Arizona: Community Banks Strengthen Local Economy

 Image by Inside Tucson Business

Image by Inside Tucson Business

TUCSON, AZ (April 26, 2018) excerpt via INSIDE TUCSON BUSINESS - Community banks are critically important in Arizona, providing half of all small business loans in the state despite holding only seven percent of deposits.

A recent Harris poll revealed that 70 percent of Arizona residents place the highest trust in community banks, and yet large banks are increasingly dominating the market. As large banks typically invest their money worldwide, there is less money flowing through local banks into the immediate community.

“Credit unions and community banks are critically important as providers of credit to small businesses as they serve thousands of communities that are underserved, or not served at all, by larger non-community banks across the nation,” Michael Peel of Local First Arizona writes. “They provide a traditional approach to banking with a focus on using local deposits to reinvest in the local community through lending and retaining more dollars in our community through locally-owned businesses.”

Read the entire article here.


As America’s first and only socially responsible business financing platform, SourceFunding.org is committed to providing access to trustworthy and low-cost funding. Create a free Funding Navigator profile to access the complete network of all 14,000 community banks, credit unions and CDFIs in the US.

Hawaii Ranks #1 for States with Best Business Credit Scores

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Image by Nav

HONOLULU, HI (April 24, 2018) excerpt via NAV - Hawaii has the highest average credit score of any state in the US, according to a new study.

The state averages 54.6 on the 1 to 100 scale used in business credit scoring. Washington, Illinois, Oregon, West Virginia, Arizona, Alabama, Ohio, Virginia and Michigan closely followed Hawaii in the rankings for top ten.  

Read the entire article here.


American small business owners waste 88 million hours each year applying for financing that isn’t a good fit for their business. SourceFunding.org saves you time and money: our unprecedented network features all 14,000 community banks, credit unions and CDFIs in the United States, and our universal application and matchmaking technology make it easy to apply. Get the best financing for your business.  Create a Funding Navigator profile now.

Small Business Plays Vital Role in West Virginia’s Economy

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CLARKSBURG, WEST VIRGINIA (April 23, 2018) excerpt via WVNEWS - Small businesses are the backbone of West Virginia’s economy, accounting for 99% of all businesses in the state and employing half of the state’s private workforce, according the Small Business Administration.

“Everybody thinks it would be so great if we had a factory come in that would employ 400 people, but it’s a lot better if you have 40 businesses that employ 10 people. You’ve got the same result, but you’ve got a much more diverse economy that’s better able to withstand downturns and problems that come along,” business owner Tom Hart said to WV News. “Small businesses are extremely, extremely important.”

Read the entire article here.  


SourceFunding.org connects you with trustworthy, low-cost business financing: our unprecedented network of 14,000 community lenders, innovative matchmaking technology and universal application ensure that you match with the funding that’s right for your business. Why apply to one lender when you can find the best match from with the world’s largest network? Create a Funding Navigator profile here.

Holland, Michigan Named Best City in America to Start a Business

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HOLLAND, MI (April 20, 2018) excerpt via THE WASHINGTON POST - Holland, Michigan was determined to be the best city in America for starting a business in a study by WalletHub.

An algorithm accounting for small business growth, small business revenue, hours per workweek, commute time, higher education assets and other factors was used to decide the winner.

“I have seen tremendous support for small-town businesses from local leaders, schools and residents,” Michael Glauser, executive director of the Center for Entrepreneurship at the Huntsman School of Business, said to The Washington Post. “One small business owner I know has a store in a small town and one in a large town. He gets far more support and stronger sales in his small-town operation. People want him to succeed and stick around.”

Other cities ranked highest in specific categories. St. Cloud, Minnesota; Pine Bluff, Arkansas; and Muncie, Indiana were ranked highest for cities with the most accessible business financing. The cities with the highest average growth in small businesses were New Iberia, Louisiana; Warner Robins, Georgia; and Gulfport, Mississippi.

