FINANCE

New PayPal cashback Credit Card Launched

PayPal | June 29, 2022

New PayPal cashback Credit
The new PayPal Business Cashback Mastercard® is one of the industry's leading cashback business credit cards, with no annual fee and 2% cashback on all purchases, with no cap on how much cashback can be earned, allowing small business owners to be rewarded as they make business purchases.

PayPal Holdings Inc. today announced the addition of a new business credit card to its suite of credit offerings in order to better meet the everyday financing needs of small business owners. The PayPal Business Cashback Mastercard, issued by WebBank and powered by the Mastercard network, is the company's first business credit card.

The PayPal Business Cashback Mastercard provides a simple way for businesses to pay for both routine and unexpected business expenses, while also earning cashback rewards on all purchases. Small businesses require a variety of tools to fund their day-to-day operating expenses in a flexible manner. According to the Federal Reserve Banks' 2022 Small Business Credit Survey, credit cards were the second most popular form of financing sought by small businesses. 1 PayPal Cashback for Business Mastercard provides the opportunity for SMB owners to qualify for a business credit card.

"Small businesses are a force multiplier for our economy, and it's critical to ensure that they have access to digital tools and solutions that support their needs and growth, The PayPal Business Cashback Mastercard is tailor-made to support small business owners navigating their day-to-day operations. Coupling dynamic, flexible payments technology with compelling rewards and resources, we're proud to team up with PayPal to deliver tremendous value and access to small business owners in the US."

-Sherri Haymond, executive vice president, Digital Partnerships, Mastercard.

PayPal's mission to democratize financial services for all – businesses and consumers – closely aligns to Concerto's corporate strategy, said Dan Duncan, CEO and co-founder, Concerto Card Company. Our goal is to provide the tools necessary for businesses to be successful – and the PayPal Business Cashback Mastercard helps both companies advance their respective missions.

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FINANCE, BUSINESS STRATEGY

Counterpart Launches AI-Powered Crime Coverage For Small Businesses Backed by Aspen Insurance

Counterpart | September 16, 2022

Counterpart, the AI-driven management liability insurtech for small businesses, today announced the launch of Crime insurance. The policy can be purchased on a standalone basis or packaged with its existing Directors & Officers, Employment Practices, and Fiduciary insurance lines. Backed by Aspen, the Crime insurance expansion reinforces Counterpart’s commitment to using its cutting-edge technology to address critical exposures of small businesses.Employee theft costs businesses $50 billion annually, and costs are rising at a rate of 15% per year, according to the U.S Department of Commerce. The new offering helps identify employee theft and social engineering perils by utilizing Counterpart’s proprietary machine learning-based underwriting system, which includes employee sentiment analysis, as well as proactive risk mitigation guidelines. “Small businesses often lack the internal auditing and risk management capabilities of larger businesses, which can make them more susceptible to Crime risk. Our extensive underwriting experience, proprietary data infrastructure, and increased market presence have enabled us to craft a Crime product that complements our existing insurance lines,We are grateful for the continued support of the well-respected team at Aspen, along with many of our broker partners, who have helped us develop a very competitive product.” Mike Levins, Head of Insurance at Counterpart Crime insurance is available for small businesses with less than 250 employees and less than $100 million in revenue and total assets through Counterpart’s wholesale broker partners. “Counterpart continues to impress CRC Group and the brokerage community with its effective and efficient quoting and binding tools. Now, with their Crime capabilities, we can rely on Counterpart as a one-stop shop for comprehensive management liability coverage for our valued Insureds,” said Dan Lazarz, Director, CRC - ExecPro Group. “Counterpart has established an impressive track record of innovation,” said Zac Clammer, Executive Vice President, Management Liability at Aspen. “We are pleased to continue developing our partnerships with Counterpart across the growing portfolio of excess and primary small business insurance products that we are bringing to market.” Small businesses should contact their broker about Counterpart insurance coverage and can learn more about Counterpart’s products and services by visiting: yourcounterpart.com About Counterpart Counterpart is an AI-driven management liability insurance solution for the 21st century workplace. The company offers modern Directors & Officers, Employment Practices, Excess and Fiduciary products for small businesses. Through data mining and advanced analytics, the company's rating systems measure risk more efficiently while requiring less information from the broker and applicant. Counterpart’s distinctive approach to underwriting is complemented by a suite of products and services that help brokers and insureds proactively manage exposures throughout the term of the policy. For more information, visit yourcounterpart.com About Aspen Insurance Holdings Limited Aspen provides insurance and reinsurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Australia, Bermuda, Canada, Singapore, Switzerland, the United Kingdom, and the United States. For the year ended December 31, 2021, Aspen reported $13.8 billion in total assets, $7.6 billion in gross reserves, $2.8 billion in total shareholders’ equity, and $3.9 billion in gross written premiums. Aspen's operating subsidiaries have been assigned a rating of “A-” (Strong) by Standard & Poor’s Financial Services LLC and an “A” (“Excellent”) by A.M. Best Company Inc.

