Small business lending

Asked about the political uncertainty surrounding the undecided presidential race, Federal Reserve Chair Jerome Powell said the central bank isn’t wavering from its duty “to support the economy during this difficult time.”

Wells Fargo, JPMorgan Chase and others cut back on 7(a) lending to focus on originating Paycheck Protection Program loans. Smaller banks such as Live Oak and Byline gained market share by targeting niche industries and originating bigger loans.

Credit is tightening to 2008 levels at a time when small businesses need help the most, former SBA chief Karen Gordon Mills says.

Underwhelming participation in the middle-market loan program has forced the central bank to reduce the minimum borrowing amount for the third time, to $100,000.

A Small Business Administration program meant to help struggling entrepreneurs amid the coronavirus pandemic may have sent billions of dollars to scammers or ineligible applicants, the agency’s inspector general said.

Small businesses need a new round of loans and aid from the government to keep employees working as the pandemic continues to spread, SBA Administrator Jovita Carranza said.

Businesses that received Paycheck Protection Program loans and Economic Injury Disaster advances discovered later they can't get full forgiveness. Lenders want the rules changed.

Traditional lenders must embrace fintech underwriting tools that would help women- and monitory-owned businesses get loans they are too often denied.

The legislation would help institutions with less than $15 billion of assets avoid regulatory requirements resulting from participating in the small-business relief program.

With the COVID-19 pandemic creating unprecedented challenges for small businesses, American Express has increasingly targeted its investments in that niche.