Aite Group’s new report identifies how lending institutions should customize their approach to credit-seeking SMBs based on businesses’ sizes.
Boston, August 2, 2017 — Aite Group’s latest report, Lending to U.S. SMBs: Small Companies, Big Differences, Vast Opportunities, dives into the differences among credit-seeking small and midsize businesses. Not all credit-seeking SMBs are created equal, and lenders must customize their channels, customer experiences, and messaging to take advantage of this vast market. One of the most important characteristics by which credit-seeking SMBs vary is size. Although often treated monolithically, the SMB market is, after all, composed of both small and midsize businesses, warranting further examination of the segments within it to see if they differ from one another. This report sizes the SMB market into three subsegments: microbusinesses, small businesses, and midsize business.
“Among the characteristics by which these size-defined credit-seeking SMBs differ are influencers during the credit-seeking process, attitudes about alternative lenders, and attitudes about debt in general and the underwriting process in particular,” says senior analyst David O’Connell. “The more lenders know about these similarities and differences, the better they can make use of their scarce resources by customizing the credit-seeking experience where it’s called for and avoiding customization where these three groups lack differences.”
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Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.