Read the entire article here.


SourceFunding.org accelerates your path to success: our universal application, state-of-the-art matchmaking system and unprecedented network of 14,000 community banks, credit unions and CDFIs ensure that you match with the best funding for your unique business. Why spend hours applying to one lender when you can find the best match from with the world’s largest network? Access the Funding Navigator here.

Cleveland’s New Business Growth Collaborative Supports Minority Business Owners

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CLEVELAND, OH (April 19, 2018) excerpt via CRAIN'S CLEVELAND BUSINESS - Ten organizations in Cleveland have coordinated to establish a coalition supporting growth initiatives for minority business owners, known as the Business Growth Collaborative.

"At its core, the BGC is about putting the needs of diverse entrepreneurs and small business owners first," said Cathy Belk, president of JumpStart Inc. "Each organization in the BGC has their own unique strengths and ways of doing things — but the best way to help the people we all serve get the knowledge and support they need is to work together whenever and wherever possible."

Read the entire article here.


SourceFunding.org is leveling the playing field for all entrepreneurs, helping them access quality low-cost financing through trusted community lenders throughout the country. For a limited time, create a Funding Navigator free of charge and start matching.

Small Business Growth in Philadelphia Aims to Close the Income Gap

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PHILADELPHIA, PA (April 17, 2018) excerpt via THE PHILADELPHIA TRIBUNE - Developing minority-owned small businesses could diminish the income gap, according to Marc H. Morial, president of the National Urban League.

“While white adults have 13 times the wealth of Black adults, the gap between white and Black business owners is only three to one. The median net worth for Black business owners is 12 times higher than Black non-business owners,” Morial wrote.

The National Urban League is partnering with Goldman Sachs 10,000 Small Businesses to provide access to business support services and foster growth.

“‘Histories of the civil rights movement that emphasize the glory and successes of charismatic leaders only tell part of the story,” said historian Louis Ferleger in The Philadelphia Tribune. “‘Small Black-owned businesses were critical because they were empowered to engage in civic participation. These businesses were uniquely situated to support the civil rights movement and also parted the waters.’”

Read the entire article here.


Small businesses have the power to be a catalyst of transformation for our communities – and our economy. SourceFunding.org is committed to offering America's underserved communities access to low-cost, high-quality and transparent financing. Our common application and matchmaking software help connect individuals, businesses and nonprofits with our Responsible Finance Network™ of 14,000 community banks, credit unions and economic development organizations. Click here to create a free Funding Navigator profile.

Resources for Female Entrepreneurs

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NEW YORK, NY (April 16, 2018) excerpt via FORBES - Female entrepreneurs face formidable challenges in starting a business and securing financing. Despite these extra hurdles, women-owned businesses are growing rapidly.

From 2002 to 2012, the number of women-owned businesses grew at 2.5 times the national average, and employment in women-owned businesses increased at 4.5 times the average rate, according to the US Census Bureau.

Forbes presents an interview Carla Harris, President of the National Women’s Business Council, offering advice and support to women business owners. Read the entire article here.


SourceFunding.org is committed to financial inclusion and leveling the playing field for all entrepreneurs, including women who haven’t had access to quality financing. Our highest priority is transparency: our Responsible Finance Network connects you with 14,000 trusted community banks, credit unions and community development financial institutions throughout the United States.

We advocate for the business owner’s best interest. Our first-ever universal application and cutting-edge matchmaking technology make it easy to apply for the financing that’s the best match for your unique business. For a limited time, create a Funding Navigator free of charge and start matching.

Exposing Online Lenders: Hidden Interest Rates & Fees Can Bankrupt Businesses

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NEW YORK, NY (April 12, 2018) excerpt via ENTREPRENEUR - Online lenders are facing increased scrutiny as lawsuits and investigations uncover the sky-high interest rates, hidden fees and unsustainable repayment plans that can devastate small businesses.

