The Innovative Lending Platform Association, whose members are small business lenders, have agreed on a “disclosure box” that will allow those considering a small business loan from these lenders to see the annual percentage rates, total dollars being repaid, and other metrics. The products offered, however, will not be affected by the disclosure box. There is no mention of where these rates and costs will be displayed.
There is a common belief that regulation is coming down the pipeline for the alternative small business lending industry that will aim to protect small business borrowers. This is a step forward for the association to get ahead of any expected regulation.
Old habits die hard, yet sometimes it takes stepping outside your commonly practiced habit or mental model in order to recognize and choose a different one. Author Mark Bonchek shares his thoughts on how to innovate on old marketing models by unlearning the old way in order to focus on a new way, and discusses three parts of the unlearning process that will make it easier for you to make shifts as your brain adapts to a new way of thinking.
Big, multinational businesses are under scrutiny due to the heat of an election year. Under Armour’s founder Kevin Plank challenges the thought that big business is hurting the economy—he discusses his thoughts that large, global companies can have a positive impact on the U.S. if they are coupled with the right values. Plank cites his personal commitment to serving U.S. communities, which includes a plan to redevelop 260 acres of industrial land just south of the company’s headquarters.
Tyler Handley is the founder of Inkbox, the world’s first two-week tattoo. He shares his takeaways from running a successful Kickstarter campaign and building his business. His thoughts on how to create a successful e-commerce business include: (1) have a unique product and (2) find an innovative business model (think Dollar Shave Club) that works for your product. Plus, see how Inkbox solved their problem of a relatively high bounce rate with an explainer video (here’s their How It Works video).
Top Tweet of the Week
Don’t ignore the IRS… pic.twitter.com/eDJrvd8HWU
— Mark Kohler (@markkohler) October 20, 2016
This article was originally written on November 4, 2016 and updated on March 23, 2023.