(Wall Street Journal) — The Obama administration’s latest attempt to jump-start small-business lending is facing headwinds even before it launches. The U.S. Treasury Department plans to release in coming days the criteria banks must meet to tap a $30 billion lending fund aimed at helping small businesses. The program is expected to include enticement for smaller […]
(Crain’s) — The New York City Council announced a new initiative Tuesday to lessen the pain of struggling credit-starved small business owners, by increasing lending citywide. City Council Speaker Christine Quinn announced the new program, Credit Ready NYC, which will establish a partnership among banks, alternative lenders and the Department of Small Business Services in […]
(Black Web 2.0) — Many entrepreneurs and small business owners are looking for startup funding by acquiring bank loans but are met with roadblocks when attempting to secure credit. Less than half of all small businesses who pursued borrowed funds last year were rewarded the amount requested whereas, in the mid-2000s, a whopping 90% of […]
(LA Times) — President Obama urged passage of his proposals to stimulate hiring by small businesses through tax credits and lending incentives, arguing that similar measures are partly responsible for the economic recovery over the last few months. Small businesses have historically been responsible for two out of every three new jobs created in the […]
(BusinessWeek) — In 2005, longtime bankers Tim Ferguson and Ron Walker created Next Street Financial, a bank offering financing and advice to inner-city companies Why did you start Next Street? Ferguson: There was a significant gap between what traditional financial services providers do and what small businesses in inner cities need: access to growth capital […]
(WSJ.com) — Bill Cimino was approved for a $1.6 million loan last year to purchase the property on which his Wilmington, Mass., car dealership sits. The loan was backed by the Small Business Administration and—thanks to the government stimulus program—carried no borrower fees and provided his lender with a substantial guarantee against default. The loan was […]