Small Business in the News: April 2-8, 2016

We know there is too much to keep up with when you’re a busy entrepreneur, so we compile small business news highlights each week for you to read only what matters most. Here is a summary of the top stories for April 2-8, 2016.

Survey Finds Business Owners Not Prepared for Cyber Attacks

Vistage Worldwide released the results of their quarterly survey covering various business topics, such as industry optimism and challenges. The survey found that 40 percent of respondents are not prepared for a cyber-attack, a major concern with the growing number of data breaches and cyber hacks. One-third of respondents also cited staffing as a major concern. Read more…

Bank Promises Business Loans in Five Minutes

Eastern Bank, a Boston based mutual savings bank, has decreased small business loan application times to just five minutes. The bank put millions of dollars into an automated process that conducts most of the work in advance. This is currently only available for existing customers because their data and history is readily available. Read more…

Online Lenders to Launch Trade Group For Responsible Lending

A group of top online lenders, such as Prosper Marketplace Inc and Lending Club Corp, announced plans to launch a trade group, the Marketplace Lending Association. The group came together in order to establish a code of conduct addressing “transparency for investors, responsible lending, governance and controls and risk management” due to heightened industry scrutiny. Read more…

Wells Fargo Helps Businesses Develop Business Plans

Wells Fargo helped 10,000 small businesses develop business plans during the first year of offering The Business Plan Center, an online resource that helps owners create and update their business plans. The program was developed to help business owners achieve financial success. Read more…

FDIC Eases Regulatory Burdens on Banks, More Options for Business Owners

The Federal Deposit Insurance Corp (FDIC) is reducing its period of heightened monitoring of new banks to three years, down from the usual seven years. The seven-year period was instated in 2009 during the financial crisis, but the FDIC believes that is now unnecessary, which may bring more competition to the banking industry. Read more…

Huntington Bank Funds Economic Program for Flint, Michigan

The owner of the Detroit Pistons and the CEO of Huntington Bank announced an economic development program to help boost the economy of Flint, Michigan and to provide relief to local businesses and residents. The initiative will provide $25 million for programs to support homeowners, business owners, entrepreneurs, and residents. Read more…

 

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