Welcome to the Small Business Rundown. Each day, we bring you stories that impact small business owners and their workforce.
First on today’s docket, the online lender Kabbage is now offering small-biz loans with really short repayment periods. Next, we get the news straight from the horses’ mouths and check in on SBO attitudes toward the rising tide of the minimum wage and their No. 1 concern when it comes to the 2020 election.
Online lender Kabbage to offer short-term small business loans
Kabbage, the online lender, announced that it will start offering small business loans that can be repaid in a matter of days, instead of weeks. The new loans require a one-time fee, dependent on the term length and repayment method, and are available to small businesses using Kabbage Payments, and feature unlimited online invoicing, next-day deposits and no monthly fees.
The Number: 3. The new loans from Kabbage will have repayment terms from 3 to 45 days.
The Quote: “Small businesses are interested in shorter repayment terms. Customers can now decide exactly how long they want to keep the money they borrow.”
SBOs perspective on the minimum wage
As the trend toward increasing the minimum continues to play out in local municipalities and states, SCORE recently conducted a survey to gather information about small business owners’ perspectives on the topic of the minimum wage. A total of 29 states and the District of Columbia have minimum wages above or at the federal standard and SBOs are split when it comes to raising it.
The Number: 73%. Whether they pay it or not, 73% of small business owners acknowledge that the minimum wage in their state is not a living wage.
The Quote: “I owned a small business for 30 years. I always paid my staff well above minimum wage. People deserve the right to live fair.”
Economy ranks #1 in election issues for SBOs
The Iowa Caucuses took place this week, officially kicking off the 2020 presidential process, and giving SBOs in the Hawkeye State a chance to stand up for their candidate. New data demonstrates that an overwhelming majority of small-biz owners across see the economy as the most important election issue. Who would’ve guessed?
The Number: 49%. While SBOs are collectively most concerned about the economy overall, there is some variation when it comes to demographics. For entrepreneurs between the ages of 18 and 38, 49% report that health care is their top concern, compared with 46% who rank the economy in first place.
The Quote: “… the issues that keep business owners up at night are often universal.”