Brick & Mortar Small Businesses Face Credit Challenges

Brick & mortar small businesses are facing more challenges in getting credit,while online businesses have more access to financing through digital avenues and platforms that cater to eCommerce. There was a decrease in small business loans in 2021 compared to the previous year, with 9% of small and midsize businesses reporting difficulties securing loans. 

Source: PYMNTS


Black-Owned Microbusinesses Are Growing & Optimistic

According to a recent survey, Black Americans are making progress in the online microbusiness economy and are more optimistic than their peers. A survey conducted by GoDaddy’s Venture Forward initiative – which aims to understand the impact, demographics, and needs of online microbusiness owners – found that Black-owned online microbusinesses now represent one sixth of the national total and account for half of the Black-owned online microbusinesses started since 2020. The survey also revealed that Black microbusiness owners face unique challenges, with access to capital being a major concern. However, they are still more optimistic about their business outlook compared to the entire sample of entrepreneurs.

Source: CSRWire 


Fintech Nymbus Raises $70 Million 

The Fintech company Nymbus has raised $70 million in Series D funding and will use the funds to expedite growth and the expansion of its portfolio. The company provides technology for financial institutions to create a full-service digital bank and had previously raised $53 million in Series C funding.

Source: Fintech Magazine