News & Insights

Small businesses often face numerous challenges when scaling and expanding their operations. From visioneerit.com "statistics showing 70% startups finding it hard to scale their business". Limited resources, market saturation, and lack of expertise can hinder growth prospects for entrepreneurs and small business owners. However, strategic collaborations offer a powerful solution to these obstacles, providing opportunities for collaboration, innovation, and mutual benefit.

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Securing Requests for Proposals (RFPs) is a crucial gateway to growth and opportunity for most small businesses and entrepreneurs. As per openassets.com, RFPs have consistently influenced approximately 30-40% of companies' sales revenue over the past four years. However, navigating the intricacies of the bidding process can be challenging, and it requires a strategic approach to stand out amidst the competition.

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The top three challenges in entrepreneurs:

1) Recruiting

2) Inflation

3) Insufficient Capital or Cash Flow.

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Securing funding remains a critical aspect of success for small business owners and entrepreneurs. However, the process of obtaining a bank loan can often time be difficult especially when facing challenges posed by traditional banking institutions. The latest Biz2Credit Small Business Lending Index, Big banks approved 13 percent of small business loan applications last month, down from 14.5 percent in January. However, Small banks’ approval percentages rose from 19.3% in September to 19.5% in October, marking an increase every month since June 2023. Understanding the landscape and employing strategic approaches could enhance small business owners and entrepreneurs to secure vital capital.

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The entrepreneurial journey can come with unique risks, challenges, and learning opportunities. FreshBooks reports that 24 million Americans aspire to become entrepreneurs but frequently encounter obstacles that hinder their pursuit. Understanding and taking proactive steps to overcome these hurdles can be crucial not only for survival but also for success.

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Understanding the economic terrain is crucial for making informed decisions. Economists are outlining key trends that are expected to shape the economic landscape. These trends could provide insights into the potential trajectory of global economies in the coming months of 2024.

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Integro Bank and Integro Wealth Advisors is pleased to announce the January 24th CEO Club event with speaker Nivan Jaleeli, Director at BlackRock. Mr. Jaleeli has worked in the investment profession for 20+ years and joined BlackRock in 2014.

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The Integro Bank Foundation is excited to announce its first grant award to Local First Arizona to support the We Rise Business Accelerator, a no-fee six-month program offering comprehensive and practical business skills to Arizona's Black entrepreneurs.

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Within the United States, a majority of new businesses, specifically over 50%, are owned by individuals from minority backgrounds. Despite this, such businesses continue to experience disparities when it comes to accessing capital and opportunities. As the business environment becomes increasingly dynamic, it is critical to highlight and support minority entrepreneurs. To effectively promote and support the growth of minority-owned businesses, there are several strategies that may be employed that could provide support.

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91% of small business owners already struggle with the current economy’s impact on their industries according to a Goldman Sachs survey. Modern small business owners may be faced with a unique set of challenges that demand innovative solutions. To stay ahead of the competition here are some hurdles that you should look forward to when heading into 2024.

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