SBA

While Noah Bank’s CEO has been accused of self-dealing in connection with SBA loans, its chairman says the directors had a succession plan ready to go and are rallying to rescue the bank’s reputation.

First Internet will gain lenders and servicing staff, along with offices in Chicago and Indianapolis, from the deal.

The forces reshaping small-business lending are also leading to “a moment of reckoning” for small banks, says former SBA head Karen Mills.

The deals lets a North Carolina group skip the de novo process. West Town, which sold the bank, will use the funds to support a fast-growing business line.

Lawmakers from both parties oppose a Small Business Administration proposal to raise guarantee fees. The clash could lead to a halt in operations this fall.

The National Credit Union Administration and the Small Business Administration have established a program to boost SBA lending by credit unions, which was very light last year. It is sure to irk bankers, who have raised competitive concerns.

The chairwoman of the House Small Business Committee promised to block action on the agency's budget unless it can justify its fee-hike request.

Lenders argue that the move is premature, citing record-low charge-offs in the agency's 7(a) program.

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.

The Connecticut bank, which has been unable to complete a pending deal for an SBA platform, has managed to build the business anyway.