News Topic: Small business lending

A budget item establishing a new agency to protect consumers from predatory lenders has been put on hold as state officials deal with the coronavirus response and other priorities. But it could be revived in legislative talks later this summer. ... Read full article

The venture with Goldman Sachs represents the first time Amazon has let a third party control the underwriting process of one of its financing offerings. ... Read full article

The central bank is only now nearing the launch of the credit facilities after the effort was announced in April. But Chairman Jerome Powell said loans have been available through other means. ... Read full article

A blueprint that includes more CRA and tax credits for lower-income African Americans would help a demographic disproportionately harmed by the coronavirus pandemic. ... Read full article

Leaders of companies including Citizens, Comerica and Truist offered more upbeat assessments of loan demand and credit quality than they have in recent weeks. But others warned of weakness in key sectors such as energy and real estate, and said forbearance ... Read full article

Activity in the Paycheck Protection Program has slowed in recent weeks, but Customers Bancorp and Fountainhead Capital continue to pursue loans aggressively in hopes of developing long-term borrower relationships. ... Read full article

The global protests in the wake of George Floyd’s death should serve as a reminder that the banking industry must do more to support minority employees and customers. ... Read full article

The changes are meant to make the program more attractive for both business borrowers and the banks that make the loans; as workers trickle back to offices on Wall Street, they'll see a different landscape due to coronavirus concerns. ... Read full article

The central bank will increase support for credit issued through the Main Street Lending Program while providing midsize firms with more flexibility on the amounts they receive. ... Read full article

Lenders have a role to play in the national reconciliation that must follow the recent racial unrest — providing greater access to capital for African Americans and other underserved groups so they can build wealth, activists said at a panel discussion ... Read full article

As part of its commitment, the Minneapolis company said it will provide $100 million in capital to African American owned and operated businesses and organizations. ... Read full article

Bankers said legislative fixes to the small-business rescue program should help more borrowers secure loan forgiveness, though new demand will likely remain tepid because the process is still extremely cumbersome. ... Read full article

Representatives of lenders as well as businesses that received pandemic bailout money told an oversight board Wednesday that delayed and confusing instructions from the government hampered the effectiveness of the main rescue program for smaller companies. ... Read full article

The bill, which passed the House last week on a 471-1 vote, now heads to President Trump’s desk for his signature. ... Read full article

The changes being sought would benefit both small businesses and banks, which would avoid the cost of servicing many low-yielding loans. ... Read full article

Bankers spent Monday cleaning up damaged branches, wondering if their small-business clients will need more emergency aid and contemplating how the racial and economic inequalities highlighted by days of violent protests nationwide can be corrected. ... Read full article

The Federal Reserve set up a liquidity facility to help banks meet demand for emergency small-business loans through the Paycheck Protection Program, but it's gone largely unused. ... Read full article

The agency is trying to get small lenders to help underserved businesses get the loans; although the British government is guaranteeing small business loans, banks are required to collect on delinquents. ... Read full article