JPMorgan CEO Dimon says banks are putting Silicon Valley to shame … in terms of diversity; Uber’s plan to replace its CEO with a woman seems to be sputtering; and Yellen’s potential successors also are all men.
The largest banks are approving small-business loan applications at the fastest rate since the recession, a sign that that they are willing to assume more risk and taking seriously the threat of competition from online lenders.
Young businesses often prefer banks, especially community banks, over online lenders. However, traditional lenders need to make quicker decisions, simplify the application process and make other improvements, these customers say.
Online lending platform Kabbage announced Thursday it has raised $250 million from Japanese telecom giant SoftBank, marking its largest equity fundraising round to date.
Efforts to repeal a Dodd-Frank mandate for lenders to report data on small-business applicants — including race and ethnicity — overlooks the benefits of the provision to both communities of color and banks.
