News Topic: Small business lending

This personal funding has blurred the line between personal and business finances more than ever. ... Read full article

Now that its deal with Texas Capital has been called off, Independent Bank in McKinney plans to scale back or exit some commercial lines and will seek to duplicate its retail banking successes in Colorado. ... Read full article

The pioneering online lender had long struggled to live up to the hype that drove its early growth, even before the pandemic pushed it to the brink. ... Read full article

The company's foundation, whose mission had been carefully planned by BB&T and SunTrust before their merger, opened just nine days before the novel coronavirus was declared a pandemic. Here’s what happened next. ... Read full article

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

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. ... Read full article

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. ... Read full article

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

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. ... Read full article

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. ... Read full article

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

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. ... Read full article

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. ... Read full article

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. ... Read full article

Two state assembly members introduced legislation that would let the California Infrastructure and Economic Development Bank accept deposits from public entities and provide financing to small businesses and local governments. ... Read full article

The company has established a fund that will provide capital, technical assistance and long-term recovery support to small businesses, especially minority-owned companies. The other megabanks are expected to donate their fees, also. ... Read full article

But Boston Fed chief sees more interest among banks and borrowers if the economy worsens; the failed payments company is being investigated for its alleged role in a $100 million caper. ... Read full article

More than 30 banks across the country, including dozens of community banks and some lenders with more than $1 billion in assets, could generate fees that surpass their 2019 net revenue before set-asides for loan losses. ... Read full article