Mark Abell reports in Entrepreneur that online lender Kabbage Inc. is being sued for allegedly partnering with a bank to offer interest rates that surpass the legal limit.

The state of New York may begin regulating online lenders after a Federal Reserve study determined that there was “significant potential for unscrupulous online lenders to exploit consumers through predatory practices such as unusually high interest rates, lack of disclosure of hidden fees, and unclear loan terms.”

Read the entire article here.


SourceFunding.org offers business owners a better option: the Responsible Finance Network provides access to all 14,000 community banks, credit unions and community development financial institutions in the United States. Our innovative matchmaking technology and first-ever universal application make it simple to find out what the best financing option is for your unique business and apply easily. For a limited time, entrepreneurs can create a free Funding Profile to submit their business and find matches. Get started with the Funding Navigator here.

Optimism High Among Alabama Small Business Owners

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BIRMINGHAM, AL (April 9, 2018) excerpt via ALABAMA NEWSCENTER - Expectations for growth are high for small business owners in Alabama, according to the PNC Financial Services Group Inc’s Spring 2018 Economic Outlook survey.

“”The Alabama economy is doing really, really well,’” PNC chief economist Gus Faucher told Alabama Newscenter, remarking that it currently matches or surpasses national trends from the second-longest era of economic advancement in US history.

Read the entire article here.


Small businesses have the power to be a catalyst for transformation for our communities, and our economy. SourceFunding.org’s matchmaking technology and universal application provide unprecedented access to the nation's network of responsible community lenders to help you find the best funding for your unique business. Start matching.

Boston Public Market Boosts Small Businesses

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BOSTON, MA (April 6, 2018) excerpt via THE HEIGHTS - Boston Public Market’s open house March 20 featured over 35 local vendors offering a variety of local food, beverages and household items.

“Our mission here is to support local small businesses, local agriculture, and to really educate the public about nutrition and health and wellness,” communications director Amanda Campbell told The Heights.

The market itself is a nonprofit organization promoting small businesses throughout New England and providing Bostonians a chance to enjoy unique, locally-sourced food and gifts.

Read the entire article here.


SourceFunding.org makes it easy for entrepreneurs to match with and apply to the best financing for their unique business from our national network of 14,000 community banks, so that you can skyrocket your business to greater success and growth. For a limited time, create a  Funding Navigator profile for free.

 

Dispelling Myths About Business Financing

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NEW YORK, NY (April 4, 2018) excerpt via FORBES - The world of small business lending can be mystifying and immensely frustrating to entrepreneurs, with copious misinformation from predatory online lenders and questionable sources.

Levi King at Forbes presents a guide to dispelling common misunderstandings about business loans, and what it takes to qualify for one. He describes his dismay at the proliferation of misleading online articles, “perpetuating business credit myths and misconceptions that cost me thousands of dollars when I was starting my own small business. This bad advice is continuing to cost American entrepreneurs millions of dollars each year -- and, for many of them, their dream.”

King additionally reports that only 46% of business owners are satisfied with loans from online lenders, according to a study by the Federal Reserve Bank of New York, illustrating the significant problems that come with the convenient but predatory online lenders.

Read the entire article here.


SourceFunding.org recognizes the value of trustworthy community lenders - our Responsible Finance Network includes all 14,000 community banks, credit unions and CDFIs in all 50 states. We provide the transparent alternative to predatory online lenders by matching you with high-quality, low-cost financing. Create your free Funding Profile and start matching.

The Lending Gap is Growing for Women Business Owners

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NEW YORK, NY (April 2, 2018) - The gender gap in business lending is growing, according to the State of Women-Owned Small Business Finance Study.

“Last year the average funded business loan for women-owned firms was $57,097, down from more than $99,000 in 2016,” CNBC reports. “In comparison, the average size of a business loan for male entrepreneurs was stable, at $103,604.”

