Small Business in the News: February 26-March 4, 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 26-March 4, 2016.

Fed’s Study on Small Business Credit Released

The Federal Reserve just released their annual study on small business credit and found approval rates improved in 2015 compared to 2014. Although it can still be difficult for microbusinesses and startups to access cash, 80% of small businesses that sought funding were approved, and 45% received the total requested amount. The study also found that 90% of loan applicants went through traditional banks as opposed to online lenders. Read more…

Women-Owned Small Businesses Receive 5% of Federal Contracts for First Time

Women-owned small businesses (WOSB) were awarded 5% of federal contracts in 2015, a first for WOSB. The government set the 5% goal in 1994, but it has never been reached. More than 400 billion is awarded each year in government contracts to private businesses, and 17.8 billion of that went to WOSB last year. Read more…

Lender Offers Interest-Free Microloans

Kiva Zip, a microlender, is offering microloans from $2,500-$10,000 with interest-free payments from 12-36 months. Kiva Zip claims they do not check the applicant’s personal or business credit score, but the company can’t be in foreclosure or under bankruptcy. Borrowers must have friends and contracts for their initial funding as a “social proof” requirement. Read more…

Partnership to Expand Loan Program for African-American-Owned Small Businesses

Valley Economic Development Center (VEDC) and JP Morgan Chase announced the expansion of a lending program for African-American-Owned Small Businesses in Los Angeles. The National African-American-Owned Small Business Loan Fund is part of a larger initiative to help boost economic opportunity for minority-owned businesses in Los Angeles, Chicago, and New York. Read more…

 

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