Before the 1990s, banks based home and business loan approvals on an applicant’s perceived character. Community bankers and loan officers knew neighborhood residents, and those seeking loans didn’t have to worry about a credit score or assets.
The U.S. Small Business Administration (SBA) is beginning to process disaster loan applications for residents impacted by Hurricane Harvey. Due to the large volume of applications, SBA is hiring temporary employees to participate in the efforts.
More than 130 student loan debt relief businesses continue to attract clients although federal investigators have found that their practices are questionable or illegal.
With Congress possibly converting more funding for low-income social services, such as Medicaid, into block grants, data demonstrate that doing so leads to less funding overall across time.
In the quarter ending Sept. 30, 2016, Rural Community Assistance Corporation (RCAC) closed 13 loans totaling nearly $2 million to assist rural communities in Alaska, California, Colorado, New Mexico and Washington.