In December Senators Sherrod Brown of Ohio and Senator Marco Rubio introduced the Small Business Lending Fairness Act, which is dedicated to helping prevent predatory lending to small businesses. This is a different lending act than the one recently passed in California, which focused on providing transparency to borrowers.
Anyone that runs a business knows that cash flow is one of the most challenging components of keeping your business running smoothly. On paper, the balance sheet might look great, but the asset you need to tap to pay employees is a big line item called “accounts payable.”
Last fall California legislators passed CA SB 1235, a first of its kind law which aims to add transparency to the lending process for small business borrowers. If you operate a business in California the law will certainly affect your future loan applications. However, even if you are located outside of the Golden State, it may still have an impact on business.
A new year means new opportunities for growth. Your business is a living, growing entity which requires a continual influx of capital.
With 2018 coming to a close, it’s time to look at what 2019 has in store for small business lending. 2018 saw the rise of digital lenders and a shift in interest rates as the Federal Reserve began to adjust to the health of the economy, and 2019 promises to be another year of change. Here are 4 trends to be aware of for your commercial financing needs.