Why Is Content Syndication for Small Business on the Rise Again?

Small Business Content

“It’s not the best content that wins. It’s the best promoted content that wins.”

~ Andy Crestodina, Chief Marketing Officer and Co-Founder, Orbit Media Studios, Inc.


Have you ever wondered why there is a rising need for content syndication for small businesses? One of the prime reasons is that content syndication turns your best content into a powerful lead generation tool. The practice of sharing your material in various ways to reach your target audience is called content syndication. B2B marketers use it to improve the effectiveness of their content in terms of lead creation.

Content marketing is difficult for small businesses. Every day, millions of blogs are published online. Having a social media promotion plan is a fantastic idea. However, it is still challenging to be discovered by new eyes.

“Content is king, but distribution is queen, and she wears the pants. It's not nearly enough to create a good piece of content. You have to understand how content spreads across the web”.

- Jonathan Perelman, VP of Agency Strategy and Industry Development, BuzzFeed

Cathryn Lavery and Allen Brouwer are the co-founders of BestSelf Co., a finalist in Shopify's Build a Business VI competition, and creators of the Self Journal. BestSelf Co. developed a content syndication plan, which got them featured and gained readership on significant sites, such as Business Insider and The Huffington Post.

Through content syndication, they were able to accomplish the following:
  • 186,000 new monthly visitors
  • $2 million in revenue

Content syndication is a crucial part of any content marketing strategy and is a must for every business that wants to make a significant impact in the digital world. When syndicating your content, be smart, purposeful, and creative.

Content Syndication Is on the Rise, Again

The benefits of content syndication are the primary reasons for its increased use. Here are a few factors responsible for this resurgence in content syndication.

Inbound Marketing Is Inadequate

The results of traditional inbound marketing do not scale to meet the demands of enterprises. Due to the increasing relevance of account-based marketing and the saturation of inbound marketing approaches, expanding inbound outcomes has become significantly more complex and expensive. Additionally, the cost of inbound marketing strategies has ascended dramatically.

Approaches for Content Syndication Have Evolved

The approaches to content syndication have evolved in perfect sync with the evolution of content types. As a result, marketers now place a far higher premium on innovative content syndication programs. For example, earlier, only blog articles were syndicated. Now, other forms of content are increasingly being syndicated. And, despite advancements in SEO over the years, syndication remains critical.

B2B Marketers Can Use Syndication More Effectively

Marketers' capability to track and optimize program success has also increased. As a result, B2B marketers have a slew of different B2B marketing methods at their disposal, among which content syndication is critical. B2B marketers have created four types of content syndication. They are as follows:
  • Syndicate third-party content on the blog
  • Publish your content on other blogs
  • Distribute your content through content syndication websites
  • Self-syndication

Successful B2B marketers leverage syndication programs to establish thought leadership and influence their target audience. It enables you to reach new audiences or existing consumers, increases your  brand's authority and exposure, and foster a reasonable brand opinion, all of which might result in qualifying business inquiries. Effective content syndication platforms enable B2B marketers to generate, moderate, and syndicate material with complete confidence, which leads to a higher conversion rate.

Types of Syndication Outlets

Exploring syndicating content across many platforms or networks is essential to maximize audience reach. Well-planned content syndication for small businesses may provide a slew of benefits. When seeking for third parties to syndicate your brand's content, there are a few options to pursue.

Multi-author Publications

Numerous multi-author publications accept syndicated material and republish entire or partial pieces, integrating your blog's RSS feed. For example, Social Media Today is popular business-related syndication sites.

Blogging Platforms

There are numerous blogging platforms that allow users to create their blogs on the platform or website. In addition, there are several blogging systems available, generally known as Content Management Systems (CMS), which serve as the home for your content. Blogging platforms are an excellent alternative for content syndication for small businesses because they have built-in audiences and allow you to control how much you post.

Some of the most popular platforms are WordPress, Blogger.com, Tumblr, Typepad, and Drupal. However, according to blogging professionals, currently, WordPress is the most popular blogging platform available. Indeed, WordPress powers almost 50% of the world's top 100 blogs. Among these are several top-rated sites, like The Wall Street Journal and NLF.com.

This syndication outlet is the most widely used content marketing strategy among small business owners.

Social Networks

Numerous social networking platforms allow you to publish content directly to their platforms. It's ideal for including links to your website to improve traffic. In addition, it's a means to post and promote your content across the most powerful social media platforms for your business.

Instant Articles on Facebook and LinkedIn's Publishing Platform are two such platforms where you can syndicate your material. These are great options because you'll be able to use content discovery and analytics tools to optimize your pieces for social sharing.

