Banks Respond as Online Lenders Capture One in Four Small Business Loans

The latest FRB Survey of Small Business reports that one if four small businesses apply to an online lender, growing steadily from just 20% two years ago.  The reason is borrowers report faster speed, simplicity and flexibility compared to large and small bank lenders.

No doubt this is why competitors are now offering all-digital small business loans, such as PNC’s entirely digital small business loan, US Bank’s digital small business loan and Wells Fargo.  But many community banks today provide an all-digital small business lending experience using RCGILTNER’s Business MinuteLender®, such as $3B Centier of Indiana, $1.3B First Northern Bank of California or $600 MM The Fauquier Bank of Virginia.  Loans are provided digitally in minutes all under their brand, their underwriting, their compliance and their control.  RCGILTNER provides the technology.

For more information on your digital small business lending strategy, contact us at www.rcgiltner.com.