On Tuesday, small business lending platforms Dealstruck and Lendio, announced the release of their joint eBook, “Small Business Lending in the Digital Age,” which focuses on strengths, weaknesses, and projections regarding the online small business lending industry.
Ethan Senturia, CEO of Dealstruck, stated:
“Small businesses are the backbone of the U.S. economy, but the past decade has proven to be a difficult landscape for small business financing. We created this eBook to help shed some light on why banks have shied away from smaller loans in recent years, and to show how the online industry has grown to fill the gap.”
Brock Blake, CEO of Lendio, noted:
“This eBook is designed to offer a better understanding of what small business financing looks like in today’s market for both finance industry professionals and small business owners alike. We were pleased to partner with Dealstruck to provide an overview of the trends in the online lending industry.”
Some of the highlights in the eBook include the following:
- Since 2008, banks have shifted focus of small business loans to those in excess of $1 million, but the majority of small businesses are looking for $250,000 or less
- A gap of $550 billion has been created as a result of banks’ focus on large small business loans
- Online lenders have stepped up to the plate to service small businesses that aren’t in the market for traditional or SBA loans
- Increased interest in the online lending industry prompted U.S. Treasury to release a Request for Information from industry players in August of this year
- Online lending is a segment of the finance industry that will continue to grow, giving small businesses seeking $550 billion — that would otherwise have nowhere to turn for funding — access to business capital
Check out the eBook below.
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