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Friday, July 24, 2015

Your Small Business Lending Strategy


It is time for your bank to update its small business lending strategy.

Small business has long been the key market segment for community banks, but not for 80% of all small businesses (23 million of 29 million businesses) which want loans under $50k.  This segment of lending is unprofitable for community banks using their traditional underwriting methods.  However, this is a $30 billion revenue marketplace that community banks can serve with new digital lending technology that they can own.  Here are the facts from the New York Federal Reserve survey of small business.

1.      Most of your business checking relationships have no business loan with you but 59% have a loan somewhere else, which is almost always a line of credit.  You are missing an opportunity with nearly two-thirds of the business customers where you already have a relationship that can be highly profitable with sound underwriting with digital delivery technology.

     59% of Small Business Have Outstanding Debt


2.      61% of all business loans are under $50k.  You have nearly half the market share of small business loans over $100k, but only 8% of the market of loan under $50k.  Why?  Loans under $50k are unprofitable and cumbersome with current underwriting and delivery methods, but are profitable, have sound underwriting and are done in minutes with no paper using digital delivery, risk rating and monitoring, costing less than $500 annually per customer.

              61% of Business Loans are Under $50k


3.      One in five businesses used digital lending technology last year in 2014 and it is nearly one-third in 2015.  You can leverage this technology to grow your revenue and relationships in the under $50k loan segment with sound underwriting, while protecting from encroachment for online lenders.

      More Small Business Use of Online Lenders


It is time to see a demo and pro forma for digital technology that is owned by and unique to your community bank, like our MinuteLender.


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