What’s New In Small Business: Hiring, Overtime laws, and Credit Card Bill Management

What’s New In Small Business: Hiring, Overtime laws, and Credit Card Bill Management

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Each week, Nav brings you relevant small business news from across the web that we hope you find interesting!

Top Small Business News

What Jobs Are Small Businesses Hiring Most?

Small businesses can be very competitive with big business when it comes to hiring for certain positions. Here are the top 10 jobs small businesses are hiring for — as determined by Indeed — including truck drivers, legal workers, and management positions.

Rule change to give 4M more workers overtime – and small business owners worry

The Department of Labor has announced an update to the regulation that controls paid overtime laws. This update will increase the salary threshold for paid overtime from less than $455 per week to $913 per week. The new rule will mean more money in the pockets of some Americans, but for small business it can be an additional headache.

Chicago Leads Charge Against Predatory Small Business Lending

Chicago City Treasurer Kurt Summers is leading the charge for the regulation of alternative lending in the small business sector with the Small Business Lending Act of 2016, which would make Illinois the first state in the U.S. to “regulate predatory small business lenders operating mostly online and beyond the scope of existing regulations.”

Head of SBA Focuses on Access to Capital

Maria Contreras-Sweet, head of the Small Business Administration, discussed with the Wall Street Journal the complexities of small business access to capital, as well as the “big rocks” the SBA has been able to move recently. One of which, SBA One, will shorten the decision making process for SBA loan applicants, a huge pain point for small business owners seeking an SBA loan.

Wells Fargo Taking On Expensive Short-Term Business Loan Providers with FastFlex

Wells Fargo small business customers now have a new financing option available to them: FastFlex. Announced just last week, FastFlex is a short-term loan product up to $35,000 that can be funded as soon as the next business day. FastFlex is available to customers who have an established Wells Fargo account that is at least one year old.

Tweet Spotlight

Melissa Hughes is a business coach, speaker, and author who works with small business owners and entrepreneurs. Her Twitter feed is filled with good vibes and quotes from prominent leaders, such as the one below by Jim Rohn.

Melissa Hughes Tweet
Business Spotlight

Tally Technologies is a brand new business who is trying to help you better manage your personal credit cards. Tally helps their customers avoid late fees by offering them a Tally “line of credit” at a lower APR than the average APR of your credit cards.If you cannot pay off your entire Tally balance, the company makes money on that lower APR.They currently have a waitlist to try out the app, sign up here or stay tuned for what’s to come!

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About the Author — Lydia serves as Content Manager for Nav, which provides business owners with simple tools to build business credit and access to lending options based on their credit scores and needs.

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6 responses to “What’s New In Small Business: Hiring, Overtime laws, and Credit Card Bill Management

  1. Every successful business needs a healthy cash flow to run its day-to-day operations. Wages have to be paid, suppliers’ dues need to be cleared and inventories are required to be purchased.

    1. Amen! Business owners need to remember to “dig your well before you’re thirsty.” Cash flow bumps will inevitably come along. Getting a business credit card or line of credit in place can save many from spending too much for an emergency (high interest) cash advance. Strong personal and business credit scores are the key to getting the best financing. We’ve got a marketplace with a lot of great financing options: https://www.nav.com/marketplace/

    1. Awesome! Glad it helped. You can sign up for our newsletter to get business credit and financing tips and news sent to your inbox. We won’t spam you!