Boost Your Business: Insights for a Bigger Bottom Line
The Small Business Administration (SBA) loan data for 2023 reveals that service-oriented industries dominated lending activity. Accommodation and Food Services topped the list with 8,504 loans, likely reflecting the continued recovery and expansion of restaurants and hospitality businesses post-pandemic. Construction followed closely with 8,148 loans, indicating strong growth in building and development sectors. Retail Trade … Read more
The 2023 Small Business Administration (SBA) loan data reveals a clear preference for Limited Liability Companies (LLCs) among loan recipients. Out of the total 63,286 loans distributed, LLCs dominated the landscape with 40,325 loans, representing approximately 64% of all SBA loans issued that year. Corporations ranked second with 15,521 loans (about 25% of the total), … Read more
The Small Business Administration (SBA) loan approval data from 2014 to 2023 reveals interesting patterns in small business lending over the past decade. The number of approved loans showed steady growth in the early years, increasing from 58,041 in 2014 to reach a peak of 70,082 approvals in 2016. However, following this peak, the numbers … Read more
The Corporate Transparency Act (CTA) originally required businesses to report beneficial ownership information (BOI) to the federal government by January 1, 2025. This law was part of the Anti-Money Laundering Act of 2020, designed to prevent financial crimes through anonymous business structures. However, recent court decisions have temporarily halted this requirement nationwide. The law’s implementation … Read more
The 2023 Small Business Administration (SBA) loan data reveals a clear pattern in lending distribution across different business sizes. The overwhelming majority of SBA loans were granted to very small businesses, with companies employing 5 or fewer people receiving 38,988 loans, representing approximately 62% of all loans distributed. This significantly outpaces all other business size … 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 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
