Owlsfield Financial Corporation

03/16/2023

03/09/2023

A strong credit score is crucial for businesses, but it differs from personal credit as it's based on separate factors and uses distinct EINs. Starting early and consistently building your business credit is essential, a...

02/25/2023

Small Business Owners Beware: The DOL is Bringing New Changes to Independent Contractors

The Department of Labor is stirring up some trouble for small business owners as they propose changes to the way independent contractors are classified under the Fair Labor Standards Act. This new rule, proposed by the Biden administration, aims to reduce the number of workers wrongly classified as independent contractors, thereby granting them the labor protections of employees.
Previously, the Department of Labor under President Trump weighed the 6 factors determining an independent contractor's classification differently, focusing more on worker control and profit-making opportunities. However, President Biden's new rule would revert to the original weighing model where all factors are considered equally.
Independent contractors are self-employed individuals who provide services to another entity without being an employee. Unlike employees, independent contractors are responsible for paying their own taxes and don't receive benefits such as health insurance or retirement accounts.
With the rise of the gig economy, the number of small business applications has seen a 53% increase from 2019 to 2021. Many of these businesses rely on hiring independent contractors, and a majority (78%) plan on engaging with freelance talent during economic uncertainty. The reason for this is that 84% of freelancers prefer this lifestyle, as opposed to traditional employees.
This proposed update has faced opposition, mainly from companies heavily dependent on independent contractors. Reclassifying an Uber driver as an employee, for example, would pose a significant financial burden on the company. The public comments on the proposal were accepted until November 2022, and a ruling is expected this year. If passed, there are likely to be many legal challenges.
So, small business owners, keep your eyes peeled and stay updated on the latest regulations and news. Owlsfield Financial is here to make navigating the red tape of small business legislation a breeze. Let the experts do the research for you, so you can focus on running your business.
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02/23/2023

Welcome to Owlsfield Financial Corp's Facebook business page!

We are thrilled to have you here and look forward to sharing our expertise as business loan consultants. Our team at Owlsfield Financial Corp has years of experience helping businesses of all sizes secure the funding they need to succeed.

As a small business ourselves, we understand the challenges that come with securing financing. That's why we are passionate about helping other businesses navigate the loan process and find the funding solutions that work best for their unique needs.

Here on our page, you will find useful information and insights on a range of financing topics, from small business loans to SBA loans, equipment financing to commercial real estate loans. We will also keep you up to date with the latest news and trends in the lending industry.

Thank you for visiting our page and we look forward to helping your business thrive. Don't hesitate to reach out with any questions or inquiries.