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Does the CARD Act Help Your Small Business?

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The Credit Card Accountability Responsibility and Disclosure Act of 2009, usually just referred to as the CARD Act, offers numerous provisions that protect individuals from unfair practices used in the credit card industry. Just because the CARD Act helps you as an individual, however, doesn’t mean that it helps your business. CARD Act Provisions Some of the most important provisions in the CARD Act include those that protect card holders from companies that arbitrarily raise interest ...

Banks Get More Competitive for Small Business Lending Clients

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There is a clear difference in lending that took place before the Great Recession and lending that took place after everyone recognized that the financial system was in pretty bad shape. Before the recession, it was pretty easy for business owners to get loans from banks. That changed after the recession started. That’s not surprising, though, considering that loose lending practices contributed significantly to the economic downturn. Banks were essentially over-correcting their past ...

What Ever Happened to the Small Business Jobs Act?

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Just the Facts In September, 2010, President Obama signed into law the Small Business Jobs Act, a piece of legislation designed to provide critical financial resources to help small businesses drive the country’s economic recovery and create jobs. The most important part of the bill was a $30-billion lending pool, money for small banks intended to facilitate loans to small businesses. You’ve probably heard politicians say that small businesses are the engine of the U.S. economy, ...

Business Credit Cards Replacing Small Business Loans

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Most businesses need some form of credit to run their operations. It’s especially important for startup businesses to secure credit lines that allow them to explore new opportunities, open stores, and hire employees. Since new businesses don’t have much (or any) money flowing into the business from clients, they typically need loans. Small Business Loans Become Scarce After the economic recession began, though, many businesses found it increasingly difficult to secure loans from traditional ...

The Impact of the Recent Credit Crunch on Small Businesses

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How Businesses Are Responding to an Uncertain Economy With investors, banks, and businesses worried over a precarious economy, business credit and financing is changing radically. Many suppliers are now demanding payment up front in order to avoid late payments and defaults. However, these concerns are also allowing buyers to exploit economic anxiety. Agreeing to up front payment terms can often secure significant discounts that exceed typical pre-payment discount rates. Companies with cash ...