More Small Businesses Turning to Online Lenders for Financing
Small Business Labs
APRIL 23, 2019
The Federal Reserve recently released its 2019 Small Business Credit Survey. A key finding is the use of online lending sources by small businesses is rapidly expanding. As the study chart below shows (click to enlarge), in 2018 32% of small businesses seeking credit applied to an online lender. This is up from just 19% in 2016. The top reasons small businesses say they turned to online lenders is their speed of decision making and the view that they had a better chance of being fu
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