in pushing forward this legislation, which was sponsored by
Representatives Carol Sente, Daniel Biss and Karen May. Please
contact your state representative (you can find him or her at www.
ilga.gov) and ask him or her to support the bill.
www.thejewishbusiness.com
www.thejewishbusiness.com Jewish Business News - A publication of Jewish B2B Networking, Inc. 13
 Find out more about these jobs and over 100 more online at
www.jewishb2bnetworking.com/jobs
Office Manager - Home Care Agency, Northbrook, Ill.
Office Manager must have good oral and written communication
skills, as this person is frequently the first Homewatch CareGivers
contact for prospective clients, employees and referral sources.
See complete listing @ www.jewishb2bnetworking.com/jobs.
Campaign Executive, Northbrook, Ill.
Campaign Executive will develop relationships with prospective
and current donors to raise money for Jewish National Fund’s
National Campaign to support projects and programs for Israel.
See complete listing @ www.jewishb2bnetworking.com/jobs.
Network Support Engineer, Chicago, Ill.
Network Support Engineer is responsible for the overall support
and maintenance of hardware and software of computers within
the enterprise to ensure compatibility and integration.
See complete listing @ www.jewishb2bnetworking.com/jobs.
Secretary, Chicago, Ill.
Must be a self-starter, detail-oriented and willing to multitask.
Computer proficiency in basic programming is required.
See complete listing @ www.jewishb2bnetworking.com/jobs.
14 Jewish Business News - A publication of Jewish B2B Networking, Inc.
Inside Sales/Admissions Administrator , Park Ridge, Ill.
The Admissions Administrator handles the daily operations of the
admissions office in regard to planning and developing strategies
for admission of students.
See complete listing @ www.jewishb2bnetworking.com/jobs.
Financial Manager, Chicago, Ill.
Financial Manager is responsible for providing oversight
and implementing financial planning and analysis, business
management, budgeting and projections.
See complete listing @ www.jewishb2bnetworking.com/jobs.
Civil Rights Area Counsel , Chicago, Ill.
Based in Chicago and serving regional offices, candidate will
provide oversight, advice and guidance to regional directors and
regional staff on civil rights issues.
See complete listing @ www.jewishb2bnetworking.com/jobs.
Radio Promotion Internship , Chicago, Ill.
Assist in daily activities of the station promotion department and
beyond. Assist promotional, sales and programming staff with
other miscellaneous duties.
See complete listing @ www.jewishb2bnetworking.com/jobs.
www.thejewishbusiness.com
 CLASSIFIED
Business Services
Israel Sport Center For The Disabled
Join us for the 2011 Israel Sport Center
for the Disabled Texas Hold’Em Poker
Tournament, Grand Prize is a $10,000.00
seat in the World Series. May 7, 2011
at the Mart Plaza. All proceeds go to
buying Wheelchairs for the children at
the Center.
Sign-up at www.iscdpoker.com.
773-875-2425
Embassy Bankcard
Embassy Bankcard has the best terms,
service, and solutions available for credit
card processing all at wholesale pricing.
EBSI has a special on gateway processing
for limited time, that may save hundreds
in transaction fees.
Call Barry Bass at 877-982-0700
Fleapay
Accepting credit cards? Fleapay is a
simple shopping cart system that works
with your existing website and payment
gateway. Get a Fleapay account and start
selling Contact: (773) 276-8066.
www.fleapay.com/jbn. Email:
partners@gulosolutions.com
Guogos
Lights, Camera, Success: The time for
Online Video Marketing is now. Create
a video business card with Guugos.
com and jumpstart your marketing /
career search efforts! Guugos is coming
to an area near you! Call us directly to
book your video cover letter shoot at
1-877-8GUUGOS.
Email: steven@guugos.com
Steven H. Jesser, Attorney at Law, P.C.
Steven H. Jesser, Attorney at Law, P.C.
experienced legal representation of
businesses and professionals in contract
negotiation/transactional, realty, regula-
tory, licensing, trial, and appellate prac-
tice. Northfield office. Admitted in IL,
AZ, NY, WI, MN, DC, GA, MA, TX, NE.
Contact: 847-424-0200, 847-212-5620
mobile. Email: shj@sjesser.com,
www.sjesser.com.
SEO-TV Communications
Search Engine Optimization. We Train
Your Staff. Simple. Become Experts
in Months. Video Marketing, Email
Marketing Solutions for Entrepreneurs.
Website Backoffice Solutions-Manage
Your Own Website.
Contact: Mike Fisher, SEO-TV
Communications,Inc., 312-725-0107
Email: mfisher@eo-tv.net
Integrity Estate Sales
Integrity Estate Sales We are a full
service liquidation company. Whether
you are moving, downsizing, relocating a
loved one to assisted living, handling an
estate of a loved one, divorce, or facing
foreclosure, we can help you get the most
for your possessions. We are properly
insured, compassionate, and totally
honest (after all it is in “OUR NAME”).
Please call for a free no obligation
consultation to Jackie @ 708-253-9489.
www.integrityestatesales.net We work
STRICKLY on commission!
E-mail: integrity1998@sbcglobal.net
Place your classified ad for as little as $25!
Contact us at www.thejewishbusiness.com/advertise
www.thejewishbusiness.com Jewish Business News - A publication of Jewish B2B Networking, Inc.
ADVERTISING
FOR RENT
Creative Apartment Rental
Bernard Small of “Creative Apartment
Rental” Guarantees Tenant’s Rent
& Direct Deposit. Referrals are
investors, property owners, individuals,
management with dwellings to rent:
condo, house, apts., etc. Anywhere in
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Contact: 773.354.1066,
creativeapartmentrental.com
Help Wanted
AAA Michigan
We are looking to hire! AAA is looking
for new agents to join our team in
Chicago. To find out more information
about this lucrative employment
opportunity, contact Peter Fenner at
313-336-4194.
Email: pmfenner@aaamichigan.com
Miscellaneous
CityIntos
What’s next? Dating? Networking?
New to the city? CityIntros is a free
online community that caters to busy
city single professionals. Register to
search singles in your area & enjoy
discounts to business networking events,
singles events, free restaurant and retail
discount vouchers exclusive to CityIntros
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Contact: 847-333-9233
Email: info@cityintros.com
DISTINCTIVE HANDMADE
JEWELRY
Custom orders welcome. Marla
Wolfinger. ETSY.COM: MiriDesigns
Home:847.674.6677, Fax:847.674.5606
Email: Hatzabarim@aol.com
White Noise
White Noise is coming to town!
Whoopi Goldberg and the producers are
extending a special offer to the JB2BN
community to see it first. JBN readers are
being offered $40 tickets to any preview
performance between April 1, 2011
and April 8, 2011. Visit Ticketmaster.
com, call The Royal George Theatre
Box office at 312-988-9000 or stop
by the Royal George Theatre at 1641
N. Halstead Street and mention code
NOISE1 to take advantage of the offer!
Email: jelewis18@gmail.com
DejaViews
Anxious to see the photo album of your
recent event? Show the pictures AT the
event with DejaViews photography.
Send us your event info at 877-DEJA-
VIEWS or www.dejaviewsusa.com
Buddy’s Lawncare
Contact the BEST in lawn maintenance
and landscape! Contact Budd’s
Landscape & Construction, Inc at 312-
504-1455 or www.buddyslc.com for a
free estimate!
Email: chriscail@sbcglobal.net
15