Five Things Small Business Financing Should Look out for in 2022
With another year in the books, below is a list of things that the small business finance community should think about in 2022.
Disclosure Laws are Coming
The laws in New York are changing. While the date for the new law was pushed back at least until June, the state is about to make it very difficult to finance small businesses. California, New Jersey, Maryland, Connecticut, and North Carolina are among other states to also keep an eye on regarding disclosures in 2022.
Blockchains, Blockchains, Blockchains
Regardless of the legitimacy of things like cryptocurrencies and NFTs, blockchain technology is on its way to the initial states of implementation in the financial world. In a further effort to eliminate paperwork, redundancy, and time, the idea of a decentralized ledger has all corners of the financial world watching closely.
Merchants are Becoming Digitally Native
As business owners are continuing to emerge as younger and more technologically sound, lenders should embrace fintech in any area of their processes that they can. Just to appear as a tech company may become a marketing strategy for some brokers or lenders, as those who offer the smoothest, simplest, and most technological form of funding will win over their competition with this new emerging business owner.
Brokers Using Motivational Social Media Posts to Develop Brands
As small business financiers continue to try and find their place on social media, there seems to be a gathering of those in the broker space to create motivational content. Keep a lookout for more brokers to continue internet marketing via motivational posts to not only give a face to their company, but legitimize themselves as a go-to in the space; so maybe they can launch some type of broker training program in the future.
Networking Will Continue to Re-Emerge as Top Tool
As 2021 concluded with in-person events slowly approaching normalcy after pandemic induced restrictions, the industry is showing an unprecedented amount of desire to get together multiple times a year to build their books of business. Look for events across finance, technology, and cryptocurrency spaces to increase in both numbers and attendees.Last modified: January 20, 2022
Adam Zaki was a Reporter at deBanked.