Payments innovations impacted small- to medium-sized businesses (SMBs) in 2024. For years, SMBs lagged behind larger enterprises in adopting digital payment solutions, hindered by limited budgets, resources and expertise. To this day, many SMBs are operating in a hybrid payment environment, balancing legacy systems with...
Small business and small farm loans decreased in 2023 as interest rates rose and lending standards tightened, according to three federal banking agencies with responsibilities for the Community Reinvestment Act (CRA). Compared to 2022, the number of small business loans originated decreased by 5.1% and...
No business wants to get paid slower. No one wants to park their financial operations with a larger company. And no one wants to pay more fees for banking and financial products. Yet, that’s the situation many small- to medium-sized businesses (SMBs) find themselves in....
Global financial platform Loop launched a corporate credit card solution for Canadian small- to medium-sized businesses (SMBs) that manage cross-border purchasing. Launched in collaboration with EQ Bank, the Loop Global Visa Card enables these SMBs to spend and settle credit balances in multiple currencies, the...
Small business owners in the United States are more optimistic following an almost three-year stretch of uncertainty. That’s according to the National Federation of Independent Business (NFIB), which released its latest edition of the Small Business Optimism Index Tuesday (Dec. 10). The index showed an...
As of Dec. 1, one month before the Jan. 1 deadline, about 30% of small businesses reported beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). About 9.5 million reports were filed at that point and 1 million new reports were being filed each...
British payments technology firm PayPoint is expanding its partnership with U.K. bank Lloyds. The collaboration, announced Wednesday (Dec. 4), is designed to provide banking and payments services to roughly 60,000 U.K. small- to medium-sized businesses (SMBs), combining PayPoint and Handepay’s merchant network, and Lloyds’ merchant...
For restaurants, there’s a funding gap, a chasm between gaining access to the capital they need to thrive and grow and the traditional channels offering that capital. Mitchell Hipp, divisional vice president at Rewards Network, told PYMNTS the gap can present itself as the pain...
The White House says it is making it easier for underserved small businesses to get capital. The Biden administration announced in a news release Friday (Nov. 29) that the Small Business Administration (SBA) had increased the maximum loan amount backed by its Community Advantage Small...
