7/27/2017 The State of Small Business Lending in 2017

FINANCINGYOURBUSINESS

TheStateofBusinessLendingin2017,AccordingtoSmall
BusinessOwners
JULY24,2017

Growing Managing Starting

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DespiteFunderasbesteffortstodemystifytheworldofsmallbusinesslending,theindustrycanstillbeacomplexandconfusingrealm.
Withsomanynuancesanduncertainties,itsthatmuchmoreimportantforsmallbusinessownerstobefamiliarwiththefinancialhealth
oftheirbusinesses.Inordertoachievethisfinancialfluency,smallbusinessownershavetoknownotonlywhichfinancialresourcesto
accessbutalsothatthesefinancialresourcesexistatall.

Unfortunately,asignificantdisconnectexistsbetweenthesecrucialsmallbusinessfinancialresourcesandthesmallbusinessowners
theywerecreatedfor.Consequently,thismakesfinancialdecisionsfarmoredifficultthantheyshouldbeforsmallbusinessowners.

Thebiggestfactorthatspresentlycloudingsmallbusinesslendingisthepost-financialcrisissurgeofalternativesmallbusinesslenders.
FunderasVPofStrategy,BraydenMcCarthy(alongwithKarenMills,formerheadoftheSmallBusinessAdministration)identifiesinhis
workingpaperonsmallbusinesslending(http://www.hbs.edu/faculty/Publication%20Files/17-042_30393d52-3c61-41cb-a78a-
ebbe3e040e55.pdf)thattighterrestrictionsonlendingwereimposedonbanksafterthe2008financialcrisis.Becauseofthesetighter
restrictions,bankshadtheirhandstiedwhenitcametoprovidingloanstosmallbusinessesprovidingaspacewithinthesmallbusiness
lendingmarket.

Onlinelendersseizedthisopportunityandrushedtofillthegap.Now,withafieldfullofnew,minimally-regulatedplayers,thesmall
businesslendingspacehasbecomemurkyandhard-to-navigate.Thislackoftransparencywithintheshiftingmarketofsmallbusiness
loansmakesithardforsmallbusinessborrowerstoknowwhototrust.

Funderarecentlyconductedastudytolearndirectlyfromsmallbusinessleadersabouttheirexperienceswithsmallbusinesscredit,
lending,andfinancialresourcesinthisnewlyestablishedmarket.

MainTakeaways
Smallbusinessesaremainlyapplyingforoffensivefinancingratherthandefensivefinancing.
Despitetheusualassumptionthatdebtmeansbusinessisntgoingwell,respondentsindicatedtheyareborrowingprimarilysothat
theycangrowtheirbusinesses.49%ofthesmallbusinessownerssurveyedsaidWorkingCapitalwastheirmostprominentreason
forseekingsmallbusinessfinancing,andPurchasingequipmentwasthesecondmostreferencedreasonat42%.Additionally,37%

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7/27/2017 The State of Small Business Lending in 2017
citedExpansionastheirprimaryreason.Thesewerethetopthreereasonsrespondentscitedforfinancingtheirsmallbusinesses.As
theseanswersindicate,smallbusinessesareborrowinginamoreoffensive,proactivewayratherthanthedefensive,reactiveway
thatmanypeopleassumeofsmallbusinessestakingondebt.
Smallbusinessesarestilloverwhelminglygoingtobrick-and-mortarbankstoapplyforfinancing.
Thoughtheentranceofalternativelendersintothesmallbusinesslendingspacehasbeenportrayedasathreattobigbanks,our
respondentsindicatedthattheystilllookmainlytobrick-and-mortarbanksforsmallbusinessfinancing.Infact,only10.89%of
respondentswhosoughtsmallbusinessfundingdidsothroughanonlinelender.Thatscomparedtothe66.34%whowenttoalarge
nationalbank,the39.6%whowenttoaregionalbank,andthe25.74%whowenttoalocalbank.Thebuzzaboutonlinelenders
doesntmeasureuptothebank-centeredwayinwhichsmallbusinessownerscontinuetogoaboutfinancingtheirbusinesses.
Adisconnectexistsbetweensmallbusinessesownersandeducationalresourcesmadespecificallyforthem.
Thisdisconnectmaterializedmostdrasticallywhen80.44%ofrespondentssaidtheyhadneversteppedfootintheirSBAbranch,
whichisanentitythatexistssolelytocatertotheirneeds.Respondentsalsoindicatedadisinterestinsmallbusinessresourceswhen
34.23%saidtheywerenotatallinterestedinseeingafreebusinesscreditscorefortheirsmallbusiness.Clearly,whilethese
resourcesmayneedtoimprovetheiraccessibility,theirimportancealsoneedstobestressedmoreemphatically.

