Small businesses turning far more often to online lenders: Fed
The findings of a new survey suggest that banks risk becoming irrelevant unless they match the speedier processes that are a key selling point for online lenders. ... Read full article
News Topic: Small business lending
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ConnectOne makes bold digital play with deal for online loan exchange
The New Jersey company agreed to buy BoeFly, which connects franchisors, small businesses, lenders and loan brokers. ... Read full article
Lawmakers, lenders aren't buying SBA's argument for higher loan fees
The chairwoman of the House Small Business Committee promised to block action on the agency's budget unless it can justify its fee-hike request. ... Read full article
Real-time data was Kabbage's secret sauce, its first investor says
The online lender's recent completion of a $700 million securitization provided Jonathan Ebinger at BlueRun Ventures an opportunity to reflect on what he has learned about the power of alternative data. ... Read full article
Fifth Third ramps up small-business lending in Chicago
The bank is pledging to lend another $2 billion in a market where it has invested $3.6 billion in various community development initiatives since 2016. Most of the new funds will be used to make loans to small businesses that operate in low- and ... Read full article
Bank Holding Companies with the Largest Small-Business Loan Balances
On Dec. 31, 2018. Dollars in thousands, except for average loan amount. ... Read full article
Veteran-focused fintech lender diversifies into credit cards
StreetShares will add to its line of financing products with a credit card specifically for small-business owners with a military background. ... Read full article
Banks explore ways to capitalize on tax law's 'Opportunity Zones'
Regional and community banks are working to finance the economic development districts created by the new law. But they have lots of questions about how the program works — and thoughts on how to improve it. ... Read full article
Under the hood of U. S. Bank’s new mobile app
AI-driven customer insights, mortgages and small-business loans are among the features in the app, which the bank is rolling out Monday. ... Read full article
Patriot National won't let reg order stifle its small-business plans
The Connecticut bank, which has been unable to complete a pending deal for an SBA platform, has managed to build the business anyway. ... Read full article
BofA pledges additional $50 million to Tory Burch's program for women
The bank will fund community development financial institutions that lend to women-owned businesses backed by the fashion designer's foundation. ... Read full article
California bank is working with fintech firm to help business clients
Pacific Mercantile and P2Bi are collaborating on a program to help businesses that are not ready for traditional bank financing. ... Read full article
From SBA chief to fintech backer
Karen Mills, who led the Small Business Administration from 2009 to 2013, is joining the Eastern Bank spinoff Numerated as an adviser and investor as it tries to bring online-lending technology to community banks. ... Read full article
Bank Holding Companies with the Largest Business Loan Portfolios
On Sep. 30, 2018. Dollars in thousands. ... Read full article
SBA renews push to raise caps for Express program
The agency wants to increase the maximum SBA Express loan to $1 million from $350,000 to pump up volume. ... Read full article
Mix, mingle, mentor: Women make time for face time at Fundera
Three years ago, the New York-based fintech started organizing a monthly gathering for its female employees. The meetings have helped participants find role models. ... Read full article
Community activists oppose Square's ILC bid
More than three dozen organizations are asking the FDIC to reject Square’s pending application to become an industrial loan company, according to a letter filed Tuesday. ... Read full article
Fintechs could make life easier for overtaxed SBA
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. ... Read full article
Square's banking bid avoids backlash that doomed Walmart's
The vast majority of comment letters to the FDIC support the fintech’s banking venture, in stark contrast to the public outcry over the pre-crisis ILC bids by large retailers. ... Read full article
Small-business fintech Nav raises $45 million
The Salt Lake City company, which connects small-business owners with lenders like JPMorgan and BofA, plans to use the funds to expand its partnerships and customer base. ... Read full article