Small Business Loans Could Reach Double Digit Interest Rates Due to Federal Reserve
As the Federal Reserve continues to raise interest rates to fight inflation, small business loans may hit double digits soon. This includes Small Business Administration loans tied to the Prime Rate that could be headed to the 9-9.5% range.
California Small Businesses Set to Receive $1.1 Billion in Funding Support
Governor Gavin Newsom announced that California small businesses will receive $1.1 billion from the United States Treasury’s State Small Business Credit Initiative (SSBCI). In addition, $200 million will be invested in venture capital managers who are underrepresented in the VC field.
Source: California Globe
Lawmakers Grill Big Banking CEOs Over Banking Fraud Protections
Several Bank CEO faced intense questioning from Senators over continuing scams on Zelle, a bank-owned peer-to-peer payment service. Businesses and consumers were defrauded out of $500 million last year.
Source: Banking Dive
New Grant Program for Veteran-Owned Businesses
Founders First, a nonprofit military business accelerator program, is starting a new program that will award $1000 grants to 25 qualifying veteran-owned businesses. The application deadline is October 18.
SBA Launches New Online Course for Women Business Owners
The U.S. Small Business Administration (SBA) launched a new course titled “Growing Globally” to help women entrepreneurs explore the risks and benefits of expanding into international markets. Registration is now open.