Writing a Business Plan Will Give You a Realistic Picture of Your Enterprise

 

Staten Island’s only community-based commercial bank highlights the importance of business plans

 

STATEN ISLAND, N.Y. – Are you about to start a commercial venture? Victory State Bank recommends you begin with a business plan.

Is a business plan a necessity? The U.S. Small Business Administration has said the importance of a comprehensive, thoughtful business plan cannot be overemphasized.

Many factors critical to business success depend upon your plan: Outside funding, credit from suppliers, management of your operation and finances, promotion and marketing of your business, and achievement of your goals and objectives.

Some people assume that if they are not going to seek financial support from lenders or investors to open their business that they don’t need to prepare a business plan, but every business should have one.

Writing a business plan serves as a roadmap for your venture when you’re starting out.

 

It can help you figure out many key business elements, including:

 

      • What you will need to do to get started and what resources (time, money, etc.) you will need to expend
      • What it will take for your business to make a profit and how long that will take
      • What information potential customers, vendors and investors will need to know in order for you to market your business effectively

 

Writing your business plan also forces you to think about your business objectively. When you’re done, you will have a more realistic idea of the effort it will require and whether it's a venture you want to pursue at this time.

 

Don't be intimidated

The process of sitting down and writing out a business plan could spark your creativity and lead you to new business strategies you may not have considered previously. You'll also find that having your business goals written down enables you to refer to them at any time. This will ensure you don't lose sight of your original focus once you do start your business.

 

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited onlinehttp://www.victorystatebank.com.

Media Contact:

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

         

  Seeking New Employees? Consider People With Disabilities

 

STATEN ISLAND, N.Y. – If you are seeking to hire new individuals for your business, Victory State Bank suggests you consider workers with disabilities.

As with most employees, workers with disabilities can add to the performance and continued success of an enterprise.

Employers can further benefit from various programs that encourage the recruitment and hiring of people with disabilities, such as tax credits that help cover the cost of accommodations for employees with disabilities.

While this is an excellent way to expand and enhance a business, owners need to comply with certain legal requirements concerning the accommodation of employees with disabilities.

If you are a new employer or new to employing people with disabilities, the U.S. Small Business Administration recommends you should start by reading the “Guide to Disability Rights Laws” (http://www.ada.gov/cguide.htm) from the U.S. Department of Justice.

The guide summarizes the major disability laws affecting employers, governments, schools and other organizations.

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited onlinehttp://www.victorystatebank.com.

Media Contact:

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Proceed With Caution When Using a Debit Card

 

Staten Island, N.Y. – Although both credit cards and debit cards are easy ways to pay for your purchases, debit cards have some different levels of consumer protection and the potential for consumer fees.

Before you wipe your debit card, Victory State Bank suggests you consider the following information from the U.S. government:

Debit cards are directly connected to your bank account, so when you swipe your card make sure that you have the money in your account to pay immediately. If you don't have enough money in your account, your bank may "loan" the money for a fee and pay the overage.

There may also be fees applied to your card when you use your card with your PIN.

Debit cards don't offer as much protection against fraudulent use, or if your card is lost or stolen. Also, if you need to dispute a purchase, you are in a weaker position because the merchant already has the money and it will only be returned if you win the dispute.

Another fact to keep in mind is when you use your debit card to make reservations for hotels or rental cars, a hold is placed on your debit card (and your checking account) which can affect your other pending transactions. Even if the hold is removed, it may take as long as a week to make the funds available to you again.

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited onlinehttp://www.victorystatebank.com.

Media Contact:

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

Free Publication Helps With Consumer Purchases, Problems, Complaints

 

STATEN ISLAND, N.Y. -- It’s as true for consumers as it is for entrepreneurs: “Knowledge is Power.”

You can build your skills as a wise consumer by embracing this adage, say the folks at Victory State Bank.

Use the Consumer Action Handbook (CAH) to get help with consumer purchases, problems and complaints. Find consumer contacts at hundreds of companies and trade associations, local, state, and federal government agencies, national consumer organizations, and more.

