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The business lending environment is tough right now — especially for people of color

Jan 15, 2024
The Biden administration has tried to make it easier for business owners to get loans. But high interest rates are a challenge.
Nicole Davis, who owns an accounting firm, said her Black business clients typically have a harder time qualifying for loans, often because they lack generational wealth.
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With higher interest rates, small businesses and lenders proceed with caution

Oct 10, 2023
Only a quarter of small businesses say they're getting the credit they need, according to the National Federation of Independent Business.
Some banks have been more cautious about lending to certain sectors of the economy that aren’t doing so well. That includes commercial real estate.
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Banks are pushing more business loans. Some business owners aren’t sure they want them.

Apr 27, 2022
In the words of one business owner: "Why would I want to go into any type of expansion?"
Though commercial lending is starting to pick back up, some small businesses still have cash on hand from government relief programs.
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PPP loan deadline extension would help banks process more applications

Mar 29, 2021
The latest loans have moved more slowly than the previous round, due in part to additional compliance checks to prevent fraud.
Larger companies initially took advantage of the Paycheck Protection Program, which was intended to offer forgivable loans to smaller businesses.
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New PPP plan aims to level playing field for smallest businesses

Feb 24, 2021
Smaller businesses owned by women and people of color often lack the banking relationships that larger companies have.
President Biden announced changes Monday to the Paycheck Protection Program aimed at helping smaller businesses owned by women and people of color to qualify for federal loans due to the economic impact that has been caused by the COVID-19 pandemic.
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What small business owners might expect from Biden

Dec 7, 2020
Biden has pledged to provide additional resources for small businesses. Business owners say the type of aid matters.
Biden has called for flexible grants to businesses that have lost substantial revenue. He also wants to refocus the Paycheck Protection Program on businesses with fewer than 50 employees, instead of the current 500.
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The Fed wants to lend money to more small businesses, but many aren't interested

Nov 2, 2020
The central bank dropped the minimum loan amount under its Main Street Lending Program to $100,000. But not many businesses feel confident taking out loans they'll have to repay in five years.
A bartender prepares to open his bar in Ocean City, Maryland, amid the pandemic, May 29, 2020.
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Bankers want businesses to know "there’s still money" for PPP loans

Jun 3, 2020
Laurie Stewart, CEO of Seattle-based Sound Community Bank, says the bank has made more than 700 loans through the program.
Laurie Stewart, CEO of Seattle-based Sound Community Bank, says her bank has funded PPP loans as small as $900.
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SBA temporarily shuts out big banks and businesses from Paycheck Protection Program

For eight hours, only smaller banks were able to process applications.
How can regulators make sure small businesses are the ones getting this money?
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Upper Midwest, Great Plains states have fared best in SBA emergency loan program

Apr 23, 2020
As Congress weighs a new round of funding, data reveal that the upper Midwest and Great Plains regions benefited the most from the first round of PPP funding.
With the coronavirus closing many businesses, the Paycheck Protection Program saved  millions of jobs that would have been lost, according to MIT research.
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