Fundera
MAY 7, 2020
For a relatively small population, veteran entrepreneurs have a significant footprint on the landscape of small business in the U.S. And like many business owners, they sometimes need business loans or other forms of funding to help launch or grow their endeavor. As of 2019, 2.5 million of the country’s small businesses were owned by veterans, which accounts for 9.15% of all American businesses.
Abrigo
MAY 22, 2020
Key Takeaways Cannabis-related businesses have thrived during the pandemic, without help from the federal government. Despite their continued growth, CRBs remain largely underbanked. Perceptions around banking CRBs are changing as well, opening the door for more financial institutions. The coronavirus pandemic has significantly altered our day-to-day lives.
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GoCardless
MAY 29, 2020
Learn how you can make the most of the Salesforce platform to transform customer engagement and payment collections.
Pactola
MAY 11, 2020
Since late February, our work lives have been similar to driving through a whiteout. All long-term plans have been thrown out the window and you are forced to focus on what is within the next 10 feet in front of you. The concern for performance in the next quarter has been replaced with wondering if you will get enough work completed to get at least 5-6 hours of sleep.
StackSource
MAY 13, 2020
Third potential blog killer: a failed Environmental Phase 1.
Fundera
MAY 19, 2020
How to Start a Dropshipping Business in 5 Steps. Figure out the logistics—including registering your business, getting a business tax ID, etc. Identify a market, choose a niche, and perform competitor research. Find the right supplier. Build your ecommerce website. Optimize and market your site. If you’re trying to figure out how to start a dropshipping business, you’re not alone—t oday, 33% of ecommerce stores use dropshipping as a fulfillment method , and with the ecommerce industr
Credit Management Source brings together the best content for credit management professionals from the widest variety of industry thought leaders.
Fundera
MAY 20, 2020
The consumer desire for online food ordering has skyrocketed. Even before the coronavirus pandemic made in-restaurant dining an impossibility for many establishments, takeout and delivery options were in high demand. Now, with many restaurants still unable to offer dine-in experiences, and many consumers opting for a safer alternative, it’s more important than ever.
Fundera
MAY 19, 2020
Copyright vs. Trademark. Both copyright and trademarks (as well as patents) protect an individual, group, or business’s intellectual property—the difference between the two, however, lies in what they specifically protect. Copyrights protect original works such as novels, songs, movies, and software, whereas trademarks protect words, phrases, symbols, or designs that distinguish a particular brand in comparison to others—including things like brand names, logos, and slogans.
Abrigo
MAY 21, 2020
Key Takeaways The PPP forgiveness process is a major concern among community financial institutions, and many worry about having the resources to handle it. The good news is that lenders won't face as much of a compressed time frame as they did during origination, so they can focus now on identifying important PPP forgiveness dates and on helping borrowers understand which documents and information will be needed.
Abrigo
MAY 20, 2020
FinCEN issued an advisory on May 18, 2020 to alert financial institutions to medical scams related to the COVID-19 pandemic as well as new SAR key terms for reporting these scams. FinCEN reminds financial institutions that “detecting, preventing, and reporting COVID-19 scams and illicit activity is critical to our national security.” While this advisory is for medical-related scams, criminals may use similar methods for other COVID-19 related scams similar to those used before the pandemic.
Abrigo
MAY 20, 2020
Key Takeaways Hackers are attacking personal DNS networks inside homes. The World Health Organization has been a big target by hackers. There are steps businesses and individuals can take to protect their networks. . Hackers can infiltrate people’s home networks through their routers using an attack called DNS Hijacking. This type of attack changes the router’s DNS settings to display malicious webpages chosen by the attacker.
Abrigo
MAY 15, 2020
Key Takeaways Like other federal relief programs, the PPP has become subject to fraud. The first federal charges of PPP loan fraud have been made – and they're unlikely to be the last. While the SBA has said lenders will be held harmless, some banks fear they will still be culpable if borrowers fail to comply with PPP criteria. Banks can take additional steps to bolster customer due diligence.
Abrigo
MAY 13, 2020
Key Takeaways While lenders are still awaiting further guidance on PPP loan forgiveness, the SBA has stated that lenders will have to submit an SBA Form 1502 to report on PPP loans and collect processing fees. While an SBA Form 1502 exists for 7(a) loans, the SBA will make a specific Form 1502 for PPP loans, according to the final rule. Lenders must submit 1502 reports through Colson Services Corp.
Abrigo
MAY 13, 2020
Key Takeaways PPP required lenders to embrace digitalization at scale and vendors delivered The earliest PPP solutions were built upon existing solutions for SBA 7(a) A focus on the entire life cycle of the PPP loan is important in lender-vendor collaboration. The lightning-fast adoption of digitalization by financial institutions scrambling to get Paycheck Protection Program (PPP) loans into the hands of small business customers could represent a watershed for those that embrace their newfound
Abrigo
MAY 11, 2020
Key Takeaways The FFIEC issued a joint statement highlighting best practices for safe and sound use of cloud computing services. There are three main cloud service models, each with different levels of shared responsibilities between provider and client. There are several steps financial institutions can take to mitigate the risk. Cloud computing is an efficient and cost-effective way of housing data and is becoming a mainstay for data services and infrastructure across the globe.
