News & Insights

Complexities of Loan Approval for an Improved Financial Future

Further analysis by the Federal Reserve exposes a disparity: women seeking financial assistance are disproportionately less likely to have their loan requests approved compared to their male counterparts. The data is revealing - financial institutions reject 22% of business loan applications overall. However, when examining the gender breakdown, a troubling trend emerges. Female entrepreneurs bear the brunt of this rejection, facing an average refusal rate of 32%, while male entrepreneurs experience a notably lower rate of 19%.

Entrepreneurship rates have been trending upwards in the United States for the past 19 years.

The top three challenges in entrepreneurs:

1) Recruiting

2) Inflation

3) Insufficient Capital or Cash Flow.

Special-Purpose Property Loans: An Introduction to Financing Solutions

Special-purpose real estate properties are designed with specific functions in mind, making them an ideal choice for businesses with unique requirements. These properties often feature distinctive layouts or materials, setting them apart from other options in the market. For instance, motels are a prime example of special-use properties, offering convenient short-term accommodations for travelers. 

Streamlined Eligibility Determination and New Fraud Review Implementation for SBA-Backed Loans

The SBA has unveiled its newly finalized plan to streamline eligibility determination for SBA-backed loans while also implementing a new fraud review on all loans. By bringing eligibility determination in-house through new technology, the SBA will reduce the burden on SBA lenders and streamline operations, which will free up more lenders to focus on their customers and expand their capacity to increase lending.

Integro Bank Obtains SBA Approval

Integro Bank announced that it obtained approval from the U.S. Small Business Administration (SBA) as an approved lender in the federal SBA 7(a) Loan Guarantee Program. The bank now has a fully staffed 6-person SBA department and is accepting loan applications from small business owners for both SBA 7(a) and 504 loans.