Small Business in the News: October 1-14, 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 October 1-14, 2016.

Small Businesses Added 34,000 Jobs in September

The ADP just released the findings of the ADP Small Business Report for September and found 34,000 jobs have been added last month. The study found that the service-providing sector was the key driver for small business job growth. It should be noted that small firms, those with 49 employees or less, added more jobs last month. Read more…

Alternative Lending Gets First Pooled-Data Score

PayNet Inc., announced the release of their PayNet MasterScore for alternative lending to help lenders enhance their credit decision process. The new score, which builds on the PayNet MasterScore v2, is an industry first for pooled-data scores. The model is expected to identify credit risk better than other models used by alternative lenders. Read more…

SBA Issues Report on Small Business Investing & Diversity

The administrator of the SBA announced a ground breaking study that shows a direct relationship between the racial and gender makeup of investment boards and their investment decisions in regards to the race and gender of business owners. Read more…

Two Fed Programs for Small Business Generated Billions

The U.S. Treasury Department issued program evaluation reports for the State Small Business Credit Initiative (SSBCI) and the Small Business Lending Fund (SBLF) since the Global Financial Crisis. The two programs have collectively resulted in more than $27 billion of additional capital for small businesses in the U.S. Read more…

Intuit Releases Invoicing App for Self-Employed Individuals

Intuit released a new invoicing app to help simplify and expedite the payment process for the self-employed by adding invoicing functionalities to the QuickBooks Self-Employed web and mobile app. Features of the app include professional invoices, online payment options, automatic mileage tracker (for business transportation tracking), mobile expense tracker, receipt attachments, and quarterly and annual tax estimates. Read more…

Small Business Optimism Dips Leading up to Election

The Small Business Economic Trends Report found that a gain in expected business conditions was offset by low inventories. The NFIB Index of Small Business Optimism dropped 0.03 points, increased inventories fell 7 points, and job openings dropped 6 points in September. Read more…

Amex and Intuit Announce Unique Loan Partnership

Intuit and American Express announced a new small business lending partnership set to launch in early 2017. Qualified QuickBooks Online small business customers who are also Amex OPEN Business Card Members will gain access to short-term financing from Amex. This partnership essentially means Amex Working Capital Terms will be the payables financing solution for QuickBooks Online customers. Read more…

New Business Loan Program to Focus on Small Market

JP Morgan Chase and LiftFund announced they will launch a new small business lending platform specifically for women, minority and veteran small business owners. The loan program, called LiftUP, will be available in six cities with an approximate loan turnaround time of just four days. Read more…

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