What’s Holding Up your Loan? Trevor Dryer shares 4 Common Roadblocks
Capital is the lifeblood of small business growth. When small businesses need funding, they usually turn to their community banks for reasonably-priced loans. Unfortunately, the pain of traditional loan applications is driving many small businesses to leave their banks for alternative lending sources.
Why? According to J.D. Power, 61% of fast-growing businesses applying for a loan in the last year encountered enough problems with the lending process that they’d consider switching banks over it. Consider that a high-profit small business generates up to $4,000 in accounting profits annually for banks, according to Oliver Wyman, losing small business customers can become a serious problem for banks.
What’s causing the speed bumps in the lending process for small business (SMB) borrowers and banks – and how can innovative lenders clear these hurdles? Read Trevor Dryer’s latest Forbes article for the 4 most common roadblocks in the lending process.
Dryer, Mirador CEO and Co-Founder, is an advocate for small business lending and fintech. As a contributing member of Forbes Finance Council, he offers perspective on improving access to capital, small business lending considerations and trending topics in the banking industry. Be sure to follow his contributor page.