App-based loans, such as Buy Now, Pay Later (BNPL) and Earned Wage Access (EWA), can lead to increased financial stress and instability due to their high fees, hidden costs, and potential for loan stacking.
Business
Posted inLifestyle
From Military Service to Economic Empowerment: Shania Chandler’s Inspiring Journey
Shania Chandler, a PMP certified Army Veteran, is the Founder and CEO of the Black Girl Business Academy, an organization dedicated to helping single mothers and aspiring entrepreneurs build credit, secure funding, and launch successful businesses.
Posted inLatest News
Business Spotlight: Madison Elyse Events in Shorewood
Madison Elyse Events is a Shorewood-based event venue founded by Qiana Turner, offering a customizable space for up to 60 guests and event planning services, with upcoming events including a Holiday Pop-Up Shop and Breakfast with Santa.
Posted inBusiness
Minority-owned businesses shut out as loan denials soar
Black-owned businesses faced the highest rejection rate for financing in 2024, with 39% denied loans, lines of credit, or merchant cash advances, while white-owned businesses only faced an 18% rejection rate.
Posted inNational
Why aren’t companies speeding up investment? A new theory offers an answer to an economic paradox
The pace of US business investment has fallen by about 50% over the past 50 years. Idle capacity, not cautious executives, explains the decline, research suggests.
Posted inBusiness
Estate planning seen as survival for Black families
Constance Carter, founder of California’s largest independent Black-owned real estate firm and bestselling author, emphasizes the importance of estate planning, life insurance, wills, and living trusts to protect Black wealth and ensure that future generations inherit more than just debt.
Posted inBusiness
Illinois’ tourism push includes millions for NASCAR events
The state of Illinois has spent nearly $7 million hosting or sponsoring NASCAR since 2022, including $795,000 for this year’s Enjoy Illinois 300 race, which generated $60 million of economic activity for the Metro East region.
Posted inNational
How Cup Noodles became one of the biggest transpacific business success stories of all time
See a package of Cup Noodles and you might think of dorm rooms and cheap calories. But there was a time when eating out of Cup Noodle’s iconic packaging exuded cosmopolitanism.
Posted inBusiness
Loan applications for all Cannabis Social Equity Licensees open
The Illinois Department of Commerce and Economic Opportunity is now accepting applications for Round 3 of the Cannabis Social Equity Loan Program, which includes $40 million in forgivable loans to qualified, licensed social equity cannabis businesses.
Posted inBusiness
TW Finance FYI: The 401(k) shake-up that could change how you retire
The White House has directed the Department of Labor and the SEC to allow ordinary Americans to invest in alternative assets such as private equity, real estate, digital assets, and infrastructure projects in their 401(k)s, potentially providing higher returns and better diversification for savers.
