SBA-backed financing rose 7%, to $56B, in fiscal 2024
For the first time since 2008, the Small Business Administration distributed more than 100,000 financings to small businesses, up 22% from fiscal 2023 and 50% over 2020.
Small business loans
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Black-led financial institution looks to create access to capital
Work is underway to determine what kind of support services Black-owned businesses will need to complement the loan fund.
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Failure risks escalate for small businesses as pandemic drags on
Business advisers and advocacy groups say many small businesses that have managed to survive the pandemic so far are heading into a brutal fall.
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Black chamber leader calls for more city support
During the coronavirus pandemic—which research shows has disproportionately affected black-owned businesses—the 250-member organization has received no city funding to give loans or grants to its members who were struggling.
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Local virus relief funds top $45M and counting
The funding is going to businesses that need assistance paying their employees or rent, to organizations helping families pay their mortgage or buy groceries, and to companies bearing pandemic-related expenses.
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Articles
Small business disaster loan program out of money until Congress OKs more
The Small Business Administration warned earlier this month that it could run out of funding, given the anticipated surge in claims from Hurricane Helene.
COVID-19 government disaster loans saved businesses, but saddled some survivors with debt
The SBA awarded about 4 million loans worth $380 billion through the program. More than $300 billion was outstanding as of late 2023.
Black Hoosier businesses still skeptical of banks
Experts say the hesitancy of Black business owners to borrow stems from historical neglect of those customers by traditional banks—an opinion backed by extensive historical research.
LISC programs aim to boost Black businesses
The programs are intended to help central Indiana Black business owners combat long-standing challenges in securing bank loans.
IEDC launches lending program for small biz
The Indiana Economic Development Corp. said the Legend Fund can help entrepreneurs and small businesses with small loans, typically under $50,000.
New $29M Legend Fund aims to provide more capital to Indiana small businesses
The IEDC said the Legend Fund will give non-traditional lenders an incentive to provide operating capital to Indiana-based businesses. Eligible lenders could have a portion of the loans they issue purchased by the IEDC, freeing up capital to support more entrepreneurs and small businesses.
In reversal, U.S. to heighten efforts to collect billions in unpaid COVID loans
The Biden administration plans to more aggressively pursue thousands of small businesses with past-due pandemic loans, reversing an earlier policy that saw the U.S. government stop short of trying to collect an estimated $30 billion in delinquent debt.
Rising interest rates pinch small-business borrowers
The average prime rate, or the rate banks set as a reference for customer loans, was 4%. The prime rate has more than doubled since then, hitting 8.25% in May.
As Fed examines banking woes, small businesses already feel the crunch
All over the country, small-business owners are feeling the early consequences of this spring’s banking crisis, which spanned two chaotic weeks in March and is still ricocheting through the economy.
Small business owners feel growing credit crunch
Small businesses are seeing the already-tough process of getting business loans get even tougher. They say they’re getting rejected for loans or seeing more unfavorable terms, meaning some plans for expansion are being put on hold.
Prosecutors to ask for eight-year prison sentence for former financial exec
A sentencing hearing is scheduled Thursday for BancServ Partners LLC founder Kerri Agee, who was found guilty on fraud and conspiracy charges in August.
Bankable launches new loan fund for Black-owned businesses
Based in Anderson, Bankable offers microloans to small and startup businesses around the state. This is the organization’s first fund specifically targeting Black-owned businesses.
Defendants found guilty on all charges in Banc-Serv fraud trial
The five former directors and employees of the now-defunct Westfield firm were found guilty on fraud and conspiracy charges. Prosecutors say the five submitted false information in order to get more than $10 million in ineligible loans approved by the Small Business Administration.
Fraud trial begins for five former directors, employees at Westfield financial firm
The five defendants in the trial include the two co-founders of now-defunct financial services firm Banc-Serv, plus three former employees.
Renew Indianapolis expands loan program into Hamilton County
The program, Build Fund, helps small businesses that are not ready for traditional bank loans receive affordable funding.
Banks use PPP loans to find new customers, offer other services
In helping borrowers secure vital funding that helped them weather the pandemic, banks say the PPP program has helped them build relationships that could lead to a lot of new business.
First Internet Bank beefs up small-business lending division with new hires
Fishers-based First Internet Bank began assembling its Small Business Administration lending division in late 2018.
New SBA head plans changes at agency; focus now is COVID-19
Two days after she was sworn in, Isabella Casillas Guzman said her immediate focus is implementing the small business provisions in the $1.9 trillion coronavirus rescue package signed into law last week.
Biden boosts pandemic lending to smallest businesses
Under the Paycheck Protection Program, the administration is establishing a two-week window, starting Wednesday, in which only businesses with fewer than 20 employees—the overwhelming majority of small businesses—can apply for the forgivable loans.