“8,000 small business loans are declined every day by banks”

Time well spent: Have a look and listen to this impactful talk2014_10_28_Screen_Cap_video_Connie_Evans with Connie Evans, President & CEO, Association for Enterprise Opportunity in Washington DC, hosted by Bob Coleman of the Coleman Report.

Ms. Evans gives an impressive array of facts about the benefits of micro-lending (loans of up to $50,000) and micro-capital (up to $250,000) to small businesses of up to 5 employees.

Among others, she says that such businesses are declined for loans by banks at a rate of 8,000 declines per day.

8,000. Declines. Per. Day.

The opportunity to serve these underserved small business borrowers is profound.

~ Norris Lozano, CEO, BusinessUS, a California-based small business lender

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Know the True Costs of Short-Term Online Loans, says Wall Street Journal

WSJ-logo“The pitch is simple and alluring: “We will lend you $50,000 and you only have to pay back $60,000 — and you can have the money in a day or two.” But watch out for the true cost of these short term loans – the interest can get you in trouble.

Read the Wall Street Journal article here:

~Norris Lozano, BusinessUS

Norris Lozano and Stephanie Bitters at NAGGL Technical Conference this week

NL-SB-tandem-shotBusinessUS (www.bizbank.us) is well represented at the annual SBA Lending Technical Conference hosted by the National Association of Government Guaranteed Lenders (NAGGL), as the firm’s CEO Norris Lozano, and 27-year SBA veteran Stephanie Bitters, its Managing Director of SBA Lending & Chief Credit Officer, have arrived in Bonita Springs, Florida.

The BusinessUS executives arrive from a week of meetings on Washington and New York.

Read the FULL RELEASE

The imperative to serve the underserved

url“…minority-owned firms were three times more likely to get turned down for a bank loan.  For high-sales firms, loan denial rates were twice as high for minority-owned businesses.”

SBA Administrator Maria Contreras-Sweet

BusinessUS strives to close at least 60% of its annual loan originations with borrowers who are members of those underserved groups, in inner cities and rural areas, who cannot get credit, capital and other resources elsewhere. Underserved markets include but are not limited to veterans, women, minorities and tribal groups as well as entire communities in which traditional lenders have lower lending activities.”

~ BusinessUS Mission Statement

7 Powerful Business Women to Watch This Year

Women Rock Stars collage

“These seven innovators are having a major influence on technology, healthcare and the government. Their ideas are changing the ways we do business and are addressing broader issues of national security, gender bias, world poverty and the state of the startup community at large. We’ve got our eye on these powerful women. You should, too.”

Read the article here

~ Norris Lozano, BusinessUS

Coleman weighs in on the downturn in lending to black business owners

colemanreportbannerlogo082013-2Nice clean summary of the Wall Street Journal article here.

If you recall, we wrote about this trend 6 months ago here.

At that time, I stated the following: “Where there are concerns across the industry about particular markets that are underserved by banks, we see a real opportunity. One of our primary goals is to help provide new capital resources to small businesses owned by minorities, women tribal groups and those located in underserved geographical locations.”

BusinessUS is missioned to provide 60% of our loan volume to underserved markets.

~ Norris Lozano, CEO of BusinessUS

Boomers in Business: the 411 on 50+

baby-boomer-small-business-owner-shop-happy-workingThis brief article reinforces several we’ve read recently about a stealth “target small business owner” – the Boomer Entrepreneur.

study by the Ewing Marion Kauffman Foundation reported that the highest rate of entrepreneurial activity over the last few years is not Gen-Y upstarts, but Baby Boomers in the 55-64 year age group.

Here’s a link to the study

~Norris Lozano, CEO of BuisnessUS, a national small business lender missioned to provide Innovative Lending to American Small Business

Lozano and Bitters presenting at NAGGL Lending Leadership Summit

Headshot_NLozano 2_BWNorris Lozano, CEO of BusinessUS, will be presenting “Delivering Capital to Underserved Communities” with Stephanie Bitters at the Lending Leadership Summit of the National Association of Government Guaranteed Lenders (NAGGL), February 20.

