Linda McMahon is planning to step down from leading the Small Business Administration to help raise money for President Donald Trump’s re-election campaign, according to people familiar with the matter. ... Read full article
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
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
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
Big data and artificial intelligence will allow banks to do more for small businesses, former SBA head Karen Mills argues. ... Read full article
Small businesses short on cash can use advances from Fundbox to buy products from online suppliers. ... Read full article
With a permanent director confirmed, the agency should take steps to establish a small-business data collection rule mandated by the Dodd-Frank Act. ... Read full article
The objectives of a Financial Crimes Enforcement Network rule requiring financial institutions to collect “beneficial ownership” details are laudable, but the regulation can be subverted by unscrupulous customers. ... Read full article
The former head of Heritage Oaks Bancorp says she relishes a chance to reinvent Luther Burbank, a thrift that wants to make more commercial loans — a shift she has deftly orchestrated before. ... Read full article
The regional bank is working with customers to help develop and launch new products, including a small-business credit card. ... Read full article
The legislation would ban legal clauses that force small-business borrowers to give up their right to court proceedings before obtaining a loan. ... Read full article
The ... Read full article
The House Financial Services Committee chairman said "so far, the United States Senate has done nothing on a bill that passed" the House with over 400 votes. ... Read full article
As the economy softens, traditional banks have an opportunity to win back market share from fintech competitors. ... Read full article
Lenders fear the agency's rule could make most poultry producers ineligible for 7(a) loans. ... Read full article
A federal prohibition on marijuana has locked U.S. banks out of an industry surging toward $75 billion in sales. Who's catching that money? A small number of local credit unions, and the women who run their operations. ... Read full article
Big banks and fintechs are aggressively adding digital capabilities to process applications quickly, creating a sense of urgency for community banks. ... Read full article
Azlo, Bento, Bank Novo and other neobanks argue they are better at helping small businesses, giving them extra attention, technology and advice. ... Read full article
Traditional financial institutions still have an advantage over challenger banks when it comes to building relationships with small merchants, despite scandals that have befallen megabanks. ... Read full article
The pledge comes as Fifth Third, which had previously committed $30 billion to community development, looks to close on its acquisition of MB Financial in Chicago. ... Read full article
