Credibility Capital Inc., a technology-enabled lending platform, today announced that it successfully sold a pool of whole loans in a transaction employing Orchard technology. A regional bank was the buyer. It is the first use of this kind of technology within the online lending space.
A company’s business credit refers to its perceived ability to make good on obligations according to the terms of its contracts. Learn about how business credit is calculated and why it's so critical for small businesses to build and maintain good business credit.
by Brett Baris, CEO & Co-Founder
Small Business Saturday is less than two weeks away and excitement is mounting. If social media activity is any indication, 2016 will be the most successful Small Business Saturday to date.
The Big Impact of Small Business
The Shop Small movement began in 2010 to encourage the general public to support their local businesses and in turn, their local communities. Small businesses form the backbone of our economy. According to the Small Business Administration (“SBA”), small businesses generate over 54% of all US sales and have generated 66% of all net new jobs since the 1970s.
But smaller businesses can’t possibly compete for either visibility or spend in the promotional weeks between Thanksgiving and New Years when larger businesses spend millions to market their products and services. So to counterbalance Black Friday, Small Business Saturday was born.
How To Get Involved
Each year both the Shop Small movement and the Small Business Saturday effort grow and businesses gain access to an increasing set of tools to help them leverage the momentum and drive bottom line business results. This year businesses can download turnkey, customizable signage, website and social creative that makes marketing their participation in the effort seamless. And they can take this one step further – I have received a handful of emails from local businesses promoting available Small Business Saturday rewards-based promotions offered by larger companies, encouraging me to take advantage while shopping at their store. This is a great way to provide value to your loyal customers at minimal cost to you. Businesses can also work together with other local shops to create events, to cross-promote brands and to offer perks to encourage spend across multiple stores in town – think a punch card concept where shoppers who make purchases at three stores on Small Business Saturday receive a free cup of coffee at the local roaster.
Finally, this should not be a one-day phenomenon. Businesses can promote the Shop Small movement year-round through ongoing promotion in-store, on-site and through their social channels. To learn more about ways to leverage this movement to maximize your business results, visit SBA.gov/SmallBusinessSaturday. And of course, you can do your part by shopping small in your own communities and supporting your local businesses.
Brett Baris and Mark Rambler, founders of Credibility Capital, have known each other since growing up in northern New Jersey. Therefore, it is not surprising that much like the motto of their home state, the pair's mission is to bring "liberty and prosperity" to small business lending in the way that entrepreneurs access capital.
Despite steady increases in access to credit since 2012, when the study began, and an increase in demand for credit compared to the same time last year, small businesses are scrambling to secure working capital, according to the third quarter 2016 Private Capital Access (PCA) Index report.