To access the handbook, log onto: http://publications.usa.gov/USAPubs.php?PubID=5131&PHPSESSID=4cb4pqf6n0aqger1ihgetedkr2

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited onlinehttp://www.victorystatebank.com.

Media Contact:

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

To begin, you can long onto USA.gov to download a free copy of the 2014 Consumer Action Handbook from theU.S. General Services Administration and Federal Citizen Information Center.

 

 


  
 

Court Order Bars Credit Repair Company from Misleading Credit Bureaus, Charging Consumers Up-Front Fees for Its Services

 

 

STATEN ISLAND, N.Y.  – A court case involving a company based in Texas could affect the way consumers on Staten Island and across the nation are treated by credit-repair companies, so Victory State Bank wants its friends and neighbors to know about it.

The Texas-based business, RMCN Credit Services Inc, which is owned and operated by a husband and wife team,  has agreed to settle Federal Trade Commission charges that it violated federal law by lying to consumer reporting agencies, often referred to as “credit bureaus,” and charging consumers up-front fees before providing its services.

The court order settling the FTC’s complaint for civil penalties, which was filed by the U.S. Department of Justice, bars the defendants from similar conduct in the future, imposes a $2.35 million civil penalty, and requires them to pay $400,000.

“The Credit Repair Organizations Act (CROA) protects both individual consumers and the integrity of the credit reporting system,” said Jessica Rich, Director of the Federal Trade Commission’s Bureau of Consumer Protection. “The FTC will take action against unscrupulous credit repair companies whether they violate CROA by deceiving consumers or by lying to credit bureaus.”

In itscomplaint, filed in October 2011, the FTC charged that RMCN Credit Services, Inc. and its owners, Doug and Julie Parker, violated CROA by charging up-front fees for a six-month program to improve consumers’ credit ratings and by making numerous false statements to credit bureaus disputing the accuracy of negative information in consumers’ credit reports. In letters to credit bureaus designed to appear as if they were from consumers, but which RMCN did not show consumers, the firm typically disputed all negative information in credit reports, regardless of the information’s accuracy.

The FTC alleged RMCN, one of the nation’s largest credit repair companies, continued to send these deceptive dispute letters to credit bureaus even after the company received detailed billing histories or signed contracts from creditors proving the credit reports were accurate. RMCN also falsely told consumers that federal law allowed it to dispute accurate credit report information, and that credit bureaus must “prove it or remove it.” It also charged consumers up to $2,000 before providing any service.

Thecourt order, to which the defendants have agreed, bars RMCN and its ownersfrom violating any provision of CROA, and specifically from making untrue or misleading statements to consumer reporting agencies and charging consumers advance fees for credit repair services. The order prohibits defendants from sending letters to consumer reporting agencies or creditors unless consumers review and attest to the accuracy of the letters. It also requires RMCN to send letters to all existing customers notifying them of the FTC’s suit and offering them a right to cancel their contract with RMCN and owe no money to the company. In addition, the order prohibits defendants from making misrepresentations regarding the sale of any goods or services to consumers, including the sale of financial-related products or services.

The order imposes a $2.35 million civil penalty against the defendants, which will be partially suspended based on an inability to pay, after they tender a total of $400,000, in two installments, within nine months of when the court enters the order. Finally, for 10 years the company must submit reports to the FTC to ensure it is complying with the terms of the order.

Information for Consumers

Additional information for consumers is available regardingcredit repairandrepairing your own crediton the FTC’s website.

The Commission vote approving the proposed court order was 5-0. The Department of Justice filed the proposed consent decree on behalf of the Commission in the U.S. District Court for the Eastern District of Texas, Sherman Division on June 18, 2014, and it is subject to court approval. The order settles all charges against RMCN Credit Services, Inc. and Doug and Julie Parker, individually and as officers of the corporation.

NOTE:Settlement orders have the force of law when approved and signed by the District Court judge.

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited onlinehttp://www.victorystatebank.com.

Media Contact:

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.