Today, mid-market lenders are facing more competition than ever for small business loans. More than 30% of firms with revenues under $100,000 are now turning to online sources. And large banks remain the biggest competitor, taking 58% of small business loan applications.
Still, small businesses prefer small banks
Survey after survey shows that small businesses still prefer to seek credit from small banks. Yet much of this opportunity remains unmet.
If you could solve the three biggest problems with small business lending, you could build your portfolio faster and more profitably. Here’s how…