Jesseca Lane
Brand & Marketing
Connor Patterson
Co-Founder
Evan Shoemaker
Head of Product

While most of us business owners are focused on the January 2025 BOI filing deadline, few of us understand how this will reshape the future of small business. Our analysis shows that BOI filing status is quickly becoming a critical benchmark in everything from financing to business vendor relationships, creating ripple effects that will impact small businesses  for years to come.

The New Normal: BOI as a Business Health Indicator

What started as a federal filing requirement is rapidly evolving into something much more significant: a fundamental indicator of business health and compliance maturity. Banks, investors,  and the ecosystem as a whole are already developing frameworks to use BOI compliance status as a key metric in their evaluation processes. This shift represents a new era in business transparency and due diligence. Whether looking for credit, expansion, financing or even selling your business now. 

The Financing Future: How BOI Changes Everything

The impact on business financing extends far beyond traditional loans. Financial institutions are already updating their underwriting criteria to include BOI compliance status. A major national bank recently revealed that BOI compliance will be weighted similarly to personal credit scores in their small business loan evaluations starting in 2025.

Insurance and Risk: The Premium Effect

The insurance industry's response to BOI requirements reveals another layer of long-term impact. Insurance providers are actively developing new risk models that incorporate BOI compliance status. Early indicators suggest non-compliance or late compliance could increase premiums across multiple insurance types:

  • General Liability: 10-15% increase
  • D&O Insurance: Up to 25% increase
  • Cyber Insurance: 15-20% increase
  • Business Interruption: Variable increases
  • Professional Liability: Significant premium adjustments

Government Contracts & Grants: The New Reality

Perhaps the most immediate impact is being felt in government contracting & granting. Federal and state agencies are already planning to integrate BOI compliance into their vendor & grant requirements. For businesses hoping to tap into government contracts or grants, early BOI compliance isn't just important – it's becoming essential.

The Palm Solution: Future-Proofing Your Business

Understanding these far-reaching implications led us to develop Palm's comprehensive BOI compliance solution. Our platform goes beyond simple filing to provide:

  • Real-time monitoring of your business & how you are viewed by everyone 
  • Automatic updates for ownership changes
  • Syndicating your Small Business everywhere you need it, stop filling out forms 
  • Compliance history tracking

Taking Action: Protecting Your Business Future

The ripple effects of BOI filing will touch every aspect of your business's future. While the immediate deadline is important, the long-term implications of how and when you establish compliance could impact your business for years to come.

Don't wait for these ripple effects to hit your business. Visit getpalm.com today to ensure your business is positioned for success in the new compliance landscape. Our free filing service helps you establish a strong compliance foundation that will serve your business well into the future.

Remember: In the post-BOI world, early compliance isn't just about meeting a deadline – it's about securing your business's future.

File your BOI Report for Free
Avoid severe penalties and fees with our free & automated filing
Learn More
BOI Report
Nov 28, 2024

The Complete Guide to BOI Exemptions: Does Your Business Qualify?

How to tell if you are exempt from filing a Beneficial Owner Report

BOI Report

The Real Cost of Missing the BOI Deadline Explained

Missing the BOI deadline isn't just about fines. Discover how it can impact your business operations, credit, and future growth.

BOI Report

5 Myths About BOI Filing You Need to Stop Believing

Separate fact from fiction with these 5 myths about BOI filing. Avoid stress and penalties by understanding the truth behind BOI requirements.

BOI Report

Who Must File a Beneficial Owner Information Report

Unsure Who Needs to File a Beneficial Owner Information Report? Learn which businesses must comply to avoid penalties and ensure transparency.

BOI Repot
Nov 12, 2024

Don’t Fall For It: The Small Business Guide To Avoiding BOIR Scammers

You have likely heard about the new federal requirement to identify & report beneficial ownership information (BOI) to FinCEN (Financial Crimes Enforcement Network). While this requirement is legitimate, Bad Actors and Scammers are exploiting it to target unsuspecting business owners while also raking in millions of dollars in fees from unsuspecting Small Business Owners.

BOI Reporting

Understanding the Beneficial Ownership Info Report (BOIR)

Navigate the complexities of the Beneficial Ownership Information Report (BOIR) to ensure compliance and avoid penalties.

BOI Report
Nov 6, 2024

The BOI Ripple Effect: How This Filing Could Impact Your Business's Future (Beyond the Obvious)

In the post-BOI world, early compliance isn't just about meeting a deadline – it's about securing your business's future.

