Business owners talk about overcoming over-regulation
By ERICA MOSER
PAWTUCKET – On Year Three of operating his medical practice in Pawtucket, which he opened 30 years ago, Dr. Pablo Rodriguez had a rude awakening.
He was sitting down with his accountant at the end of the year. The good news was that he made a lot of money, but the bad news was that he had to pay a fine, due to an error in filing his taxes after growing his staff from two employees to five.
A fine didn’t seem like a big deal – until he learned it was $42,000.
This is the type of novice mistake that Rodriguez, CEO of Women’s Care, wants other small business owners to avoid. He offered opening remarks at a small business accelerator forum held this week at Hope Village Kitchen, and his story was evidence of the forum’s usefulness.
“When you’re growing your small business, you’re thinking about everything that’s happening around you,” said Ivan Espinoza-Madrigal, executive director of the Lawyer’s Committee for Civil Rights and Economic Justice. “You think about getting patients in the door, getting clients in the door … You’re not thinking about all of the technicalities.”
Espinoza-Madrigal was another speaker at the forum, which Tufts Health Plan presented. The forum focused on providing businesses with guidance on attaining legal assistance, acquiring a loan or line of credit, and offering health insurance.
Espinoza-Madrigal noted that many business owners assume they can’t afford legal help, but that “there is a strong tradition in the legal profession to give back to the community.”
He pointed out that the Lawyers’ Committee for Civil Rights and Economic Justice offers free programs like the Access to Business Law Seminar, Create Your Own Job Seminar and Food Biz 101.
“We should all be making money off of what we do best,” Espinoza-Madrigal told the crowd of about 40 gathered for the breakfast.
Attendees included representatives of the Greater New England Minority Supplier Development Council; Rhode Island Hispanic Chamber of Commerce; Rhode Island Office of Diversity, Equity & Opportunity; Small Business Association of New England; Progreso Latino and The Empowerment Factory.
Also in attendance were mayors Donald Grebien and James Diossa, who spoke about what their respective communities have been doing to help small businesses and about the importance of partnerships.
“We’ve been able to really revamp a lot of our connection to the business communi- ty because of great partnerships like Navigant Credit Union,” Diossa said.
Sandra Cano, assistant vice president of business and community development at Navigant Credit Union, spoke about the company’s outreach efforts. Cano is also a Pawtucket City Council member.
She noted that Navigant has five business owner meetings every year, which are free even for those who aren’t Navigant members. The next one is from 6 to 8 p.m. on May 3 at 693 Broad St. in Central Falls.
Offering the perspective of a lender, Cano noted the importance of having a business plan when it comes to getting a loan, though she noted that sometimes what people really need is not a loan but a line of credit.
Cano spoke about the “five C’s:” cash flow, capacity, capital, credit and collateral, and she explained the requirements of getting a microloan.
While she tried to correct some misconceptions on loans and credit, Jim Delisle – director of sales and client services for Tufts Health Plan – spoke about misconceptions around health coverage.
Lopera, who moderated the forum, said this is the third small business accelerator forum Tufts Health Plan has presented, following two in Massachusetts. The insurance company plans on doing another one in Providence.