Small Business in the News: September 17-23, 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 September 17-23, 2016.

Study Shows SMB’s Barely Saving Money

CEO of the JPMorgan Chase Institute reported most small businesses are operating on small margins. On average, surveyed companies have just 27 days’ worth of cash reserves or money to cover expenses. The study analyzed 470 million transactions by 570,000 small businesses for the study. Read more…

Online Lenders Under Continued Scrutiny

Reuters reported that online lenders are still under scrutiny amid concerns among regulators that companies are not doing enough to protect consumers or to prevent reckless and unfair lending practices. There are no specifics at the moment; however, the U.S. OCC told online industry stakeholders that a new framework will be coming this fall to support responsible innovation.” Read more…

Emergency Loans Offered for Zika Relief

The Miami Bayside Foundation announced they are offering loans to City of Miami-based minority- and women-owned businesses for Zika relief. The Zika Emergency Assistance Loan (ZEAL) is designed to provide payroll assistance to ensure employees remain employed. Read more…

9/11 Loans Greatly Helped Illinois Businesses

The U.S. government approved low-interest disaster loans to more than 140 Illinois businesses after the 9/11 attacks. New analysis shows, fifteen years later, nearly a fifth of those loans are uncollectable, which is a much higher charge-off rate than most commercial banks experience. Half of the loans have been repaid and some of them turned out to be fraudulent due to “transactions being expedited to provide quick relief to disaster victims.” Read more…

 

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