Linda McMahon is planning to step down from leading the Small Business Administration to help raise money for President Donald Trump’s re-election campaign, according to people familiar with the matter.
The Small Business Administration should consider partnering with fintechs, which have the capacity to approve loans quickly, to help avoid the kind of application backlog the agency faced after the last government shutdown.
The agency's update is good news for banks digesting data suggesting that nonbanks cut into their share of small-business loans during the partial government shutdown.
Industry groups and lawmakers have joined bankers in insisting the agency develop a plan to resolve the paperwork problem before the partial government shutdown ends.
