TD Bank has pledged $3 million to provide credit counseling to small-business owners. The hope is that those owners will use commercial loans to replace personal credit cards and home equity as their primary forms of business funding.
Efforts to make it easier for smaller businesses to apply for SBA loans, coupled by concerted expansion efforts among key regional and community banks, contributed to the third consecutive record for 7(a) lending.
The agency has earmarked all funds from a Hurricane Harvey recovery package for direct relief, despite calls to get more bankers involved in the process. It remains to be seen how the agency will handle the cleanup for Hurricane Irma.
The long-term recovery for thousands of Texans whose homes were decimated by Hurricane Harvey rests with a Trump administration government outsider who wants his agency's budget cut by billions of dollars.
The largest banks are approving small-business loan applications at the fastest rate since the recession, a sign that that they are willing to assume more risk and taking seriously the threat of competition from online lenders.