Small Business Loan Approvals Continue to Rise, Says New Biz2Credit Report

Biz2Credit Lending Index June 2018: Small Business Loan Approvals Continue to Rise

According to the Biz2Credit Small Business Lending Index, the loan approval percentage across all categories of lenders is rising. For banks and institutional lenders, the month of June has delivered new highs.

This is great news for small businesses who are looking for capital to expand their operations. However, the robust economy has resulted in the Fed increasing interest rates, with the latest one coming on June 13, making it the second hike for the year.

For small businesses looking for loans, now is a good time. Because the cost of borrowing money will get more expensive. The Fed is slated to raise the interest rates again, perhaps going as high as 2.4% by the end of 2018. And according to a report posted at Forbes by Biz2Credit CEO Rohit Arora, the rate could be 3.4% by the end of 2020.

As Arora explains, “Time is money when it comes to securing capital for your small business. The longer you wait, the more costly loans will become. Business owners who have dared well during the past two years and who are optimistic about their near-term success will want to apply now if they plan to secure financing for growth during 2018.”

Biz2Credit Lending Index June 2018

When it comes to the numbers, big banks again led the way in June with a two-tenths of a per

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Book Asks if You Are Born to Build?

Are You Born to Build?

Gathering resources for your business is never easy. It takes savvy, insight, and timing to make those resources work in your favor.  It also requires you know how to build alliances and gather resources well.

One book aspiring to look at this process more closely is Born to Build: How to Build a Thriving Startup, a Winning Team, New Customers, and Your Best Life Imaginable. The book’s authors are Jim Clifton, chairman of Gallop, and Sangeeta Badal, Ph.D., principal scientist for the Gallup Builder Initiative.

Clifton and Badal have written a useful guide for entrepreneurs seeking a balanced approach to building their business in the face of fierce competition.

What Is Born to Build About?

Born to Build addresses the mindset entrepreneurs typically bring to their strategic choices. The authors believe most people overlook the builder aspect of creating a business, and as a result overlook vital concepts for better managing their opportunities and resources.

This book is about marshaling those resources and teaching entrepreneurs how to better assess themselves.  To accomplish this objective, Clifton and Badal outline what’s necessary to put the pieces into place. The authors open the book with a basic question: what are you building? They then extend the builder metaphor in part two of the book by introducing the Four Keys to Building:

Being self-aware Recognizing opportunities Activating on ideas Building a team

The authors follow up in part three of the book by detailing 10 talents of successful builders, so readers wishing to build a business understand what talents are needed and where to apply them.

The book also contains Gallup Builder Profile 10, a process for assessing entrepreneurial capabilities.

Readers can take an online assessment based on this profile.  The assessment vets readers’ innate talents,  allowing them to do a “SWOT” analysis to determine their ability to build the businesses they desire.  The last section of the book explains the r

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This Week in Small Business, How Will Your Small Business Fair on Amazon Prime Day?


Have you heard?

Monday is the start of Amazon Prime Day 2018.

The day’s become somewhat of a true shopping holiday and surely brings in a lot of revenue for Amazon. But this week, Amazon let us all know what impact Prime Day is having for small businesses, too.

Amazon Prime Day 2018

In this latest edition of This Week in Small Business, I was joined again by John “Colderice” Lawson and we immediately dove in deeper on some of the numbers Amazon released this week. The figures focus on the success that small businesses who sell on Amazon are realizing today.

Check out our conversation to find out how many products small businesses sold on Prime Day 2017. And Amazon also says that selling on Amazon has turned those smal businesses in to job creators, too.

John and I also took a fun look at another article that appeared on Small Business Trends this week, the list of top apps for BlackBerry phones.

Honestly, we were both surprised to see this list this week … in 2018 but we also realize we may be in a bit of a bubble here. We invite the BlackBerry user community to weigh in on this one.

Be sure to check out what else was happening this week for small businesses in the Small Business Trends news roundup below. Also, be sure to subscribe to the Small Business Trends YouTube channel to get notifications when the next This Week in Small Business is live.

Economy Looming Trade War Worries Experts, Could Your Small Business be Affected?

Some U.S. businesses are putting capital projects on hold due to the uncertainty over the Trump administration’s tariffs, according to the Federal Reserve.

Job Market Remains Tight Despite Swelling Labor Force, SBE Council Reports

With an average monthly job creation of 215,000 for the first half of 2018,  a gain of 213,000 jobs for June was better than expected. The high number has also encouraged those who have been out of the labor market to come back in.

Employment Small Businesses Add 29,000 Jobs to U.S. Economy in June – Lowest Growth in 4 Previous Months

According to the June 2018 ADP (NASDAQ:ADP) National Employment Report, private sector employment increased by 177,000 jobs for the month — but only 29,000 of those were at small businesses. June 2018 ADP Small Business Report This is a much lower number than the 47,000, 62,000, 38,000, and 38,000 jobs small businesses created in February

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Online Payment Provider Stripe Adds 24-7 Voice and Chat Support for Small Businesses

Stripe Merchant Support Adds 24-7 Voice and Chat Options

Access has become one of the biggest differentiators when it comes to customer service and support.  With that in mind, Stripe just announced it is introducing a 24/7 phone and chat support for all of its customers.

Stripe customers who were previously  relying on email to communicate with the company’s support team, will now be able to get in touch with the company through chat or over the phone. For Stripe, which now serves millions of companies of all sizes in 120 countries, scaling this type of support is a challenge.

Having raised $450 million to date with a valuation of $9.2 billion, Stripe has become more than just a payment processing app. While that is how the company started, it has now evolved into a comprehensive solution for managing businesses online.

The software Stripe offers makes it possible for individuals, small businesses. and global enterprises to pay workers, detect fraud, accept payments and evolve while being able to scale on any level.

This has led everyone from Amazon to Nasdaq, Shopify, Target, Twitter, Lyft, Kickstarter, Salesforce and man

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