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.
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
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
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.
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.