SEATTLE, WA (October 15, 2018) - Green Business Advocate Stephanie Gowing created an ecosystem map of Seattle displaying all green energy businesses in the region and how they connect to each other, to encourage further entrepreneurship and collaboration in the clean energy sector.
NEW YORK, NY (October 12, 2018) - A decade after the market crash of 2008, the world of small business loans is thriving. Approval rates are rising at community banks: 49.8% of funding requests were granted in 2018.
WASHINGTON, DC (October 11, 2018) - American businesses’ share of global venture capital funding has declined from 95% in the 1990s to 50% today, and is continuing to diminish quickly.
China’s share is growing fastest, reaching nearly 25% of the global total in 2018. Thailand has also become a leader, seeing nearly 600% growth.
While Asia’s growth is skyrocketing, the US continues to thrive and break records. American companies received more venture capital investments in the first six months of 2018 as they did in the past ten years total, according to PitchBook.
BATON ROUGE, LA (October 10, 2018) - Approximately 500 small businesses in Louisiana receive $328 million in small business loans from the Small Business Administration (SBA) in 2018, according to a recent SBA report. The report determined that this was an increase of 69% in dollars and 29% in loans since 2017.
“As I say at every opportunity, I am grateful to all our lending partners who value and use SBA guarantees to extend much-needed growth capital to Louisiana small businesses,” said SBA District Director Michael Ricks. “Our increase in lending this year is in large part due to our lending partners’ dedication to lending to the small business community.”
ATLANTA, GA (October 9, 2018) - Local banks hold 42% of all small business loans in the United States, a new study by the Federal Deposit Insurance Corporation (FDIC) found.
“Small businesses comprise almost half of private-sector employment in the United States, and banks are the most common source of external credit for these businesses. Despite holding only 13% of banking industry assets, our data shows that community banks hold 42% of small business loans,” FDIC Chairman Jelena McWilliams said. “In light of ongoing consolidation in the banking industry, banks’ ability to meet the credit needs of this important sector is of vital interest to the FDIC.”
OAKLAND, CA (October 8, 2018) - Oakland will establish the first city-owned public bank in the United States, with ownership shared by Oakland, Richmond, Berkeley and Alameda County. Local residents’ distaste for corruption on Wall Street inspired this initiative, to avoid spending millions on debt servicing and transaction fees at big banks and reinvest money into the community.
The Bank of North Dakota is the only other public bank in the US and has proved to be a success thus far, earning $136 million for the state last year in its thirteenth consecutive year of profits. $30 to 50 million of these profits fund education, infrastructure projects and disaster relief programs each year.
LAS VEGAS, NV (October 5, 2018) - Nevada has seen the most growth of all states in women-owned businesses in the last ten years, alongside Las Vegas ranked eighth of all American cities, according to a new report by American Express.
“We have a diverse community that means different markets to cater to. Part of the reason why we have a lot of women entrepreneurs here is because they see a blend of necessity and opportunity,” said reporter Nina Porciuncula.
COLUMBUS, OH (October 4, 2018) - Recent studies indicate that increasing numbers of Ohioans are choosing to bank with credit unions; Ohio credit unions served 2.83 million people and provided $177,273,023 in financial benefits in the past year.
“Every month we track our growth,” Painesville Credit Union CEO Lori Guzzi said. “In the last 12 months, we have grown 250 members. So, we’ve had a steady increase every month in the last year for membership growth. I think part of it is the word is getting out about credit unions.”
“We know our members,” Guzzi added. “We’ve been here for 76 years, so we have had families that have four generations banking with us... I just think that attests to the stability here.”
CHICAGO, IL (October 3, 2018) - Chicago has proven to be fertile ground for business as growing numbers of tech companies, including Amazon, have recently put down roots in the Windy City.
Chicago mayor Rahm Emanuel launched the ChicagoNEXT program in 2013 to promote the city’s appeal for the tech world, by building relationships and community as well as improving the city’s IT infrastructure and STEM education. In July, the state of Illinois established the Department of Innovation and Technology for similar purposes on a state-wide scale.
"Unlike Silicon Valley, Chicago's startups and other tech companies have been developing new business models from scratch and getting them to thrive on their own without necessarily having them acquired by someone else," said Todd Thibodeaux, CEO of the tech trade association CompTIA.
"It's the Chicago DNA," Andy Cohen, COO of Snapsheet said. "The people here aren't afraid to get their hands dirty and get companies going.”
CAMBRIDGE, MA (October 2, 2018) - A new interactive map designed by Harvard University economists and based on Census data exhibits the economic mobility patterns and challenges of neighborhoods across the United States.