Social syndication delivers:
  • Easy to consume
  • Easy to share
  • Enjoyed by thought leaders
  • Always lead back to your offer

The Building Blocks of an Effective Content Syndication Program

While content syndication is seeing a resurgence, B2B marketers should exercise care before delving into this promotion channel. Content syndication is gained importance due to new capabilities and unfavorable circumstances. However, a few factors must be considered for establishing successful content syndication.

Target the Right Persona (Executives)

Although CEOs have considerable decision-making authority, they are not the main contenders for target content syndication. Therefore, targeting executives makes sense if you offer a content solution designed to benefit them. First, target personas who understand the challenges and appreciate the solutions you offer.  The targeted personas will have an internal influence on others, which is more effective than approaching executives directly. However, you must first create your persona profiles.

Right Content Assets Based on a Buyers' Journey

It is critical to pick content assets based on an in-depth buyer's journey map, matching content with targeted personas and funnel stages. In addition, your content syndication efforts should be broken down by target accounts based on the research they conduct on certain topics.

Your content asset should be:
  • Educate target audiences about current issues and challenges
  • Inform about the latest trends
  • Advice on what they can do to improve their situation
  • Introduce your brand's approach to solving the problem

Businesses who are interested in your company, your brand, and your brand's solution (at a high level) may learn about them through content syndication at the top of the funnel. It may also be used for middle-of-the funnel projects.

Create Nurturing and Follow-up Systems

Content syndication leads are not the same as website inbound leads. Prospects engage with your material via content syndication leads: the research, ideas, and recommendations surrounding a certain issue. Lead nurturing with relevant content is critical before business development rep (BDR) follow-up. If you already use intent data to target accounts for syndication, you should use it to target content and messages for nurturing, like emails and videos.

Content Syndication Is Here to Stay

While the world of digital marketing is continuously evolving, it's safe to assume that content syndication is growing in relevance and is here to stay for the foreseeable future. Small businesses that invest more time and effort in content syndication will get a significantly higher return on their investment. By utilizing a variety of content syndication platforms and outlets, you can increase the reach of your content and brand visibility. Content syndication is a solid content marketing strategy that will help boost your marketing efforts if done correctly.

FAQ:


Is content syndication effective?

Content syndication is cost-effective, helps you reach larger audiences, boosts brand awareness, and improves SEO performance. Hence, it is an effective marketing strategy.

What is B2B content syndication?

B2B content syndication refers to the process of republishing digital information such as whitepapers, blogs, and videos on a third-party website. Content syndication's primary objective is to create new leads from prospective client accounts.

What additional content syndication best practices exist?

Here are some of the best content syndication practices:
  • Select the appropriate publishing partner
  • Distribute your content across multiple platforms
  • Combine it with your ABM campaigns

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How Are Small Business Accounting Software Meeting Industry Needs Today?

Article | February 10, 2022

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How Can Small Business Digital Transformation Opportunities Be Bagged?

