Small Business in the News: December 3-9, 2016

We know there is too much to keep up with when you’re a busy entrepreneur, so we compile small business news highlights each week for you to read only what matters most. Here is a summary of the top stories for December 3-9, 2016.

Unemployment Rate Declined in November

The unemployment rate declined to 4.6% in November, and non-farm payroll employment increased by 178,000. Employment gains occurred in professional and business services in healthcare. In November, the unemployment rate decreased by 0.3 percentage point, and the number of unemployed persons declined by 387,000. Both measures had shown little movement, on net, from August 2015 through October 2016. Read more…

OCC Wants to Give Fintechs a National Charter

The Office of the Comptroller of the Currency (OCC) wants to give Fintechs a charter. Under the plan, the OCC will enable FinTechs to operate their businesses nationally thanks to a special purpose charter. It’s up to fintech firms to show that they’re engaged in core banking areas and are willing to tackle financial inclusion as part of their business plan. Read more…

SmartBiz Loans Ranked Number One Provider for Traditional SBA Loans

SmartBiz Loans ranked as the number one provider of non-Express, SBA 7(a) loans under $350,000 for the 2016 fiscal year. SmartBiz generated $200 million in funded SBA 7 (a) loans, followed by Wells Fargo Bank with $155 million. Read more…

New Small Business Lender Enters Marketplace

Personal Money Service, which connects borrowers to lenders, is expanding their loan products to corporate borrowers due to the demand in working capital. The lending marketplace has introduced business revolving lines of credit, working capital financing, retail business loans, unsecured business loans and business term loans into its offerings. Read more…

China’s Lending Industry Under Spotlight

China’s lending industry is under scrutiny after a 10-gigabyte leak containing nude photos of over 160 college-aged women surfaced online. The images were submitted voluntarily as a form of collateral and, in the event of non-payment, the photos would be “legally binding.” The women fell victim to lenders using Jiedaibao, an online peer-to-peer lending platform. The lender denies releasing the images. Read more…

 

 

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