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Show The Salt Lake Tribune .BUSINESS Minorities Broaden Scope Of Business Ambitions @ Continued from E-1 power — money to spend on Seah era and the combination can be pows Thisis especiallyev! a among Latinos. In 1997, the United States Hispanic Chamber of Commerce reported that Latino buying power nationwide increased 65 percent from 1990 1997. Utah's Latinos fared even better with their buying power going up 100 percentin that period — discs. He operates distribution plants in San Jose, Calif.; Los Angeles; and KansasCity, Mo., and plans to open one in upstate New York to service his European clients. Not bad for an immigrant from Mexico City with no college education. Growth in minority enterprises such as Delgado's has been aided by demographics and increasing prosperity. From 1990 through 1997, the population of Utah's largest minority groups — Latino, Asian and African American — increased by58 percent, 49 percent and 45 percent, respectively, according to the Utah Departmentof Workforce Services. Utah’s Caucasian population grewby18 percent during thattime. Such growth expands markets for minorities within their own communities, said Josie Valdez of the U.S. Small Business Administration (SBA). “Minorities sense that opportunity is there,” Val. dez said. “They see that there's a need tobe filled.” Population growth alone cannot fuel prosperityfor minority businesses. But add increased buying the fifth-fastest percentage growth in country. As their population grows and they become more prosperous, minorities are more apt to brave the marketplace with their own businesses. The SBA is seeing that in increased loans to Sunday,January9,20000 no differently than anyone else when he started his company. te service or product should succeed, he Other entrepreneurs agreed oe “comes to those who earn it. Bernie Knight, 45 and of Puerto Rican heritage, started a business displaying products in grocery stores 13 years ago. Today, her company, Knight Star Marketing, operates a food-service spa in Holladay, and this past fall expanded it to include anotherspa, called A Beauty Zone, and a gift shopthatsells products made in Utah. Thekeyto success is to believe in yourself and to work smart, she said. “I don’t think it makes anydif- ference if you are a woman ora minority,” she said. Ultimately, Delgado said, minorities must take responsibility for their own destinies by educating themselves about the marketplace and asserting A civil engineer, Chung now employs about 50 people and his companyincludes a construction division. He forecasts revenue this year between $8 The growing economic powerof minorities gives the Chamber of Commerce an obligation to help bring those diverse groups into the mainstream,said million and $10 million. A large part of his work involves environmental cleanup at the former Defense Depot Ogden, now an industrial park. As an Asian American, Chung, who in 1998 was named the Salt Lake Area Chamber of Commerce Minority Small Business Person, said he was treated College Teams With Hotel to Educate Immigrant Workers BY CRAIG BROWN THE ASSOCIATEDPR VANCOUVER, Wash. — Don’t tell Jeff Barneythat Washington's unemploymentis at its lowest level since 1966. As the human-resources man: themselves. Mankin,presidentof the Salt Lake Chamber. While he recognizes minorities should cultivate business relationships with members of their own communities, the chamber’s message is for those businesses to expandto all segmentsin the economy, Mankin said. Slowly, the chamberis seeing more minority business owners join its ranks and Most Americans who are and keep good employees. With help from Clark College, he has found partial solution — on-site English-language classes retirement years than the taxes they saved during their contribution/accumulation years. uting pre-tax dollars into 401K plans or tax-deductible contribu- One of the original IRNAOIK tenets held that defer- Plans” only give you tax-favored advantages during the contribution and accumulation phase of your retirement account. What for employees. aboutthe mostimportant phase-when you withdraw the money Hotel jobs have often been a way for immigrants to start climbing the American ladder to prosperity. But advancing more than a few steps requires employ: ees to speak some English. “Our employees need to be able to understand guests to take care Tim LaBarge/The Associated ae Gurmai Kaur cleans a room at a Portland, Ore., Doubletree hotel wheresherecently completed an English-language course. ages human-resource functions state’s welfare-reform act. for retirement income ortransfer any remaining funds to your “The beauty is they all could The program offers employers training programs for their employees, aimed at retaining workersand making them eligible for higher-payingjobs. The Doubletree program began Oct. 11, and consisted of 30 