The Philadelphia Capital Consortium, an initiative of the Philadelphia Department of Commerce, was launched last summer to help improve access to capital for small businesses throughout Philadelphia. The consortium is taking an innovative approach to getting capital into the hands of small business owners. Read more here.
Access to Capital
The merchant cash advance industry runs largely unregulated. People who take out these high-interest loans often put their livelihood and business at risk as they struggle to keep up with the payments.
Small Business Majority and Kiva are working together to help entrepreneurs access the capital and resources they need to successfully grow their businesses. Read on to learn about Kiva and see how you can leverage Kiva’s network to get 0% interest capital for your business. And to learn more about funding options for your small business, join us on October 5 for a free webinar with Kiva.
Exploring alternative funding options: What is a CDFI?
Community Development Financial Institutions, or CDFIs, are financial institutions that cater specifically to underserved entrepreneurs and low-income communities.
Localstake is a sponsor of Locavesting
Regulation Crowdfunding has been the law of the land for a few weeks now. But if you’re still unsure whether it can help your business, you’re surely not alone. The rules surrounding this new exemption are complex, in part because it allows companies to market their securities to the general public. As such, there is a lot of uncertainty and misinformation surrounding the new law, also known as Title III of the JOBS Act, that can scare entrepreneurs away.
Corwin Heatwole describes himself as quite the stubborn – though innovative – teenager. Leaving home at 17 years of age, this hardworking young man from Harrisonburg, Va. started several successful businesses in his early 20s before he discovered that there was a growing demand for organic chicken in the U.S. In 2013 he bought 300 chickens with not one buyer yet in sight. Now, with the help of USDA, he has more demand than he can handle.
Business lending is fundamentally different from consumer lending, and regulations should not treat them similarly, a bipartisan group of 20 House members told Treasury Secretary Jack Lew in a letter yesterday. Led by Reps. Randy Neugebauer (R-Texas) and Lacy Clay (D-Mo.), the lawmakers cautioned the Treasury Department not to make any recommendations that would stifle small business credit.
The US Department of Treasury has announced its intent to release a white paper next week pertaining to their review of the marketplace lending industry (orginally labeled peer to peer lending). The document is expected to encapsulate the many comment letters submitted to Treasury following their initial “Request for Information” (RFI) in July of 2015. Treasury followed up the request with a gathering of over 80 industry participants in August of 2015 that included an “impromptu” visit by Secretary of the Treasury Jack Lew who gave a brief “supportive” speech.
Access to capital is a major challenge for small business owners. Without adequate funding or access to reasonable loans, small businesses can’t grow and thrive – or even get off the ground in many cases. To help ensure entrepreneurs secure the funding they need to be successful, Small Business Majority has partnered with the VEDC in Los Angeles County to launch a new program providing access to capital education to small business owners.