BOI Report
Nov 4, 2024

The Hidden Costs of Filing BOI Late: What 87% of Business Owners Don't Know

Are you underestimating the true costs and implications of delayed BOI filing? Find out now!

Small Business AI
Dec 12, 2023

How AI Can Save Your Restaurant Time & Money

Restaurant finances just got easier.

From our Founders
Feb 9, 2024

The Top Five Small Business Benchmarks You Need to Know

Reach your goals with Palm

How To
Dec 12, 2023

Let us get our hands dirty with your finances so you don’t have to.

Learn how Palm is helping service providers save time & money with AI

Expenses
Feb 15, 2024

Expense Management for Small Businesses, Made Easy

AI Expense management for small businesses

Small Business AI
Jan 19, 2024

AI 101 for Small Businesses

What you need to know about how AI can help your small business.

Most Asked Question
Feb 2, 2024

Most Asked Question: Where Do I Spend The Most Money?

Better understand your business spending using AI

Most Asked Question
Feb 22, 2024

Most Asked Question: Why do I need to connect my business account?

Data & Security

From our Founders
Feb 26, 2024

How To Start and Grow Your Small Business

Looking to start or grow your small small business? Read this first.

Find Money
Mar 20, 2024

How to defer your Economic Injury Disaster Loan [EIDL]

Do you have a Covid-19 Economic Injury Disaster Loan [EIDL]? Read on to learn how to defer and find savings.

Taxes
Apr 1, 2024

4 small business tax tips if you haven't already filed

Running under the gun to save money on your taxes? Read on!

Find Money
Mar 1, 2024

How to find savings on your small business insurance

Read this if you have small business insurance.

Funding
Mar 28, 2024

How to find free small business grants

Your guide to federal and corporate grant opportunities

Funding
Apr 8, 2024

Your guide to State and Local Small Business Grants

Read on if you're looking for a small business grant at the state and local level.

Grow
Apr 22, 2024

The top macro trends affecting small businesses

Trends you should understand to help your business grow

Find Money
Apr 12, 2024

Five ways to manage inflation & rising business costs

Read on for tips on how to find savings for your business.

Small Business AI
May 17, 2024

Managing small business finances with AI

Business expenses just got easier.

Grow
Apr 30, 2024

What you need to know about National Small Business Week

It's National Small Business Week 2024 - here's whats happening, the hot topics like AI, and how you can get involved.

Grow
Jun 15, 2024

Why your business health matters

Is your small business healthy? Read on to find out.

Small Business AI
May 9, 2024

How to combat labor shortages with AI and technology

Learn how small business owners like you are using AI and technology to address labor shortages & costs.

Find Money
May 20, 2024

Five Cash Flow Management Tips for Small Businesses

Automate the gruntwork with AI

Small Business AI
Jun 3, 2024

How to grow your small business with AI

AI is here to stay - here's how it can help your small business.

Small Business AI
Jun 25, 2024

Remove the chaos from small business finances with AI

Learn how Palm and AI can help you achieve peace of mind as a small business owner.

Grow
Jun 27, 2024

The small business guide to a successful summer

Sizzling hot tips to grow your business this summer.

BOI Report
Jul 17, 2024

How to e-file your BOIR

Read on to learn more about filing your mandated Beneficial Ownership Information Report with Palm.

BOI Report
Nov 27, 2024

Who needs to file a BOI Report?

How to know if you have to file a Beneficial Owner Information Report

BOI Report
Aug 8, 2024

Don't miss your BOIR deadline!

Learn how to file your Beneficial Ownership Information Report with Palm.

BOI Report
Aug 21, 2024

What is a BOI Report?

Learn what a BOI Report is and how to avoid severe penalties when you file with Palm’s automated process.

BOI Report
Aug 28, 2024

When to file your BOI Report

Learn all about when you need to file your BOI Report and how Palm can help you file in a few easy steps.

Small Business Growth
Aug 27, 2024

What's keeping your small business from growing?

Here are the key growth factors to consider for the health of your small business.

business health
Sep 17, 2024

Business Reporting 101 for SMBs

Better understand the reported information on your small business and what's in a small business data wallet.

compliance
Oct 8, 2024

The easiest way to keep up with small business compliance

Compliance is a huge burden for most small businesses, but Palm is here to help.

Become a Member

Claim & verify your free
profile
Get Started