Credibly Financial News Roundup for the Week of July 20, 2015
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 what caught our attention this week:
Banks vs. Fintech: What’s the Difference? by David M. Brear, The Financial Brand
“Technological innovation is creating new business models and revenue opportunities for FinTech firms globally. As disruption in the banking sector continues, what are the lessons that legacy banking organizations can learn from the new start-ups?”
Congressional Inaction Puts SBA Lending at Risk by Brayden McCarthy and Patrick Kelley, American Banker
“Little gets done in Washington these days until the final second of the last minute before a deadline. This nail-biting pattern of governance by crisis has proven to be politically expedient for lawmakers — and a vexing point of uncertainty for everyone else. Now lending supported by the Small Business Administration may be the next important area to be hampered by Congressional inaction. If Congress does not move swiftly, most lending supported by the SBA will shut down for much of the next two months. At issue is the $18.75 billion legal lending limit on SBA’s flagship 7(a) loan volume, which the agency is on track to hit by early August.”
Legislation Would Increase US Startup Tax Break by Mike Godfrey, Tax-News
“Vern Buchanan (R–Florida), a senior member of the US House of Representatives Ways and Means Committee, has introduced bipartisan legislation that would increase the tax break available to new start-up businesses. His proposed bill, the Support our Start-Ups Act, would quadruple the amount of start-up costs small business owners can deduct from their federal income taxes in the first year of a business, raising it from $5,000 to $20,000.”
Industry Report: Disruptive Finance is Making Finance More Transparent, Efficient & Democratic for Entrepreneurs & Investors by JD Alois, Crowdfund Insider
“New forms of finance are poised to inalterably change the entire finance industry ecosystem we know today. Investment crowdfunding, and the various iterations of alternative finance, are still in the early stages of its evolution. The disruptive finance industry is measured in mere billions now, in stark contrast to the total addressable market which is measured in trillions. But soon the ‘alt’ in finance will become the norm as information barriers are removed, process inefficiencies addressed, thus engendering a more transparent, efficient and democratic process in capital allocation.”
JPMorgan & Chase Co. (NYSE:JPM) Is All Set To Embrace Alternative Lenders To Stay Relevant by Neha Gupta, Invest Correctly
“JPMorgan & Chase Co. (NYSE:JPM) is showing interest in the alternative lending business. In a recent update to investors, the bank’s CEO, Jamie Dimon highlighted how startups are making interesting moves in alternative lending space.”
Small business owners to lobby Congress for regulatory relief by Tim Devaney, The Hill
“Small business owners are flocking to Capitol Hill this week to press lawmakers for regulatory relief and changes to ObamaCare. The National Federation of Independent Business (NFIB) is organizing a fly-in lobbying day on Thursday, where 150 small businesses owners will meet with senators and congressmen.”
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