Inseego’s New LTE Solution for Businesses Eliminates Need for Landlines

Business Wire | February 13, 2020

Inseego Corp. (Nasdaq: INSG), a pioneer in 5G and intelligent IoT device-to-cloud solutions, today launched a new 4G LTE fixed wireless access product for business phone connectivity. Ideal for small/medium businesses (SMB) and enterprise users, the new BPC100 by Inseego provides complete connectivity for voice and data (including POS transactions and alarm monitoring), eliminating the need for a separate landline connection and bill. “Today’s LTE networks offer a great alternative to traditional hard-wired telephone service, and the BPC100 makes it easier than ever for businesses to cut the cord on their landline service,” said Inseego EVP of IoT & Mobile Solutions, Ashish Sharma. “We built this product for users who need reliable, high-quality voice and data connections no matter where their offices, stores or kiosks may be. We’re proud to partner with Verizon to bring this best-in-class LTE customer premises equipment (CPE) product to their business customers.”

Spotlight

For any new entrepreneur, it’s natural to be optimistic. Whether that person has a world-changing idea or is starting a new coffee shop, the glass has to be half full that the business will succeed. Otherwise, what is the point of starting a new company in the first place? Today’s infographic from InsuranceQuotes shows that this entrepreneurial enthusiasm might be misplaced. The reality is that it’s a cruel world out there for entrepreneurs. The Bureau of Labor Statistics in the United States keeps a sobering tally of how often businesses fail.

Spotlight

For any new entrepreneur, it’s natural to be optimistic. Whether that person has a world-changing idea or is starting a new coffee shop, the glass has to be half full that the business will succeed. Otherwise, what is the point of starting a new company in the first place? Today’s infographic from InsuranceQuotes shows that this entrepreneurial enthusiasm might be misplaced. The reality is that it’s a cruel world out there for entrepreneurs. The Bureau of Labor Statistics in the United States keeps a sobering tally of how often businesses fail.

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FINANCE

National Bank of Coxsackie Announces Small Business Loans Special

National Bank of Coxsackie | October 14, 2022

In response to rising interest rates issued by the Federal Reserve to slow inflation, the National Bank of Coxsackie (NBC) has initiated a Small Business Loans Special. Qualifying small business customers will be able to apply for commercial installment loans at a fixed rate as low as 3.99% APR2 for up to 60 months. “NBC is committed to support communities by helping businesses with their funding needs at competitive interest rates,We've specifically allocated $250,000 in funding to provide loans to new businesses with a particular focus on Women & Minority owned businesses. This is an exciting special for us to be able to offer and we'll be able to help many local businesses secure the funding they need to grow.” Charlene L. Slemp – Vice President and Chief Credit Officer ,National Bank of Coxsackie About. At National Bank of Coxsackie, we pride ourselves on being a reliable hometown bank that focuses on customer service. We are committed to providing you with the finest products and services possible. National Bank of Coxsackie understands that not every individual is the same and views our customers as such. We will always go the extra mile to make sure that our customers’ needs are met. Having been around since 1852, we are still that hometown bank you can trust.The National Bank of Coxsackie is an independent, locally owned, community commercial bank founded in 1852 as the State chartered Bank of Coxsackie. In 1865 the bank took a Federal charter and its present name of National Bank of Coxsackie.

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FINANCE

Lavu Launches Lavu Capital to Offer Accessible Funding to Restaurants

Lavu | September 29, 2022

Lavu, a major global restaurant software and payments solution provider built by restaurant people, today announces Lavu Capital, offering restaurant merchants cash advances to provide funding that can be used to help run and grow their businesses. Powered by Parafin, a full-stack, embedded fintech company, Lavu Capital gives restaurants, primarily small businesses, easy access to fast capital that typically is not available through traditional bank financing.Unlike a loan that charges interest, merchants agree to pay a portion of future sales in exchange for receiving fast and efficient funding, all for one low, flat capital fee based on the cash advance amount. With Lavu Capital, pre-approved merchants that demonstrate consistent or increasing sales get access to a cash advance that can be used for any business expense such as equipment, staff, marketing and rent costs. This eliminates the application and credit check requirements that often preclude small businesses from receiving bank funding. Here’s how it works: Eligible merchants view their pre-approved advance offers in their Lavu Dashboard, toggle the slider to select the capital amount that best fits their business and verify bank account details in order to accept the cash advance. After accepting, the merchant receives the funds directly to their bank account in 1-2 business days. This requires no additional paperwork and has no impact on credit score. The merchant will pay a one-time, flat capital fee, that depends on the amount of accepted capital. Payment is automated on a set pay schedule and is based on a percentage of sales through Lavu determined prior to accepting the capital. There is no interest, no minimum payment, and there are no late fees. “It’s frustrating to see how many restaurant owners don’t qualify for traditional loans despite their strong track records.In the same way we helped thousands of restaurants quickly transition to online ordering to survive the pandemic, we are launching Lavu Capital to help more restaurants keep their doors open during challenging times.” Saleem Khatri, CEO of Lavu Our mission at Parafin is to grow small businesses by making it easier and faster to access financial services, starting with capital,said Sahill Poddar, CEO, Parafin. “We’re honored to work with platforms like Lavu that are heavily invested in the growth of the thousands of restaurants they work with, in order to deliver on this mission. About Lavu Lavu is the world’s leading restaurant management platform for small and medium-sized restaurants. The company’s products include an award-winning mobile point-of-sale, online ordering, payment processing and accounts payable suite. Embodying values of hospitality in its 24/7 support of restaurant partners in more than 65 countries, Lavu helps businesses grow with solutions built for restaurants by restaurant people. Headquartered in Albuquerque, New Mexico, Lavu was the first iPad point of sale in the Apple App Store and continues to offer the latest in restaurant features and functionalities. Learn more at Lavu.com. About Parafin Parafin is full-stack embedded financial infrastructure that serves small businesses better, faster, and cheaper. Parafin works with the platforms that small businesses already use — such as marketplaces, payment processors, and software providers — to help small businesses bridge their cash flow needs, invest in their growth, and run their business. Parafin was founded in 2020 by Sahill Poddar, Ralph Furman, and Vineet Goel, three of the earliest employees at Robinhood. Together, they served as the head of machine learning, first data scientist, and head of risk and fraud, respectively.

