Small Business in the News: Jan 28-Feb 3, 2017

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 January 28-February 3, 2017

Survey Finds Most Loan Applications are Accurate

A recent survey found that 78-80% of loan applications for a mortgage, auto, personal credit card, or student loan are factual. However, 20% of all mortgage borrowers admitted their loan information wasn’t completely accurate, citing inflated assets, less debt and expenses, and inflated income. Read more…

Small Business Loans Hard to Get in Affluent Regions

A new report commissioned by the Woodstock Institute found disparities in loan rates for business owners in disadvantaged neighborhoods. The report shows that small business owners in low-to-moderate-income areas receive fewer bank loans than small businesses in more affluent areas. Read more…

Fintech Could Lead to Online Car Buying & Financing

Last week Ford announced a deal with AutoFi to allow customers to purchase or finance a new Ford vehicle online or at a dealership, using any device. Ford’s agreement with AutoFi will pave the way for online car buying and financing, allowing consumers to spend less time at dealerships. Read more…

Orchard Publishes White Paper on Data Standardization

Orchard platform has published a white paper on data standardization. While originators may collect reams of information on borrowers, fields do not necessarily sync across platforms leading to data disparity. Creating a uniform set of rules for data across all platforms could dramatically improve the lending process and reduce transaction friction. Read more...             

Citigroup Enters Online Lending Business

Citigroup Inc. quietly launched a website offering small business loans of up to $1 million. Citigroup’s website is run by Biz2Credit, where consumers will fill out an online application for a business loan. The move for Citi comes after similar moves made by JP Morgan and Wells Fargo. Read more…

ArchOver Launches New Business Lending Model

ArchOver, a peer-to-peer business lending company is expanding offerings to business loans. The model is called “secured and assigned” business loans, where the loans are secured against future contracted revenue. The new lending model allows ArchOver to facilitate loans for different types of businesses, including those with recurring revenue models rather than accounts receivable. Read more…

 

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