Heard on the Street: online small business loans, Manhattan retail vacancies, and more

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

PNC Partners with OnDeck for online small business lending: PNC Financial Services Group’s PNC Bank will use technology from digital lender OnDeck Capital to extend loans to small businesses online, the companies said on Monday.

How Manhattan Became a Rich Ghost Town: Manhattan is the nation’s capital of business, commerce, and culture. But at least 20% of Manhattan’s street retail is vacant or about to become vacant. And it’s no coincidence that retail vacancies are highest in some of the most expensive parts of the city. From 2010 to 2014, commercial rents in the most-trafficked Manhattan shopping corridors soared by 8%.

Learning from Opportunity Zones: How to improve place-based policies: In designating Opportunity Zones, state governments faced a conflict between selecting deeply distressed areas versus already improving or gentrifying areas that were more likely to provide tax benefits to investors.

Going the Extra Mile to Connect Local Businesses to Major Construction Projects: San Francisco’s Contractor Assistance Center helps local and disadvantaged contractors to compete with larger companies for project bids with the support from the city’s Public Utilities Commission.