Small Business Digital Lending Platform For FIs Key to Revenue Growth

Community and regional banks have historically had strength winning and serving small business customers where their market share of 40% is nearly twice that of their consumer market share.  But unfortunately they are losing market share in this area of key strength.  More importantly, they are missing a big opportunity to serve their existing small business customers.  Our client research shows 58% of small business checking customers have a loan somewhere, but only 2% have it with their community or regional bank. 

Why?  Because the loans average only $16k.  Rather than get tax returns and go through the time and meetings to set up lines of credit with local banks, small business find it easier to get these loans under $50k fast from large bank credit cards, non-banks and other alternatives.  Just serving the small business customers community and regional banks currently have could grow their small business revenue by nearly 50%.

To compete community and regional banks will need to fully automate their loan processes online to efficiently underwrite and deliver these smaller loans to their business customers.  A 2014 Whitepaper from the Harvard Business Review shows non-bank digital lenders made over $6 Billion in loans to small businesses in 2014, and the providers are growing at 175% annually.

                                    Source: HBR Whitepaper

How do community and regional banks respond quickly?  Many are choosing our digital small business lending technology platform where we underwrite and set up small business loans up to $50,000 all online.  We provide the technology and platform, and you keep the loans, the customers and the new revenues.  Let’s talk about how we can better serve your existing small business customers, attract new ones, and grow you small business revenue by 30%.