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U.S. small business sentiment rises in August, NFIB survey shows

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Source: Reuters

WASHINGTON, Sept 13 (Reuters) – U.S. small-business confidence improved in August as worries about inflation subsided and demand for workers remained strong despite the uncertainty shrouding the economy, a survey showed on Tuesday.

The National Federation of Independent Business (NFIB) said its Small Business Optimism Index increased 1.9 points to 91.8 this month, reversing some of the deterioration suffered in the first half of the year.

Read the full article: https://www.reuters.com/markets/us/us-small-business-sentiment-rises-august-nfib-2022-09-13/

September 21, 2022 |

Self-made millionaire Bethenny Frankel on why good ideas are not enough to be successful in business

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LoanNEXUS -CNBC Bethenny Frankel

Source: CNBC

“I truthfully didn’t even know the word entrepreneur. I was in my late thirties, and I didn’t know the word ‘brand,’ I didn’t know the word ‘entrepreneur,’” Bethenny Frankel, founder of SkinnyGirl, told Sharon Epperson at the CNBC Small Business Playbook virtual summit on Wednesday.

Now, just over a decade later, Frankel is a widely successful and self-made entrepreneur, who sold her pre-packaged low-calorie margarita, Skinnygirl Cocktails, for a reported $120 million, and continues to delve into a series of ambitious business ventures with her Skinnygirl lifestyle brand, ranging from specialty food items to branded apparel.

While she may not have always envisioned a life in business, she always envisioned her next big idea, and what it would take to turn it into reality, she told Epperson.

Read the full article: https://www.cnbc.com/2022/08/03/bethenny-frankel-on-why-good-ideas-are-not-enough-to-be-successful.html

August 14, 2022 |

Small Business Owners Are Still Struggling in New York

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Source: New York Times

“I feel like it’s 50-50,” said the owner of a Brooklyn coffee shop who is finding it hard to rebound from the pandemic.

Kymme Williams-Davis opened a coffee shop in Brooklyn called Bushwick Grind in 2015. She spent $200,000 renovating the space she rented and added a kitchen. She specialized in coffee brewed from locally roasted fair-trade beans.

Bushwick Grind did well until the pandemic hit and the shop had to close for nine months.

But as my colleague Lydia DePillis wrote, running a small business hasn’t gotten any easier since Bushwick Grind reopened. Foot traffic has yet to rebound. Williams-Davis’s expenses for coffee and other ingredients have skyrocketed, in part because farmers from upstate New York she used to depend on are saving on gas by driving to the city less often.

Read the full article: https://www.nytimes.com/2022/07/29/nyregion/small-business-owners-are-still-struggling-in-new-york.html

July 30, 2022 |

How Being a ‘Mompreneur’ Prepared Me to Run a Multi-Million-Dollar Business

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Source: Entrepreneur

Being a “mompreneur” has taught me everything I need to know and understand in running a successful multi-million dollar business operation. Some of the top strategies I use today resulted from my experience as a mom raising two children on the autism spectrum, but they could apply to all the other working moms (and dads) out there. Here are five of the most essential.

Read the full article: https://www.entrepreneur.com/article/403799

January 11, 2022 |

4 Tips to Help Latina Business Owners Achieve Success

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US Latino Businesses | LoanNEXUS

Source: Cision – PR Newswire

As we celebrate Hispanic Heritage month this year, it’s a good time to recognize the many contributions of Hispanic small business owners. And there truly are many. Wells Fargo served as lead sponsor of the Latino Donor Collaborative’s U.S. Latino GDP Report, which tracks the growing influence of the Latino community within the U.S. economy, and the results are incredibly promising. Latinos contributed $2.7 trillion to the U.S. GDP in 2021, equivalent to the seventh largest economy in the world, and they’re growing 57% faster than the U.S. economy overall. From 2010 to 2019, the U.S. Latino GDP was the third-fastest growing among the 10 largest GDPs in the world, with the U.S. economy ranking fourth. Latinos are also accounting for 68% of the growth in U.S. labor participation.

