Small Business in the News: August 26, 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 August 26, 2016.

FinTech Regulations Create Barriers for Competitors

According to a white paper released by Financial Innovation Now (FIN), current regulations on fintech prevent competition from major market players, such as Google, Apple, Amazon, and PayPal. Although regulations are important to protect consumers and small businesses, some of them are conflicting and redundant. Current regulations pose a problem to nonbank lenders because they have to abide by lending laws in different states, which also comes with different requirements. Read more…

New Study Reveals Small Business Owners’ Outlook on Lending

According to the Small Business Health Index for CAN Capital, small businesses are optimistic in their expectations for the next 12 months. Small Business owners stated it’s extremely difficult to gain access to working capital, and many of them are seeking 50k or less in business loans when seeking funding. There’s still a huge market for online lenders, as 87% of participants have never tried obtaining a working capital loan an online lender. Read more…

Alternative Lenders Helping Nonprofits Secure Capital

Alternative lenders only account for about three-percent of total revenue sources to small businesses, and even less for nonprofits. Nonprofits, however, need alternative lenders more than ever as traditional banks continue to turn down loan applications due to the marginal and uncertain return. Read more…

SBA Aims to Streamline Business Loan Programs

The Small Business Association issued a proposal to amend regulations relating to the 7(a) and 504 loan programs used by banks. The proposed changes are intended to streamline SBA processes and update or remove outdated provisions, such as clarifying terms related to eligible passive companies. Comments on the proposal are due October 7th. Read more…

OnDeck Launches Initiative to Help With Time Management

Online lender, OnDeck, announced the launch of a national initiative to help small business owners handle time management, a major obstacle business owners are facing. The initiative was launched after a recent report revealed 86% of small business owners stated a need for exceptional time management as a requirement to excel as a small business owner. Read more…

 

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