In speaking to the 80+ C-level executives invited to the NAGGL summit, Lozano will reach into a deep well of experience in serving underserved communities with loans and resources. He has been responsible for leading teams in delivering key financing to projects with total costs of over $1 Billion in the last decade.

For more information on Norris Lozano, please visit this link.

For the text of the press release on the NAGGL Lending Leadership Summit, please click here

Stephanie Bitters speaking at Lending Leadership Summit, NAGGL, Atlanta

Headshot_Stephanie Bitters_BWStephanie Bitters, Managing Director of SBA Lending and Chief Credit Officer of BusinessUS, is speaking on “Delivering Capital to Underserved Communities” at the Lending Leadership Summit of the National Association of Government Guaranteed Lenders in Atlanta, February 19-20.

Bitters will be presenting “Delivering Capital to Underserved Communities” with Norris Lozano, who is CEO of BusinessUS. She has 27 years lending experience and is a longtime member of NAGGL.

Read the full press release here

Norris Lozano to speak at NAGGL Lending Leadership Summit, Atlanta

Headshot_NLozano 2_BWNorris Lozano (CEO of BusinessUS) is traveling to Atlanta February 19-20 to speak to the Lending Leadership Summit of the National Association of Government Guaranteed Lenders. NAGGL serves the needs and represents the interests of the small business lending community that utilizes SBA business loan programs.

Lozano will be presenting on “Delivering Capital to Underserved Communities” with Stephanie Bitters, Managing Director of SBA Lending & Chief Credit Officer of BusinessUS. Lozano brings over 15 years’ experience working directly with small businesses in underserved communities. He has led teams in financing projects in low-income community with a total cost of more than $1 Billion, including office, retail, manufacturing, schools, medical and arts facilities, creating thousands of FTE jobs, and generating millions in fiscal benefits to target areas.

See the full press release here

Should you get a small business loan from a pawnshop?

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Source: St. Louis Fed, from “Wonkblog” in Washington Post

A recent article in the Washington Post asks the compelling question: Should you get a small business loan from a pawnshop?

“It’s a legacy of the financial crisis that hasn’t quite faded away: Banks are still hesitant to loan to small businesses, constraining the growth of a part of the economy lionized by politicians and the public alike. While these businesses often rely on credit cards to finance operations and expansion, that’s a risky strategy, given that they still don’t have the legal protections against fees and unannounced changes that were extended to consumer cards in 2009.

Could pawnshops be a good alternative?”

“Ideally a small business borrower works with a loan provider who can do more than just loan some quick cash,” says Norris Lozano, CEO of small business lender BusinessUS, “there is so much more to running a business, which an experienced lending team can provide.”

“So, who are these borrowers (sourcing loans from pawn shops) exactly? …  it’s the sole proprietor operating without much savings and not the best credit history who needs money fast, with no strings attached.”

Delivering Loans to Underserved Markets

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The US Small Business Administration is looking to non-bank small business lenders to push lending capital deeper into markets that are underserved by banks, to encourage the growth of small businesses and put Americans back to work while expanding the tax base. BusinessUS is answering this important call to action.

Following our credo “Innovative lending for American small business,” BusinessUS focuses 60% of our loan origination toward traditionally underserved borrowers such as US Military veterans, minority-owned, women-owned and tribal small businesses, and those located in low-income communities or other geographically underserved areas of our country.

“We are focused on underserved markets nationwide, “says Norris Lozano, CEO BusinessUS, “partly because of the opportunity, but more importantly because as individuals, we want to create positive impacts on the communities we serve.”

Tara Johnson is leading the BusinessUS in developing programs with US Military Veterans and other groups, which will deliver important community benefits while providing opportunity and returns to our partners.

From the BusinessUS website: http://bizbank.us/#who-we-serve