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This week the Small Business Administration followed through with a controversial policy change by granting access to its flagship 7(a) program to three additional nonbank lenders. These new participants vowed to ramp up their small-business lending efforts.
November 3 -
Denver-based InBank will expand into Georgia and Arizona, part of a wider plan to seize market share and build what one executive called a top-tier SBA lender.
September 19 -
Critics complain a bill sponsored by the leaders of the Senate Small Business Committee would reinstate a moratorium on participation in the SBA's flagship 7(a) program by nondepository lenders. Supporters of the bill argue that widening the program could invite more fraud.
August 3 -
As it pushes the boundaries of its Midwestern footprint, the Columbus, Ohio-based bank is on pace to book more than 6,000 7(a) loans in SBA's 2023 fiscal year, the biggest total in seven years.
June 16 -
After the departure of a key Small Business Administration official, lawmakers from both parties are calling on the SBA's chief to delay rules that could open the agency's biggest lending program to more nonbanks — or even consider reversing the changes.
May 18 -
BayFirst Financial, which says it lost $1.6 million when a planned Small Business Administration loan sale to Signature fell through, plans to file a claim for the lost revenue with the Federal Deposit Insurance Corp.
April 28 -
Rep. Roger Williams, chairman of the House Small Business Committee, says Small Business Administration is considering allowing borrowers to self-certify eligibility for loans, a step some believe could lead to more fraud. The agency declined to say whether that is one of the changes it's considering.
April 25 -
The proposal to streamline the Small Business Administration's signature program and expand the number of available lending licenses would benefit underserved communities.
April 21Funding Circle U.S. -
A 40-year-old limit of just 14 nondepository 7(a) lenders is set to expire May 12 despite concerns by lawmakers and opposition from banks and credit unions.
April 16 -
In its first three months as a bank, the Boca Raton, Florida-based NewtekOne doubled the size of its deposit base by relying almost exclusively on certificates.
April 6