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SBA's 504 Loan Program Sees Record Lending Month

At a time when thousands of small businesses across the country are struggling to stay afloat, it seems that some entrepreneurs are investing in future projects. As the National Association of Development Companies notes, the Small Business Administration completed a record number of loans under its 504 loan programs in...

National Restaurant Association Survey Finds 1 in 6 Restaurants Remain Closed

If you've noticed that a number of your local restaurants have stayed closed since the pandemic struck, you're certainly not alone. In fact, 56% of Americans surveyed said that locations in their community had closed for good. Moreover, as the National Restaurant Association reports, these closures could worsen in the...

Paycheck Protection Loans Could Complicate Small Business Acquisitions

Earlier this year, as the coronavirus pandemic and the mandated closures that came with it battered the United States economy, Congress authorized the Paycheck Protection Program (PPP), which would be managed by the Small Business Administration (SBA). The idea was that entrepreneurs could obtain the funds necessary to keep their...

Survey Finds Digital B2B Payments are On the Rise Among Small Businesses

It should come as no surprise that the COVID-19 pandemic has altered the way that many small businesses operate. From enhanced safety and cleaning measures to building out other sales mediums, businesses have been forced to quickly adapt to the changing landscape. It seems that this is also true when...

SBA Lowers Interest Rates for 504 Loan Program

Small business owners looking to undergo major projects may now be able to borrow funds at a better rate. Last week, the U.S. Small Business Administration announced updated interest rates for their 504 loan program as offered by Certified Development Companies (CDCs). Now 20-year loans will carry a 2.214% rate...

American Express Reportedly Pursuing Kabbage Acquisition

It looks as though American Express could soon be expanding its small business portfolio by purchasing a top FinTech lender. According to a report from Bloomberg, Amex is in "advanced talks" to buy small business lender Kabbage. Currently it is expected that the price tag on the deal could reach...

#MyMoneyStaysLocal Campaign Debuts, Reminding Consumers to Support Small Businesses 2

With the coronavirus pandemic still heavily impacting American life, small businesses across the nation continue to be among the hardest hit. Not only have closures hurt local businesses but so have shifting consumer habits. For example, rises in online shopping and delivery services have increased as a result of the...

New York Legislature Passes Small Business Truth in Lending Act

For years now, online lending options have made it easier for small business owners to obtain loans, allowing them to access capital much more quickly than in the past. Unfortunately, not all of the lenders were transparent and upfront about their fees and interest rates. In turn, some desperate owners...