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SMALL BUSINESS NEWS

22 July 2012

 

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Doing Business With Some Cities May Be Bad For Your Small Business Health

The city of San Bernardino, California is in financial trouble and has filed for Chapter 9 bankruptcy protection.  On Tuesday, the city council voted for the measure.

San Bernardino is a city of 210,000.  It is located near Los Angeles.  San Bernardino is the fourth city this year to file for bankruptcy.  Others include Stockton, CA and Mammoth Lakes, CA and Scranton, PA.

If you're a small enterprise doing business with the cities in financial trouble such as  San Bernardino could be bad for your small business health.  There is the likelihood that you may not get paid in a timely manner for the services you've rendered.  

Cities in financial trouble tend to reduce hiring of vendors and delay payments to those vendors whose services they must retain.

The City is in debt by $1.2 million and has less than 60 days of operating cash on hand.  It has already reduced the salary of city workers such as firefighters and police to minimum wage standards.

According to the City Manager, Andrea Travis-Miller, the city will continue to meet its financial obligation to its vendors, creditors and employees and will continue to do so over time.

Sources:

The Wall Street Journal
The Los Angels Times
The City Council of San Bernardino

 
By Tim Miller

 

 

 

 

 

 
 

 

  
 

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