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Arizona Banking Landscape free eBook outlines key challenges for local small businesses

Posted By Julie Smith, Horizon Community Bank, Wednesday, May 4, 2016

Arizona small businesses want loans, but are baffled why they are still so difficult to obtain even after the recession is over. When it comes to Arizona’s banking landscape and how it directly impacts local small businesses, an eBook released today byHorizon Community Bank outlines a few key challenges that are top-of-mind in the industry and why they are happening. Each challenge in the eBook drastically impacts local businesses in Arizona, a state particularly hard hit by the recession.  Main challenges discussed in the free eBook include:

  1. We expect seamless, smooth service online and off, yet the actual customer experiences banks deliver are slow to improve.
  2. Banks are hampered, sure, but where’s the innovation?
  3. Satisfaction & loan approvals are higher at small local banks, yet new banks aren’t opening.
  4. Corporate America.... Corporate Arizona... has money, but they aren’t spending it.
  5. Excessively tight laws continue to negatively impact business loan approvals.

 

“Banks are losing ground to online lenders and crowdfunding platforms who don’t have compliance issues and can more easily deliver a streamlined customer experience,” said Jerry Ernst, president and CEO of Horizon Community Bank. “The problem? Non-bank lenders aren’t subject to the Truth in Lending Act or regulation. It’s a Wild West out there and small businesses are getting burned. They’re turning to easier solutions without understanding the true cost over the life of their loan. They need to know that loan approvals are highest at small local banks and why that matters.”

The free eBook can be downloaded here and is released in conjunction with National Small Business Week (May 1-7, 2016).

Ernst continues, “This complicated beast of an industry can’t change unless it’s helped along–banks, politicians and businesses working together to untangle this incredibly complex knot that’s been created as a knee-jerk reaction to the recession. We need to recognize the issues and join together in solving them.” Perhaps this ebook can be a start.

About HCB

Horizon Community Bank is a locally owned and operated FDIC insured bank with branches in Fort Mohave, Lake Havasu City, Mesa, Parker and Quartzsite. It has almost 80 employees and provides high-touch, customized financial services to those in the healthcare, transportation, real estate, and technology industries, as well as general commercial and consumer services. Horizon Community Bank is a subsidiary of holding company Horizon Bancorp, Inc.

Horizon Community Bank supports local communities. May’s non-profit partner of the month is Lake Havasu Unified School District #1. Learn more at HorizonCommunityBank.com.

 

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Tags:  Arizona  Arizona Business  business lending  economy  press release  Small Business 

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NSBA Releases 2015 Year-End Economic Report

Posted By Ashley Vizzerra, Arizona Small Business Association, Tuesday, March 1, 2016

ARIZONA SMALL BUSINESS ASSOCIATION
FOR IMMEDIATE RELEASE
Tuesday, February 23, 2016

Contact: Ashley Vizzerra
Communications Coordinator
(602) 306-4000
avizzerra@asba.com

NSBA Releases 2015 Year-End Economic Report

In the National Small Business Association’s (NSBA) recently released 2015 Year-End Economic Report, it seems the small business community has a less optimistic outlook on the overall economy than it held just a short six months ago when the report was released in July 2015. To no surprise, the survey revealed that when asked what the most significant challenges to the future growth and survival of their businesses were, owners responded with: economic uncertainty (49%), cost of health insurance benefits (36%), decline in customer spending (34%), and regulatory burdens (33%). Although small businesses seem to be apprehensive regarding the overall economy, 75% are confident in the future of their business, an increase of 4% from six months ago. Additionally, 50% of business owners are planning on utilizing new advertising and marketing strategies to increase the growth of their company.

Despite some of the legislative efforts made this past year in regards to funding opportunities for small businesses (such as Crowdfunding and exporting), one-in-four small businesses still cannot access adequate financing. However, nearly one-in-five small businesses saw an increase in their lines of credit or credit cards, indicating that the financial standing of small business is increasing.

