Smart Borrower Blog

Archive for the ‘Business Borrowing’ Category

Government Extends Small Business PPP Relief

Jun 5th, 2020 @ 1:25 PM by Amber Nelson

As businesses around the country continue to navigate the coronavirus crisis fallout, President Trump signed into law Friday new regulation that modifies the current Paycheck Protection Program. In order to better meet the needs of small businesses, the new legislation will allow PPP borrowers to reduce the share of their aid used on payroll to […]

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Small Business Loan Approval Rates Plunged in March

May 6th, 2020 @ 2:36 PM by Amber Nelson

As the coronavirus outbreak shutdown businesses across the country, banks and lenders got skittish about making small business loans, according to data from Biz2Credit. The Biz2Credit Small Business Lending Index found that big banks – those with $10 billion or more in assets – approved just 15.4% of submitted small business loan applications in March, […]

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Small Businesses Can Get Coronavirus Relief from New Federal Paycheck Protection Program

Apr 1st, 2020 @ 1:16 PM by Amber Nelson

The economic fallout from the coronavirus measures is affecting millions of small businesses across the country. In an effort to keep them afloat, a new $350 billion small business program begins Friday as part of the multi trillion-dollar CARES Act economic rescue bill enacted last week. The Payroll Protection Program (PPP) is available for all […]

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Facebook to Offer $100 million in Cash Grants to Small Businesses

Mar 18th, 2020 @ 9:30 PM by Amber Nelson

Facebook Inc announced Tuesday a new $ 100 million program to aid small businesses around the world affected by the coronavirus outbreak. “We’ve listened to small businesses to understand how we can best help them. We’ve heard loud and clear that financial support could enable them to keep the lights on and pay people who […]

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Big Banks Approve Record Number of Small Business Loans

Mar 4th, 2020 @ 1:46 PM by Amber Nelson

America’s big banks – those with $10 billion or more in assets – approved 28.3% of all small business loan applications in January, an increase of one-tenth of a percent from December and the highest level ever recorded, according to data from Biz2Credit. “The economy is strong, and optimism among small business owners is high, […]

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Small Business Loan Approvals Top Record Highs Again

Dec 18th, 2019 @ 9:53 PM by Amber Nelson

Big and small U.S. banks approved record numbers of small business loans in November, according to data from Biz2Credit, an indication of the continued strength of the economy. Last month, big banks ($10 billion+ in assets) approved 28.1% of all small business applications, up from the previous high of 28.0% in October. The small business […]

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Small Business Loan Approvals Continue to Reach New Heights

Nov 13th, 2019 @ 11:07 AM by Amber Nelson

With a growing economy and an ultra-low unemployment rate, lenders were more willing to approve small business loan applications in October, according to data from Biz2Credit. “With yet another interest rate cut by the Federal Reserve, small businesses are benefiting from positive economic conditions that are unrivaled in recent times,” said Biz2Credit CEO Rohit Arora. […]

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Fed Makes 3rd Rate Cut in 4 Months

Oct 30th, 2019 @ 1:01 PM by Amber Nelson

The Federal Reserve cut its target interest rate again Wednesday, the fourth decrease since July. The move was likely a hedge against mounting international financial trouble and brewing domestic slowing. The new federal funds rate range is 1.5% to 1.75%, representing a cut of 0.25%. Even though the U.S. economy is still in the midst […]

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Small Business Loan Approvals Hit Record High at Big Banks, Record Low at Credit Unions

Oct 9th, 2019 @ 10:20 AM by Amber Nelson

Big and small U.S. banks continued to keep the small business lending spigot wide open in September, according to data from Biz2Credit, resulting in record high approval rates. The Biz2Credit Small Business Lending Index showed that big banks – those with $10 billion or more in assets – approved 27.9% of all small business loan […]

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Small Business Loan Approvals Continue to Hit Record Highs

Sep 11th, 2019 @ 12:24 PM by Amber Nelson

As the economy continues to chug forward, banks big and small are willing to loan more money for small businesses, with loan approvals rising to record highs again in August. According to data from Biz2Credit, big banks – those with $10 billion or more in assets – approved 27.8% of all small business loan applications […]

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