Local Banks Seek Strides in Closing Racial Lending Disparities
Lending to minority-owned small businesses is increasing rapidly in Massachusetts, as some local bankers and federal officials work to level the playing field.
SBA Reports ‘Major Increase’ of Loans to Black-Owned Businesses
The US Small Business Administration reported an...
US Failed to Stop Fraud in COVID Loan Program, Top Rep Says
The U.S. failed to take basic steps at the start of the coronavirus pandemic to prevent fraud in a federal aid program intended to help small businesses, the chairman of a House panel examining the payouts said Tuesday.
PPP Runs Out of Money
The government’s key COVID-19 relief program for small businesses has run out of money.
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.
As PPP Forgiveness Ramps Up, Lenders Expect Less Chaos
With another round of the Paycheck Protection Program about to begin, lenders will have to manage the process for new loans while still getting through last year’s forgiveness applications.
Big Boston Architects, Developers Get PPP Loans
Two well-known Boston real estate developers and a pair of the city’s leading architectural firms are recipients of payroll protection program (PPP) loans designed to retain more than 500 jobs during the COVID-19 pandemic.
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.
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.
Fed Says It Will Buy Banks’ PPP Loans
The low interest rates the SBA chose to enforce on the PPP loans left some lenders afraid they would not be able to sell them on the secondary market
Alternative Lenders Seek Larger Role in COVID-19 Response
With the coronavirus crisis shutting down thousands of small businesses and driving unemployment to new heights, fintech lenders argue they will have a key role in trying to revive this critical segment of the economy once the immediate public health crisis is over.
Businesses Turn to SBA Loans to Buy Instead of Lease
With the local economy remaining strong and interest rates at historic lows, some small business owners have taken advantage of these conditions by turning away from leasing and instead taking out loans to purchase real estate for their businesses.
Eastern Bank, St. Mary’s CU Among Top SBA Lenders in 2019
Nearly 2,000 Massachusetts small businesses received loans worth more than $700 million through the U.S. Small Business Administration loan programs during the fiscal year ending Sept. 30.
Personnel File
Members of the banking, real estate and construction industries were all on the move recently. See who’s been hired and promoted.
Needham Bank Partnership Aims to Draw New Customers
The town of Ashland and Needham Bank have inked a first-of-its-kind public-private venture that should help attract new businesses to Ashland’s downtown and generate new small business loans at Needham’s Ashland branch.
Lawmakers Pass Bipartisan SBA Bill
The U.S. Senate earlier this week passed a bipartisan bill that will increase the Small Business Administration’s authority over the Small Business 7(a) Lending program.
McMahon Confirmed As SBA Chief
Former wrestling magnate and two-time Senate candidate Linda McMahon was easily confirmed to head up the Small Business Administration yesterday with a vote of 81–19.
North Shore Startup Incubator Will Enhance Operations With Federal Award
A Beverly-based nonprofit business incubator has received a $50,000 award through the U.S. Small Business Administration’s (SBA) Accelerator Growth Fund Competition.
SBA Touts More Than $1M In Fee Savings Under Special Program
The Massachusetts district of the Small Business Administration (SBA) said recently that its fee waiver program launched last year saved Bay State small business borrowers more than a million dollars.
Mass. SBA Office Names 2015 Award Winners For Lending
The Massachusetts District Office of the U.S. Small...
