It’s no secret that small businesses need a hand sometimes. They put in long hours, work extremely hard and wear many hats in order to make their businesses go. Whole Foods sees this, and for over 10 years has recognized it with their Local Producer Loan Program.
talk small, hear small, eat, sleep and breathe small. Because when you’re trying to connect with a small business, you must understand everything about those who run them.
The collaboration occurring between established banks and rising startups is creating a foundation in the financial industry built on mutual strengths and willingness to support one another.
Like most other direct marketing teams committed to understanding the heart of the consumer, we’ve been studying the psyche of the Millennial generation, puzzling over the contradictions that define them. Throughout the nearly endless supply of research studies, ethnographic observations, census reports or transaction histories, we find them by turns conservative and libertarian, cautiously chaste and wildly promiscuous, politically indifferent and deeply involved, fiscal conservatives and Rome-burning financial fiddlers, on a path to their first billion while still living at Mom’s.
JPMorgan Chase & Co. and OnDeck Capital Inc. are partnering up and creating OnDeck, providing small businesses relief from the usually arduous loan application process.
When the economy tumbled in 2008, small businesses were forced to shift, adapt and struggle just to keep the doors open. Fears about the economy and their finances caused them to hold onto what they had, nervous about borrowing and spending.
Though small business owners may be weary of the market, cyber security is not something they worry about. The PNC Economic Outlook survey found that only one in 10 small business owners were concerned about cyber security. Richard Bynum, executive vice president and head of business banking at PNC Bank, explains that “It is a big concern because it doesn’t take much more than one breach to have that nightmare scenario.” Read more
Small businesses struggle to receive help managing their books and getting the financing they need. In response, companies are creating alternate solutions that aim to specifically help small businesses.
WSJ.COM: Paypal ups loan sizes for small-business lending. Read more
FORTUNE.COM: Square Capital’s advance growing fast. Read more
FORBES.COM: Why is it so hard to serve small business? Read more
Don’t tell Staples, but a majority of small business owners won’t be seeking funding anytime soon.
That’s right. Staples, the place small business goes to for everything from copy toner to coffee, now provides loans (up to $1 million). It’s a flexible, convenient service Staples is “pleased to offer” their small business customers. But will those customers be pleased to take advantage of it?