Boost Your Business: Insights for a Bigger Bottom Line
“Dream of business, Guide shows steps to take now, Success will follow.“ Starting a business sounds thrilling until you’re staring at a blank page, wondering where to begin. The entrepreneurial journey often feels like assembling furniture without instructions – you have all the pieces, but the path to putting them together seems overwhelming. Whether you’re … Read more
The Small Business Administration’s charge-off data from 2014 to 2023 reveals interesting trends across its three main lending programs. The 7(a) Regular program, which is SBA’s primary lending program, showed the highest charge-off amounts throughout the period, peaking at $1,475 million in 2015 before experiencing a general downward trend. The most dramatic decrease occurred between … Read more
The 2023 Small Business Administration (SBA) loan data reveals that established businesses were the primary beneficiaries of SBA lending programs, with businesses operating for more than two years receiving 35,149 loans, representing approximately 56% of all loans distributed. This significant majority suggests that lenders tend to favor businesses with proven track records and established operations. … Read more
The data presents a sobering look at business longevity, showing how the percentage of surviving businesses decreases significantly over time. While nearly half (49%) of all businesses manage to survive their first five years, this number drops dramatically to just under one-third (32%) by the ten-year mark. The decline continues as businesses age, with only … Read more
The Secret to Growing Your Small Business: Streamlining Payments You’ve poured your heart and soul into building your small business, but there’s one crucial aspect that often gets overlooked: how you accept payments. In today’s fast-paced world, customers expect a seamless and convenient payment experience, and failing to provide that can lead to lost sales … Read more
The Corporate Transparency Act (CTA), which requires businesses to disclose their true ownership to combat shell companies, has faced another setback. The Fifth Circuit Court of Appeals has reinstated an injunction that delays the January 1st reporting deadline, effectively putting the law’s implementation on hold. The law, passed in 2021, would affect over 32 million … Read more
The Small Business Administration’s (SBA) gross approval amounts demonstrate interesting trends over the past decade. From 2014 to 2018, there was a steady upward trajectory, with approvals growing from $26.3 billion to $33 billion. The years 2019 and 2020 saw a slight decline to around $30 billion, likely due to economic uncertainties. The most notable … Read more
The Small Business Administration (SBA) has taken a significant step forward in expanding access to capital for small businesses by authorizing four new Small Business Lending Companies (SBLCs). This historic expansion, only the second in over 40 years, increases the number of SBLCs from 14 to 20, creating new opportunities for entrepreneurs seeking funding through … Read more
The Corporate Transparency Act enforcement has been reinstated following a stay of the nationwide preliminary injunction by the Fifth Circuit Court of Appeals. In response, the Financial Crimes Enforcement Network (FinCEN) has established new filing deadlines for beneficial ownership information reports. Key Filing Deadlines: • Companies formed before January 1, 2024: Must file by January … Read more
The Small Business Administration’s (SBA) loan portfolio has shown consistent growth over the past decade, with the most significant expansion occurring in the 7(a) Regular program. From 2014 to 2023, the 7(a) program’s unpaid principal balance grew substantially from $68 billion to $110 billion, representing a 62% increase. The 504 Regular program maintained relatively stable … Read more