New York Small Business Relies on Online Lending
WHY ONLINE LENDING
A different model is needed for many small businesses in New York
How is Online Lending Different?
Online lenders are:
Small businesses can often secure credit in less than 24 hours
Online lenders will extend smaller loans than banks, with shorter repayment periods
The SMART BoxTM tells credit seekers the terms of their loan, including rates and fees
Online lenders use technology to lend to underserved small businesses
Online Lending Works for Small Business
small businesses in NY received over $750 million in loans from online lenders from 2015 - 2017
of online borrowers say the loan they secured drove or enabled business growth2
of online borrowers are likely to take out another loan from an online lending company2
1. 2015 Small Business Credit Survey: Report on Employer Firms, Federal Reserve Banks of New York, Atlanta, Boston, Cleveland, Philadelphia, Richmond and St. Louis. March 2016.
2. 2017 Survey of Borrowing by Small Business Borrowers, conducted by Edelman Intelligence. October 2017.