SBA

Community Bankshares has launched a unit that is originating Small Business Administration 7(a) loans for itself and aims to service them for other small lenders around the country.

The former Georgia senator and entrepreneur, who promised to combat red tape and fraud in her confirmation hearing, takes office following a 52-45 vote.

Trump's Small Business Administration told probationary staff members it had mistakenly sent them termination notices, then informed some of them the next day they were fired after all.

The New Canaan, Connecticut-based company agreed to allow Larry Seidman, who sits on its board, buy an additional 5% of its shares. Seidman currently owns about 9.5% of Bankwell.

On her way out the door, SBA Administrator Isabel Casillas Guzman issues licenses to four more nondepository lenders.

With default levels drifting higher, some program participants are calling on the incoming Trump team to rethink the Small Business Administration's approach to underwriting.

Kelly Loeffer would lead an agency that is critically important to community banks, which make tens of billions of dollars in loans annually under its largest loan program.

The Boca Raton, Florida company is seeking to attract deposits with a product that more closely resembles the strategy many fintechs typically employ.

The Columbus, Ohio-based regional launched Lift Local Business in October 2020 with a $25 million ceiling. Four years and $133 million later, the program is still going strong.

The average size of a Small Business Administration 7(a) loan has fallen to just over $400,000, a level last reached in 2017, according to agency statistics.