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CNBC/Survey Monkey Poll Reveals Small Business Vulnerability to Cyberattack

Protection concept. Protect mechanism, system privacy.

“Hackers have breached half of the 28 millionscreen-shot-2016-09-13-at-11-07-51-am small businesses in the United States, according to the 2016 State of SMB Cybersecurity Report,” says a recently-released CNBC/SurveyMonkey Small Business Survey article about cyber security.

Through a survey of 2,000 small business owners across the nation conducted in April, the CNBC/Survey Monkey team found that only two percent of small business owners surveyed saw cyber security as “the most critical issue they face.”

Many business owners are more concerned about personnel, competition or benefits issues, but the resulting lack of focus on cyber security, combined with an attitude of ‘we’re too small to be targeted,’ may make these businesses more vulnerable to cyberattack, the article stated.

The article also cited Hemu Nigam, founder of SSP Blue, an internet security consulting business, and the former vice president of internet enforcement at the Motion Picture Association of America, who said, “Hackers love small businesses [because] they don’t have the resources to put in high-end cybersecurity protection and they may not be consciously aware they are a target.”

The cost of not having a high-end cybersecurity protection system can be high as well. For a retailer, a credit card data breach can range from “$200 per transaction to $395 per transaction” to respond adequately to the breach, according to the report.

Cyberattacks against businesses can come in many forms (we suggest reading through our blog archives to learn more about these types of attacks and defensive steps to take). The CNBC/SurveyMonkey article’s authors recommend the following precautionary measures:

  • Use large service providers like WordPress and Gmail for your company’s website and email since they already have complex protection systems built in.
  • Refrain from checking personal accounts from a company computer.
  • Use a cloud-based service rather than keeping your information local.

For more cybersecurity tips, please check out our blog post “Nine Tips for Better Cybersecurity” and “Cybersecurity Best Practices” on our website.

More information about the CNBC/Survey Monkey Small Business Survey can be found at the CNBC web page on the tech/cybersecurity page.

(Promoting cybersecurity best practices, Grandpoint Bank recommends against clicking links provided by second-hand parties and chooses instead to provide written directions about how to find material we reference on our blog.)

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screen-shot-2016-09-13-at-11-07-51-amLinking to Non-Grandpoint Bank Websites
This icon appears next to every link that directs to a third party website not affiliated with Grandpoint Bank. Please be advised that if you click this link you will be taken to a website hosted by another party, where you will no longer be subject to, or under the protection of, the privacy and security policies of Grandpoint Bank. We recommend that you review and evaluate the privacy and security policies of the site that you are entering. Grandpoint Bank assumes no liability for the content, information, security, policies or transactions provided by these other sites.

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Pacific Coast Regional – Help for Small Businesses and Entrepreneurs

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If you haven’t heard of Pacific Coast Regional Small Business Development Corporation (PCR), today may be your lucky day. The organization’s dedicated staff, led by CEO Mark Robertson, want to help you and your business. They do this primarily by offering classes for small business owners and entrepreneurs and by helping small businesses get the loans they need to accomplish their goals.

PCR, located in the Koreatown neighborhood of downtown Los Angeles, offers each of their small business development center (SBDC) classes every one to two months throughout the year. Want expert instruction about business development or management? Legal or financing issues? Marketing? Accounting? Quickbooks? Check out the PCR website↗ to see the latest training schedule for these classes and more. The sessions are very reasonably priced and are taught by experts.

Perhaps you want a one-on-one consultation with an expert about your business plan or your social media strategy? Believe it or not, PCR offers business consulting services for free. All you need to do is set up an appointment, which you can do online.↗

PCR is also an invaluable resource if you’re thinking of applying for a business loan. If you can’t quite meet all of your bank’s lending requirements, PCR will work with one of its network banks, including Grandpoint Bank, to co-sign with the borrower. This is possible by virtue of the California Small Business Loan Guarantee program↗ (SPLGP)

As one of nine state certified Financial Development Corporations, and a U.S. Treasury-certified community development financial institution (CDFI), PCR can provide up to an 80% loan guarantee (or a maximum of $2.5 million) to the bank to help you get the loan you need.  Any small business has the chance to qualify as long as it meets the standard SBA definition of a small business. “PCR not only facilitates loans, but sometimes a loan will be contingent on the business owner taking classes offered at PCR,” said David Ross, PCR chairman and Executive Vice President and Chief Credit Officer at Grandpoint Bank. “While the loan may provide the boost, the classes provide instruction for long-term success.”

In addition to its federal CDFI designation, PCR is one of less than 100 State of California-certified CDFIs and the only SBDC in Los Angeles County with internal lending capacity.

As such, and thanks to a generous $500,000 grant made by Comerica Bank in 2006, PCR can make micro-loans valued at $25,000 or less on its own.

PCR can also access a revolving loan fund of $3 million from the U.S. Department of Commerce Economic Development Administration, which allows Mark and his team to provide loans of up to $650,000 to qualified applicants.

“We hope our customers will graduate into a regular banking relationship, but the services and small loans we can provide in the interim help them to do that,” said Mark. Truly a one-stop-shop for Los Angeles County small businesses, PCR’s newest program helps businesses located along transportation corridors experiencing construction disruptions. While the public transportation upgrades driving the construction will eventually be a boon to these area businesses, Los Angeles County Metro realized that small businesses in particular may suffer during construction, so they teamed up with PCR to find a solution.

As a result, Metro’s Business Interruption Fund↗ is a $10 million grant fund that can provide grants up to $50,000 for revenue lost due to construction. During the 10 months the program has been operational so far, 104 grants were made for just under $2 million total.  In addition, PCR reports that they’ve received calls from several other transit and utility authorities from around the state and beyond contemplating similar programs and seeking advice.

With so many valuable programs, Mark estimates that PCR helps approximately 1,300 small businesses each year. As you might expect, he’s gotten a good sense of what it takes to succeed in business.

“Having expertise in the field you’re pursuing and gathering the right team of necessary experts, is the most essential component,” he said. “Also important is a desire to work extremely hard, a willingness to sacrifice and adequate capitalization.”

If you’ve already found success in business but want to help others do the same, PCR offers two ways to volunteer. Bankers and financiers are always needed to participate on PCR’s loan committee to help review and approve transactions. Or, you may be able to serve on the advisory board to provide advice and support for PCR’s small business development center.

The Small Business Administration funds part of the small business development center, and additional funds come through class fees and corporate sponsorships.

“We’ve been a sponsor of PCR since Grandpoint Bank was founded,” said David. “I’ve also served on the PCR board of directors since 2011 and on one of their loan committees before that. I find it very fulfilling working with this organization and seeing the companies they helped launch that are still going strong.”

In fact, David is fortunate to have a great frozen dessert shop in his neighborhood that received a loan and coaching from PCR 15 years ago. It’s still operated by the same owner, and like so many other PCR clients, that owner is creating jobs and contributing to the Southern California economy.

We’re proud to be affiliated with PCR, and we encourage you to take advantage of their programs and share this information with others.

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↗ Linking to Non-Grandpoint Bank Websites
This icon appears next to every link that directs to a third party website not affiliated with Grandpoint Bank. Please be advised that if you click this link you will be taken to a website hosted by another party, where you will no longer be subject to, or under the protection of, the privacy and security policies of Grandpoint Bank. We recommend that you review and evaluate the privacy and security policies of the site that you are entering. Grandpoint Bank assumes no liability for the content, information, security, policies or transactions provided by these other sites.

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