Tagged: sba

Second Round of Paycheck Protection Program Registers $185 Billion in Approvals, Average Loan Size of $74,304

The Small Business Administration (SBA) has provided some interesting data regarding the Paycheck Protection Program (PPP), part of the CARES Act; the COVID-19 bailout legislation. While the first round of PPP saw the funding quickly run out, the second tranche is ongoing. There has been… Read More

SoFi Teams Up With SpotOn to Connect Small Businesses with Federal Stimulus Loan Programs

SpotOn Transact, Inc (SpotOn), a software and payments company, announced on Tuesday it has formed a new partnership with fintech unicorn SoFi to provide financial products to small businesses during the COVID-19 pandemic. According to SpotOn, the collaboration will help small businesses by bypassing the… Read More

SBA Has Lent $48.5 Billion in First 24 Hours of Round Two of Paycheck Protection Program

The Small Business Administration (SBA) has processed $48.5 billion in the first 24 hours of the second round of the Paycheck Protection Program (PPP). The SBA lending platform has struggled to maintain pace of the demand and crashed during the early hours as banks and… Read More

SoFi’s Lantern Paycheck Protection Program Offering Sees 43% of Applicants Matched With Network of Lenders & 24% Receive Approve From SBA

Fintech unicorn SoFi announced on Monday it has helped funnel more than $75 million in loan applications to lenders for the Paycheck Protection Program (PPP) established by the CARES Act, through its extensive network of lenders and Lantern, the product comparison site operated by SoFi…. Read More

As Confusion Swirls Regarding PPP, FinCEN Provides FAQ Regarding BSA Requirements

The Paycheck Protection Program (PPP), one of the elements of the CARES Act designed to help the US SME sector that has been demolished by the COVID-19 pandemic, has been lauded in its intent but criticized in its execution. Confusion continues as banks struggle to… Read More

Fintech Firms Intuit and PayPal Approved by SBA to Distribute Funds as Part of US Emergency Lending Program, Following Coronavirus Outbreak

Fintech firms Intuit and PayPal have been approved by the Small Business Administration (SBA) to distribute funds, which are part of the US organization’s emergency lending and relief program. The funds are being given to businesses in order to help them sustain their operations, following… Read More

Kabbage Forms Partnership With SBA Authorized Lender to Deliver Paycheck Protection Program Loans

Global financial service platform Kabbage announced on Tuesday it has partnered with a technology-enabled bank and authorized lender of the Small Business Administration (SBA) to deliver billions of dollars of Paycheck Protection Program (PPP) loans to American small businesses. Kabbage claims its program has received more… Read More

Lendio CEO Calls CARES Act Process to Provide Support for SMEs a “Mess”

Last week in advance of the opening up of federal subsidized programs to backstop small businesses in the US crushed by the COVID-19 pandemic, Lendio CEO Brock Blake took to Twitter to criticize the lack of coordination between the US Department of Treasury and the… Read More

NYMBUS to Help US-based Financial Institutions with Effectively Responding to Economic Instability Following Coronavirus Outbreak

NYMBUS is planning to help US-based financial institutions with effectively responding to the economic instability resulting from the Coronavirus (COVID-19) outbreak. NYMBUS is a core banking modernization firm. It helps financial service providers with their digital transformation strategies. The company is offering a new program… Read More

SBA: It’s All About Jobs and Small Business is the Engine of Growth as 1.8 Million Net New Jobs Have Been Added

Small businesses create the majority of jobs in the US – just like many other developed economies. With jobs comes wealth and prosperity. If this job creation engine shuts down, as we have seen in the last recession, its a disaster. According to the US… Read More

Swiss Bankers Association Partners with Crypto Valley Association as New & Old Meet to Support Blockchain Companies

The Swiss Bankers Association (SBA) has published guidelines for opening corporate accounts for blockchain based firms. The SBA action was taken with the support of the Crypto Valley Association (CVA) in an interesting alliance of new finance and old. Switzerland has gained a global reputation as… Read More

US Small Business Administration Publishes Report on Small Business Equity Crowdfunding under Reg CF

The US Small Business Administration (SBA), Office of Advocacy, is out with a report reviewing the status of small business crowdfunding. According to the SBA, equity crowdfunding was particularly popular among very young firms. Nearly a third of firms were six months or younger when… Read More

SEC Proposes Changes to Investment Adviser Act for Small Business Investment Company Advisers

On May 3, 2017, the SEC released its proposed amendments to the Investment Advisers Act (the Advisers Act) to reflect changes made under the Fixing America’s Surface Transportation Act (the FAST Act). The FAST Act, which was passed in 2015, amended sections 203(l) and 203(m) of… Read More

ApplePie Capital CEO & Co-Founder Denise Thomas Makes Marketplace Lending Success Look Easy

“We have gained a foothold within the industry by partnering with 42 brands to date. Moving forward we will continue to innovate…” Having spent more than 20 years as a corporate executive in companies backed by prosperous VC firms including Kleiner Perkins, Mohr Davidow and Sequoia Capital, ApplePie Capital CEO… Read More

 SmartBiz Loans Appoints Former SBA Head of Capital Access Ann Marie Mehlum to Board of Directors

SmartBiz Loans, an online SBA marketplace, and bank-enabling technology platform, announced on Wednesday it appointed former SBA Head of Capital Access, Ann Marie Mehlum, as a new member of its board of directors. During her time at SBA, Mehlum directed the government agency’s credit programs, which includes… Read More

Small Business & Entrepreneurship Council Declares Strong Support for Trump SBA Pick

Karen Kerrigan, President and CEO of the Small Business and Entrepreneurship Council (SBE Council) has declared her organization’s strong support for President Trump’s selection to manage the Small Business Administration. Trump has picked Linda McMahon an entrepreneur who scaled and built the highly successful World… Read More

Kauffman Foundation Report: Small Businesses In US On The Rise, Reversing Six-Year Downward Trend

Reversing a six-year downward trend, activity in established small businesses increased last year, according to a press release for the 2015 Kauffman Index: Main Street Entrepreneurship, a new report that tracks small business activity and ownership in the United States. Though the number of established small… Read More

Karen Mills on Marketplace Lending: It Is Transformative, But Don’t Count The Banks Out Yet

Karen Mills is currently perched as a Senior Fellow at the Harvard Business School and at the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy School. She spends her time focusing on competitiveness, entrepreneurship and innovation – all extremely important areas of economic… Read More

Dealstruck Compares Loan Options for Small Business Owners (Infographic)

The signature scent of January is optimism: We will avoid processed food, learn Mandarin Chinese and log at least nine miles before dinner (likely wild salmon atop a quinoa-kale salad). But New Year’s resolutions become realities after taking the first step, whether it’s learning how… Read More

Brief: Small Business Administration Schedules Crowdfunding Primer Event

The Small Business Administration (SBA) has scheduled a crowdfunding marketing basics event to be held in San Francisco in January.  The event is described as an educational effort for people looking to crowdfund their product or service.  The class is being taught by “volunteer presenter”… Read More

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