YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
PayPal announced this week that it submitted regulatory applications to create PayPal Bank, a new industrial loan company to support small businesses.
The company said Monday that it filed documents with the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation to launch PayPal Bank.
PayPal said that the bank would allow the firm to provide lending solutions for small businesses, as well as interest-bearing savings accounts. It also plans to pursue direct membership with card networks to complement processing and settlement activities through existing banking relationships.
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