70% of Business Owners Without a Business Bank Account Get Rejected for Loans

Business owners without a business bank account are facing an uphill climb when it comes to getting approved for financing, according to a new survey. Nav surveyed more than 600 business owners to find out how they use their business bank account and what impact it has on their financial situation. Of business owners without a business bank account, 70% were rejected for a loan in the past two years. Many lenders use business bank account data in the underwriting Read More

The Equifax Data Breach: What You Need to Know

Equifax, one of the largest personal and commercial credit reporting agencies in America, announced Thursday that it experienced a major data breach that could potentially impact more than 143 million Americans. The data breach, which Equifax reports began in May of this year and lasted through July 29, exposed Social Security numbers, names, addresses and, in some cases, driver’s license numbers. Credit card numbers were also compromised for a little over 200,000 consumers; dispute and other personal identifying information was Read More

SCORE vs. SBA vs. SBDCs: What’s the Difference?

When you’re a small business owner looking for help, there are a lot of tools and organizations that can offer free help and answers. In fact, there are so many that sometimes it’s hard for new business owners to know who can help with what problem. SCORE, the SBA and SBDC are all organizations that offer resources, advice and benefits for small and mid-sized businesses in the U.S. The business services offered by each organization are different, though all of Read More

Youngest in Your Family? You’re More Likely to Be Self-Employed, Study Finds

These days, it seems like youngest children are the ones who have all the fun. Recent studies have found that youngest children are more likely to have a whole suite of personality traits — from being funnier and more relaxed to being more social and creative. Now, you can add a couple more qualities to that list: being more entrepreneurial and with a bigger appetite for taking risks. According to a fascinating new study by Swedish and American academics and published by the National Read More

The Secret High-End Credit Cardholders Share: They Want to Look Cool

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Just like the clothes you wear, the car you drive and the home you live in, the credit cards in your wallet are a status symbol. And, as one new study from the National Bureau of Economic Research suggests, looks matter when it comes to what’s in your wallet. A team of researchers conducted field tests on the behavior of urban, upper middle-class bank customers in Indonesia. Their findings were presented in the summer of 2017 as part of a white Read More

The Average FICO Score Is at an All-Time High. What’s Holding Yours Back?

The average FICO score in the U.S. has just topped 700 for the first time since the credit scoring giant began tracking the data, continuing an upward trend in personal credit scores since the Great Recession. Based on data from April of this year, FICO found the average FICO score in the U.S. was 700, which is the highest that score has ever gone. Driving the trend is lower overall delinquencies on consumer credit reports, a rise in superprime consumers Read More

Half of Millennials Want to Start a Business: Here’s How to Get Going

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Advertiser Disclosure If you were born between 1977 and 1995, there’s over a 50% chance that you would start your own small business if you knew where to get help to make it happen. America’s SBDC, the face of a nationwide network of Small Business Development Centers (SBDC), collaborated with the Center for Generational Kinetics to better understand how different generations view entrepreneurship. The findings indicated that millennials were especially eager to start a business of their own, but there were Read More

How to Get Certified as a Minority-Owned Business

In 2012, the U.S. Census Bureau reported that there were 8 million minority-owned businesses in the U.S. That’s a huge number of business owners looking for opportunities to achieve the American dream and make it as a successful entrepreneur. If you own one of those businesses, becoming certified as a minority-owned business allows you to access certain government and private-sector programs that can help support your efforts. Here are three certifications/qualifications that can help minority business owners get support for their Read More

Small Businesses May Have a Surprising New Friend in Washington: The CFPB

Small business owners and regulators are often at odds with one another, but a new move from the country’s consumer watchdog agency could have the two groups aligned in a common cause — better access to business credit. In a new initiative announced early Wednesday morning, the Consumer Financial Protection Bureau (CFPB) said it’s seeking comment and information from business owners, lenders and any related parties into how to better track and understand the financing needs of small businesses, particularly minority-owned Read More

The Biggest Challenge Business Owners Face: Getting a Loan

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Advertiser Disclosure Small businesses are no strangers to challenges, so it’s no surprise that more than half (61%) of employer firms in the U.S. faced a financial challenge in the past 12 months. And top among those challenges? Getting a loan when they need it. The 2016 Small Business Credit Survey from 12 Federal Reserve banks across the country took place in the last half of 2016, with the banks surveying more than 10,000 employer firms across all 50 states. And Read More