Berkshire Makes Business Lending Core Part of ESG Push
Berkshire Bank’s plan to plow $1.5 billion into small business lending, part of new $5 billion three-year environmental, social and governance commitment, is coming at a critical time.
Berkshire Bank in $5B, Three-Year ESG Commitment
Boston-based Berkshire Bank has committed $5 billion toward community and environmental financing and investments as part of a three-year initiative that the bank said would help strengthen local communities.
SBA Increases EIDL Loan Limit
The U.S. Small Business Administration has increased the borrowing limit for the COVID Economic Injury Disaster Loan (EIDL) program and made other changes to help small businesses affected by the Delta variant.
CFPB Rule Seeks More Small Biz Lending Data
The Consumer Financial Protection Bureau has proposed new small business lending rules that the agency said would help small businesses gain access to credit and increase transparency in the lending marketplace.
Survey: Small Businesses Highly Satisfied with Small Banks
While most small businesses were satisfied with the support they received from small banks during the pandemic, businesses using online lenders as their primary financial institution were more likely to report dissatisfaction, according to a recent survey by the Federal Reserve Banks.
High Demand in New PPP Round
Community banks have seen high demand for loans in the opening weeks of the Paycheck Protection Program’s latest round. Despite encountering a few struggles, lenders report a smoother process compared to the program’s initial launch last year.
Boston Fund to Offer Small Business Loans
A nonprofit Boston fund will offer nearly $700,000 in small business loans to spur economic development amid the COVID-19 pandemic, city officials announced Monday.
AmEx Buys Leading Small Business Lending Fintech
American Express is buying much of leading fintech Kabbage, which specializes in small-business lending, but will not buy the Atlanta-based firm’s book of loans.
Financial First Responders
To process as many loans during the PPP’s first few weeks as they would typically do in a year – if not several years – community banks turned to all areas of the bank, while focusing on the small business customers behind the program.
Senate Extends Paycheck Protection Program Again; $130B Left
Democrats drove a temporary extension of a popular subsidy program for small businesses through the GOP-controlled Senate late Tuesday, an unexpected development that came as spikes in coronavirus cases in many states are causing renewed shutdowns of bars and other businesses.
Billions of Dollars in PPP Funds Go Unclaimed
Billions of dollars offered by Congress as a lifeline to small businesses struggling to survive the pandemic are about to be left on the table when a key government program stops accepting applications for loans.
Trump Administration to Give Congress Full PPP Loan Data
After prodding from Democratic lawmakers, the Trump administration has agreed to give Congress – but not the public – complete data on the millions of small businesses that received loans from a $600 billion-plus coronavirus aid program.
New Valley Launches into a Storm
New Valley Bank & Trust, the state’s first de novo bank in more than a decade, had opened barely nine months before the economy shut down. And it’s managed to turn the coronavirus crisis into a pair of key wins.
Fed Acts to Broaden Access to Main Street Lending Program
The Federal Reserve is expanding the range of companies that will qualify for its soon-to-begin Main Street Lending Program, in which the Fed will lend directly to individual companies for the first time since the Great Depression.
New PPP Regulations Give More Time, Flexibility on Loan Uses
Following last week’s passage of legislation to give businesses more flexibility in how they use their Paycheck Protection Program loans, the Treasury Department this morning said the government would updates to the regulations governing the program.
Senate Passes Fix for Small-Business Coronavirus Relief
The Senate on Wednesday passed legislation to make it easier for businesses struggling during the coronavirus pandemic to take advantage of a payroll subsidy program that’s been a central part of Washington’s response to the corresponding economic crisis.
Dedicated Window Opened for Small Bank PPP Apps Tonight
The Small Business administration is opening a window this afternoon and evening for smaller credit unions and banks to submit Paycheck Protection Program loan applications without competition from larger institutions.
Healey Questions Megabanks on PPP Loan Process
Attorney General Maura Healey’s office has sent lenders to a number of the largest banks operating in Massachusetts about how they handled loans made under the Paycheck Protection Program.
Community Development Corps., Lenders Call for State Small Biz Rescue Fund
A statewide coalition of community development corporations, lenders and community groups is calling on state leaders to create a rescue package for small businesses left out of the federal Paycheck Protection Program.
New $310B for Small Biz May Already Be Used Up
The more than $300 billion set aside to replenish the emergency loan program for small businesses impacted by the coronavirus pandemic is likely already all spoken for, banking industry groups said Wednesday.
