Gilles Gade, one our community bankers to watch in 2021, led an effort that made Cross River Bank one of the biggest Paycheck Protection Program participants. He is ready for his team to pick up where it left off when the new stimulus package kicks in.
The measure, just the second of its kind the nation, mandates that fintechs, factoring firms and other nonbank small-business lenders clearly explain the terms and conditions to borrowers.
The legislation allows the Small Business Administration to waive fees and raise the guarantee for 7(a) and 504 loans, which could encourage more small businesses to apply for loans as the economy recovers.
The Oregon bank has launched a new division targeting businesses with up to $15 million in annual sales and tapped the banker who led its Paycheck Protection Program lending, Ashley Hayslip, to run it.
At least two items on the industry's Paycheck Protection Program wish list were delivered: provisions allowing many existing borrowers to obtain new funding and streamlined forgiveness for loans of $150,000 or less.
Fifth Third is partnering with Provide and Panacea Financial works with Sonabank in Virginia to meet the specialized needs of medical professionals who own their own practices.
A program that lets firms bundle Small Business Administration loans is on hold while Congress spars over a new budget. The impasse is causing headaches for banks that rely on loan sales for fee income.
Lawmakers need to create a coronavirus relief program targeting owners of smaller businesses facing more hardship than larger competitors that received much of the aid from the Paycheck Protection Program.
Montecito Bank in California began streamlining originations after a natural disaster decimated its community in 2018. The move paid off when the COVID-19 crisis hit and the bank had to quickly step up efforts to help clients.
New analysis from S&P shows credit unions near $1 billion of assets and above continuing to dominate the industry's performance in the Paycheck Protection Program as some CUs dedicate a substantial portion of their portfolios to the effort.
