Industry News – December 2, 2020

Why Black-Owned Businesses Struggle To Get Small Business Loans

Banks and other lenders must address the racial disparities in lending and expand access to credit in communities of color. Online lending solutions can be a significant piece of the solution to these problems by overcoming the typical infrastructural boundaries that often unfairly keep communities of color locked out of the best financial opportunities.

Source: Forbes

 

Small Businesses Who Went Digital Saw Record Sales During Black Friday Weekend

Overnight, storefront businesses were forced to close as part of public health measures to stem the spread of the coronavirus but according to Adobe Analytics, over the course of the holiday season so far, small retailers have seen an average 110 percent increase in online sales. Shopify, a shopping platform that offers pre-engineered e-commerce sites, said it saw a record $2.4 billion in Black Friday sales globally, which amounts to a 75 percent growth in sales from last year. 

Source: NBC News

 

FinTechs Prove Their Value During Pandemic

There’s a big opportunity for FinTechs to provide analytics that make it easy for small- and medium-sized businesses (SMBs) to understand their businesses. MerchantE Chief Financial Officer Shim Steinmetz says that smart FinTechs will listen to customers, take the market’s pulse and deliver the reasonably priced services that merchants need right now. 

Source: PYMNTS

 

Double Down on Community Banks and PPP Loans

President-elect Biden must quickly find a way to break congressional gridlock and enact a new round of stimulus that includes robust business assistance and loan programs. While a new legislative package has stalled, there is significant consensus on both sides of the aisle on the need, giving hope that a way forward can be hammered out.

Source: The Hill

 

ThumbStopper Donates Advertising Costs and Services to Local Businesses for Small Business Saturday

This past Small Business Saturday ThumbStopper, a Tampa-based SaaS firm specializing in connecting brands with their retailers through intelligent social media syndication, donated their social advertising expertise to a select group of retailers to increase their exposure to potential customers in the weeks approaching the holidays. 

Source: MarTech Series