Small business

The card network aims to attract more merchant customers with an account that pays a 1.1% interest rate.

The startup Digits has developed a search engine that combs the books of small companies to size up their finances. But to give clients a real-time snapshot, it seeks bank partners that will provide checking and credit card account information.

There's still a month left in the federal government's fiscal year, and the Small Business Administration's 504 program is perilously close to hitting its congressionally mandated funding limit for new loans.

The COVID-19 pandemic has exacerbated income inequality in America, and that has implications for banks and other lenders. Among those suffering most: renters, front-line workers and minority small-business owners.

The combination of American Express and its fintech subsidiary Kabbage is starting to bear fruit at an opportune time, as credit card companies increasingly expand their range of products to boost revenue.

First National Bank of Omaha and Centime, a Boston software company, have developed a tool that banks rarely offer small businesses: a portal that forecasts cash flow, helps entrepreneurs anticipate shortages and provides a ready source of credit when they fall short.

The smallest U.S. businesses — those with no employees other than the owner — struggled during the past year with 76% of the firms suffering a decline in revenue over 12 months, a new survey by regional Federal Reserve banks found.

The fintech's new checking, savings and lending package caters to clients who want to separate their corporate accounts from personal banking.

The digital bank for small-business owners went from 300 customers in 2019 to 100,000 this year. As client demands mounted, it developed a virtual assistant and a system for human, in-app communication that experts say surpasses many banks' capabilities.

Sam Susser, who built a family business of more than 630 convenience stores in the state, thinks he can find similar success in community banking by courting small commercial clients that larger rivals have outgrown.

Sunwest Bank in Irvine, California, lets business customers open new checking accounts completely online, a technology challenge some large and regional financial institutions have yet to tackle.

They may look different, but for opening accounts, serving small businesses and satisfying consumers' need for cash, branches remain essential.

The Massachusetts bank, which traditionally In contrast to its typical strategy of supporting low-income housing, the invested $500,000 in CEI Ventures’ Coastal Ventures V fund to support small businesses in disadvantaged communities.

Even before the pandemic, almost half of SMB customers were being turned away by their own banks for a small business loan. Enter COVID-19, and banks and credit unions are still not keeping up with the surging demand for capital, says LendingFront's Jorge Sun.

American Express is trying to differentiate itself from other card networks by making loans through its bank and incorporating accounts payable services and lending technology it inherited with its acquisitions of Acompay and Kabbage.

American Express is trying to differentiate itself from other card networks by making loans through its bank and incorporating accounts payable services and lending technology it inherited with its acquisitions of Acompay and Kabbage.

Other fintechs’ rush to become banks is being driven by investors seeking “crazy returns," says CEO Dan Price. But he acknowledged that at some point Gravity may need a charter of its own to remain competitive.