Subscribe
Logo
Logo
  • Topics Icon Topics
    • AI Icon AI
    • Banking Icon Banking
    • Blockchain/DeFi Icon Blockchain/DeFi
    • Embedded Finance Icon Embedded Finance
    • Fraud/Identity Icon Fraud/Identity
    • Investing Icon Investing
    • Lending Icon Lending
    • Payments Icon Payments
    • Regulation Icon Regulation
    • Startups Icon Startups
  • Podcasts Icon Podcasts
  • Products Icon Products
    • Webinars Icon Webinars
    • White Papers Icon White Papers
  • TechWire Icon TechWire
  • Search
  • Subscribe
Reading
New Senate Bill Would Enable Fintech Lenders to Participate in SBA Program
ShareTweet
Home
Fintech
New Senate Bill Would Enable Fintech Lenders to Participate in SBA Program

New Senate Bill Would Enable Fintech Lenders to Participate in SBA Program

Emily Donato·
FintechNews RoundupUSA
·Mar. 20, 2020·1 min read

A new Senate proposal circulating yesterday would allow the Treasury and the Small Business Administration to enable fintech lenders as well as banks to offer “small business interruption loans”, so called 7(a) loans; the proposal would add another $300 billion to the SBA’s budget to fund the loans and it would increase the maximum size of 7(a) loans to $10 million; it would also expand the pool of those eligible for small business loans to those with 500 employees or fewer; borrowers would have to use the funds for paid leave, salaries, rent and mortgage payments, and other business expenditures; Funding Circle could be one of the beneficiaries here, they have seen record loan demand this week; Ryan Metcalf, the company’s head of regulatory affairs said that Funding Circle would be able to lend $250 million a month if the federal government allows the company to join the small business interruption loan program proposed in the Senate Republican bill. Bloomberg Law

  • Emily Donato
    Emily Donato

    With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.

    View all posts
Tags
coronavirusFunding CirclepolicySBA loanssmall business lending
Related

How Fintech Lenders Can Help Capture Small Business Opportunity

Enough Already! Funding Circle Deserves to Keep Their 7(a) Lending License

Luke Voiles, CEO of Pipe

Luke Voiles, CEO of Pipe, on the optimal way to approach small business lending

Will Embedded Finance Make Software Companies the New Community Banks?

Popular Posts

Today:

  • Reimagining Overdrafts in the Age of Intelligent BankingReimagining Overdrafts in the Age of Intelligent Banking May. 8, 2025

This month:

  • Penny LeeThe Battle for Open Banking’s Future Jul. 10, 2025
  • Fintech ForecastWhy Every Lender Should Be Using Cash Flow Underwriting Today Jul. 29, 2025
  • keep-an-eye-on-these-female-fintech-founders 2 (3)Future of Fintech: Female Founders in Focus Aug. 14, 2025
  • Pat UtzAbstract CEO on RegTech in the era of Trump 2.0 Jul. 17, 2025
  • Jeff Radke AccelerantAs Accelerant IPOs on NYSE, CEO Jeff Radke Hopes to Usher In Insurtech 3.0 Jul. 24, 2025
  • Chris Taylor Fractional AIFractional AI’s CEO Chris Taylor on Scaling the Unscalable Jul. 23, 2025
  • Fintech Forecast (2)Consulting the crystal ball— which 2025 fintech predictions came true, and what’s in store for the rest of the year? Aug. 7, 2025
  • Nova Credit Nikki CrossNova Credit Sees BNPL Flashing Consumer Warning Signs Aug. 5, 2025
  • FN articleVisa’s Director of Product Management on BNPL’s Future Jul. 22, 2025
  • Newsletter-graphicBig Tech’s Billion-Dollar Binge Aug. 13, 2025

  • About
  • Contact
  • Disclaimer
  • Privacy Policy
  • Terms
Subscribe
Copyright © 2025 Fintech Nexus
  • Topics
    • AI
    • Banking
    • Blockchain/DeFi
    • Embedded Finance
    • Fraud/Identity
    • Investing
    • Lending
    • Payments
    • Regulation
    • Startups
  • Podcasts
  • Products
    • Webinars
    • White Papers
  • TechWire
  • Contact Us
Start typing to see results or hit ESC to close
lis digital banking USA Lending Club UK
See all results