Hurricane Sandy, Midwest drought and government spending cuts lead to deterioration in small business credit quality, rise in delinquent debt.
Washington was embroiled in a game of fiscal chicken at the end of the year. Unemployment is high at 7.7%. The 2.5 million people who are unemployed but so discouraged that they’re not actively looking are unchanged from 2011.
Mid Cities Credit Union helps member Julio Contreras obtain state Air Resources Board loan, ensuring access to Port of Los Angeles.
Lower approval rates seen from banks, credit unions and alternative lenders.
The $513 million cooperative in Springfield, Mass., was named the SBA’s top 7(a) lender in total dollars for the Western Massachusetts region.
The SBA said Wednesday it is working with FEMA and other agencies to find out which small businesses and homeowners will need recovery assistance.
The SBA said its Small Business Investment Company debenture program provided a record $2.95 billion to small businesses in fiscal year 2012.
The NCUA on Thursday said that two-thirds of the 1,003 credit unions offered the eligibility to become a low-income credit union have accepted.
Over the past six quarters, the SBA’s loan program has posted the second-largest dollar volume ever, supporting $30.25 billion in loans to small businesses.
Whether Amazon.com’s commercial lending pilot program succeeds will be determined over time and how its underwriting terms stack up against banks, credit unions and others.