The accompanying report determined that family stability, social networks, early childhood development, and college and career readiness were essential elements spurring upward mobility. Segregation was identified as a major obstacle.
“You see that for kids turning 30 today, who were born in the mid-1980s, only 50 percent of them go on to earn more than their parents did,” Harvard economist Raj Chetty says. “It’s a coin flip as to whether you are now going to achieve the American dream.”
BOSTON, MA (October 1, 2018) - Fewer than 10% of venture capital-backed startups had a female co-founder, and fewer than 1% had an African-American female cofounder in 2017, according to a recent report by Pitchbook. The study also determined that 75% of all venture capital went to companies in California, Massachusetts and New York.
Increasing access to venture capital is imperative in 2018, to empower and maximize the potential and impact of entrepreneurs of all genders and races throughout the United States.
Despite the lack of venture capital funding, companies with a woman on the founding team outperformed all-male companies by 63% in a ten-year study by First Round Capital. Racially diverse companies outperformed industry norms by 35%, according to a McKinsey study.
WINSTON-SALEM, NC (September 28, 2018) - Small business owners in North Carolina affected by Hurricane Florence face an uncertain path to recovery.
The Small Business Administration offers disaster loans specifically for victims of Hurricane Florence.
"I'm doing some research now about (Federal Emergency Management Agency) grants, disaster loans, and claiming flood insurance so I'll be prepared to advise clients in the aftermath," said financial planner Matt Stevens.
STANFORD, CA (September 27, 2018) - Stanford University topped the list of universities with the most venture capital-backed startups in 2018, according to a new report by PitchBook. The University of California - Berkeley, Massachusetts Institute of Technology and Harvard University followed in this category.
Stanford’s 1.178 entrepreneurs raised $28.8 billion in funding over the last ten years.
PROVIDENCE, RI (September 26, 2018) - The state of Rhode Island invested in numerous small business development and funding programs and is enjoying a subsequent boom in small businesses and startups.
The state government recently launched a small business funding program providing capital to 125 new businesses, as well as initiatives to help new and existing businesses on product development, research and recruiting new talent.
“Providence seemed like a place where people could really follow their passions and open the store of their dreams,” said Emma Ramadan, owner of Riffraff Bookstore and Bar. “Every person we turned to for help or assistance, whether in government or the small business association or our lender, helped us so much along the way.”
WASHINGTON, DC (September 25, 2018) - Latino small businesses earned $700 billion last year and grew 31.6% since 2012 - more than double the average growth rate of small businesses in that period - according to a new study by the US Hispanic Chamber of Commerce.
"Providing access to better and faster financing options will allow Latino-owned businesses to build upon this momentum," Manuel Chinea of Popular Bank said.
DETROIT, MI (September 24, 2018) - A financially strained school cafeteria worker was led to believe she had qualified for a $4,000 loan and saw it deposited in her bank account, only to discover that the check was fake and that she owed her bank $4,800 after spending the scam loan money.
"The number one message that is important for people to understand is that just because the check has cleared doesn't mean it's good," said Nessa Feddis, senior vice president of consumer protection and payments for the American Bankers Association.
Predatory lender con artists send phony loan checks, gift cards or Western Union transfers and need victims to spend quickly, before the bank realizes the check is a fake.
WASHINGTON, DC (September 19, 2018) - Community bank lending to small businesses grew by 5% from 2010 to 2017, and total business loans grew 11% from $689 billion in 2010 to $765 billion in 2017, the US Government Accountability Office reports.
“Community banks — generally small and locally focused institutions — are important sources of credit to small businesses,” the report said.
RALEIGH, NC (September 18, 2018) - Community banks are vital for entrepreneurs - they provide 44% of all small business and farm loans, and are the only banks available in one out of five counties in the United States. As small businesses themselves, local banks can thrive and grow by pursuing key principles of entrepreneurship.
GARDNER, MA (September 17, 2018) - GFA Federal Credit Union will become the first credit union to bank for the newly legalized marijuana industry in Massachusetts.
“When the Commonwealth legalized medicinal and recreational cannabis, we knew the multi-millions generated by this fast-growing industry would soon become a safety issue, if unbanked,” CEO Tina Sbrega said. “Our board of directors recognizes the need to provide banking services for the safety of our citizens in reducing the cash on the streets, and I applaud them for their vision and commitment to providing public safety.”
GULFPORT, MS (September 11, 2018) - Mississippi’s Black Entrepreneur Expo featured 37 local vendors and offered networking opportunities for Gulfport business owners.
“At Walmart, or any other store for that matter, you’re not able to really get hands on service about the particular product and hear the back story,” entrepreneur Ramonic Day said. “Everybody here has a backstory as to why they started their business.”