Article | May 29, 2023

Small businesses are the backbone of the US economy, generating local jobs and innovation while encouraging entrepreneurship among minorities, women, veterans, and other community segments. As stated by Florida tax monitor data, small companies employ 48% of all Americans and generate 43.5 percent of the country's gross domestic product (GDP). At the speed of light, the corporate environment is continuously moving to new digital technologies. However, many small company owners are unable to keep up with this small business digital transformation. In the opinion of recent Google-commissioned small company research, 80% of small businesses in the United States are not fully utilizing digital technologies. A few more reasons at play prevent small firms from adopting digital technology and falling behind on digital transformation trends. Ignoring digital benefits or refusing to adjust is a surefire way to fail in a constantly evolving digital world. "At least 40% of all businesses will die in the next ten years… if they don't figure out how to change their entire company to accommodate new technologies." — John Chambers, Cisco Factors Contributing to the Lag in Digital Transformation Race Keeping up with New Technologies Is Tough Numerous small business owners are unable to keep up with emerging digital transformation trends. Various digital opportunities for small businesses exist to employ in their operations. However, companies lack the will to leverage digital capabilities and so fall short of their full potential. In addition, limited resources create an impediment to digital adoption inside. Employee experience and digital skills are other significant impediments to SMBs adopting digital technologies. Small businesses need to overcome their fear of change to capitalize on the digital dividend, accelerate growth, and scale effectively. Change in Customers Behavior and Persona Changes in customer behavior and knowledge of SMB consumer personas are critical components of small business digital transformation and are the primary issue confronting small business owners. The most significant change that small companies anticipate in the next five years is a shift in consumer expectations and personas. Owners believe they understand their businesses since they are small or medium-sized business owners. Still, customers have a different perspective more than 70% of the time due to social and digital transformation trends. For the next five years, the top three consumer trends are expected to increase product or service customization, increased emphasis on customer experience, and higher expectations of quality or value for money. "Clients are going to expect a lot of personalization in their businesses; consumers are going to expect the same. To avoid data silos, having an emphasis on driving real-time information from customer data and sources is core for any company to become digitally native." – Bibhakar Pandey, Vice President & Leader of Customer Experience, Marketing Services, Capgemini. Need Assistance for Right Decisions Making technological decisions is challenging for small firms. Additionally, many business decisions are made by small business owners. Therefore, they must have the appropriate knowledge and help when making digital decisions involving various conflicting obligations. Because the costs of digital technologies are so high, it is critical for small businesses to have sufficient information about the value of sales, service, and marketing technologies to select the appropriate digital systems, upgrade digital skills, and provide adequate protection and security. In addition, the small owners need timely assistance to cope up with small business digital transformation. Digital Gap Small firms have several digital gaps in various areas, including internal skills gaps, financial gaps, and digital infrastructure shortages. Due to the utilization of high-speed internet connections and cloud-based technologies, these disparities are more significant for small businesses than large enterprises. The owners need to cope up with different stages of digital transformation in small businesses. However, there is no denying the link between digital and productivity, which is critical for productivity. Digital Transformation Approaches: Adoption and Upgradation to CRMs To evaluate client behavior, it is critical to implement and improve your customer relationship management system (CRM). In addition, businesses should leverage cloud-based solutions to strengthen their relationships with their consumers. According to Deloitte, SMBS that use CRM generate 44 percent more income than those who do not have a system or only have a rudimentary system. However, numerous CRM features, such as omnichannel customer care, marketing automation, social tools, and predictive analytics with automation are not part of the classic CRM model. "Right from the start, based on our ICP, we focus on what level of personalization and automation needs to be built out and what touchpoints like overlays, retargeting, and remarketing are to be done to convert the customer in the end and take them to the SQL stage." – Amitabh Ramani, Global Marketing Director, Jade Global. Adoption and up-gradation of CRMs will open new digital opportunities for small businesses. Improvement in Digital Infrastructure To fill the digital gap and be a part of digital transformation trends, small businesses must embrace high-speed broadband for small business digital transformation. In addition, adopt digital technologies in the workplace to enhance SMB productivity and connectedness. By incorporating innovation and technology, small firms may increase their competitiveness. Below are few actions that can be taken for more digitally engaged small businesses: Raising awareness of digital opportunities SME training and upskilling programs Promoting business innovation and the provision of new digital solutions Implementation of Sales and Marketing Tools In today's competitive corporate climate, the focus is firmly placed on the sales and marketing aspects of the enterprise. As a result, small businesses strive to capitalize on possibilities for personalized marketing based on prior interactions or sales and engage clients through customized marketing. Amaysim is an example of a company that focuses on customized marketing using a cloud-based marketing platform; they ensure timely marketing communication and connect with clients in real-time via SMS. Only one in every five small businesses uses digital tools or social media platforms to acquire new consumers or connect with existing clients. Incorporate artificial intelligence into different business processes, such as predictive analytics, automated product recommendations, and upgrade suggestions based on consumer behavior. Shift to Online Interactions Face-to-face transactions have decreased as a percentage of total sales, and the line between physical and digital is becoming increasingly blurred, resulting in behavioral adjustments. The purchase is moving due to internet channels, or you might say that more consumers favor online purchases over in-person transactions. With the increase in online sales, small companies also need to enhance their delivery services to keep up with the demand. In addition, the shift in communication channels to emails, social media platforms, and websites have altered consumer behavior about enquires and complaints. As a result, implementing CRM software for service interactions has become a necessity of the hour to ensure a fast response. Shift to online interactions of sales or any business operation is an escalating demand for small business digital transformation. Final Thoughts With the evolution of digital trends in small businesses, owners can leverage small business digital transformation benefits by using the techniques as mentioned above. Regular use of digital tools may help small businesses enhance their performance and adapt to dynamic business conditions and changing consumer expectations and the surrounding environment. Engage small companies in new digital prospects for success and business growth, resulting in a greater return on investment (ROI). FAQs Why is digital transformation important for small businesses? Digital transformation enables small businesses to ease out their operations, increases efficiency, automates workflow, helps to improve customer relationships. Adopting digital transformation enables to fulfill changing behaviors and needs of customers. What are the most significant trends of digital transformation? Here are few significant trends of digital transformation in the coming year 2022 that will impact the work culture of businesses. Improved connectivity (5G) AI technology Cybersecurity IoT Multi-cloud and APIs What are key areas of digital transformation? The key areas of digital transformation are as follows: Business process transformation Domain transformation Business model transformation Cultural/Organizational Transformation { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "Why is digital transformation important for small businesses?", "acceptedAnswer": { "@type": "Answer", "text": "Digital transformation enables small businesses to ease out their operations, increases efficiency, automates workflow, helps to improve customer relationships. Adopting digital transformation enables to fulfill changing behaviors and needs of customers." } },{ "@type": "Question", "name": "What are the most significant trends of digital transformation?", "acceptedAnswer": { "@type": "Answer", "text": "Here are few significant trends of digital transformation in the coming year 2022 that will impact the work culture of businesses. Improved connectivity (5G) AI technology Cybersecurity IoT Multi-cloud and APIs" } },{ "@type": "Question", "name": "What are key areas of digital transformation?", "acceptedAnswer": { "@type": "Answer", "text": "The key areas of digital transformation are as follows: Business process transformation Domain transformation Business model transformation Cultural/Organizational Transformation" } }] }

