Small Business in the News: October 22-28, 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 22-28, 2016.

New Online Lending Network to Help Protect Businesses & Consumers

A new association, The Online Lending Network, has been formed to help enhance responsible lending and protect consumers and businesses from fraud and credit risk. The founding members include Lending Club, Prosper Marketplace, Marlette Funding, and other online, marketplace, and finance lenders. The network will provide tools to evaluate credit and help detect identity theft. Read more…

CFPB Releases First Project Catalyst Innovation Report

The Consumer Financial Protection Bureau (CFPB) released first-ever report highlighting market developments from fintech startups. The report provides an overview of Project Catalyst, an initiative designed to encourage consumer friendly innovation. Some highlights include expanding access to credit and better cash-flow management. Read more…

Comparing Business Loans are Easier With SMART Box

After much anticipation, the Straightforward Metrics Around Rate and Total Cost Box (SMART Box), was introduced this week by OnDeck, Kabbage Inc, and CAN Capital Inc. The SMART Box was created to help small businesses compare APR and total repayment for term loans, lines of credit and merchant cash advances. This initiative is a voluntary effort meant to improve transparency with online lenders. Read more…

America Falls in Rankings for Ease of Doing Business Report

Although still in the top ten, America fell to eighth place compared to last year for ease of doing business. Over the past year, many of the wealthy nations reduced regulations and changed policies to help entrepreneurs, however, the US. did not. New Zealand ranked first, followed by Singapore, then Denmark. Read more…

SBA Loans Hit Record Highs in Colorado

Colorado small businesses set a new SBA lending record this year, surpassing the previous record by 242 loans or $126 million. A spokesman for the Denver SBA attributed the rise to the increasing number of people moving to Denver. The top business sectors included professional and technical services. Read more…

 

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