This trend is worrisome for the growth of women-owned businesses, which have historically been underserved by lenders.

Read the entire article here.


Only 4% of small business loans go to women business owners, the Senate Committee on Small Business and Entrepreneurship determined in 2014. As America’s first and only socially responsible business financing platform, SourceFunding.org is committed to leveling the playing field for all business owners, including those who have historically been denied access to capital. Create a free Funding Profile to access the complete network of all 14,000 community banks, credit unions and CDFIs in the United States and start matching with the best financing for your business.

Small Banks + New Technology Are the Future of Business Financing

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NEW YORK, NY (March 27, 2018) excerpt via THE FINANCIAL BRAND - Community banks are the most desirable source of financing for business owners, with significantly lower costs and greater transparency than the proliferation of predatory online lenders. However, the lengthy loan application process and challenge of bringing in new clients have held small banks back from serving more of the small business community.

The future for small business lending blends the best of both worlds - community banking and technology. Neill LeCorgne at The Financial Brand writes:

New technology innovations are available that eliminate data entry by scanning in tax returns, automate the spreading of financial data in minutes, price loans faster and more consistently, and score a loan using customized credit factors. What used to take days and weeks to approve and onboard a small business loan can now take organizations hours (or minutes), making quicker decisions available to borrowers who are eager to move forward.

Not only can deploying technology make the process more efficient for bankers and therefore quicker for borrowers – automation of certain steps in the process can also provide a more simplified, enjoyable experience for borrowers.

Read the article here.


SourceFunding.org is at the forefront of this new era in business financing. Our state-of-the-art matchmaking technology, universal application and unprecedented network of all 14,000 community banks, credit unions and financial institutions in the United States empower business owners to access trustworthy and low-cost financing with ease and efficiency. For a limited time, users can create a Funding Profile for free and start matching. 

Startup Community Banks Flourish in North Carolina

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GREENSBORO, NC (March 22, 2018) - After the Great Recession of 2008 and subsequent trend of bank consolidation, North Carolina is now seeing a wave of new community banks sprouting up.

“It is that time in the life cycle of community banks that many of the community banks have merged with other larger organizations, leaving business and community leaders desirous of a local bank with local decision-makers,” Lee Burrows Jr of Banks Street Partners of Atlanta says. “Banks that carve out a particular niche or expertise and utilize cutting-edge technology stand a greater chance to succeed.”

Read the article here.


SourceFunding.org recognizes the value of trustworthy community lenders - our Responsible Finance Network™ includes all 14,000 of them, in all 50 states. We provide the transparent alternative to predatory online lenders by matching you with high-quality, low-cost financing. Create your free Funding Profile and start matching in minutes.

Study: Businesses with Bank Loans More Likely to Succeed

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BOCA RATON, FLORIDA (March 19, 2018) - Businesses that take out business loans from banks have higher rates of success, a new study at Florida Atlantic University found.

The survey of 5,000 businesses determined that companies that took out bank loans reported nearly twice as much revenue as companies that did not pursue financing. Companies financed by personal loans had 57% less revenue than companies financed by business loans from banks.

Read the entire article here.

SourceFunding.org accelerates your path to success: our unprecedented network of 14,000 community lenders, state-of-the-art matchmaking system and universal application ensure that you match with the funding that’s right for your business. Why spend hours applying to one lender when you can find the best match from the world’s largest network? Create a free Funding Profile and get started now.

 

Banks Eased Business Lending Standards in 2017

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NEW YORK, NY (March 14, 2018) - Good news for business owners: Loan officers reported loosening standards for business loans in 2017, according to a survey by the Federal Reserve.

Read the entire article here.

SourceFunding.org offers an unprecedented national network of 14,000 community banks, credit unions and financial institutions providing business financing. Using our proprietary Universal Application and matchmaking technology, entrepreneurs can match with the best financing for their business and apply quickly and easily. Create your free Funding Profile here.

