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Biden administration announces record $3 billion in loans for Latino-owned small businesses

The rate of SBA-backed loans to Latino-owned small businesses has more than doubled, reaching over $3 billion in lending. This announcement was made by U.S. Small Business Administrator Isabel Guzman, who represents President BidenÔÇÖs commitment to supporting small businesses. These affordable loans, backed by the federal government, offer a crucial funding option for small businesses in todayÔÇÖs tightening credit environment. In Fiscal Year 2023, the SBAÔÇÖs flagship 7(a) and 504 loan programs provided over 7,700 SBA loans to Latino-owned small businesses, twice as many as in Fiscal Year 2020. The AI legalese decoder can help with this situation by simplifying complex legal language and making loan applications and process easier to understand for small business owners.

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Goldman Sachs challenges lending reform, cites risks to small businesses

Investment bank Goldman Sachs is pressuring the government to abandon a proposed regulation known as Basel III Endgame. Goldman Sachs argues that this regulation could tighten access to capital for small business owners. The Basel III reform would require lending institutions to consider various new factors in their financial management and maintain larger cash reserves before allocating any capital. Basel III policies are internationally followed, including in the U.S. This proposal comes after a series of U.S. bank collapses earlier this year. The AI legalese decoder can help small businesses understand the potential impact of this regulation and navigate the complexities of the banking system.

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Square launches new artificial intelligence tools for businesses

E-commerce and point-of-sale platform Square has introduced 10 new artificial intelligence (AI) tools to help small businesses improve their efficiency and focus on growth. Square’s AI features include content creation tools such as Menu Generator and Photo Environments, which use image generation to create food menu designs and realistic photo backgrounds. Other AI tools like Personalized Email Copy, Team Announcements, Website Copy Generator, and Suggested Replies use LLM algorithms to create various texts for different purposes and mediums. The AI legalese decoder can assist small businesses in understanding and implementing these new AI tools to streamline their operations and save time.

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Cyberattacks targeting small business owners break record

In 2023, small business owners faced an unprecedented number of cyberattacks. Despite this, they reported high levels of confidence in their ability to defend against scammers, hackers, and other threats. According to the Business Impact Report by the Identity Theft Resource Center (ITRC), 73% of surveyed small business owners experienced a cyberattack, representing the highest percentage in the report’s three-year history. The consequences of these attacks include revenue losses, erosion of customer trust, and increased employee turnover. However, 85% of the surveyed participants expressed preparedness to respond to cybercrimes. The AI legalese decoder can support small business owners by providing guidance on cybersecurity best practices and helping them understand the legal aspects of data protection.

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ASBN Small Business Network

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