Abrigo
MAY 11, 2020
Key Takeaways The coronavirus has propelled FIs and customers to embrace digital offerings Work from home schedules, sheltering in place, and urgent financial needs have changed customers' expectations of bank response times. The Paycheck Protection Program exposed the importance of digital offerings for customer retention and acquisition. One of the key values community financial institutions have always leaned into is their relationships with their customers, but these relationships have been
Abrigo
MAY 11, 2020
Key Takeaways FinCEN reissued Geographic Targeting Orders NYC and Miami were the original targets, but the newest order includes 12 other mentor areas. FIs should have procedures in place to monitor for red flags in these areas . On May 8, 2020, the Financial Crimes Enforcement Network (FinCEN) reissued their Geographic Targeting Orders (GTOs) to include the same 12 metropolitan areas issued in November 2019 (read here ).
Abrigo
MAY 8, 2020
This morning’s Employment Situation Report from the Bureau of Labor Statistics for the month of April was, not surprisingly, grim. The headline unemployment rate (U3) moved to 14.7%, up from 4.4% the month before. The broader measure of labor underutilization (U6) moved to 22.8%, up from 8.7% the month before. Nearly 21 million jobs were lost in April, wiping out nearly a decade's worth of job gains.
Abrigo
MAY 4, 2020
Key Takeaways You should always update your software to the latest version as soon as it's available. The update may contain important updates to do regulatory changes that will keep you compliant. If you or your IT department are having issues keeping up with software updates, consider a hosted solution. Have you wondered why your smart phone continues to notify you of application updates as soon as they are available?
Abrigo
MAY 1, 2020
Key Takeaways The process for how PPP loans will be forgiven is developing, but lenders can look to guidance so far for key information. Borrowers will be able to request forgiveness eight weeks after the loan is funded; they must provide evidence that expenses should be forgiven. A lender has 60 days from receiving an application for borrower forgiveness to make a decision on the request.
Fundera
MAY 1, 2020
Positive cash flow is critical to your business’s financial health. Without adequate cash flow, your business will cease to exist—even if it’s profitable on paper. . There are many good ways to improve cash flow for your business. There are also short-term cash flow improvement strategies that could harm your business in the long run. The best ways to improve cash flow maximize your business’s profitability and your available cash at the same time.
Fundera
MAY 18, 2020
Due to the coronavirus pandemic, millions of small business owners across the U.S. are either unable to operate as normal or dealing with diminished demand. In some cities and states where lockdown orders remain in place, it’s unclear when things will return to business as usual. . There are few upsides to this situation. Many businesses are suffering, and small businesses—many of which were operating without much of a financial safety net before the pandemic—have little recourse but to apply fo
Fundera
MAY 10, 2020
The Top 5 Retail Accounting Software Solutions. QuickBooks Desktop: Best for brick-and-mortar retail shops. QuickBooks Online: Best for brick-and-mortar businesses with multiple locations. Xero: Best for online retail businesses. Zoho Books : Best for bundling retail accounting software with other business tools from the same provider. Wave: Best free accounting software for small retail businesses.
Fundera
MAY 4, 2020
If you’re an American small business owner, you’ve heard of Paycheck Protection Program (PPP) loans by now. In fact, you’ve probably looked into getting one, if not gone ahead and applied through one of the thousands of lenders accepting PPP loan applications. . The PPP is a new loan program, introduced by the federal government to help businesses impacted by the coronavirus pandemic.
Fundera
MAY 5, 2020
Selling goods online has never been more popular. As ecommerce grows, many are wondering if you need a business license to sell online. Not only does getting a business license—and several other required permits—give your business credibility, but it’s also required to operate legally and establish your company. We’ll go through the answer to this question as well as many other considerations to take into account as you’re establishing your online business.
Fundera
MAY 7, 2020
Millions of small businesses across the country have received funding through the new Paycheck Protection Program (PPP) in response to the coronavirus pandemic. By the time funding for round two of the program runs out, the government will have guaranteed over $650 billion in loans for impacted small businesses. . The demand for PPP loans is the result not only of incredible need for emergency financing, but the fact that they are forgivable if used to cover payroll as well as rent, utilities, a
Fundera
MAY 27, 2020
Free Cash Flow Definition. Free cash flow is the amount of cash you have available—after you pay your operating and capital expenses—from the income your business produces from operations. You can calculate this number by using the free cash flow formula: Net Cash Flow From Operations – Capital Expenditures = Free Cash Flow. Having a good free cash flow number proves you have a healthy business which is likely to yield a nice return on investment.
Fundera
MAY 9, 2020
Today’s consumers are accustomed to near-instant communication—be it with friends, family, or even the companies with whom they do business. And, for their part, business owners have never had as many tools at their disposal to make quick communication a reality. What used to be a phone call or email is now an instant message or a query left on a social media account.
Fundera
MAY 31, 2020
Managing your small business’s payroll can be a challenge for even the most financially savvy entrepreneur. At best, it can be a time-consuming yet unavoidable item on the to-do list. At worst, it can be a tangle of calculations, tax considerations, tracking garnishments, withholding for benefits, and so much more. . Luckily, there are options out there to make your life a little easier.
Fundera
MAY 30, 2020
The Shopify ecommerce platform is a top pick for anyone considering dropshipping. Shopify directly connects to hundreds of vendors who stock, pack, and ship products for you—with little to no upfront cost. You simply build a collection of products in your Shopify store, market your brand, and dropship vendors take care of the rest. Launching a Shopify dropshipping business is similar to a regular ecommerce business in many ways.
Fundera
MAY 26, 2020
5 Best Invoicing Software for Freelancers. Wave. Bonsai. FreshBooks. Square. HoneyBook. We don’t need to tell you that freelancing involves much more than practicing the skills on your resume. Equally important in building a successful freelancing career is managing all the administrative and client management tasks attendant to that career. Invoicing is arguably the most crucial of those tasks—obviously, if you don’t invoice your clients, then you can’t get paid.
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