Small Business in the News: February 13-19, 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 February 13-19, 2016.

Funds Seized by IRS From Small Businesses

Small business owner, Randy Sowers, is fighting the IRS again to get the rest of his seized money back. In 2012 the IRS took $63,000 from the dairy farmer due to suspicious cash deposits. In a prior settlement, Sowers received $33,500 back, but is now fighting to get the other $29,500 back from the IRS. Convenience store owner, Khalid Quran, had $150,000 taken from his bank account in 2014 for when the IRS accused him of skirting reporting laws. Quran’s frequent transactions raised a red flag for the IRS, which led to the seizure of his money. Read more…

Micro-loan Provider Provides Loans in Just 3 Hours

Global Business Lending, an online lender, announced they have partnered up with U.S. Business Lending to offer a new loan program with funding in as little as three hours. The micro-loan program is designed for SMB’s who have a FICO score of no less than 500, and have been in business for at least three months. Read more…

Prosper Raises Rates by 1.4%

Peer-to-peer lender, Prosper Marketplace, announced they are raising their rates by an average of 1.4% for borrowers. Prosper’s decision to raise rates is the product of a turbulent market environment. Read more…

New Infographic Depicts Online Lending Ecosystem

Technology and data provider for marketplace lending, Orchard Platform, has created an infographic detailing the relationship from investor to borrower. This infographic was expanded upon from an original and shows the relationship between marketing, retail tools, personal accounts, and more. Read more…

 

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