The Credit Needs of Small Businesses: Can Banks Beat Nonbanks at Their Own Game?
- Date:November 13, 2017
- Ian Benton
- Jacob Jegher
- Report Details: 15 pages, 8 graphics
- Research Topic(s):
- Small Business
- Digital Lending
- Digital Banking
- PAID CONTENT
- How has the small business credit market evolved?
- Where are business owners currently sourcing financing?
- What is the level of awareness and usage of fintech and other nonbank lenders?
- Where do small businesses apply for credit?
- Why do business owners choose nonbank lenders over banks?
- Which businesses should banks target with innovative lending products?
The small business data in this report are based on information collected in a random-sample panel of 1,000 small and micro businesses in a February 2017 online survey. Javelin defines microbusinesses as those with annual revenue between $100,000 and $1 million and small businesses as those with revenue between $1 million and $10 million.
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