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- “A Bad Solution in Search of a Problem”: SBFA’s Response to the New York Disclosure Bill August 6, 2020“It’s actually shocking to me how tone deaf those who claim to represent our industry are when it comes to policy,” is how Steve Denis, Executive Director of the Small Business Finance Association, described the Innovative Lending Platform Association’s response to and influence over the drafting of bill A10118A/S5470B. Known as New York’s APR disclosure […]
- LendingPoint Partners with eBay to Fund Online Sellers August 6, 2020LendingPoint announced this week that it is partnering with the online marketplace eBay to provide funding to sellers on its platform. Titled eBay Seller Capital, the program will offer terms of up to 48 months, with no origination or early payback fees, and which will be capped at $25,000 during its pilot program. “We’re committed […]
- LendingClub’s Loan Originations Dropped By 90% in Q2 August 5, 2020LendingClub’s Q2 financials revealed that the company loaned $325.8M for the quarter, down 90% year-over-year. The company also recorded a net loss of $78.5M. “In the current challenging environment, we have remained focused on the things we can control and are successfully executing against our strategic priorities,” CEO Scott Sanborn commented. “We are pleased with […]
- Square Capital Resumes Business Lending August 5, 2020Square Capital, the small business lending division of Square, resumed offers for its “core flex loans” in late July, the company announced. However, there will be “stricter eligibility criteria.” Square Capital made no core flex loans in Q2, having paused in mid-March on news of the impending crisis. The company pivoted to PPP lending in […]
- Par Funding Files Strong Response to SEC’s TRO After “Lockout” August 4, 2020Par Funding’s attorneys at Fox Rothschild filed a strong response with the Court over the apparent actions taken by the Receiver to lock out its employees and suspend ACH debits, the docket shows. “On the afternoon of July 28, the SEC advised that Mr. Stumphauzer (the appointed receiver) would cause the immediate dismissal of all […]