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Credibly Financial News Roundup for the Week of April 18, 2016

credibly financial news

With the world of small business finance changing so quickly, who can stay on top of it all? Here at Credibly, we sift through hundreds of blogs, news alerts, and emerging Fintech trends every day, selecting the most important industry updates so you don’t have to. Here’s the financial news that caught our attention this week.

#LenditUSA Bigger Than Ever as Online Lending Begins to Mature by JD Alois, Crowdfund Insider

“LenditUSA 2016 was bigger than ever. If you look back just three years the venue and the organizers have scaled what was once a relatively small gathering of 375 industry participants in 2013 to one that is truly a global event with over 3,500 attendees. Lendit is the one ‘must-attend’ online lending industry event.

“Lendit is no ‘love in’ of true believers but a vibrant forum of discussion and frequent disagreement. But having a healthy, thoughtful debate on where the online lending industry is heading is a vital part of sector growth. While the advent of internet finance has bulldozed a channel right through the heart of traditional finance the promising ultimate potential will not be accomplished without a few hurdles or hiccups along the way.”

Related: Watch Credibly CEO Glenn Goldman on the “Diversification of Funding Sources for Lending Platforms” panel at Lendit USA.

How Casper Became a $100 Million Company in Less Than Two Years by Liz Welch, Inc.

“The concept was simple: Produce the best mattress possible at an affordable price, sell a single model, and deliver it quickly, for free, with a 100-day trial period. It worked: Casper had sales of $1 million in its first month. The New York City company has since raised $70 million in venture capital, grown to 120 employees, and hit $100 million in cumulative sales. Co-founder and COO Neil Parikh tells Inc. about solving the problem of friction beneath the sheets.”

Nine Organizations Submit Joint Response to Bizarre Illinois Small Business Lending Bill by deBanked

“A bill introduced in the Illinois State Senate to “protect” small businesses from lenders is causing small businesses themselves to scratch their heads. The bill would effectively outlaw nonbank business lending, which would render those declined by a bank, restricted from accessing capital through other means.

“’As we all recall what happened in 2007-2008 in the housing market, so many people went under due to these predatory lending practices. So I’m happy we’re being proactive instead of reactive with this issue,’ said Illinois State Senator Emil Jones. That proactive approach is to scorch the earth, which is creating staunch pushback from within the small business community.”

5 Common Legal Mistakes That Can Trip-Up Your Startup by Nathan Resnick, Entrepreneur

“Your entrepreneurial dreams can quickly become nightmares if you fail to acknowledge the legal realities that can make or break your new business. No matter what that business is, it will involve the law. You can choose to look at legal issues as a burdensome cost of doing business or you can look at the law as a tool to be leveraged to further your goals and position yourself and your company for success.

“No matter how you look at it, however, you can spare yourself unnecessary grief by avoiding these five common legal mistakes for start-ups and entrepreneurs.”

Small Businesses Pay Their Taxes: Why Don’t Big Corporations? by Rosalind McCallard, The Hill

“Like a lot of small business owners at tax season, I’m rushing to get my returns in on time. But big corporations can take it easy: they get to decide when, if ever, to pay $700 billion in U.S. income taxes they owe on trillions of dollars of profits stashed offshore. Tax time is the right time to demand that big corporations start paying all their taxes every year, just like the rest of us do.

“American corporations owe U.S. taxes on all their worldwide profits (minus a credit for any foreign taxes paid). But thanks to a loophole called “deferral” they can indefinitely delay paying their U.S. tax bill on earnings held overseas. No surprise that this generous break has led corporations to pile more and more profits offshore—around $2.4 trillion, according to the latest estimate by Citizens for Tax Justice.”

How Important Is Mobile Banking for Millennials? by LetsTalkPayments

“For millennials, smartphones have become the extension of their hands. In fact, mobile phones are such an important part of their lives that 77% of millennials have reported to always have their smartphone with them. Through mobile, millennials are reported to discuss and manage finances and connect visually.

“Following the fact that mobile is everything for millennials, the report suggests that banks and businesses should put mobile experience at the center of their multichannel ecosystem. The statistics provided in the report speak in favor of mobile. According to Facebook data, 49% of millennials prefer banking through mobile.”

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Have you checked out our small business education blog, InCredibly?

Over at In.Credibly we’re helping small businesses evaluate their working capital needs, source the right funding, and put those dollars to use more efficiently. This week, our contributing editor Misty Young showed us how to find five hidden sources of small business revenue, and franchising law expert Barry M. Heller laid out the difference between franchise agreements and franchise disclosure documents.