Boston, December 1, 2016 – Vast in its numbers, the U.S. population of small and midsize businesses presents a significant lending opportunity for credit providers of all types. Alternative lenders, however, have created infrastructure that enables them to promise credit application response times far shorter than those offered by banks. In an SMB credit market burdened by scale barriers but accessible to every bank, credit union, finance company, and alternative lender, can credit providers improve their performance, and can systems vendors use the competitive landscape to improve their product strategies?
Based on an Aite Group survey of 601 U.S. SMBs in August 2016, this report profiles the typical credit-seeking SMB. It explores the circumstances under which SMBs seek credit, where they apply, how far in advance of a need they seek funds, how much they borrow, the terms under which they borrow, and attitudinal factors such as their opinions about technology adoption and financial leverage.
This 32-page Impact Report contains 23 figures and one table. Clients of Aite Group’s Wholesale Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.
This report mentions Baker Hill, CRIF, D+H, FIS, Fiserv, Genpact, Jack Henry, LexisNexis Risk Solutions, Linedata, Moodys Analytics, nCino, Nucleus Software, Polaris, Provenir, Sageworks, Salesforce.com, SmartBiz, Wipro, and Wolters Kluwer.