As millennials, we’ve learned about money the hard way. From the Great Recession to stratospheric student loan debt to a pandemic, there’s been no shortage of life giving us lemons.

While the long-term economic effects of the pandemic are yet to be fully realized, you may have noticed one positive trend in the short term: For once, your debt may have dropped.

Credit card balances fell by $76 billion April through June, the steepest decline on record, according to an analysis by the Federal Reserve Bank of New York. Research by NerdWallet backed that up, finding that credit card balances carried from one month to the next dropped 9.15%, or more than $600 per household with this type of debt. Overall household debt shrank by nearly $1,000 among households carrying any type of debt in the same period.

If stimulus checks, paused student loan payments and sticking close to home

Read More

John MacDougall | AFP | Getty Images

Come Oct. 13 and 14, Amazon’s annual two-day members-only online sales extravaganza Prime Day will bring customers over one million deals on myriad products in popular categories including home accessories, toys, and electronics. But in addition to providing shoppers with steep savings starting at midnight PST on Tuesday, the popular sales promotion will also offer thousands of small businesses opportunities to quickly scale customer awareness and revenue.

Currently, more than 500,000 small and medium-sized businesses in the U.S. sell on Amazon, and the company’s goal is to onboard an additional 100,000 vendors as new sellers to its store. Despite the ongoing pandemic, third-party sellers continue to crowd its virtual aisles, and presently account for over half of all units sold via the online retailer. In the 12-month period ending in May alone, American SMB sellers sold more than 3.4 billion products, up from

Read More

  • Elon Musk sent an email to his employees laying out an ambitious goal: building 500,000 vehicles in 2020. 
  • Tesla needs to produce 170,000 vehicles in the fourth quarter — a 17% increase over Q3 — to reach that mark.
  • Musk’s email comes after Tesla topped analyst expectations for third-quarter vehicle deliveries.
  • Visit Business Insider’s homepage for more stories.

Elon Musk has never shied away from aggressive goals — and never hesitated to push those around him to help make them happen. For his latest would-be coup, the Tesla CEO wants to ramp up fourth quarter production by 17% compared to the third quarter, so Tesla can hit a milestone. 

“It will be tough but super exciting if we can exceed 500,000 cars made in a single year for the first time in Tesla history,” Musk told his staff in an email reported by Electrek. “It all comes down to Q4.

Read More

Building credit isn’t just a personal financial concern—it’s a vital one for new business owners. Building your company’s credit isn’t just about ensuring you can get financing when you need it. Your ability to meet your company’s obligations affects everything from the suppliers who will do business with you to the level of talent you can bring on to your team.

Below, 10 members of Forbes Finance Council offer some sage advice on how small-business owners can go about building credit for their organizations.

1. Separate the owner’s credit from that of the business.

The best approach to building company credit is to separate the individual owner from the business. This is done by forming a corporation or LLC to operate the business. The business entity will be able

Read More

DETROIT, Oct. 7, 2020 /PRNewswire/ — Moguls in the Making, a business plan pitch competition that offers Historically Black College and University (HBCU) students an opportunity to learn and practice vital skills, will take place virtually Oct. 8-11, 2020. This second annual competition is presented by Ally Financial Inc. (NYSE: ALLY), Thurgood Marshall College Fund (TMCF) and entertainer and entrepreneur Big Sean’s foundation, the Sean Anderson Foundation (SAF). The event will showcase the diversity of ideas, thoughts and experiences these students can offer the business world.

Moguls in the Making gives 50 students—grouped into teams of five from 10 HBCUs—an opportunity to develop and present business plans aimed at solving key issues in the context of today’s economic and social climate. Winners receive scholarships and internship opportunities with Ally.

To learn more about the program and the experiences of last year’s participants, view this short video. Six of the

Read More

COLORADO SPRINGS, Colo., Oct. 7, 2020 /PRNewswire/ — Quantum Metric, a SaaS platform that helps organizations build better digital products faster, today announced it has secured up to $25 million of debt capital from Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and their investors. With its initial Series A round led by Insight Partners in 2018 and the closing of this facility, Quantum Metric has raised $50 million in capital over the span of 24 months.

The pandemic has altered the investment landscape, slashing the number of VC rounds in the U.S. this year by 44 percent. In its latest capital raise, Quantum Metric leveraged its strong balance sheet, in combination with its competitive market position as the global leader in Continuous Product Design (CPD), to drive the strategic decision to choose debt financing over equity to grow its fast-moving business. The new funds

Read More

Metro General Manager Paul J. Wiedefeld informed board members of the decision in a letter, a copy of which was obtained by The Washington Post.

Terms of the contract have not been finalized, and Metro declined to comment further because the two sides are in negotiations.

“The 8000-series rail car procurement process remains active, and we are unable to comment at this stage of the process,” Metro spokesman Dan Stessel said. “We are excited to share information with Metro riders as soon as a contract is awarded.”

Metro plans to order 256 cars, with an option to purchase up to 800. The transit agency told bidders that it will incentivize the building of a local assembly plant for the project, which could potentially last beyond the transit agency’s contract and become a source of new rail cars and jobs for years.

Hitachi Global is a more than 100-year-old Japan-based corporation

Read More

A Liverpool mum who battled post-natal depression to build her successful children’s entertainment business has credited the support from The Prince’s Trust.

Lucie Campbell praised the charity as they mark the milestone of having helped one million young people across the UK since being founded in 1976.

The 40-year-old from Netherley set up her own business, Jumping Jacks, back in 2009 after turning to The Prince’s Trust for help after facing challenges including leaving home at 16, having a baby at 19 and then suffering from postnatal depression.

She told the ECHO: “Exercise really helped me with postnatal depression and I wanted to help others in a similar situation.

“At the time, I felt lonely. I had trouble sleeping, I would only get about three or four hours a night, I was worried all the time and wondering whether I was doing a good enough job as a mum.

“I

Read More


5 min read

Opinions expressed by Entrepreneur contributors are their own.


Many aspiring entrepreneurs think the key to growing a successful company is linked to the ability to secure investor funding. For some businesses this may be true, but many successful companies have been built from the ground up with no outside investment or support, aka bootstrapping. It takes great dedication, strong work ethic, sweat equity and an immense amount of drive to bootstrap a business to success.

Today, the majority of entrepreneurs are bootstrapping their companies. One recent report found that of the 202 million working-age adults in the United States, 27 percent are either running a business they own and manage or starting such a business. Of these, 33.1 million are in the entrepreneurial phase (starting or running a business for less than three and a half years). Now consider that venture capital is used

Read More



Shayanne Gal/Business Insider


© Shayanne Gal/Business Insider
Shayanne Gal/Business Insider



a woman standing in a kitchen: Hiring diverse talent can help your business better innovate. Luis Alvarez/Getty Images


© Provided by Business Insider
Hiring diverse talent can help your business better innovate. Luis Alvarez/Getty Images

  • Smaller businesses are better poised to create diverse and inclusive teams than big corporations — as long as they start early.
  • Finding top talent for your company requires diversifying your network before you start hiring and expanding the scope of what you’re looking for in candidates.
  • You can also make your hiring strategy more inclusive by standardizing the interview process so that every candidate gets the same questions and evaluations.
  • Creating a diverse and inclusive workforce isn’t a chore — it’s good for business and something any company can do with the right mindset and effort.
  • This article is part of a series called Resources for Resilience, focused on providing tips and inspiration for small businesses who are learning how to survive and thrive in today’s
Read More