Small business banking
Shanika Sheppard needed funding to turn her Italian ice food cart into a larger business selling Philly cheesesteaks and other comfort foods. She's one of more than 520 small-business owners who’ve received loans of $150,000 or less under the bank's Lift Local program.
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Nearly half of all small-business owners — and higher percentages of minority entrepreneurs — said in a new survey that they aren’t sure they could come up with the funds to cover an emergency $5,000 business expense. But the results also suggest that the Paycheck Protection Program may have led to more trust in the Small Business Administration.
May 19 -
Over the past year, BofA has launched or enhanced a slew of technology-based features for business clients of all sizes, from a “start a business” microsite to cash-flow forecasting.
May 5
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The Columbus, Ohio, bank, which already makes more loans than any other lender in the Small Business Administration's flagship program, is testing a plan to offer them outside of its Midwestern footprint.
April 22 -
The Georgia bank warns that the one-two punch of rising inflation and supply-chain issues on its smaller commercial customers makes that asset class “something we would watch” for potential losses.
April 21 -
The Pennsylvania bank is working with the data provider Enigma and Capital One on a platform they are hoping other banks will use. The technology handles all aspects of the loans and provides data and analytics on borrowers.
January 25 -
The companies will use funding obtained from private investors to develop or expand products that help business owners send and receive money more quickly and manage their operations.
January 11 -
Newity was founded to buy and administer Paycheck Protection Program loans. Now that the program has ended, the company is teaming with a bank on a platform that offers Small Business Administration 7(a) loans.
January 7 -
Faster payments would help the economy in general and individuals and small businesses in particular. It's time for banks to step up.
January 7
