For Banks, Supporting Small Businesses in the Pandemic Goes Well Beyond Lending
The impact of the pandemic on small businesses has spurred changes in banks’ lending practices – but the upheaval hasn’t stopped there. While the shifts underway in functions such as trade finance and mortgages are typically more nuanced, they speak to how important small- and medium-sized businesses (SMB) are to banks – and how critical […]Read More
Is Small-Business Lending Slipping Away from Large Banks?
COVID-19 changed the stakes in small-business lending: While the top four banks provided 36% of small-business loans before the pandemic, they disbursed a scant 3% in the first round of the CARES Act Paycheck Protection Program (PPP). As large banks fumbled their PPP response, fintechs and smaller lenders stepped in to fill the gap. Online […]Read More