Small Business in the News: May 14-20, 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 May 14-20, 2016.

Online Lenders Take Action to Improve Industry Standards

OnDeck, Kabbage and CAN Capital announced the formation of a new association, the Innovative Lending Platform Association, which will focus on advancing small business online lending. The group plans to create common disclosure verbiage and standardization by creating a model showing standardized pricing comparison tools and explanations, called The SMART (Straightforward Metrics Around Rate and Total Cost) Box. Read more…

U.S. Treasury Releases White Paper on Marketplace Lending

The U.S. Department of the Treasury released a white paper on marketplace lending, which will likely have a major impact on regulation in the coming years. The request for information (RFI) found that new credit models and operations remain untested, there’s an opportunity to expand access to credit, data and modeling techniques for underwriting is an innovation and a risk, and more. The RFI was sent out to the public last summer. Read more…

Proposed Bill Could Protect Business Credit Cards

Rep. Nita Lowey introduced the Small Business Credit Card Ac of 2016 to help protect small-business owners from unfair and deceptive practices by credit card companies. Business cards are currently exempt from the CARD Act of 2009 because it applies to the “consumer” and not business cards. Read more…

NSBA Releases Small Business Exporting Survey

A new survey released by the National Small Business Association (NSBA) and the Small Business Exporters Association covers topics related to exporting, an important role in the small business marketplace. The survey found that small- and mid-sized enterprises (SME) are taking on more administrative burdens with minimal growth in exporting. Just 39 percent of SME’s report increases in their total export volume, which is down from 52 percent in 2013. Read more…

200 Banks Suspend Loan Purchases from Lending Club

BankAlliance, a group of 200 community banks around the country, has announced a temporary halt in purchases from Lending Club after news emerged more than $22 million in loans had violated the company’s business practices. This comes just days after investment banking firms Jeffries and Goldman Sachs stopped buying loans from the company. Read more…

Wells Fargo Launches Loan Program for Small Business Owners

Wells Fargo launched a new short-term loan approval program geared towards small businesses and can provide a lending decision in as little as 24 hours. FastFlex Small Business Loan was created to help meet the demand for faster and more convenient lending options. Loans hold a one-year term and range from $10k-$35k. Read more…

 

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