Amex in advanced talks to buy Kabbage
The card giant could pay $850 million in cash for the online small-business lender, according to a person familiar with the talks.
Small business lending
State of ag lending: ‘It’s not full retrenchment, but it’s close’
The global pandemic and stalled trade negotiations have discouraged farmers and ranchers from taking on more debt and made banks uneasy about extending more credit.
As lawmakers weigh PPP reforms, bankers want them to think big
Besides reauthorizing the Paycheck Protection Program, Congress should upgrade the loan forgiveness process, offer businesses the chance to take out a second loan and ensure the pricing satisfies lenders, bankers say.
BHG aims to diversify earnings with foray into health care loan ABS
Bankers Healthcare Group, affiliated with Pinnacle Financial, is launching into securitization to branch out from its primary strategy of selling its medical-professional loans to community banks.
By
Glen Fest
Fed to start buying loan stakes in coronavirus rescue program
Banks participating in the Main Street Lending Program were able to register for and offer credit to businesses last month, but the Federal Reserve said Monday it was set to make the effort fully operational.
House clears extension of PPP to August
The Senate had passed the bill Tuesday, shortly before the Small Business Administration was to stop accepting new loan applications.
Treasury, SBA to disclose identities of large PPP borrowers
The agencies said late Friday that they will provide information on small businesses that received $150,000 or more from the Paycheck Protection Program.
Lenders, lawmakers push for PPP extension despite tepid demand
Activity in the Paycheck Protection Program has waned, but some argue that many small businesses, especially those owned by minorities, will miss out if the June 30 application deadline isn't extended.
California tables ‘mini-CFPB’ idea — for now
A budget item establishing a new agency to protect consumers from predatory lenders has been put on hold as state officials deal with the coronavirus response and other priorities. But it could be revived in legislative talks later this summer.
Report: Kabbage lending hiatus prompts accelerated ABS paydown
The online small-business lender’s temporary halt to loan originations contributed to a breach of a minimum asset level for its Series 2019-1 collateral pool, according to Kroll.
By
Glen Fest
Delay of Fed’s Main Street program hasn’t hurt businesses, Powell says
The central bank is only now nearing the launch of the credit facilities after the effort was announced in April. But Chairman Jerome Powell said loans have been available through other means.
!["Lots and lots of companies are getting financed, the banks are lending, the markets are open [and] you have a much easier lending climate certainly than we had in February and March,” said Fed Chairman Jerome Powell.](https://vip.arizent.com/ab/wp-content/uploads/sites/4/2020/06/powell-jerome-bl-061020.jpg?w=365)
Amazon, Goldman will offer small-business lines of credit
The venture with Goldman Sachs represents the first time Amazon has let a third party control the underwriting process of one of its financing offerings.
Fed expands middle-market loan relief to attract more interest
The central bank will increase support for credit issued through the Main Street Lending Program while providing midsize firms with more flexibility on the amounts they receive.
Big banks call for blanket forgiveness of PPP loans under $150,000
The changes being sought would benefit both small businesses and banks, which would avoid the cost of servicing many low-yielding loans.
Banks have a mountain of deposits, so they don’t need PPP funding
The Federal Reserve set up a liquidity facility to help banks meet demand for emergency small-business loans through the Paycheck Protection Program, but it's gone largely unused.
Fed takes big step toward launch of Main Street Lending Program
The Federal Reserve Bank of Boston published details on the terms for lenders and borrowers to participate in the facility intended to provide coronavirus relief funds to middle-market firms.
Fed receives bipartisan critique for stalled Main Street lending
The Federal Reserve received a bipartisan critique Wednesday from members of a congressional oversight panel who said the central bank has been slow to launch a key emergency lending program for midsize companies.
SBA, Treasury release more guidance on PPP loan forgiveness
The agencies produced an application process that includes favorable interpretation of qualifying expenses.
Is Fed taking too long on middle-market loan relief?
The agency is being methodical in its rollout of the Main Street Lending Program in hopes of avoiding missteps that followed the launch of other coronavirus relief efforts. But observers say delaying aid brings its own risks.
Lenders worry they could be stuck with billions in PPP loans
Banks could end up holding many low-rate Paycheck Protection Program loans on their books for two years, and dealing with irate borrowers who failed to meet federal requirements for forgiveness.
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