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BIZLENDER BLOG


MAR
14
0

Some studies suggest that goldfish have a longer attention span than people. Yep, 9 seconds (fish) vs. 8.25 (human). So if you want to communicate something that sticks with another human, you better have it figured out before you only have a handful of seconds to sputter it out of your mouth. The elevator pitch. Twenty to 30 seconds to summarize your business to a potential customer, your business idea to a potential investor, or even your resume or qualifications to a potential employer. The best networking is often done face-to-face, unplanned, and spontaneously. Right now, can you communicate your business purpose in 20 or 30 seconds? Go.
MAR
07
0

Entrepreneurs are not necessarily born geniuses, overachievers, or Type-A personalities. Having a business idea and capitalizing on it isn't reserved for only the most brilliant minds. However, people who succeed in small business do possess similar character traits, including having vision and passion. With that comes resilience and perseverance to overcome difficulties along the way. And finally, successful business owners are pegged as self-confident with a strong sense of identity. With all of these qualities, why is it sometimes so difficult for a self-employed entrepreneur to ask for, or accept, an offer of help?
FEB
25
0

Defined as non-financial reporting data in credit files, alternative data is growing in power to make or break a lending deal. Alternative lenders have used alternative data to make decisions on applicants for years. And now the trend has gained ground in lending sources for other industries, including the automotive industry. An article in Automotive News last week cites a TransUnion survey of 317 lenders who service the automotive industry, mortgage lenders, and credit card companies who are turning towards alternative data to assess risk and pricing for customers who have weak credit, or no credit history at all.
FEB
22
0

There's that extra word "growth" in the headline, so naturally the difference between a standard business plan and a business growth plan is to focus on progress and development. The trouble is for small businesses, once a business plan is formally written, it often falls by the wayside in the grind of day-to-day operations. Small business owners simply become too busy to revise or revitalize the plan. You probably think about growth all the time; it's the cornerstone of operating a successful business. Growth translates into bigger profits. But have you outlined a growth strategy?
FEB
18
0

Overall market insecurity drives loan approval rates at large and small banks. Facing wider insecurity because of low oil prices and a turbulent stock market, numbers show a slight decline in loan approvals to small business, according to the Biz2Credit Small Business Lending Index. The drop in lending approval rates from small banks is slight, from 49.1% in December to 49% in January. But with continuing instability, the question of further decline looms. Additionally, credit unions saw a similar decline, from 42.3% to 42%. Experts note the lack of technology within credit unions to expedite loan applications contributes to their drop in loan approvals. Without the convenience of online applications and speedy loan approvals, customers are seeking other lending choices. Credit unions will likely change their approach, adapting to technology, thought the move has been slow. Canada's first financial institution to implement online lending options, Northern Credit Union, is offering business accounts with a line of credit online to help small businesses in the Northern economy get a foothold. With 3,000 business members in Ontario, it's a start.


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