National Small Business Week, which began on Sunday, April 29 and runs through Saturday, May 5, is a time to highlight the role small businesses play in our economy. Small businesses represent 99% of all employer firms and account for half of our nation’s jobs and economic output. Innovation by small businesses spurs growth throughout the entire economy and boosts prosperity in their local communities, and NSBW is an important time to celebrate these contributions.
Small Business Majority has partnered with SmartBiz Loans, an online platform to help small business owners navigate the process of applying for SBA loans. SBA-backed loans are often some of the best options available to small business owners for many reasons, including lower interest rates, longer loan terms and protection against balloon payments.
Are you considering taking out a loan for your small business? Financing your business is a serious undertaking, and it’s important to make well-informed decisions about your need for capital at the onset. Below, we’ll review some key steps to take and questions to ask when seeking funding.
Are you thinking about using an online lender to finance your small businesses? If so, there are a few things you should know before you get started.
Are you a small business owner looking for alternative funding options beyond a traditional bank loan? A CDFI loan might be the answer you’ve been looking for.
While traditional bank lending is down, organizations called community development financial institutions, or CDFIs, are stepping up to fill the void by focusing on supporting small businesses and local economies in a holistic way. So what is a CDFI?
If you’ve been looking for financing for your small business, you’ve most likely considered taking out a loan. Unfortunately, most banks view small businesses as a risky investment, but one way to boost your chances to secure a loan is to understand what lenders will analyze when considering your application. Lenders use the 5 C’s of credit to measure your “creditworthiness” and your ability to repay a loan.
Timely information on small business financing needs, decisions and outcomes is critical to understanding and fostering the sector’s health and growth.
To provide these insights to policymakers, researchers and service providers, the Small Business Credit Survey is a national collaboration among the 12 Reserve Banks of the Federal Reserve System. In 2016, it yielded 10,303 responses from small businesses with employees, or employer firms across the country.
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.
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.