There is a potential new partner just over the horizon for Massachusetts’ community banks, community development financial institutions, small businesses, farms and underserved communities: a Massachusetts Public Bank.
North Easton Savings Bank is looking to diversify its lending business by building out its roster of small business and nonprofit clients. It’s charged Chief Lending Officer Ralph Letner with making that happen.
Sixteen percent said in a new survey that they may lower small business lending due to anticipated higher costs from the rule.
New research sponsored by The Boston Foundation finds that, even after the pandemic put racial disparities in business lending into stark relief, Massachusetts entrepreneurs of color are still struggling to access capital.
More small businesses in Massachusetts were able to get loans backed by the U.S. Small Business Administration for 2023, increasing by 11 percent from last year.
Eastern Bank approved the most amount of loans backed by the U.S. Small Business Administration in Massachusetts during the SBA’s fiscal year 2023, which ended in September
Fintech firm Numerated is moving to a larger office in downtown Boston, expecting more growth in commercial lending at the banks and credit unions it helps underwrite business loans.
A proposed bank regulation intended to highlight any existing racial discrimination in small business lending is being met with resistance by local and national banks who say their finances are under pressure.
The US Small Business Administration has announced changes to its popular 7(a) and 504 loan programs it hopes will make the process of getting a loan easier and seamless for small businesses.
According to the latest Biz2Credit Small Business Lending Index released in February, the approval rates of small business loan requests at big banks have fallen for nine consecutive months.
Banks will need to start reporting the demographics and income of small business loan applicants under new rules published by the Consumer Financial Protection Bureau last week.
The pandemic startup surge is showing little sign of abating, and some local banks are expanding their financial education programming to support new – particularly minority – business owners, and perhaps win new customers along the way.
A major academic study contends the program cost far too much per job saved, and mostly benefited the affluent.
In a year when Massachusetts businesses received nearly $6.9 billion in another round of Paycheck Protection Program lending, the U.S. Small Business Administration’s traditional loan programs also provided an additional $970 million in funding to small businesses.
A current adviser to U.S. Sen. Jeanne Shaheen will become New England’s next regional administrator for the U.S. Small Business Administration.
Lenders should combine technology with a human-centric approach to build lifelong relationships. Aim to create a relationship with your customer like the one they share with their primary physician.
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.
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.
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.
