PayPal Holdings Inc. recently announced plans to open a bank that would serve small businesses nationwide.
A global online payment system, PayPal has already submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC) to set up PayPal Bank, a proposed Utah-chartered industrial loan firm.
“Securing capital remains a significant hurdle for small businesses striving to grow and scale,” Alex Chriss, president and CEO of PayPal, said in a company statement on Dec. 15. “Establishing PayPal Bank will strengthen our business and improve our efficiency, enabling us to better support small business growth and economic opportunities across the U.S.”…