Small business

Gail Jansen, who oversees member business lending at Kinecta Federal Credit Union, warned that increasing fees for Small Business Administration loans would hurt borrowers.

The bank is pledging to lend another $2 billion in a market where it has invested $3.6 billion in various community development initiatives since 2016. Most of the new funds will be used to make loans to small businesses that operate in low- and moderate-income neighborhoods.

Lenders argue that the move is premature, citing record-low charge-offs in the agency's 7(a) program.

Linda McMahon is planning to step down from leading the Small Business Administration to help raise money for President Donald Trump’s re-election campaign, according to people familiar with the matter.

As more national banks leave smaller communities and focus on large customers, fintechs are creating an "Uber effect" with an easier experience. Small businesses are increasingly looking to borrow money and fund their growth initiatives, and need a partner who can deliver, argues William Phelan, president of PayNet.

The Nusenda Credit Union Foundation, which is being honored with a Wegner Award, works with its partners to find creative solutions to unmet needs, including its mircolending program, Co-op Capital.

Adding new mobile payment methods and integrated platforms can take some of the sting out of processing issues for small to medium sized businesses, according to Tina Hsiao, vice president of risk and chargeback operations at WePay.

Karen Mills, who led the Small Business Administration from 2009 to 2013, is joining the Eastern Bank spinoff Numerated as an adviser and investor as it tries to bring online-lending technology to community banks.

The Small Business Administration should consider partnering with fintechs, which have the capacity to approve loans quickly, to help avoid the kind of application backlog the agency faced after the last government shutdown.

The Small Business Administration should consider partnering with fintechs, which have the capacity to approve loans quickly, to help avoid the kind of application backlog the agency faced after the last government shutdown.