This week, on ASBN Small Business News, anchor Shyann Malone brings you up to speed on the latest tools and resources now available for small to medium-sized businesses.
Top Stories
Registration is now open for the American Express Small Business Saturday event, taking place on November 25. During the annual sales holiday, consumers are directed to nearby storefronts through an interactive map, allowing them to take care of holiday shopping while supporting local entrepreneurs. To register, small business owners will need to set up their profile on the American Express Merchant Profile page using their employer identification number. Co-sponsored by the U.S. Small Business Administration, the event has helped local retailers generate $184 billion in revenue since its launch in 2010. Read more.
The U.S. Small Business Administration has substantially increased lending to women and minority entrepreneurs under the Biden presidency. Since 2020, loan distribution has increased by 36% among Asian American entrepreneurs and more than 50% for both Black and Latino business owners. During 2023 alone, lending to women entrepreneurs increased 70%. In keeping with the White House’s agenda to improve access to capital among underserved communities, the SBA has also reformed its application process, making it easier to request government-backed loans. Read more.
Small business check fraud is on the rise in 2023, according to mobile deposit leader Mitek. In a study of both consumers and financial institutions, the firm found that 31% of entrepreneurs have become victims of credit fraud since the start of the year. Of those impacted, 65% reported losses greater than $50,000. The increase in criminal activity has also weakened consumer trust in data privacy, with 80% of shoppers now expressing fears their information will be stolen. Read more.
TikTok is seeking to attract more merchants to its new in-app eCommerce platform by offering logistics services. After launching earlier this year, the TikTok Shop has earned mixed reviews from both buyers and sellers, something the company is hoping to change with a better support system. However, the social media company will be outsourcing its warehousing and delivery operations to third-party providers, including ShipBob and Newegg. A company spokesperson said the move will help create a “seamless and fast shipping experience for merchants and customers.” Read more.
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