May 27, 2021

A New Era in Lending: Setting SMBs Up for Post-Pandemic Success

Publisher: Finextra

In 2020, the Federal Reserve along with the Small Business Administration (SBA) approved $523 million in Paycheck Protection Program (PPP) Loans and then tasked banks with distributing the money. This lending continued earlier this year when an additional $35 billion was loaned to businesses.

The 28 million small and midsized US businesses (SMBs) recipients were selected based on certain preset conditions and eligibility requirements and were asked to use the funds to survive.  At the time, these loans were vital to these businesses but today there are many that still require assistance if they are to stay viable. This need presents a significant opportunity for banks to continue helping in many ways. In this article I will be touching on a few specific areas.

It begins with loans.

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