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Small Business Advice

Small Business Financial Management: One-Stop Solution for Financial Hurdles

Article | September 23, 2022

Introduction Managing finances is crucial for organizations, especially small businesses, to create a stable financial future in which the business is less likely to fail. Small businesses and start-up companies have to face numerous challenges and even bear losses at their introductory stage due to the difficulties in maintaining proper cash flow. According to a study, around 61% of small business owners say that they face challenges in handling consistent and steady cash flow. Many start-ups undertake operational business activities after obtaining loans from different financial institutions due to insufficient cash flow and capital. Hence, to keep small business operations running smoothly, they need to optimize the inflow and outflow of cash and financial management. Small business financial management assists these start-up companies in reducing financial costs, facilitating the availability of investment, and planning, organizing, directing, and controlling financial activities. With competition intensifying in the sector, the need for financial management is becoming even more critical for small businesses. Why Are Financial Management Solutions Becoming Imperative for Small Businesses? Running a small business is not an easy task. Even if you have a great idea and a large number of people longing for your product or service, the financial difficulties of operating a small business can quickly escalate and hamper the business. A plethora of expected and unexpected issues, such as overhead costs, rising interest or inflation rates, impending tax deadlines, remediating damage from a natural disaster, and many more, can create insurmountable obstacles for small business owners. Whether it is insufficient cash flow or a lack of accurate monthly reconciliation reports, many small business finance-related issues can be avoided with the proper management of finance and reporting. What are the other small business money management challenges that financial management solutions can assist to overcome? Let's see: Poor cash flow management Managing a budget Planning future expenses Controlling debt Inconsistent cash flow Tips for Effective Small Business Financial Management Small businesses today are highly fragile due to excessive competition in the industry. Hence, start-ups and new companies have to invest a significant amount of money in order to keep their business fully functional and running. Right from accumulating funds to allocating and spending them, it is crucial for small business owners to have a transparent view of their financial position and business undertakings to engage in planning for efficient utilization of available resources. Effective financial management not only assists in managing small businesses' finance and rotating the cash invested in the business, but it also assists in analyzing revenue generation, formulating suitable financial strategies, and calculating adequate returns, among others. It is undoubtedly one of the most important aspects of businesses, irrespective of their size. With an increasing need for managing huge funds, continuous transactions, daily cash flow, payrolls, and others, it is becoming even more critical for small businesses and start-ups to manage their finances effectively. Here are some of the vital tips that can help small businesses analyze and manage their finance effectively: Prioritize business financial planning Create a budget and stick to it Analyze cash flow Keep business and personal finances separate Focus on expenditures but also ROI Monitor spending Opt for a financial solution or service Final Thoughts With the fast-changing financial requirements of small businesses and the emergence of novel small business financing trends, entrepreneurs are emphasizing streamlining and managing their financial chores. To overcome a growing number of financial obstacles, leading financial solution developers are aiming at integrating advanced technologies such as artificial intelligence, machine learning, and data analytics in novel small business financial management solutions. This is anticipated to create a strong demand for innovative financial management tools, such as small business accounting software, across the industry in the forthcoming years.