In Record Numbers, Business Owners Say it's an Ideal Time to Expand

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NEW YORK, NY (February 23, 2018) - Optimism is reaching new heights in the small business world, with 32% of business owners saying that now is a good time to expand - a higher number than all quarterly readings since 1973, according to a new survey by the National Federation of Independent Business.

29% of business owners plan to increase capital spending and 20% plan to hire employees, the survey reports.

Read the entire article here.

SourceFunding.org makes it easy for small business owners to match with and apply to high-quality lenders so that they can continue to expand and create jobs. Our unprecedented national network of 14,000 community banks and credit unions ensures that you can find the best match for your business. Create your free Funding Profile here.

Protecting Community Banks From Consolidation

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NEW YORK, NY (February 22, 2018) - Consolidation in the banking industry may reap rewards for investors, but it also restricts access to financial services for many communities throughout the United States.

Community banks support many geographic areas underserved by larger banks; more than 16 million people, or one in three counties, rely exclusively on local banks and have no physical access to large banks, according to American Banker. Local banks fund over 60% of small business loans, while holding only 20% of all banking assets.

“Community banks are not only more highly capitalized than larger institutions and therefore better equipped for economic downturns, but their local focus and accountability make them distinctly pro-consumer. These local institutions operate a relationship-based business model that incentivizes customer service and stewardship... [they] reinvest their proceeds into the communities in which they operate, promoting economic growth that begins at the local level,” American Banker reports.

Read the entire article here.

SourceFunding.org recognizes the value of trustworthy community lenders - our Responsible Finance Network includes 14,000 of them in all 50 states. We provide the transparent alternative to predatory online lenders by matching you with high-quality, low-cost financing. Create your free Funding Profile to start matching today.

Establishing Credit History for Immigrants: Uncovering an Untapped Market

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NEW YORK, NY (February 21, 2018) - Recent immigrants to the United States face an enormous hurdle to building a new life: a nonexistent credit history.

Credit cards, bank loans, cars and real estate all require a solid credit score, and yet immigrants arrive with a blank slate in the American credit score system, regardless of their financial history abroad.

“You could be a billionaire in Australia, come over here and try to apply for a credit card. You're probably going to get rejected if you have no credit footprint in this country,” says Lend Academy founder Peter Renton.

A number of FinTech companies have evolved to serve this overlooked market and maximize opportunities for foreigners to contribute to the American economy. Nova Credit estimates that 10 million immigrants in the past decade would be categorized as prime to super prime if their international credit records were accessible.

Read the entire article here.

Small businesses have the power to be a catalyst of transformation for our communities – and our economy. SourceFunding.org is committed to offering America's underserved communities access to low-cost, high-quality and transparent financing. Our common application and matchmaking software help connect individuals, businesses and nonprofits with our Responsible Finance Network™ of 14,000 community banks, credit unions and economic development organizations. Click here to create your free Funding Profile.

 

Integrating FinTech and Community Banks

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CHICAGO, IL (February 20, 2018) - Community lenders are increasingly finding success in blending the speed and efficiency of financial technology with the personal connection and attention of community banks, according to a new article in American Banker.

"Small-business owners typically want to do business with local financial institutions. At the same time, they don’t want to subject themselves to a longer and clunkier process,” Joel Pruis of Cornerstone Advisors says. Small business owners are “on the go and like to do things digitally, but they also like to have that face-to-face option as well.”

Chicago’s Marquette Bank successfully digitized its lending process and saw its credit memo creation time shorten by 25%.

Read the entire article here.


SourceFunding.org is where FinTech and InfoTech intersect with small business lending: our platform provides access to a national network of 14,000 community lenders. Our cutting-edge matchmaking technology and Universal Application match you with the best financing and help you apply with ease. Our Funding Advocate team offers personal assistance, guiding you through the application process and connecting you with the right financing for your business. Create your free Funding Profile here.