Small business lending

Only 18% of businesses that received a Paycheck Protection Program or other loan from an online lender were satisfied with customer service, while 42% said they were dissatisfied. Banks, credit unions and CDFIs fared better in the Federal Reserve survey.

The Los Angeles company agreed to buy $105 million of loans and a servicing portfolio that covers another $295 million in originations.

Any business loan growth the industry sees this year will be closely tied to mass vaccination efforts and a broader economic recovery, meaning it may take until at least the third quarter for pent-up demand to translate into new opportunities.

The number of Paycheck Protection Program loans to U.S. small businesses more than doubled in the third week of the latest round of pandemic relief aid, as Bank of America and JPMorgan Chase each processed more than $1 billion in funding.

Long hours by bankers and the streamlined resolution of Paycheck Protection Program loans helped lenders collect more fees than anticipated in the fourth quarter. It was a rare bright spot at a time when revenue is being pinched.

The U.S. unit of Toronto-Dominion Bank merged its corporate and specialty team with its commercial banking group, putting the fast-growing operations under the same leadership.

A rule change that allows farms with just one employee tap the Paycheck Protection Program means more pandemic relief funds are flowing into such states as Nebraska, Oklahoma, Wyoming and North Dakota.

Businesses owned by minorities and women got a head start this week in a new round of $284 billion funding, and early anecdotal evidence suggests stronger demand coming from these businesses.

First Bank in New Jersey, Northeast Bank in Maine and others have warmed to the idea of using software to streamline Paycheck Protection Program lending so that employees can be more hands-on with customers.

The pace of forgiveness for Paycheck Protection Program loans is expected to accelerate when the Small Business Administration issues guidance on additional steps meant to streamline the process.