The SBA 7(a) loan program has run out of money, hitting its annual lending cap of $18.75 billion last week. Two more months remain in the program's fiscal year which begins again October 1.
The7(a) loan program finances small businesses who likely won't qualify for a traditional bank loan in eight states across the country.
The first freeze in a decade (other than during government shutdowns) leaves more than 900 applicants hanging. The good news is that just hours after the SBA suspended the program, Senate unanimously passed an entrepreneurship bill including an amendment to raise the cap to $23.5 billion, ...Read More
News from the AltLend Summit 2015
It's the question that experts, lenders, small businesses, and industry reporters like Bob Coleman of the Coleman Report are asking once again during the AltLend Summit 2015 Conference in New York City this week, organized by Financial Research Associates. The industry, in an unyielding effort to grow in size, transparency, fairness, profitability and authenticity, has been focusing on topics such as current trends, interests and concerns of investors, improving underwriting models through better data collection and of course, regulation.
Eyes are on the Consumer Financial Protection Bureau (CFPB) as they continue to consider how they ...Read More
Headlines about peer-to-peer lending seem to be changing, specifically zeroing in on crowdfunding, the practice of funding a project or venture by raising small amounts of money from a large number of people. Accomplished, for the most part, online, experts have nodded toward the practice as a potential bubble industry that could burst.
New crowdfunding platforms offer no base capital and no guarantees, leaving smaller investors at risk, says David Postings, Chief Executive of Britain's Bibby Financial services. Britain reports an all-time high through the Peer-to-Peer Finance Association at a total of £3.15 billion, a rough equivalent of $4.9 billion ...Read More
School teaches you how to learn, but the 'school of hard knocks' will test all you learn. For all of the programs on entrepreneurship at respected colleges and universities, including this 2015 list of top 25 colleges for entrepreneurship, experts agree that truly learning the ropes of small business start-up requires real life experience beyond the balance sheet. Academics will give you tools, a process, and will teach you how to learn, but applying those concepts takes more than a course syllabus.
These practical tips to work into your start-up idea may help keep your planning focused, and your balance ...Read More
Throwback Thursday is a trending online activity aimed at remembering the "good old days." Old family photos, school pictures, memories of all sorts come surging forward each Thursday on social media. Instead of looking ahead at the next big thing, Pymnts.com threw back a look at the beginnings of online marketplaces. They brought to mind easier times, before cyber attacks, data breaches, app glitches and security compromises. Before smart phones and apps. Before e-commerce was an kingdom of it own.
Screen captures of three of the biggest online marketplaces make us all stop and say, "oh yeah. I remember that...however vaguely."
Twenty ...Read More