Financial Inclusion

State Funding Awarded for Startups in Rural Virginia

Small business financing

COVINGTON, VA (August 17, 2018) - Governor Ralph Northam allocated Community Business Launch awards of $45,000 to five towns to fund training and business development support for entrepreneurs in rural southwest Virginia.

A portion of the funds will support The Gauntlet, a business competition modeled after NBC’s Shark Tank to win seed money.

“We look forward to new businesses opening and current businesses expanding throughout these communities that will only enhance the vibrancy and quality of life in each of these downtown districts,” said Secretary of Commerce and Trade Brian Ball.

Read the article here.

Salt Lake City Has Highest Concentration of Young Business Owners in US

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SALT LAKE CITY, UT (August 16, 2018) - Salt Lake City, Utah has the greatest concentration of young entrepreneurs in the United States, a new study cited in Fox Business found.

The city’s low cost of living and youthful population make it an ideal base for establishing a business.

Read the entire article here.

Tech Partnerships a Major Success for African-American Bank in South Carolina

Business financing

COLUMBIA, SC (August 15, 2018) - South Carolina Community Bank rebounded from the financial crisis by developing a new network of Fintech partnerships.

“As a small bank, we don’t have a large innovation lab budget; we don’t have the thousands of people focused on product development that large banks have,” CEO Dominik Mjartan said. “But we do have some very good partners we’re working with that could really transform our ability to innovate and then scale the innovation.”
 

Read the article here.

Urban Synergy in Action supports new businesses in Connecticut

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BRIDGEPORT, CT (August 13, 2018) - The new initiative Urban Synergy in Action (USA) is building an incubator to provide office space and business development support to the growing tide of urban entrepreneurs.

“It’s important to see people who live in your neighborhood or reflect the demographic of the neighborhood, opening up businesses and having a slice of that American dream… of being able to contribute, create jobs and be a fabric of the community,” said the director of Bridgeport’s Small and Minority Business Enterprise, Fred Gee.

Read the entire article here.

Low-Income Entrepreneurs Receive Funding from City of Dubuque

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DUBUQUE, IA (August 2, 2018) - The city of Dubuque, Iowa launched a new program providing business loans for moderate and low-income business owners in the downtown area.

"For us, it’s a great opportunity to look at the Central Avenue corridor and kind of begin to fill some of the store fronts that are there as we go forward with some redevelopment," said Dubuque Economic Development Director Maurice Jones.

The city is providing $150,000 of loans in $35,000 increments as a starting point.

Read more here.

Protecting Business Owners Against Predatory Lenders

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CHESAPEAKE BEACH, MD (May 16, 2018) excerpt via BLACK ENTERPRISE - Eighty-seven percent of small business owners support measures that would protect against predatory lenders and boost the availability of traditional loans, according to a new study by Small Business Majority.

Predatory lending costs Americans an incredible $25 billion each year. The lack of transparency and integrity among online lenders is a major concern: three out of four small business owners support the Consumer Financial Protection Bureau, which works to regulate lenders and financial service providers.

“Online lenders are largely unregulated and can take advantage of small businesses that are desperate for capital,” said Sharon Levy, owner of Taking Tea InStyle in Princeton, New Jersey. “Small business owners simply don’t have enough good lending options, which is why we need better policies in place to give small businesses a level playing field and a safer environment in which to conduct business.”

Research shows that small business owners prefer to secure financing from trustworthy, traditional sources over predatory online lenders. 77% of small business owners desire a policy to increase the amount of small business loans from credit unions, and 62% support policies that require banks to invest in low-income communities.

“Far too many entrepreneurs have difficulty obtaining the capital they need to start and expand their business,” Small Business Majority CEO John Arensmeyer said. “When they are able to get financing, they need that capital to be safely and responsibly administered. As these poll results show, small business owners are strongly supportive of policies and institutions that increase the availability of small business loans from traditional sources like small banks and credit unions, while also shielding them from predatory lending practices.”

Click here to read the entire article.


SourceFunding.org makes it easy for small business owners to match with and apply to trustworthy community lenders. Our unprecedented national network of 14,000 community banks and credit unions ensures that you can find the best transparent, low-cost financing for your unique business. Create your free Funding Navigator profile here.

Small Business Employee Income Reaches New High

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NASHVILLE, TENNESSEE (May 11, 2018) excerpt via CNBC - Small business workers saw their earnings grow at the highest rate in two years, according to a new Paychex report.

Hourly earnings increased by an annual rate of 3.25%, the study found. Among the 50 states, Tennessee placed first for small business job growth, and Arizona saw the highest hourly-wage growth.

"The low unemployment rate is contributing to steady increases in wage growth," Paychex CEO Martin Mucci wrote. "With tightening labor conditions and wages continuing to show positive momentum, business owners and HR managers will need to focus on recruitment and benefit strategies to attract and retain qualified talent."

Click here to read the article.


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.

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. Our mission: Financial inclusion. Create a free Funding Navigator profile to access the complete network of all 14,000 community banks, credit unions and CDFIs in the US.

Small Business Plays Vital Role in West Virginia’s Economy

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CLARKSBURG, WV (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 to 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. Our mission: Financial inclusion. 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. Our mission: Financial inclusion.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. Our mission: Financial inclusion. 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. Our mission: Financial inclusion. 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.

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. Our mission: Financial inclusion. 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. Our mission: Financial inclusion. Create your free Funding Profile and start matching.

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. Our mission: Financial inclusion. For a limited time, users can create a Funding Profile for free and start matching. 

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. Our mission: Financial inclusion. 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. Our mission: Financial inclusion. 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. Our mission: Financial inclusion.Create your free Funding Profile here.

Women and Minority-Owned Businesses are Thriving in Houston

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HOUSTON, TX (February 9, 2018) - Minority and women business owners are on the rise and inspiring new business initiatives in Houston.

Women-owned businesses in Houston grew 70.4% in the last ten years, boosting their employment by 34.5%, according to the American Express State of Women-Owned Businesses Report.

A 2016 US Census Bureau study found that 30.8% of businesses in the area are owned by minorities, ranking Houston in sixth place of all metropolitan areas in the United States.

Numerous community and business organizations are stepping up to support this surge of small businesses. The Houston Women’s Business Enterprise Alliance offers seminars and courses and fosters community among women entrepreneurs.

“We want the small-business community to know that you’re not out there alone,” WBEA President April Day says. “There are organizations here to support you, and there are small businesses that are going where you’re going and have been where you want to go.”

Read the entire article here.

SourceFunding.org is committed to financial inclusion and leveling the playing field for all entrepreneurs, including underserved communities who haven’t had access to quality financing. Our highest priority is transparency: our network features 14,000 trusted community banks and credit unions, not predatory online lenders.

We advocate for the business owner’s best interest. Our Common Application and matchmaking software make it fast and simple to apply for the financing that’s the best match for your unique business. Create your free Funding Profile here.