Heard on the Street: small business loans and diversity & inclusion in the time of Coronavirus

By March 30, 2020 Heard on the Street

Heard on the Street – here’s what we were reading last week:

People Need Loans as Coronavirus Spreads. Lenders Are Making Them Tougher to Get.: Banks and financial-technology firms are starting to toughen their approval standards for new loans to consumers and small businesses. That means many people could find it hard to get credit just when they most need it, as the novel coronavirus pandemic puts thousands out of work.

Community banks a model for resilient banking: The world’s community banks, credit unions and CDFIs have been taking concrete action to help their clients, communities and employees respond to the coronavirus Covid-19 crisis.

How to Get Money to Small Businesses, Fast: It will take Congress time to finalize the terms of any rescue package. Then, it will take time to build the administrative infrastructure for any new federal loan or reimbursement program, and even more time to process loan applications or reimbursement claims. We will be lucky if most small businesses see any assistance in less than two months. That is time they — and their employees — do not have.

The Importance of Diversity and Inclusion During Uncertain Times: Having diversity among races, genders, generations, ethnicities and thought within an organization is one thing. But including employees with these experiences in the conversation can help leaders and organizations find the answers to these questions during trying times.