NEW YORK—On May 15, 2014 the Federal Reserve Bank of New York will host Filling the Gaps: A Summit on Small Business Credit Innovations, bringing together lenders, business organizations and policymakers to discuss how small firms can maximize opportunities and minimize risks from recent credit market innovations.
Despite general improvement in credit markets, financing remains challenging for small businesses seeking low-denomination loans. The New York Fed’s Small Business Credit Survey found that nearly 75 percent of firms polled sought loans of $250,000 or less. However, approvals for these amounts were significantly lower than for higher dollar loans.
Furthermore, searching for sources of credit remains time consuming and costly. On average, small firms report spending 26 hours searching and applying for credit. These obstacles have raised interest in new financing providers that offer streamlined applications and expedited credit decisions.
Media can register for the event by contacting Eric Pajonk, eric.pajonk@ny.frb.org or NY.Fed.Media.Relations@ny.frb.org. Additional information can be found on the event webpage.
Program:
Welcome: State of the Market and Credit Opportunities
- William Dudley, President, Federal Reserve Bank of New York
- Maria Torres-Springer, Commissioner, NYC Department of Small Business Services
- Traci Mach, Senior Economist, Federal Reserve Board
- Claire Kramer Mills, Officer, Federal Reserve Bank of New York
Panel 1: New Products from Traditional Sources
- Manish Gupta, Executive Vice President, American Express OPEN
- Dan Nissenbaum, Managing Director, Goldman Sachs, Urban Investment Group
- Steve Cohen, Deputy Commissioner, New York State's Empire State Development
- James Bason, President, TruFund
Moderator: Brian Headd, Economist, SBA Office of Advocacy
Expert Reaction: Bob Coleman, author of Coleman Report, Giovanni Coratolo, Vice President, U.S. Chamber of Commerce, and Rohit Arora, Co-Founder and Chief Executive Officer, Biz2Credit
Panel 2: New Products from New Players
- Renaud Laplanche, President, Lending Club
- Darrell Esch, Vice President, SMB Lending, PayPal
- Andrea Gellert, Senior Vice President, OnDeck Capital
- Daniel DeMeo, Chief Executive Officer, CAN Capital
- Liezl Van Riper, Director of Development, Kiva
Moderator: Jonathan Bowles, Executive Director, Center for an Urban Future
Expert Reaction: William ‘Denny’ Dennis, Senior Research Fellow, NFIB and Josh Tonderys, Chief Risk Officer, Prosper
Panel 3: Credit Strategies for the New Market
- David Nayor, President, BoeFly
- Amir Kirkwood, Partner, Next Street Financial
- Scott Case, Chief Executive Officer, Main Street Genome
- Mike McGeehan, Client Partner, FICO
Moderator: John Robertson, Vice President and Senior Economist, Federal Reserve Bank of Atlanta
Expert Reaction: Alicia Robb, Senior Research Fellow, Kauffman Foundation and Todd McCracken, President, National Small Business Association
