Forbes magazine reports
today, “Relentless
Growth of Marketplace Small Business Lenders Continues.” Specifically, Forbes
documents:
“Previously, 80 percent of small business owners went to a bank first to find funding. Today, 80% go online first, and some 60 percent of them are doing so via a mobile platform.
Even with all of this change, not one single bank has established its own digital application process with approval in minutes for small business loans.”
Forbes, 7/15/2015
The result is that community banks do not serve the loan needs of 80% of
their business checking customers, and are losing relationships and business
loan revenues when they need them most.
Why is this happening? The Forbes
article does not mince words:
The application and underwriting process at many leading banks remains document intensive, confusing and worthy of a Kafka novel.
Forbes, 7/15/2015
The good news is turn-key, cloud-based digital lending
platforms like Business MinuteLender are available
for community banks. They allow the bank to provide, deliver and monitor small business loans digitally
with sound, proven underwriting, and all e signed online with no paper. It is time to get your branded mobile small business
digital lending service up and running, and seeing the largest revenue
growth opportunity available.
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