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Synchrony Launches New Learning Center to Support Small Businesses

Synchrony | November 08, 2023

Synchrony introduces the Small Business Learning Center, aiding small businesses with credit and financing knowledge. The Learning Center offers flexible courses, expert content, and user-friendly features for effective learning. Synchrony is committed to helping small businesses and has already benefited hundreds of thousands of businesses. Synchrony, a prominent consumer financing company, has recently introduced the Synchrony Small Business Learning Center—a new digital learning platform designed to empower Synchrony's small business partners in optimizing their operations and fostering more efficient and effective growth. This platform will assist Synchrony's small merchants, dealers, and wellness providers in comprehending the intricacies of credit and financing, integrating these concepts into their business models, harnessing their potential to elevate customer experiences, and ultimately driving increased sales. The Small Business Learning Center features an array of offerings: A diverse range of industry-specific courses encompassing videos, games, interactive experiences, and various contemporary learning modalities, facilitating small business owners and their teams to acquire knowledge at their preferred pace and in their preferred style. Topics encompassing sales techniques, compliance, employee motivation, cash flow management, vendor management, and customer service. The content is thoughtfully crafted by Synchrony's learning experts, drawing upon the insights of Synchrony's professionals and leaders. The platform consistently introduces fresh content, courses, and tools to keep the learning experience engaging and captivating. Synchrony regularly collaborates with leading learning technology companies to ensure that Synchrony's small businesses have access to the latest learning resources. The user-friendly dashboard highlights essential content and provides curated content recommendations. A new countdown clock feature has been integrated, designed specifically for merchants and dealers, to serve as a visual reminder of impending deadlines for priority or mandatory courses. Simple links to a comprehensive content library, enabling learners to explore all available courses and select their preferred topics and pace for completion. Furthermore, small merchants and dealers can conveniently access the Learning Center through Business Center, Synchrony's robust online business platform. By consolidating all Synchrony partner financing activities, from application processing to sales transactions, into a single location, this enhancement streamlines operations and saves merchants valuable time. Synchrony's health and wellness partners will continue to access the Learning Center via the Provider Center. Synchrony's Learning Center represents an expansion of the company's extensive portfolio of innovative, turnkey business tools, which have already empowered hundreds of thousands of small businesses in managing, marketing, and expanding their operations, including: Synchrony Business Solutions Synchrony's Pillars Project Synchrony Connect Business Schooled Roadmap to Diversity Toolkit Financing programs Digital tools Advertising Center Across the United States, small businesses are already experiencing the benefits of Synchrony's offerings. For instance, Day's Jewelers, an employee-owned company with locations in Maine and New Hampshire, has successfully leveraged the Learning Center. Synchrony has been a trusted provider of financing options to retailers for over 90 years. With a network of more than 460,000 merchant and provider locations and 70 million active accounts, Synchrony's innovative shopping and payment solutions enable businesses to boost sales, foster customer loyalty and offer secure, convenient, and personalized shopping experiences.

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BUSINESS STRATEGY

Chase to Supercharge Support with 1000 New Bankers to Fuel Small Business Success

Chase | November 06, 2023

• Chase to hire 1,000 business bankers by 2025 • Small business optimism remains high, with 2/3 expecting revenue growth • JPMorgan Chase invests in small business support, including credit access and mentoring Chase has recently announced that it wants to hire 1,000 new business bankers across local markets in the United States by 2025. This strategic move aims to provide crucial support to small business owners as they endeavor to expand and grow within their respective communities. This announcement builds upon the company's original target of employing 500 new bankers by the end of 2024. According to the findings in Chase's 2023 Mid-Year Business Leaders Outlook, small business optimism remains notably high. More than two-thirds of small businesses are anticipating increased revenue and sales in the coming year. Furthermore, 45% of small business owners have expressed a strong intention to accelerate their growth. This amplified commitment to hiring coincides with the firm's inaugural "Make Your Move Summit," a three-day event that attracts thousands of small business owners. The summit provides them with an opportunity to learn from industry experts, thought leaders, and even celebrities, imparting valuable insights on how to initiate, manage, and expand their businesses. JPMorgan Chase has made several substantial investments to support the small business community. This is achieved by facilitating connections between business owners and entrepreneurs and a variety of valuable resources, including: Capital Expanded Access to Credit: The firm continues to invest in widening access to business credit for all customers, including those in historically underserved areas. They have developed products, programs, and coaching services to assist businesses at every stage of their growth. Special Purpose Credit Program: Launched in 2022, this program, in compliance with federal requirements, is designed to enhance access to small business credit in predominantly Black, Hispanic, and Latino communities across all 48 lower states. This initiative has aided over 10,000 small businesses in responsibly accessing or obtaining credit on more favorable terms. Supporting Community-Based Organizations: Since 2021, Chase has committed $253.7 million in philanthropic capital, which includes loans, grants, and equity, to organizations focused on community dedicated to serving small businesses. This commitment also includes $4.4 million in philanthropic capital to benefit the Texas small business community, including organizations such as Impact Ventures, a Dallas-based startup accelerator and integrated capital fund catering to Black, Hispanic, and Latino entrepreneurs. Connections Mentorship and Advice: The firm emphasizes connecting businesses with expert guidance and mentoring to help them overcome challenges. Their free one-on-one coaching program, staffed by 51 trained senior business consultants in 21 U.S. cities, is dedicated to mentoring and advising business owners, with a particular focus on Hispanic, Latino, and Black communities. Since its launch in 2020, this mentorship program has assisted over 4,600 business owners at various stages of development. Customers Promoting Access to New Customers and Networks: JPMorgan Chase aims to facilitate access for its 6 million small business clients to new customer bases and networks that can foster growth. This includes assisting in the establishment and utilization of its supplier network. It means developing closer relationships with local businesses in key cities, such as Dallas, enabling these small enterprises to tap into the firm's regional network and resources. The inaugural Make Your Move Summit is currently taking place in the thriving small business landscape of the Dallas, Texas, area, with 17,500 Chase employees in the Dallas metropolitan region serving 234,000 small businesses in North Texas as well as 674,000 all over the state.

