Executives from a half-dozen major financial institutions avoided detailed commercial lending forecasts and gave a mixed outlook on consumer credit at an industry conference. And they called on Washington to pass an aid package targeted at the most troubled business sectors as soon as it can.
A prosperous decade leading up to the pandemic had left lenders in good shape, but they're worried the economic shock to the state's most vital industry could linger into 2022.
Professional Holding has opened an office close to Boston to make loans to aspiring CEOs — often recent business school graduates — who are looking to buy their first businesses.
Lenders pushed back against the notion that city dwellers' pandemic-driven flight to suburbia would hurt them. They say fewer landlords have sought deferrals as vacancy rates remain low and rent collections have stabilized.
The 50 biggest banks are financing industries that contribute most to the loss of the world’s species, according to a consortium of environmental experts and advocates.
The company's Silicon Valley Bank unit reduced its loan-loss cushion by $52 million. Private-equity and VC clients have warmed to the practice of doing deals virtually, which increases lending opportunities, SVB executives said.
Many of the Buffalo, N.Y., bank’s commercial loans have exited forbearance granted in the early days of the pandemic — except hospitality and retail, which were given longer dispensation.
Institutions that cling to outdated lending tools run the risk of being left behind by commercial clients who are barraged with opportunities to borrow faster and more conveniently.
