Small business lending

Lenders have a role to play in the national reconciliation that must follow the recent racial unrest — providing greater access to capital for African Americans and other underserved groups so they can build wealth, activists said at a panel discussion hosted by Berkshire Bank in Boston.

As part of its commitment, the Minneapolis company said it will provide $100 million in capital to African American owned and operated businesses and organizations.

Bankers said legislative fixes to the small-business rescue program should help more borrowers secure loan forgiveness, though new demand will likely remain tepid because the process is still extremely cumbersome.

Bankers have become more uncertain about how to serve marijuana businesses owing to confusion about which states deem them essential.

Representatives of lenders as well as businesses that received pandemic bailout money told an oversight board Wednesday that delayed and confusing instructions from the government hampered the effectiveness of the main rescue program for smaller companies.

The demonstrations following George Floyd's death in police custody are forcing the industry to grapple with how it can — or if it should —advocate for equality and better race relations.

The bill, which passed the House last week on a 471-1 vote, now heads to President Trump’s desk for his signature.

The changes being sought would benefit both small businesses and banks, which would avoid the cost of servicing many low-yielding loans.

Bankers spent Monday cleaning up damaged branches, wondering if their small-business clients will need more emergency aid and contemplating how the racial and economic inequalities highlighted by days of violent protests nationwide can be corrected.

The Federal Reserve set up a liquidity facility to help banks meet demand for emergency small-business loans through the Paycheck Protection Program, but it's gone largely unused.