Small business lending

IPO done, nCino now has to prove it can turn a profit

07/28/20

The pressure is on the fintech, which helps banks make digital loans, to stanch its losses and show its lofty market valuation was deserved.

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Nonbanks face new disclosure rules on small-business loans in N.Y.

07/24/20

Similar to a law passed two years ago in California, legislation headed to the New York governor’s desk would require fintech and other nonbank lenders to uniformly disclose total cost of capital, APR and other metrics to potential borrowers.

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Leaked PPP forgiveness plan leaves bankers wanting

07/24/20

A Small Business Administration notice has surfaced that explains what steps lenders must take to seek approval of their forgiveness decisions under the Paycheck Protection Program. But lenders say lawmakers and regulators must do more to cut red tape.

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Congress wants to extend PPP, lenders ready to move on

07/21/20

Many bankers want to focus more on the forgiveness process, assessing the status of deferrals and pursuing traditional lending opportunities.

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Watchdog urges Fed to extend more virus aid to states, small firms

07/20/20

The report from the commission created to monitor the government's response to the pandemic comes as Congress begins negotiations over another round of stimulus.

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Mnuchin says U.S. should weigh forgiving all ‘small’ PPP loans

07/17/20

Treasury Secretary Steven Mnuchin did not define "small," but advocates have been urging Congress to convert all Paycheck Protection Program loans of less than $150,000 into grants.

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Republic in Ky. hires former CEO of Black-run bank to run loan program

07/14/20

Pedro Bryant will oversee a $3 million effort to fund small businesses in disadvantaged communities.

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PPP data errors raise questions about effectiveness of stimulus

07/13/20

A Bloomberg News analysis shows that the data for Paycheck Protection Program loans totaling more than $521 billion released on July 6 are riddled with anomalies.

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PPP spotlights shortcomings in credit unions' small-business push

07/10/20

For all banks' claims that credit unions pose a threat to their commercial lending market share, they've accounted for just 2% of volume in the Paycheck Protection Program.

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Banks seek more fintech help for PPP's next phase

07/10/20

After tech firms assisted community bankers in processing applications in the Paycheck Protection Program, small-business lenders are continuing to engage with cloud providers and other outside companies to automate the loan forgiveness process.

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