Small Business Lending - Press
by Bruce Rushton
A bill to regulate online lenders that target small businesses with loans that can carry more than 100-percent annual interest rates is moving, albeit slowly, through the Illinois General Assembly.
By Peter Rudegeair, Emily Glazer, and Ruth Simon
J.P. Morgan Chase & Co. spent about $8 billion this year on technology. But when it came to developing a new online loan for small business, the bank turned to an unlikely outsider.
By Natalie Moore
In underserved communities, entrepreneurs have a hard time finding capital to start and grow their businesses.
But several programs in Chicago are helping these micro-business owners secure loans and be financially successful.
By Michael Romain
The more low-income and the more minority a Census tract is, the harder it is for businesses within that tract to access credit, report says
Small businesses in low-income, majority minority neighborhood in the Chicago area were less likely to receive loans between 2008 and 2012, according to a new report by the Woodstock Institute.
By Sarah Needleman
7:20 EDT - Amid a slow recovery in US small-business lending, a report out today suggests that small firms in low-income communities are struggling the most. Between 2008 and 2012, small businesses in such neighborhoods in the Chicago metro area received $817M less than their share of overall business credit, reports Woodstock Institute, a nonprofit that analyzed data from Federal Financial Institutions Examination Council, US Census and Department of Housing and Urban Development. "Just like the housing recovery, it's not even," says the study's author, Spencer Cowan. "If we have areas that are not growing, those will slow down the recovery for the entire nation." (firstname.lastname@example.org; @saraheneedleman)