The good news: SBA lending is going gangbusters and business owners are optimistic about growth prospects and their ability to access credit. The not-so-good news: Many firms are still not particularly interested in borrowing and startups are not the engines of job creation they once were.
The U.S. Chamber of Commerce and Union Bank urged the Consumer Financial Protection Bureau on Wednesday to narrow its approach to collecting data on small-business lending, fearing it could add costs and compliance burdens.
Five Star Bancorp in California is the latest bank to work with a marketplace lender on referrals. The move comes as the SBA programs have record volumes while concerns linger about banks working with third parties.