1. Smaller banks are approving a higher percentage of small-business loan requests. A larger portion of small-business loans are being made by regional and community banks and non-bank lenders compared with big national banks, according to an analysis by Biz2Credit, a service that connects small-business owners with lenders, credit rating agencies and service providers.
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Biz2Credit's analysis of 1,000 loan applications found that "approval rates of small-business financing requests by small banks and non-bank lenders increased to their highest levels of the year during October." That compares with loan approvals by large banks, which rose only slightly from September levels, Biz2Credit says. 2. Small government contractors should soon get a break. The House of Representatives is expected to give a final vote on legislation to repeal the 3% withholding tax, H.R. 674, this week -- possibly today -- before passing the legislation along to the president to sign into law.H.R. 674, which looks to repeal the required 3% withholding tax to government contractors, was passed by the Senate last week. "Small-business owners are benefiting from a burst of bipartisan activity to promote certainty, business confidence and economic recovery," according to a statement by the Small Business & Entrepreneurship Council. "Repeal of the 3% withholding mandate is one such initiative that makes economic and fiscal sense. With the cost of the mandate far exceeding anticipated revenue gains, and small firms becoming less able to compete for government contracts due to new costs and cash flow constraints spawned by the withholding tax, repeal makes absolute sense." A coalition of about 200 industry trade groups representing various government contractors urged the passage of the bill this week, saying "The profit margin for many businesses is often less than 3%, meaning that the withholding tax will create significant cash flow problems for day-to-day operations as well as draining capital that could be used for job creation and business expansion," according to The Associated Press.But economists say repealing the tax "would have a minimal impact on hiring" for contractors, according the article. 3. Author bucks the trend, opens bookstore. Best-selling novelist Ann Patchett is defying the odds in her local community by opening a bookstore. Parnassus Books opens today in Nashville, where Patchett grew up. She tells The New York Times that while she has "no interest in retail," she also doesn't want to live in a city without an independent bookstore. Patchett is among the independent bookstore owners fighting back against the Amazons (AMZN) and Barnes & Nobles (BKS) of the world by finding success in "being small and sleek, with personal service, intimate author events and a carefully chosen rotation of books," the article says. To follow Laurie Kulikowski on Twitter, go to: http://twitter.com/#!/LKulikowskiTo submit a news tip, send an email to: tips@thestreet.com.Follow TheStreet on Twitter and become a fan on Facebook.
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