CFPB: Final Rule Issued to Create New Data Set on Small Business Lending Under Section 1071 Requirements

Rule will fulfill congressional mandate and shine light on key engine of American economy The Consumer Financial Protection Bureau (CFPB) has finalized a rule required by Congress to increase transparency in small business lending, promote economic development, and combat unlawful discrimination. Lenders will collect and report information about the small […]

ABA: Statement on CFPB Small Business Data Collection Rule Released

“America’s banks oppose discrimination in any form and support enforcement of fair lending laws and the goals of Section 1071. Banks of all sizes have a long history of lending to creditworthy small businesses across the country, and ABA supports bank efforts to lend to underserved small businesses. “While today’s final […]

EDA: $1.5 Million Invested for Infrastructure Improvements Needed to Support Business Growth in Greeneville, TN

Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $1.5 million grant to the Greeneville Water Commission, Greeneville, Tennessee, for sewer infrastructure improvements to support business expansion and job creation in a region impacted by fluctuations in the energy economy. This grant […]

EDA: $1 Million Invested to Capitalize Revolving Loan Fund to Support Small Businesses in Northeast Ohio

Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $1 million grant to Valley Economic Development Partners, Youngstown, Ohio, to capitalize and administer a Revolving Loan Fund that will serve small businesses in Mahoning and Trumbull counties, a region impacted by fluctuations […]

EDA: $500,000 Invested to Boost Advanced Manufacturing Training Opportunities and Jobs in North Central Indiana

Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $500,000 grant to Ivy Tech Community College, Kokomo, Indiana, to help establish the Center of Excellence in Advanced Manufacturing. This project will provide autonomous robots and other equipment needed to help the Center prepare trainees for in-demand […]

EDA: U.S. Department of Commerce Funds Eight Communities of Practice to Bolster Economic Competitiveness and Resiliency

Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) had completed awarding $27.9 million in cooperative agreements to establish eight economic development Communities of Practice. Communities of practice are designed to connect participants to capture and disseminate practical knowledge. Each Community of Practice supported […]

SBA: 2023 Exporter of the Year Announced

Today, the U.S. Small Business Administration (SBA) announced that Sciencix, headquartered in North Carolina, has been named the 2023 Small Business Exporter of the Year. The company will be recognized during SBA’s National Small Business Week, an annual event honoring the accomplishments and contributions of small businesses from across the Nation. “With […]

SBA: Second Annual Women’s Business Summit Announced for March 28-29, 2023

The summit convenes women entrepreneurs and thought leaders from across the public and private sectors In honor of Women’s History Month, the U.S. Small Business Administration (SBA) will hold its 2023 Women’s Business Summit from March 28-29, 2023. The two-day hybrid summit will feature virtual panels, “Ask an Expert” workshops, and fireside chats […]

EDA: $1.3 Million Invested to Boost Aerospace Sector in Greenville, TX

Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.3 million grant to the city of Greenville, Texas, to make roadway improvements needed to expand the region’s critical aerospace sector. This project will construct a new roadway alignment for the existing […]

ABA: New Report Shows Farm Bank Lending Increased in 2022

Banks reported holding over 1.1 million small farm loans worth $69 billion. Despite headwinds in 2022 due to supply chain disruptions, shocks to supply and demand, volatility in commodity prices, and geopolitical uncertainty, agricultural lending by U.S. farm banks increased 8.1% in 2022 to $103.1 billion, according to the American […]