Bloomberg August 30, 2019 Cuomo Signs Bill Cracking Down on Small-Business-Loan Abuses By Zachary Mider Ban on out-of-state confessions of judgment has national scope Law will restrict use by unregulated cash-advance lenders New York Governor Andrew Cuomo signed a bill aimed at preventing predatory lenders from using the state’s court…
Hike: Fed raises interest rates for businesses and consumers
MultiBriefs Exclusive March 23, 2018 By Seth Sandronsky As the economy grows and a low jobless rate of 4.1 percent continued for a fifth straight month, the Federal Reserve Bank under Chairman Jerome Powell took action March 21. In a statement, the U.S. central bank announced that it will “raise…
Government to Back Bank’s Loans to Black Business Owners
Small Business Administration teams up with black-owned Liberty Bank in bid to boost access to capital By: Sharon Nunn Wall Street Journal June 14, 2017 WASHINGTON-The Small Business Administration said Wednesday it is teaming up with New Orleans-based Liberty Bank to guarantee loans for black business owners, the first such…
Small business entrepreneurship is on the decline
A new report from the Center for American Progress has a dire warning for our nation’s future. Small business ownership rates have been trending down since the early 2000s. “Looking at all households who are earning income, business ownership steadily declined from 14.6 percent in the period from 1998 to…
Are online business loans turning into predatory lending?
As a result of the Great Recession the flow of capital to entrepreneurs and small businesses went from a uniform stream to a trickle. Traditional financial institutions largely closed the capital pipeline as they considered small businesses to be too risky a venture. Even today when banks are saying they…
Endangered Species: Young U.S. Entrepreneurs
The Wall Street Journal January 3, 2015 New Data Underscore Financial Challenges and Low Tolerance for Risk Among Young Americans By Ruth Simon and Caelainn Barr The share of people under age 30 who own private businesses has reached a 24-year-low, according to new data, underscoring financial challenges and a…
We’re not much richer than in 1982
As you may remember, the South Carolina Small Business Chamber of Commerce has been working toward a new vehicle for small businesses to have access to investors and private loans. The current law allows for high net worth individuals (individuals with annual incomes of $200,000 or couples with joint incomes…
State’s economic development model must change
Statehouse Report August 8, 2014 By Frank Knapp Jr. S.C. Small Business Chamber of Commerce Part 2 of 2 | See part 1 Special to Statehouse Report AUG. 8, 2014 — Raising the per capita average income of all South Carolinians is a goal of economic development efforts. But while South…
Creating a culture of investing locally
Statehouse Report July 25, 2014 S.C. Small Business Chamber of Commerce Special to Statehouse Report JULY 25, 0214 — The unemployment rate in South Carolina is holding steady at 5.3 percent. That’s good news since it was at 11.9 percent five years ago. In fact our state ranks 11th in job creation…
Former SBA Chief Raises Alarm Over a Still Tight Credit Market for Small Businesses
Inc. July 23, 2014 BY Jeremy Quittner Karen Mills’ Harvard report on the state of small business lending paints a bleak picture, with the exception of technology. Now that we’re about four years out from the depths of the Great Recession, it’s time to get some clarity on what exactly…