Accion Weekly News Roundup: July 26, 2013

Accion News:

Lending by Accion sets 19-year record

ABQ Journal

Accion New Mexico-Arizona-Colorado has $10 million in business loans outstanding for the first time in the organization’s 19-year history, a result of strong demand for capital, the organization announced. The number of loans issued by Accion increased 41 percent in the first half of 2013 from lending in the first half of 2012. The average amount of the loans issued in the first half of 2013 is 93 percent greater than in the same period last year.

World Business Chicago Launches Second Round of Seed Chicago With Support from MillerCoors

The Huffington Post

David Zoltan wants to build a bar in Lakeview just for geeks. Yolanda Lobley wants to offer the Austin neighborhood healthier, affordable versions of traditional food from a food truck. Today, they join a group of 15 small businesses and community organizations hoping to bring their creative projects to life by participating in Mayor Rahm Emanuel’s Seed Chicago, a collaboration between the city’s economic development arm World Business Chicago (WBC) and Kickstarter.

Industry News:

Why We Fire Lenders (and Borrowers)

The New York Times

As a loan broker, I have to balance the needs and demands of buyers and sellers in order to get deals done. In my world, buyers are small-business owners who want to borrow money, and sellers are firms who want to lend money for a return. Transparency and honesty from both sides always helps us get to the finish line faster. With borrowers, this process can be frustrating sometimes. Often they withhold certain information that they think will hurt their chances of getting a loan. As a result, my team members and I have to keep peeling back layers of the onion until we find their particular hidden red flag or flags.

SBA administrator departing agency next month, despite lack of nominated replacement

The Washington Post

The Small Business Administration’s administrator will step down next month, the agency’s spokeswoman said Thursday, potentially leaving the agency leaderless for an unknown period of time. SBA Administrator Karen Mills announced her resignation in February but had pledged to stay in place until a successor was confirmed. But the Obama administration has yet to name a replacement, and Mills told her staff Wednesday evening that she will depart at the end of next month.

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