Two Black Firms Merge Into the Largest Minority and Woman-Owned Investment Firm
Siebert Cisneros Shank & Co. LLC and The Williams Capital Group L.P. will merge to become Siebert Williams Shank & Co. LLC. The merged company will be headquartered in New York and Oakland with more than 15 offices across the nation and over 750 institutional investors.
Source: Black Enterprise
BBVA Reaches $100 Million Commitment in CDFI Investments Early
BBVA recently completed its 49th investment in community development financial institutions (CDFIs), moving its total investment in the community catalysts to $100 million in the U.S. three months ahead of its five-year target.
Higher Revenues and More Optimism: Woman-Owned Small Businesses are Gaining Ground
A Bank of America survey indicated that 84% of female business owners expect year-over-year revenue growth, and are more optimistic about their business prospects than their male counterpart for the first time in 4 years.
Small Business Lending Nudges the U.S. Toward Open Banking
As small businesses seek digitized lending options, credit unions and community banks are collaborating with fintechs to fill in the gaps where larger financial institutions are unable to serve lending needs on Main Street.
Study: Small Business Fraud on the Rise
According to a study from LexisNexis Risk Solutions, small business lending fraud losses accounted for nearly 11% of overall losses over the past year, and nonbank digital lenders were more likely to report increases in fraud.
Source: ABA Banking Journal