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SMALL BUSINESS TRENDS

U.S. Small Business Administration Grants Funding Circle 7(a) SBLC License

Business Wire | November 02, 2023

Funding Circle, the leading online platform for small business loans, announced today that we have received a formal notice from the US Small Business Administration (SBA) that our application has resulted in a tentative award for an SBA Small Business Lending Company (SBLC) license to participate in its flagship 7(a) small business loan program1. The SBA’s decision to grant Funding Circle one of the first SBLC licenses since 1982 is part of the Biden-Harris Administration’s efforts to modernize the agency and address persistent gaps in access to capital impacting small business owners and to grow the economy. The announcement follows recent research published by the Philadelphia Federal Reserve and Bank for International Settlements that found Funding Circle is “increasing access to capital at a lower cost for borrowers who are less likely to receive credit from traditional banks” and “predicting future loan performance more accurately than the conventional method to credit scoring, leading to better loan performance.” “We are excited to help more small businesses in the U.S. get the funding they need to win,” said Steve Allocca, Managing Director at Funding Circle U.S. “By leveraging our advanced data and technology platform and providing a superior customer experience, Funding Circle is well positioned to become the #1 SBA lender in the country for 7(a) Small Loans under $500,000 by providing creditworthy small businesses in low-moderate income neighborhoods and rural areas access to affordable capital to start, run and grow their businesses.” More than 50% of banks have imposed stricter lending criteria on small businesses with half of entrepreneurs seeking credit encountering funding shortfalls or receiving the full amount sought. This credit crunch disproportionately affects minority-owned enterprises, with 51% of Black-owned, 40% of Hispanic-owned, 36% of Asian-owned, and 30% of White-owned businesses experiencing financial hurdles due to limited credit availability. The SBA 7(a) program, which guarantees up to $36 billion a year in small business loans up to $5 million, currently sees participation from relatively few of the 11,000 banks and credit unions in the United States. 25 lenders are responsible for 50% of all 7(a) loans, averaging around half a million dollars—neglecting the crucial need for smaller loans to small and underserved businesses. 77% of Funding Circle loans are for less than $150,000, 33% go to businesses in low-moderate income neighborhoods and 40% to businesses in rural areas. By expanding lender participation and streamlining the program requirements under $500,000 to leverage technology and more closely mirror the private sector’s policies and procedures, the SBA is making it more efficient to get more small loans in the hands of small and underserved small businesses. Funding Circle will begin offering SBA 7(a) Small Loans in 2024. Small businesses seeking financing up to $500,000 can visit www.fundingcircle.com to apply online in a matter of minutes. About Funding Circle US Funding Circle (LSE: FCH) is a leading online lending platform for small business borrowers. Since 2010, Funding Circle has originated $4.5 billion to 45,000 small businesses in the U.S. and $21.1 billion to 143,300 small businesses globally. 1 Funding Circle will be permitted to begin originating 7(a) loans once all lender oversight requirements are met to the satisfaction of SBA and upon receipt of an executed Form 750, a Small Business Administration Loan Guaranty Agreement.

