Small business

Attorney General Jeff Sessions did not keep the rest of Washington apprised of his plan to rescind an Obama-era memo on pot. Now Fincen and other federal banking agencies are dealing with the backlash from that decision.

Endeavor Bank, which raised nearly $27 million, will become the second new bank to open in California in the past year when it debuts next week.

New models are emerging, including joint initiatives between established banks and new alternative lending players, as well as those incorporating blockchain and cryptocurrencies, writes Eugene Green from WishFinance.

Commercial customers, including small businesses, seem ready to pay up to shift to faster, more sophisticated electronic invoicing and payments, and enterprising banks that provide them the technology to do so could find it lucrative.

SMBs are choosing virtual cards as their preferred form of electronic payments because they solve many of their payment challenges, while also helping them avoid the costs associated with custom software solutions designed for larger businesses, writes Blair Jeffery, COO of Noventis.

The Small Business Credit Availability Act aims to double the debt-to-equity ratio for business development companies. Increased leverage could spur more lending to small and midsize borrowers.

Along with crowdfunding and peer-to-peer lending, cryptocurrency can improve access to payments, credit and other financial services for SMEs, writes Eugene Green, CEO and founder of WishFinance.

The pilot could help the agency improve its image after past criticism of slow responses to catastrophes.

A decision to slash the equity required for most change-in-ownership loans could help the small-business lending program top its recent record.

The online small-business lender, which has been cutting expenses, said it is on track to achieve profitability in the fourth quarter.