Small Business in the News: November 1-11, 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 November 1-11, 2016.

Most Businesses Still Rely on Paper Checks

According to the survey “SMB Technology Adoption Index” (by PYMNTS.com), 97% of small businesses still rely on paper checks for handling B2B transactions. Small Businesses reported they are also more likely to accept a check from a face-to-face transaction by a customer than they are to accept a mobile wallet payment. Read more…

SBA Sets Small Business Lending Record

The US Small Business Administration (SBA) announced record levels of small business lending through 7(a) and 504 loan programs. Approved SBA loans for FY2016 totaled $28.9 billion and supported nearly 694,000 jobs. They also reported increased lending to women, veterans, and underserved communities. Read more…

Hispanic-Owned Businesses Growing Faster Than Other Firms

Over the past decade, Hispanic-owned companies have grown 15 times higher than that of all other firms. Hispanic entrepreneurs represent more than 4 million companies nationally and contributed more than $600 billion in revenue to the national economy.  Read more…

SnapCap’s Exclusive Partnership Helps Streamline Business Financials

SnapCap has partnered with BodeTree, a financial management platform that helps business owners instantly organize their finances, pulling data from more than 25,000 financial institutions. SnapCap’s customers will have free access to the full suite of financial tracking and analytical tools. Read more…

Alternative Lender Pays Big to Grow Business

Alternative business lender, 800fund.com, is looking to grow their team with quite the incentive; up to one million in signing bonuses. 800.com announced signing bonuses in increments of $50,000 for new funding specialists. The company is looking to expand into high-risk markets including automotive, travel and jewelry-related industries. Read more…

OnDeck Reports Third Quarter Earnings

OnDeck revealed their third quarter and YTD earnings, citing gross revenue of $77.4 million for the quarter, and increase in 15% from the prior year period. They also reported net revenue of $32.3 million for the quarter, a 30% decrease from the prior year period. Read more…

Square Made One Billion in Business Loans

Square revealed they’ve delivered one billion in loans to businesses since launching their Square Capital lending program. The program has only been around for two years and the majority of the loans were under $50,000. They announced plans to transition from a merchant cash advance to a flexible loan product. Read more…

 

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