In terms of political issues needing to be addressed by Congress and the President, small businesses report the following top four issues: reduce the national deficit (20%), end the partisan gridlock and work together (16%), simplify the tax system (15%), and reduce the tax burden (9%). Over 60% of small business owners say they would support a proposal regarding reforming and reducing entitlement spending. With the 2016 Presidential elections right around the corner, only 5% of small business owners are confident in the candidates’ understanding of small business.

Rick Murray, Arizona Small Business Association (ASBA) CEO, comments, “Despite the report indicating less positivity from small business owners, we are still seeing that gross sales and revenues have increased in the last year by 14% while over 70% are able to obtain financing. That’s great progress from the past year, showing us that we are moving in the right direction.”

As 97.9% of all employer firms in the United States are small businesses, the NSBA Economic Report is a clear indicator of what businesses nationwide need to enhance the economy. Providing this insight will hopefully move legislation and economic spending in a direction that continues to help small businesses thrive.

About ASBA:

The mission of the Arizona Small Business Association is to be THE statewide resource for small business. Business owners join ASBA for the convenience and efficiency of our products and services, to engage and advocate for public policy that ignites small business growth, and to foster a positive economic direction for Arizona powered by entrepreneurism. By bringing thousands of small businesses together, ASBA has created greater value for all members and is proof positive that our mission of supporting small businesses through an active and connected community is working.

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Tags:  Arizona  economy  small business 

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Economic Symposium Brings Governor and Top Valley Business Leaders Together for Economic Discussion

Posted By Arizona Small Business Association, Friday, October 24, 2014

Gov. Jan Brewer to Speak on Economic Legacy and Future for Arizona
 
PHOENIX, AZ (October 24, 2014)  In Business Magazine is bringing together top Valley business leaders and Governor Jan Brewer, as keynote speaker, just three days after Election Day for the Annual Guest Editors Economic Symposium and Expo. Panels will present an in-depth discussion on the local economy during the luncheon on Friday, November 7, 2014, from 11 a.m. to 2:30 p.m. at The Phoenician Resort.
 
An imposing slate of In Business Magazine Guest Editors will take part in a panel discussion on emerging economic opportunities, strengthening our workforce, business funding, government policy, education and other important economic issues that affect us as businesspeople. The event will also include a business expo showcasing business services. Guests are invited to visit exhibitors before and after the luncheon. Celebrating four years in publication, In Business Magazine will announce its redesigned pages, online efforts and products at this year’s event.
 
Among those Guest Editors confirmed for the panels are Jerry Colangelo, Principal Partner JDM Partners; Kimber Lanning, Executive Director, Local First Arizona; Rudy Parga, Managing Shareholder, Ryley Carlock & Applewhite; Bob Parsons, Chairman, Yam Holdings and Founder, GoDaddy; Elliott D. Pollack, CEO, Elliott D. Pollack & Company; Jim Ward, President & CEO, The Phoenix Symphony; and Candace D. Wiest, President & CEO, West Valley National Bank; among others.
 
“This is a great annual Valley event, as we are able to bring together top business talent and our Governor to discuss our future,” said Rick McCartney, president and CEO of InMedia Company and publisher of In Business Magazine. “It is a great opportunity for local business owners and executives to hear from those who lead the government, top companies and business organizations here, and to discuss, one on one, the issues that affect our economy.”
 
The panel discussion presented during the luncheon will be moderated by Ted Simons, host of KAET Channel 8's "Arizona Horizon." Individual tickets for the event are $65. A table of ten is $650. Corporate sponsorships and marketing opportunities are available. Please visit www.inbusinessmag.com to register or for more information.
 
In Business Magazine reaches one of the largest demographics of business owners and managers in the Valley.  Each monthly issue is direct-mailed to subscribers and members of our partner organizations as well as additional associate organizations and is available online.  The publication is sold on newsstands Valley-wide and in select other Arizona markets. Greater Phoenix In Business Magazine is published monthly by InMedia Company. InMedia has been publishing in the Valley since 2004.
 
# # #

To learn more about In Business Magazine or to set up an interview or on-camera interview with Rick McCartney, please contact Savanah Holmgren at sholmgren@inmediacompany.com or (480) 588-9505, ext. 210.

Tags:  Arizona  economy  Event  small business 

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