The more things change in small-business lending, the more they stay the same, going back as far as 3,000 years. But in this book excerpt, Karen Mills, former head of the Small Business Administration, predicts momentous changes ahead.
Sunil Chandra's job will be to guide the fintech's international expansion. It says 12 banks are using its small-business lending platform, including three in the United States.
The Small Business Reorganization Act of 2019 adds a new subchapter V to chapter 11 for small businesses. The new subchapter gives small businesses the option of choosing a more streamlined -- and hence cheaper and quicker -- procedure than they would find in a regular chapter 11. Perhaps most significantly, the absolute priority rule, which requires creditors to be paid in full before owners retain their interests, does not apply.
NorthOne's U.S. launch joins other app providers hoping to attract entrepreneurs and freelancers with features such as real-time insights into cash flow.
Lawmakers and others faulted the agency's foot-dragging on approving licenses and funding requests for small-business investment companies, whose owners include banks.
