Kalamata Capital Group prepares inaugural securitization
Two tranches of class A and B notes will raise $80 million from investors, to support Kalamata's business financing small business loans and merchant cash advances.
Small business lending
SBA 7(a) loans are getting smaller
Since the end of the Small Business Administration's 2022 fiscal year, the average loan size in its flagship program has dropped more than six figures. The addition of three new nondepository lenders could further drive down this figure.
Small Business Administration loans to secure $115.7 million in ABS
The deal has a prefunding account with $12 million deposited at closing, and will use that amount to purchase additional collateral during its 90-day period after the deal closes.
Big banks like Bank of America and TD capitalize on SBA loan growth
With a week left in its 2023 fiscal year, the Small Business Administration has already approved 12% more 7(a) loans than last year. Larger banks were among the biggest gainers as a result, according to the agency's latest data.
OnDeck markets $227M ABS backed by U.S. small-business loans
The issue is secured by a revolving pool of term and line-of-credit small-business loans made to a diverse set of industries.
Newtek Small Business prepares to float $103.8 million in small business loan ABS
About 17% of the 1,064 loans in the collateral pool had been securitized in two previous Newtek Small Business Loan Trust transactions, from 2016 and 2017, specifically.
Kapitus Asset Securitization looks to raise $70 million in ABS
Borrowers had been in business for a WA 14 years, an average credit score of 708, and the assets had calculated receivables yield of 38.9%.
Bankers list their top regulatory compliance concerns for 2023
In a new survey, executives at banks and credit unions registered the highest level of anxiety about a forthcoming data-collection rule in small-business lending.
Why the CFPB is still writing its small-business data rule a decade later
The bureau has dragged its feet for years in moving forward with the rule primarily because of the potential impact on credit availability for millions of small businesses.
Small biz and merchant lending get liquidity through $200M ABS deal
In a transaction that is expandable, Kapitus Asset Securitization will be able to periodically issue additional notes up to a maximum of $600 million.
FTC settles with Dun & Bradstreet over business credit reporting errors
The company sold small businesses a credit-building product that fell short of its promises, and also failed to help them fix inaccuracies in their credit reports, according to the Federal Trade Commission. D&B has agreed to give refunds to many customers.
Banks losing ground to nonbanks in business lending
Commercial borrowers are leaning more often on alternative lenders that provide better speed and flexibility. At the same time, some banks are turning their backs on what has long been a bread-and-butter business.
Near-record SBA lending gives banks much-needed earnings jolt
Small Business Administration lenders have reported strong quarterly results, but those gains could evaporate later this year. Here’s why.
Small-business financing gets boost with OnDeck’s $300 million deal
OnDeck Asset Securitization Trust III comes to market for its fifth term securitization.
Biggest U.S. banks keep lending less and less of their money
The biggest U.S. banks reduced the portion of their collective balance sheets they’re dedicating to loans to a new low, extending a trend that’s seen the largest lenders put less and less of their firepower behind everyday borrowers.
Funding for SBA-backed loan pools dries up
A program that lets firms bundle Small Business Administration loans is on hold while Congress spars over a new budget. The impasse is causing headaches for banks that rely on loan sales for fee income.
Amex’s recipe for small-business lending: Heavy on the Kabbage
With the COVID-19 pandemic creating unprecedented challenges for small businesses, American Express has increasingly targeted its investments in that niche.
As Fed helps businesses, Democrats ask: What about consumers?
The Senate Banking Committee met Wednesday to review central bank lending facilities such as the Main Street Lending Program, which provides bank-issued loans to middle-market firms. But some lawmakers on the panel said the focus of pandemic relief has been misplaced.
Lenders press Congress to restart — and revamp — PPP
Bankers and fintech executives want lawmakers returning to Washington to focus on streamlined forgiveness and a second round of Paycheck Protection Program loans for small businesses.
PPP loans worth billions at risk for fraud, oversight panel says
More than $1 billion in coronavirus relief went to small businesses that received multiple loans and a congressional subcommittee analyzing the Paycheck Protection Program says it has seen evidence of fraud in thousands more loans.
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