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BUSINESS STRATEGY

Synchrony Launches New Learning Center to Support Small Businesses

Synchrony | November 08, 2023

Synchrony introduces the Small Business Learning Center, aiding small businesses with credit and financing knowledge. The Learning Center offers flexible courses, expert content, and user-friendly features for effective learning. Synchrony is committed to helping small businesses and has already benefited hundreds of thousands of businesses. Synchrony, a prominent consumer financing company, has recently introduced the Synchrony Small Business Learning Center—a new digital learning platform designed to empower Synchrony's small business partners in optimizing their operations and fostering more efficient and effective growth. This platform will assist Synchrony's small merchants, dealers, and wellness providers in comprehending the intricacies of credit and financing, integrating these concepts into their business models, harnessing their potential to elevate customer experiences, and ultimately driving increased sales. The Small Business Learning Center features an array of offerings: A diverse range of industry-specific courses encompassing videos, games, interactive experiences, and various contemporary learning modalities, facilitating small business owners and their teams to acquire knowledge at their preferred pace and in their preferred style. Topics encompassing sales techniques, compliance, employee motivation, cash flow management, vendor management, and customer service. The content is thoughtfully crafted by Synchrony's learning experts, drawing upon the insights of Synchrony's professionals and leaders. The platform consistently introduces fresh content, courses, and tools to keep the learning experience engaging and captivating. Synchrony regularly collaborates with leading learning technology companies to ensure that Synchrony's small businesses have access to the latest learning resources. The user-friendly dashboard highlights essential content and provides curated content recommendations. A new countdown clock feature has been integrated, designed specifically for merchants and dealers, to serve as a visual reminder of impending deadlines for priority or mandatory courses. Simple links to a comprehensive content library, enabling learners to explore all available courses and select their preferred topics and pace for completion. Furthermore, small merchants and dealers can conveniently access the Learning Center through Business Center, Synchrony's robust online business platform. By consolidating all Synchrony partner financing activities, from application processing to sales transactions, into a single location, this enhancement streamlines operations and saves merchants valuable time. Synchrony's health and wellness partners will continue to access the Learning Center via the Provider Center. Synchrony's Learning Center represents an expansion of the company's extensive portfolio of innovative, turnkey business tools, which have already empowered hundreds of thousands of small businesses in managing, marketing, and expanding their operations, including: Synchrony Business Solutions Synchrony's Pillars Project Synchrony Connect Business Schooled Roadmap to Diversity Toolkit Financing programs Digital tools Advertising Center Across the United States, small businesses are already experiencing the benefits of Synchrony's offerings. For instance, Day's Jewelers, an employee-owned company with locations in Maine and New Hampshire, has successfully leveraged the Learning Center. Synchrony has been a trusted provider of financing options to retailers for over 90 years. With a network of more than 460,000 merchant and provider locations and 70 million active accounts, Synchrony's innovative shopping and payment solutions enable businesses to boost sales, foster customer loyalty and offer secure, convenient, and personalized shopping experiences.

Read More

BUSINESS STRATEGY

Chase to Supercharge Support with 1000 New Bankers to Fuel Small Business Success

Chase | November 06, 2023

• Chase to hire 1,000 business bankers by 2025 • Small business optimism remains high, with 2/3 expecting revenue growth • JPMorgan Chase invests in small business support, including credit access and mentoring Chase has recently announced that it wants to hire 1,000 new business bankers across local markets in the United States by 2025. This strategic move aims to provide crucial support to small business owners as they endeavor to expand and grow within their respective communities. This announcement builds upon the company's original target of employing 500 new bankers by the end of 2024. According to the findings in Chase's 2023 Mid-Year Business Leaders Outlook, small business optimism remains notably high. More than two-thirds of small businesses are anticipating increased revenue and sales in the coming year. Furthermore, 45% of small business owners have expressed a strong intention to accelerate their growth. This amplified commitment to hiring coincides with the firm's inaugural "Make Your Move Summit," a three-day event that attracts thousands of small business owners. The summit provides them with an opportunity to learn from industry experts, thought leaders, and even celebrities, imparting valuable insights on how to initiate, manage, and expand their businesses. JPMorgan Chase has made several substantial investments to support the small business community. This is achieved by facilitating connections between business owners and entrepreneurs and a variety of valuable resources, including: Capital Expanded Access to Credit: The firm continues to invest in widening access to business credit for all customers, including those in historically underserved areas. They have developed products, programs, and coaching services to assist businesses at every stage of their growth. Special Purpose Credit Program: Launched in 2022, this program, in compliance with federal requirements, is designed to enhance access to small business credit in predominantly Black, Hispanic, and Latino communities across all 48 lower states. This initiative has aided over 10,000 small businesses in responsibly accessing or obtaining credit on more favorable terms. Supporting Community-Based Organizations: Since 2021, Chase has committed $253.7 million in philanthropic capital, which includes loans, grants, and equity, to organizations focused on community dedicated to serving small businesses. This commitment also includes $4.4 million in philanthropic capital to benefit the Texas small business community, including organizations such as Impact Ventures, a Dallas-based startup accelerator and integrated capital fund catering to Black, Hispanic, and Latino entrepreneurs. Connections Mentorship and Advice: The firm emphasizes connecting businesses with expert guidance and mentoring to help them overcome challenges. Their free one-on-one coaching program, staffed by 51 trained senior business consultants in 21 U.S. cities, is dedicated to mentoring and advising business owners, with a particular focus on Hispanic, Latino, and Black communities. Since its launch in 2020, this mentorship program has assisted over 4,600 business owners at various stages of development. Customers Promoting Access to New Customers and Networks: JPMorgan Chase aims to facilitate access for its 6 million small business clients to new customer bases and networks that can foster growth. This includes assisting in the establishment and utilization of its supplier network. It means developing closer relationships with local businesses in key cities, such as Dallas, enabling these small enterprises to tap into the firm's regional network and resources. The inaugural Make Your Move Summit is currently taking place in the thriving small business landscape of the Dallas, Texas, area, with 17,500 Chase employees in the Dallas metropolitan region serving 234,000 small businesses in North Texas as well as 674,000 all over the state.

