August 30, 2026 · 7 min
Lending Strategy
The Refund Allocation Test: How Retailer Tariff Refund Choices Rewrite Small-Business Cash-Flow Underwriting
Tariff refunds are not free cash. Retailers' divergent choices—lower prices or fatter margins—force small-business lenders to underwrite the allocation decision, not the check.
- tariff refunds
- small business lending
- underwriting
- cash flow analysis
- retail credit risk