Read the full article: https://www.prnewswire.com/news-releases/4-tips-to-help-latina-business-owners-achieve-success-301400993.html

October 17, 2021 |

Your First Commercial Lease

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Commercial Lease | LoanNEXUS

Source: Business News Daily

Negotiating your first lease for office or retail space can be intimidating for new business owners. Here’s how to make the process go smoothly.
– A commercial lease should include the lease term and type, rent amount, security deposit details, permitted use clauses, exclusive use clauses, and details about maintenance and renovations.
– The most important thing you should do before you sign a commercial lease is to learn the language in it.
– Consider seeking out professional advice before you sign a commercial lease.
 

This article is for first-time commercial lease signers or lessees who want tips about what to look for in a commercial lease.

Read the full article: https://www.businessnewsdaily.com/7619-negotiate-commercial-lease.html

September 18, 2021 |

How Much Does It Cost to Refinance A Student Loan?

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Business Insider - Student Loan Refi | LoanNEXXUS

Source: BusinessInsider.com

You may want to refinance your student loans if you’re looking to snag a lower interest rate or get smaller monthly payments. With reputable lenders, you likely won’t pay any fees to refinance, but you may lose key protections if you refinance federal loans.

Unlike refinancing a mortgage, which can cost thousands of dollars in fees, refinancing a student loan is generally free. Reputable banks, credit unions, and online lenders won’t charge you to prequalify or apply to refinance with them, and there’s no amount due to get your loan from most lenders.

Here’s what different types of student loan fees mean:

Click here to read the full article

August 4, 2021 |

FinTechs Bank On Reimagining Business Banking

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PYMNTS - Fintech Business Banking | LoanNEXXUS

Source: PYMNTS

Business banking is being reimagined by FinTechs, in an interconnected way – one that, conceptually, creates a one-stop shop for enterprises to accept payments, interact with supply chains and tap working capital in order to finance growth.

Nowhere might that be more readily apparent than Square’s announcement that it has launched Square Banking, geared toward small businesses, combining a range of accounts and payment modalities in an effort to help those firms manage cash flow.

In terms of mechanics, the offering links checking accounts, savings accounts, cards and lending options.

It’s a move away from the payments processing core service that had marked its initial incarnation.

Connecting the checking account to the payments functionality would mean that funds gleaned from sales would instantly be spendable from the checking functions to, for example, pay workers through the Payroll function.

Click here to read the full article

July 23, 2021 |

How to Buy a Foreclosed Home

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NerdWallet - Buy a Foreclosed Home | LoanNEXXUS

Source: NerdWallet

Foreclosures can expand your homebuying options, but be aware of potential costs like repairs and extra fees.

The process for buying a foreclosed home varies depending on the current owner and how the house is being sold. These variables can also impact the price you pay when buying a foreclosed home.

If a home is in pre-foreclosure, the homeowner may try for a short sale. Properties that have been foreclosed on generally first go to a municipal auction sometimes known as a sheriff’s sale.

If a home doesn’t sell at auction, it becomes a real-estate owned, or REO, property. These are homes that have been repossessed by banks and mortgage servicers, who sometimes put them on the Multiple Listing Service or offer them for sale on auction websites.

Here are the basic steps of how to buy a foreclosed house.

Click here to read the full article

June 25, 2021 |

How a Bridge Loan Can Hold Your Business Over

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Business.com - Bridge Loan | LoanNEXXUS

Source: Business.com

Bridge loans are a form of short-term funding intended to help your business buy assets or complete projects.

A bridge loan is a form of short-term financing that is designed to help a company meet its obligations until it secures a long-term business loan. This type of business loan is commonly used in commercial real estate and other transactions where timing is key and businesses need to secure funds quickly in order to take advantage of an opportunity.

When a business takes out a bridge loan, it uses the proceeds to purchase or improve assets, or to finance its own operations. Then, once it secures long-term financing, it uses the funds from the new long-term loan to pay off the bridge. Businesses use bridge loans (which often carry interest rates several points higher than conventional long-term financing) to fill short-term funding gaps. These include asset purchases, such as real estate, equipment, and inventory.

Click here to read the full article

April 10, 2021 |
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