Small Business in the News: July 8-15, 2016

We know there is too much to keep up with when you’re a busy entrepreneur, so we compile small business news highlights each week for you to read only what matters most. Here is a summary of the top stories for July 8-15, 2016.

New Technology Matches Borrowers to Qualified Loan Options

Nav announced the launch of new technology, MatchFactor, which provides a score to match the user to the best business financing option for the business owner. The technology was designed to save time by only showing business owners’ loan options they are most-qualified to receive. Users of this technology are four times more likely to get approved. Read more…

Amex to Debut Online Lending Platform This Year

According to Bloomberg, American Express is expected to debut a new lending arm, Working Capital Terms. The new program will make online loans to small businesses who use Amex credit cards. Loans will range from $1,000 to $750,000, and interest will be tacked on at a rate of 0.5% for a 30-day loan to 1.5% for a 90-day loan. Read more...

LendingClub Charge-Offs Unusually High

LendingClub is in the news again, this time for the increase in non-collectable loans. LendingClub’s charge-offs are up 38% since 2013, bringing concerns that their algorithm isn’t as intuitive as once believed.  A spokesperson for LendingClub explained the firm has taken “a series of steps to strengthen borrower quality while continuing to make affordable credit available to consumers and small businesses.” Read more…

Loan Program to Help Veteran-Owned Small Businesses

VEDC, a Community Development Financial Institution, conducted research to better understand veteran-owned small businesses in order to offer a loan program to meet their needs. VDEC discovered a need to change underwriting criteria due, which is partially due to a weakened cash flow caused by deployment. Read more…

Congressional Meeting Reviewed Online Lending Practices

Earlier this week the subcommittee on Financial Institutions and Consumer Credit hosted an educational hearing on Fintech and Marketplace Lending. The key takeaway by the Committee was that online lending may provide access to credit to underserved or underbanked communities. Read more…

 

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