The Coronavirus Impact on Small Business Lending
Small businesses need access to capital now more than ever before—time is of the essence.
The Coronavirus has had a significant impact on small businesses across the United States. Small Businesses not only have the least amount of excess working capital, they also have the highest risk of closure.
It is important for financial institutions to partner with a solution that can help small businesses obtain the necessary funds while allowing banks and credit unions to address credit concerns.
This whitepaper looks at 4 critcal pillars for successful small business lending:
- Quick access to money.
- Simplify requirements
- Focus on your sweet spot.
- Leverage available programs.
While small business lending can feel overwhelming, it doesn’t have to. It is important to leverage your internal resources and use a solution that is flexible enough to allow you to change with times while structured enough to respond to credit risk needs.