Small business lending

Asset manager PGIM Inc. is looking to at least triple its investments in the growing direct lending market where it wants to compete with banks to fund mid-size companies outside of the buyout space.

Lawmakers have also criticized the agency's decision to create qualifying standards for farmers and other small businesses.

The $243 million transaction – Small Business Lending Trust 2020-A – is backed by a static pool of 1,930 loans originated and serviced by an affiliate of the U.K.-based lender.

The inaugural securitization for the Los Angeles-based lender will include $34.86 million in Class A notes, with an initial BBB rating from S&P Global Ratings.

ReadyCap Lending Small Business Loan Trust 2019-2 is a transaction of $131.03 million in Class A notes, secured by the unguaranteed interests of a pool of 1,101 small-business loans totaling $155.25 million.

According to a presale report from Kroll, the additional notes will carry the same ratings and terms on the five counterpart classes of $700 million in outstanding notes.

At a forum convened by the CFPB, several bank and fintech executives argued that long-delayed rules required under the Dodd-Frank Act can help fight discrimination and shine a light on unsavory practices in the market for small-business credit.

The acquisition of Radius Intelligence fits with the online lender's existing focus on small commercial borrowers.

The online SME lender is marketing $198.45 million in notes backed by U.S. originations. Funding Circle has previously issued ABS deals backed by small-business loans in its native UK.

The decision is a blow to OnDeck, which said Monday that it intends to pursue a bank charter, either by applying for one or by buying a bank.