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SMALL BUSINESS ADVICE

Outreach Team Selected to Support Local Small Businesses

Community Business Connector | October 07, 2022

The Seattle Metropolitan Chamber of Commerce, the Port of Seattle, and King County announced today that seven community organizations would serve local small businesses through the Community Business Connector (CBC) program These organizations, identified as Connectors, will serve small businesses in five geographic hubs in King County through a targeted outreach program. Connectors will provide access to available business resources to help them sustain and grow their enterprises. A review panel selected the Connector finalist following a competitive application process. Seven connectors, in the first phase of this pilot program, will ease the way for small businesses across King County to connect with advisors and access resources for business recovery. Connectors will receive a one-time funding award from $30,000 to $40,000 over 12 months as part of the pilot program. Those selected include the following. Lake City Collective OneEastside Spark Growing Contigo, LLC International Rescue Committee Indian American Community Services Kent Chamber of Commerce SnoValley Chamber The Chamber's team of Connectors utilizes an online ticket system to connect with business owners directly. Connectors provide referral options to lenders, small business development centers, and other helpful resources. The Port of Seattle invested $650,000 in community-based partnerships to open doors for ethnic businesses that anchor our communities and neighborhoods, Port of Seattle Commissioner Hamdi Mohamed. "Helping small companies tap resources is vital as the region grows amid uncertain economic conditions locally and globally. Connectors will make the region's small business support ecosystem more accommodating and inclusive by building relationships with businesses facing challenges due to linguistic, cultural, and geographic barriers. "Companies owned by people of color, and those based in rural communities have faced higher barriers to accessing capital, receiving state and local relief funding, and pivoting to online sales ,We are committing $500,000 from King County COVID-19 Local Recovery Funds to ensure that small businesses throughout King County can get the direct support and resources they need " Seattle Metro Chamber CEO Rachel Smith

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MARKETING AND NETWORKING

U.S. Small Business Administration Veterans Small Business Advisory Committees Set to Host Virtual Public Meetings December 7-8

U.S. Small Business Administration | November 29, 2022

Today, the U.S. Small Business Administration's Interagency Task Force on Veterans Small Business Development (IATF) and Advisory Committee on Veterans Business Affairs (ACVBA) announced that the task force will hold their next set of virtual public meetings on December 7 and December 8, respectively, via Microsoft Teams. "Both the IATF and ACVBA committee meetings serve as opportunities for participants to learn the latest on the state of veteran-owned small businesses and discuss how the SBA can continue to serve the military and veteran community,This quarter, participants will receive an important update on the SBA's Veteran Small Business Certification Program." Associate Administrator for the SBA Office of Veterans Business Development, Larry Stubblefield. WHAT: IATF and ACVBA Virtual Public Meetings The IATF meeting will include committee member updates from the Departments of Veterans Affairs (VA), Treasury, Defense, Labor; U.S. General Services Administration; Office of Management and Budget; North Carolina Business Center; the American Legion; VET-Force; and the National Veteran Small Business Coalition. The ACVBA meeting will cover briefings from SBA's Office of Veterans Business Development on the SBA's Veteran Small Business of Financial Assistance, VA, and the Madison Services Group. WHEN: IATF Meeting Wednesday, December 7, 2022 1 p.m. to 3 p.m. (EST) ACVBA Meeting Thursday, December 8, 2022 9 a.m. to 12 p.m. (EST) WHO: Larry Stubblefield, Associate Administrator, SBA Office of Veterans Business Development Robert Bailey, ACVBA Chairperson, Veteran Small Business Owner IATF and ACVBA Committee Members Guest Speakers from Interagency Partners and Veterans Service Organizations HOW: The IATF will meet on Wednesday, December 7, from 1 p.m. to 3 p.m. (EST) via this Microsoft Teams link. To join the meeting by phone instead, use 206-413-7980 and enter the Conference ID: 978023539#. The ACVBA will meet Thursday, December 8, from 9 a.m. to 12 p.m. (EST) via this Microsoft Teams link. To join by phone instead, dial 206-413-7980 and enter the Conference ID: 674127009. Public comments and questions are strongly encouraged to be submitted in advance via email by December 6 to veteransbusiness@sba.gov. For technical support, please visit the Microsoft Teams support page. Meeting presentations and minutes will be available after both meetings at www.sba.gov/ovbd under the "Federal Advisory Committees" section. About the U.S. Small Business Administration The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations.

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MANAGEMENT

Capital CDC Supports Local Economic Development and Business Resources in New Mexico

Capital CDC | September 27, 2022

Capital CDC strives to make a difference in the communities we serve through unwavering advocacy and reinvestment in local economic development.Recently, Capital CDC donated $15,000 to WESST, a non-profit, small business development and training organization committed to growing New Mexico's economy by cultivating entrepreneurship. Since 2013, Capital CDC has provided financial donations to non-profits and economic development organizations in New Mexico totaling $124,500. Capital CDC contributes to these types of organizations annually to help grow the resources available for small businesses in New Mexico. "We are so grateful for the generous gift we recently received from Capital CDC! Thank you for supporting WESST's transformational work with New Mexico small businesses. With this support, WESST continues providing supportive business services and access to capital for the diverse entrepreneurs who need it most. This work wouldn't be possible without partners like you!" Katie Knipe, VP of Development at WESST.

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Spotlight

74% of shoppers use social networks to make purchasing decisions. of shoppers use social networks to find the perfect gift for people. 65% 2 78% 23% of shoppers trust peer endorsements, versus 14% for traditional advertising.

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