Read More

SMALL BUSINESS TRENDS

U.S. Small Business Administration Grants Funding Circle 7(a) SBLC License

Business Wire | November 02, 2023

Funding Circle, the leading online platform for small business loans, announced today that we have received a formal notice from the US Small Business Administration (SBA) that our application has resulted in a tentative award for an SBA Small Business Lending Company (SBLC) license to participate in its flagship 7(a) small business loan program1. The SBA’s decision to grant Funding Circle one of the first SBLC licenses since 1982 is part of the Biden-Harris Administration’s efforts to modernize the agency and address persistent gaps in access to capital impacting small business owners and to grow the economy. The announcement follows recent research published by the Philadelphia Federal Reserve and Bank for International Settlements that found Funding Circle is “increasing access to capital at a lower cost for borrowers who are less likely to receive credit from traditional banks” and “predicting future loan performance more accurately than the conventional method to credit scoring, leading to better loan performance.” “We are excited to help more small businesses in the U.S. get the funding they need to win,” said Steve Allocca, Managing Director at Funding Circle U.S. “By leveraging our advanced data and technology platform and providing a superior customer experience, Funding Circle is well positioned to become the #1 SBA lender in the country for 7(a) Small Loans under $500,000 by providing creditworthy small businesses in low-moderate income neighborhoods and rural areas access to affordable capital to start, run and grow their businesses.” More than 50% of banks have imposed stricter lending criteria on small businesses with half of entrepreneurs seeking credit encountering funding shortfalls or receiving the full amount sought. This credit crunch disproportionately affects minority-owned enterprises, with 51% of Black-owned, 40% of Hispanic-owned, 36% of Asian-owned, and 30% of White-owned businesses experiencing financial hurdles due to limited credit availability. The SBA 7(a) program, which guarantees up to $36 billion a year in small business loans up to $5 million, currently sees participation from relatively few of the 11,000 banks and credit unions in the United States. 25 lenders are responsible for 50% of all 7(a) loans, averaging around half a million dollars—neglecting the crucial need for smaller loans to small and underserved businesses. 77% of Funding Circle loans are for less than $150,000, 33% go to businesses in low-moderate income neighborhoods and 40% to businesses in rural areas. By expanding lender participation and streamlining the program requirements under $500,000 to leverage technology and more closely mirror the private sector’s policies and procedures, the SBA is making it more efficient to get more small loans in the hands of small and underserved small businesses. Funding Circle will begin offering SBA 7(a) Small Loans in 2024. Small businesses seeking financing up to $500,000 can visit www.fundingcircle.com to apply online in a matter of minutes. About Funding Circle US Funding Circle (LSE: FCH) is a leading online lending platform for small business borrowers. Since 2010, Funding Circle has originated $4.5 billion to 45,000 small businesses in the U.S. and $21.1 billion to 143,300 small businesses globally. 1 Funding Circle will be permitted to begin originating 7(a) loans once all lender oversight requirements are met to the satisfaction of SBA and upon receipt of an executed Form 750, a Small Business Administration Loan Guaranty Agreement.

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