Industry News – October 30, 2018
October 30, 2018
First Small Business Truth-in-Lending Act Passed in California
Aimed at adding transparency in the small business loan market, the new law will doubtless be followed by lawmakers and small business owners outside California as it is rolled out.
Source: Small Business Trends
What Are the Biggest Challenges Facing CDFIs and Small Credit Unions?
With small credit unions and community development financial institutions gathering for Inclusiv’s annual conference, Credit Union Journal queried attendees on the biggest challenges facing their institutions.
Source: Credit Union Journal
The SBA Granted Black Women Over $160 Million in Business Loans in 2018
The surge of black-women owned businesses helped the U.S. Small Business Administration post-double-digit dollar gains this year in loan approvals for those firms.
Source: Black Enterprise
Small Business Lending Picks Up 10 Years After Stock Market Crash
The Biz2Credit Small Business Lending Index™, released Oct. 9, found that 26.7 percent of the loan applications submitted to big banks were approved in September 2018.
Source: International Business Times
Agencies Release 2017 CRA Data on Small Business, Community Development Lending
The federal banking agencies today released 2017 Community Reinvestment Act data on small business, small farm, and community development lending. The 718 reporting banks originated or purchased approximately 6.6 million small business loans.
Source: ABA Banking Journal