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Enigma Technologies and Verisk Financial Collaborate to Provide Insights into Small Business Financial Health, Offering Lenders Clarity

2 weeks ago Amanda T. Noriega

NEW YORK, Feb. 1, 2021 /PRNewswire/ — Enigma Technologies, a data science company that collects and analyzes information on the health and identity of every U.S. business, announces a strategic collaboration with Verisk Financial, a Verisk company relied upon by leading financial institutions, payments providers, and retailers around the globe.

During this year-long pandemic, lenders have been struggling to assess small business financial health and, lacking clear information, rejected eight out of ten loan applications from small businesses. Through the Verisk collaboration, Enigma is launching a new solution that allows clients to see and understand how small business revenues are trending in near real-time. Combining these revenue trends with Enigma’s proprietary entity resolution and machine learning techniques provides actionable estimates about the financial health of more than 20 million small businesses.

As part of the collaboration, Enigma joins a consortium of banks, payments processors, and financial institutions to provide trustworthy

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Small Business owner on going from idea to opening

3 weeks ago Amanda T. Noriega

NORTH FORT MYERS, Fla — It seems like much of Tony Brown’s life has led to this moment.

And he feels ready.

“Every night when I would go to sleep when I was a kid,” Brown says, “I would come up with some business idea or figure some kind of concept about how to create a business. But I just didn’t know how to get from A to Z.”

Tony’s story is the first in a new series called “SWFL Reinvented: Moving Forward”. For the next year, we’re going to track how a group of small business owners go from concept to creation to running their own business. We’ll update you every week in a digital-only series that you can watch on the Fox 4 website or the Fox 4 App on your favorite streaming device.

When Tony was growing up, dreaming of owning his own business, his dad told

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COVID-Cleaning Robots, GPS Abnormality Detectors Top DOT’s Small Business Wishlist

3 weeks ago Amanda T. Noriega

Artificial intelligence to inspect, fix and sanitize transit vehicles and robots that can independently decontaminate those and other travel assets are among an array of research solutions and concepts the Transportation Department intends to explore through its latest Small Business Innovation Research program.

The agency on Thursday issued a solicitation for the first phase of its fiscal 2021 SBIR effort, inviting not-so-large entities to offer up fresh proposals for novel ideas to meet complex, federal research and development needs. It follows a pre-solicitation launched last month.

Offers will need to “demonstrate a sound approach to the investigation of an important transportation related scientific or engineering problem,” officials note in the document, adding that and research will have to have “relevance to the improvement of some aspect of the national transportation system or to the enhancement of the ability of” DOT or its sub-components.

The massive, mobility-focused agency is one of

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Small bank’s asset sale is opportunity zone’s gain

3 weeks ago Amanda T. Noriega

When the historic St. James Hotel in Selma, Ala., reopened Jan. 26, it was a banner day for Woodforest National Bank.

The $8.3 billion-asset Woodforest, headquartered about 650 miles west of Selma in The Woodlands, Texas, invested $2 million in the redevelopment of the 184-year-old St. James, which is expected to create 45 good-paying jobs. The equity stake came as part of a larger, $22 million investment fund that Woodforest believes can serve as a prototype for banks interested in leveraging opportunity zones for Community Reinvestment Act credit.

The Woodforest CEI-Boulos Opportunity Fund recently closed after investing in its 11th opportunity zone project. All 11 projects are in Woodforest’s 17-state footprint.

The fund “is a good counter to the argument opportunity zones are a wealthy person’s toy,” said Doug Schaeffer, Woodforest’s CRA executive director.

“We think there’s a lot of potential at the intersection of CRA motivated capital and

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State Of Small Business And Entrepreneurship

3 weeks ago Amanda T. Noriega

President Biden’s American Rescue Plan proposes to allocate $15 billion in “flexible, equitably distributed grants” to one million of the hardest-hit small businesses. It also calls for $35 billion in government funds to leverage $175 billion in private lending and investment for small businesses.

Ten Republican Senators have proposed a smaller, alternative COVID-19 relief package. This calls for $50 billion in additional small business assistance: $40 billion for another round of the Paycheck Protection Program and $10 billion for the Economic Injury Disaster Loan program. In a statement last week on the negotiations, the Bipartisan Policy Center expressed support for providing $15 billion for small businesses struggling the most.

Calls for more financial assistance for small businesses presuppose that small businesses need it. Today, the House Small Business Committee has a hearing, “State of the Small Business Economy in the Era of COVID-19.” They’ll hear various perspectives about the

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The 300 Greatest Small Business Ideas

1 month ago Amanda T. Noriega

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