hours But asthe available labor pool has of classes, held Mondays and Wednesdays for 90 minutes each diminished, hotels aren't getting the resumestheyused to. The solution to Barney’s prob- over 10 weeks. The classes took lem camein the form ofa flier from Clark College, advertising its new Workplace Basic Skills program. Kristin Kautz, the Clark College employee who coordinated the Doubletree training, said the program is part of WorkFirst, the Mankinsaid. concerned about preparing for tions into IRA's. Such “Qualified In the past, there were always plenty of English-speaking workers to fill entry-level jobs and the jobs just above them, where more contact with guests is required. Entrepreneurs such as Delgado, Chung and Knight makeit likely that the chamber’s complexion will change. “One of mybiggest frustrationsis to go to a chamber meeting and see 400 white faces in the audience,” DoYou Have An IRA Or 401K? retirementare lured into contrib- year. It's tough, he says, to find for the two Doubletree properties at Jantzen Beach,Ore. ‘Sean Noyce The Salt Lake Tribune enlisting those businesses will be a challenge for decades to come. You May Be Getting Trapped Free Yourself Now! ager for Doubletree Hotels, he is responsible for keeping some 550 positions full in an industrythat averages 100 percent turnover ina of them,” notes Barney, who man- landed more business loans in Utah last year and event-staffing business in fivestates. In 1998, she opened A Nail Zone, a comlexion day minority companies, a larger share of federal con. tracts going to minority businesses and even increased attendance at seminars and other programs to help start-ups. Engineer Bo Chung took a chance in 1989 and started his own environmental services firm, Chung & Associates Inc. AlthoughLatinos are the fastest. growing minority, Asian Americansand Pacific sia place at the hotels, and employees were paidto attend. The instructor, provided by Clark College, focused on the basic English phrases the workers come together andlearn the same curriculum,” said Barney, noting that just among the housekeeping department the native tongues include Spanish, Fijian, Creole, Vietnamese, and several of the languages spokenin India. Theclasses cost the Doubletree between $8,500 and $9,500, Barney estimated. The first classes ended in will need to do their jobs. They learned how to interpret and respond to common guest requests. December, and Housekeeping ManagerPatricia Nebergell said she’s already ‘ing the results. Where employees used to heirs? Has anyonetold you “The restof the story?” A Utah couple filing a joint tax return with a taxable income in excess of $43,050will be in a 35% marginal tax bracket. they were fortunate enough to both qualify for deductible contri- butionsto their IRAs, they would ring tax until retirement was advantageous because funds would likely be taxed at a lower tate. Thatis no longer axiomatic. You may well spend retirement in the same or higherbracketif you accumulate a respectable retirement nest egg. In fact, tax rates will likely rise in the future to cover budgetdeficits. So why postpone the inevitable and compoundthetax problems? Is there a way to “Have your cake and eatit too?” Through proper planning, a homeowner may safely utilize an equity retirement plan that may provide tax advantages during the con- save $1400 a yearin taxes on a tribution and accumulation Sam that they savedin taxesin transfer any remaining funds to yourheirs tax-free. This strategy total contribution of $4000 a year. However, mostretireeswill pay back every dollar to Uncle the first 18-24 monthsof their retirement. In fact, the average retired couple will pay 8-12 times the taxes during their years, but more importantly, you may enjoy tax-free income during the retirement years and can increaseyour net spendable retirement income by as much as 50%! 1.) Douglas R. Andrew, President Paramount Financial Services To understand how to determine Bi perceaton) in a Roth IRA,traditional IRA or 401K plan is wise in your circumstances, the Utah EducationalInstitute is conducting an educational semi- nar entitled, “Common Sense Strategies for Successful Equity Management.”It will be held at The Salt Lake Community College, College Center Building, Presidents room (4445, S. Redwood Road), on Wednesday, Jan. 12, 2000 from 7:00-10:00 p.m. This educational seminaris taught nationally at a normaltuition of $60.00. However, Salt Lake Valley homeowners are cordially invited to attend this presentation at no charge, compliments of our sponsor, ParamountFinancial Services. For guaranteed seating, please RSVP at 262-8900 haveto find herandtake herto the problem, they nowcan call her on the phone andtell her about their needs. Friends don't let friends suffer @ntrepreneur @-business freezing temperatures, air inversions, @-funding ortrafficjams... 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