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How to Help Small Businesses Survive COVID's Next Phase

by Danielle Kost

For small businesses that have survived the coronavirus so far, what's next? Karen Mills outlines steps that business owners and government should take immediately. Open for comment; 0 Comments.

How Small Businesses Can Survive the Coronavirus Outbreak

by Danielle Kost

COVID-19 will put many small businesses on life support. Karen G. Mills, who has been advising policymakers on aid options, offers guidance to owners on the brink of ruin. Open for comment; 0 Comments.

Gender Bias Complaints against Apple Card Signal a Dark Side to Fintech

by Karen G. Mills

The possibility that Apple Card applicants were subject to gender bias opens a new frontier for the financial services sector in which regulators are largely absent, argues Karen Mills. Open for comment; 0 Comments.

These Aren't Beach Books, but Managers Should Read Them Anyway

by Sean Silverthorne

As you contemplate your summer reading, consider these recent books from Harvard Business School management scholars that can boost your career and improve on-the-ground management skills. Open for comment; 0 Comments.

Fintech's Game-Changing Opportunities for Small Business

by Martha Lagace

In the new book Fintech, Small Business, & the American Dream, Karen Mills describes how technology is opening up new capital for entrepreneurs. Around the corner: The transformative benefits of AI and big data. Open for comment; 0 Comments.

The Secret Life of Supply Chains

by Michael Blanding

While US policymakers and politicians focus on reviving the manufacturing sector, Mercedes Delgado and Karen Mills unearth a source of better jobs hidden in plain sight. Call it the supply chain economy. Open for comment; 0 Comments.

Using Fintech to Disrupt Eastern Bank from Within

Re: Karen Mills

When Eastern Bank decided to battle a threat from new competitors, it hired a fintech executive to set up Eastern Labs and start innovating. Karen Mills discusses her case study on what happened next. Open for comment; 0 Comments.

The Supply Chain Economy: A New Framework for Understanding Innovation and Services

by Mercedes Delgado and Karen G. Mills

This study shows that a large and dynamic supply chain economy plays a crucial role in innovation and in the creation of well-paid jobs. Traded service suppliers are particularly important. Policies that help suppliers access skilled labor, buyers, and capital could be beneficial for fostering innovation and economic growth.

A New Categorization of the US Economy: The Role of Supply Chain Industries in Innovation and Economic Performance

by Mercedes Delgado and Karen G. Mills

This paper provides a novel industry categorization that quantifies the supply chain economy in the United States. Suppliers of goods, and particularly services, to business and government are a distinct and large sector, and play an important role in national innovation and economic performance.

Here’s How Businessman Trump Is Likely to Approach the Presidency

by Christina Pazzanese

Harvard Business School professors weigh in on how Donald Trump’s nearly 50 years of experience in building a global corporate empire (and zero years of political experience) might shape his approach to leading a nation. Open for comment; 0 Comments.

The Small Business Administration is a Model for How to Drive Economic Growth

by Karen Mills

Responding to a recent editorial in the Washington Post, Karen Mills argues that the Small Business Administration is an effective public-private partnership model that fuels economic growth, access, and opportunity for all Americans. Open for comment; 0 Comments.

The State of Small Business Lending: Innovation and Technology and the Implications for Regulation

by Karen Gordon Mills and Brayden McCarthy

New online fintech competitors have entered the small business lending space, filling a gap in small-dollar loans. More than 70 percent of small businesses seek loans in amounts under $250,000 and more than 60 percent want loans under $100,000. Gaps in regulation of the alternative small business lending market create issues of oversight and concerns about predatory lending. The paper first describes the current market for small business lending, including the new disruptors, and presents strategic alternatives for existing banks to partner with fintech entrants and compete in the new environment. The authors then describe the current regulatory environment with its large number of agencies, each with overlapping authority and mandates, and provide a set of recommendations for regulatory activity that will protect borrowers and investors in this space. These recommendations address concerns about systemic risk while trying to avoid dampening innovation that is filling the gap in small business access to credit.

Where Could More Regulation Help Small Businesses? Online Lending.

by Karen Mills and Brayden McCarthy

The regulatory system overseeing the financial technology industry is a tangle of multiple agencies and inconsistent rules. Karen Mills and Brayden McCarthy propose a six-point plan to regulate online lending. Open for comment; 0 Comments.

Government and Financial Tech Can Fix Cash Woes for Small Businesses

by Karen Mills

Cash flow is a major concern for small businesses, which, on average, hold only 27 days’ reserve. Karen Mills looks at how "fintech" and government policies can pull companies off the cash flow edge. Open for comment; 0 Comments.

A Map for Economic Renewal Begins in Maine

Re: Karen Mills

Maine has had one of the worst state economies in the country the last few years. But something special is happening there of late that could change the face of job creation in the future. Senior fellow Karen Mills, the former administrator of the U.S. Small Business Administration under President Obama, explains her new case on the Maine Food Cluster Project, including the role catalytic philanthropy and cluster initiatives can play in reenergizing struggling business sectors. Open for comment; 0 Comments.

Business Research that Makes for Smarter Public Policy

by Michael Blanding

Just as researchers in the life sciences often target their work to tackle the most dangerous diseases, business scholars are using their research to make a difference in government policy. Open for comment; 0 Comments.

Online Banks Fill Funding Needs for Small Business

by Karen Mills

In the final column on small business lending, Karen Mills is optimistic that the rise of alternative online banks can fund entrepreneurial business growth. Closed for comment; 0 Comments.

Government Can Do More to Unfreeze Small Business Credit

by Karen Mills

In part three of her series on the state of small-business lending, Karen Mills discusses how public-private partnerships and government guarantee programs have the potential to enhance economic growth. Closed for comment; 0 Comments.

The State of Small Business Lending: Credit Access During the Recovery and How Technology May Change the Game

by Karen Mills & Brayden McCarthy

Small businesses are core to US economic competitiveness. Not only do they employ half of the nation's private sector workforce--about 120 million people--but also since 1995 they have created approximately two‐thirds of the net new jobs in the country. Yet in recent years, small businesses have been slow to recover from the recession and credit crisis that hit them especially hard. This lag has prompted the question, "Is there a credit gap in small business lending?" In this paper the authors compile and analyze the current state of access to bank capital for small business from the best available sources. The authors explore both the cyclical impact of the recession on small business and access to credit, and several structural issues that impede the full recovery of bank credit markets for smaller loans. They argue that the online banking market is likely to continue to grow, disrupting traditional ways of lending to small businesses. This will create both opportunities and risks for policymakers and regulators. Key concepts include: Small businesses create two out of every three net new jobs, but there remains a significant jobs gap. Structural issues make it more difficult for community banks to fill market gaps in small-business lending. New entrants are innovating and using technology in ways that improve access, time needed for delivery of capital, and the overall borrower experience. The policy challenge is to ensure that these new marketplaces have sufficient oversight to prevent abuse, but not too much oversight that the innovation is dampened or delayed. Closed for comment; 0 Comments.

Why Small-Business Lending Is Not Recovering

by Karen Mills

Lending to small businesses has not returned to levels seen before the financial crisis. Karen Mills, former head of the US Small Business Administration, explains the reasons and why the situation is not likely to improve anytime soon. Open for comment; 0 Comments.