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FINANCE, SMALL BUSINESS ADVICE

Amazon and Lendistry Fuel Small Business Growth with Expansion of Amazon Community Lending Program

Lendistry | September 30, 2022

A year after its successful pilot launch, Amazon announced today that it will roll out the Amazon Community Lending program as a long-term offering to help even more sellers grow. In partnership with B.S.D. Capital, Inc. dba Lendistry (“Lendistry”), this program will continue to support urban and rural small businesses in socially and economically distressed communities through short-term loans at competitive and affordable rates. Since its launch, the program has loaned more than $35 million to over 800 sellers—surpassing the original goal of $10 million during the pilot. Now, the program plans to loan more than $150 million in the next three years to small businesses selling in the Amazon US store. At Colsen, we have big ambitions to grow the business but a need for capital to facilitate it was critical, explains Armando Colimodio, co-owner of Colsen, an ecommerce business based in Miami, FL. By working with Amazon Community Lending, we’ve been able to invest in our business and expand our great product selection through the program’s simple and quick loan acceptance process. We expect to double our sales this year and remain committed to growing our product portfolio. Amazon sellers account for more than half of all units sold in Amazon’s store. Small businesses approved for a loan from Lendistry through the Amazon Community Lending program can use these funds to grow their business in Amazon’s US store and to cover other strategic business needs, such as staffing and operations costs, inventory, product development and manufacturing, and marketing efforts to build their brands and grow their customer base. Loans provided by Lendistry through this program will range from $10,000 to $250,000 with terms of up to five years. Businesses in our communities are often launched with limited responsible options for funding, shares Talisha Bekavac, executive vice president of U.S. Black Chambers, Inc. “The Amazon Community Lending program has created a model that helps Black-owned businesses grow and thrive with a minimum loan size of $10,000 and rates at an affordable and competitive level. Since 2011, Amazon has provided loans to small businesses selling in its stores through Amazon Lending. The company believes that an infusion of working capital at the right moment can help sellers succeed. Through its partnership with Lendistry, an established minority-led Community Development Financial Institution (CDFI), Amazon can now help reach urban and rural small businesses in socially and economically distressed communities. The majority of the funds Lendistry has historically disbursed have gone to traditionally low-to-moderate income communities, minority-owned businesses, and other historically disadvantaged business owners and the communities they serve. Amazon believes businesses of all sizes should have access to financing, payment options, and funds management tools,explains Tai Koottatep, director and general manager of Amazon B2B Payments and Lending. “The Amazon Community Lending program was developed to help provide sellers in socially and economically distressed communities with working capital as well as one-on-one coaching, education programs, webinars, and classes to help them grow now, and in the future. In addition to providing access to critical working capital, the Amazon Community Lending program provides small businesses access to supplementary resources from Lendistry, including one-on-one consulting, webinars, and on-demand educational classes. Small businesses also have access to Amazon’s Seller University and Amazon Small Business Academy to help them succeed. “When Amazon came to us with the idea for the Amazon Community Lending Program, we knew it would make a significant difference for small businesses that need responsible capital to grow, Together, we’ve done impactful work to expand opportunities for growing businesses and give them a responsible lending option.” Lendistry CEO, Everett K. Sands Each year Amazon invests billions of dollars to help sellers expand their businesses by improving the infrastructure, tools, services, and fulfillment solutions to sell in Amazon’s store. In addition to Amazon Community Lending, Amazon separately offers the Black Business Accelerator (BBA) program, which provides access to financial assistance, strategic business education and coaching, and marketing and advertising support to help Black business owners succeed as sellers in Amazon’s store. Amazon also provides a number of other financial tools to help sellers grow—now and in the future. In the last decade, Amazon has introduced convenient financing options through Amazon Lending, rewards on Amazon purchases with the Amazon Business Prime American Express Card, and automatic proceeds disbursements through the Amazon Currency Converter for Sellers (ACCS).

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