NSBA President Speaks to NY Fed on Small Biz Lending

May 21, 2014

pic-todd-testifyOn May 15, the Federal Reserve Bank of New York (New York Fed) held a focused conference on the state of small business lending. “Filling the Gaps: Summit on Small Business Credit Innovations” was held on May 15 in lower Manhattan and examined the opportunities and challenges that are created by new approaches to the small business lending market. NSBA President Todd McCracken was the closing commenter for the half-day session.

Following opening comments from New York Fed President William Dudley, three panels looked at different angles of emerging innovation in small business credit markets. The first was a look at the new strategies employed by incumbent institutions, and speakers included representatives from American Express Open, JP Morgan Chase, and Goldman Sachs.

The next two panels looked at new market entrants, credit scoring tools, and web-based lenders. At the end NSBA’s McCracken pointed out there is a large need for more information tools for small business borrowers to find the best and most appropriate sources of credit. Most of the new innovations provide more focused information about borrowers for lenders, but there is still a large gap in information tools for small business borrowers themselves.

An archive of the full event is available here.