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Credibly Financial News Roundup for the Week of October 5th, 2015

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.

Hillary Clinton Op-Ed: My Plan to Prevent the Next Financial Crash via The Chicago Tribune
“Seven years after the financial crash, despite important new rules signed into law by President Barack Obama, there are risks in our financial system that could still cause another crisis. Banks have paid billions of dollars in fines, but few executives have been held personally accountable. “Too big to fail” is still too big a problem. Regulators don’t have all the tools and support they need to protect our economy. To prevent irresponsible behavior on Wall Street from ever again devastating Main Street, we need more accountability, tougher rules and stronger enforcement.”

What to Do When the Bank Says ‘No’ to Your Startup by Larry Alton, SmallBusinessComputing.com
“While most small businesses run to the bank when they need a new line of credit or working capital, it’s not always as simple as setting up a meeting and getting a pile of cash. In the wake of the recession, many banks still hesitate to give small businesses money. If that happens to you, what’s your next move?”

American Apparel’s Bumpy Ride May End With A Bankruptcy, But There Are Lessons For Entrepreneurs by Edmund Ingham, Forbes
“…nearly one year after the LA based retailer ousted its founder and CEO Dov Charney, alleging that he had, on several occasions, breached the company’s sexual harassment policy, and misused corporate funds, American Apparel filed for Chapter 11 bankruptcy protection. There are so many lessons here for aspiring start-up founders. How did a brand that once stood for something that mattered to so many people end up with so many problems?”

Big Data and Big Brains Give Main Street Access to Capital at Credibly (Podcast) by the Coleman Report
Glenn Goldman is the former CEO of Credibly, a Fintech platform that leverages data science and analytics to improve the speed, cost and choice of capital available to small businesses across the credit spectrum. Previously, he was the CEO of CAN Capital from 2001 to 2013, leading the company as it became the largest non-bank provider of capital for small businesses in the United States.”

South Carolina Floods Are A Small-Business Owner’s ‘Nightmare’ by Lydia O’Connor, The Huffington Post
“Last week, LaBrasca’s Pizza in Columbia, South Carolina, was gearing up to throw its 50th anniversary party. Today, it’s facing the possibility of a going-out-of-business party. The restaurant is one of many local establishments ravaged by the deadly flooding that has ripped through the state since Sunday after record amounts of rainfall pummeled the region. Like most other small businesses and homeowners, the owners didn’t have flood insurance.”

Tips for Managing Money While Self-Employed by Carrie Gallager, TheSelfEmployed.com
“When it comes to starting your own business, the future can seem very bright. As you keep an optimistic eye toward what lies ahead there is one component you don’t want to skim over: your budget. Managing money can be tricky, especially if you’re not financially conscious in your personal life, but it’s also vital to the future of your business.”

New FICO Score May Have Wider Impact Than First Thought by AnnaMaria Andriotis, WSJ MoneyBeat
“…The score, first reported by The Wall Street Journal in April, was developed largely in response to lenders’ demand for a metric that can boost lending volumes, according to FICO. Up to 53 million people in the U.S. don’t have traditional FICO scores and many of them are considered risky. This includes people who have been shut out of most financing following a negative credit event, like a foreclosure or bankruptcy.”

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Have you checked out our small business education blog, In.Credibly?

Over at in.credibly.com 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 (aka The Restaurant Lady) gave us three great tips on how to deal with negative customer feedback.