Whydosmallbusinessownersapplyforfinancing?
Whenyoulookatthebusinessownerswesurveyed,theyare,by-and-large,successful.56%ofthebusinessessurveyedhadarevenueof
greaterthan$100,000ayear,and60%ofthosesurveyedranbusinessesthathadbeeninbusinessforfiveyearsormore.Their
enduranceisespeciallyimpressivewhenyouacknowledgethatonlyhalfofsmallbusinesses(https://www.fundera.com/blog/small-
business-statistics)willsurvivepasttheirfirstfiveyears.

Furthermore,80.6%ofthesmallbusinessownersreportedhavingapersonalcreditscoreof650orabove,oneofthemostimportant
parts(https://www.fundera.com/blog/credit-score-guide)ofthebusinessloanapplication,and68%reportedhavingabusinesscredit
scoreof80orabove.

Withinthesedemonstrablysuccessfulrespondents,50%stillhadappliedforfinancingfortheirsmallbusinessand20%saidthatthey
thinkaboutfinancingtheirsmallbusinessonadailybasis.

Butwhy?

Thesestatistics,side-by-side,debunktheassumptionthatapplyingforbusinessfinancingindicatesfinancialdifficulty.

Infact,manysuccessfulsmallbusinessesseekfundinginordertofinancegrowth.49%ofrespondentswhohadsoughtbusiness
financinginthepastindicatedthattheirreasonfordoingsowasforWorkingcapital.Asthesecondmostcitedreasonforseeking
funding,Purchasingequipmentwasreferencedby42%ofourrespondents.Additionally,37%ofthoserespondentsthathadsought

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7/27/2017 The State of Small Business Lending in 2017

businessfinancingcitedExpansionastheirreasonfordoingso.

Itseemsbusinessownersarelookingforfundingwhenbusinessisgoodandgrowingnotwhenisbusinessisbad.

Oneofthemoreshockingresultswasthatamere5.94%oftherespondentssoughtbusinessfinancinginordertorefinancealoan.
GiventhatrefinancingisoneofthenumberonereasonsthatourcustomersgetfundingatFunderawhereweveseenbusinessowners
saveupwardsof$15,000amonth(https://www.fundera.com/blog/carlie-devon)itsdiscouragingtoseethatmorebusinessowners
arentseeingthisasanopportunityforfinancing.

Whatkeepsthesesmallbusinessownersfromrefinancingdebtandpotentiallysavingtensofthousandsofdollarsamonth?Itcouldbe
anumberofthingsfromacreditpulltotheverylackoftrustmentionedabovetojustnotknowingtheoptionexistsatall.

Howandwherearesmallbusinessownerssearchingforfinancing?
Sincethesmallbusinesslendingindustrysrecentshift,theideathatFinTechcompaniesarethreateningtraditionalbankshasbecomea
hottopic(https://www.ft.com/content/ce8fa350-737f-11e6-bf48-b372cdb1043a?mhq5j=e1).Andwhilethefinanciallandscapehas
certainlydiversifiedovertheyears,66.34%ofourrespondentssaidtheywenttothebigbankstoapplyforsmallbusinessfinancing

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7/27/2017 The State of Small Business Lending in 2017

and25.76%saidtheywenttoacommunitybankwhenapplyingforsmallbusinessfinancinginthepast.Evenmoretraditionally,many
ofourrespondentssharedthattheyhadborrowedfromlovedones,with66.24%borrowingfromfamilyand36.31%borrowingfrom
friends.

Meanwhile,only10.89%ofrespondentssaidtheyappliedforsmallbusinessfinancingwithanonlinelender.Clearly,FinTechhasnotyet
garneredtheconsumertrustthatisnecessarytobecomeabiggerthreattomoretraditionalformsofsmallbusinesslending.Infact,in
their2016SmallBusinessCreditSurvey(https://www.newyorkfed.org/medialibrary/media/smallbusiness/2016/SBCS-Report-
EmployerFirms-2016.pdf),theFederalReservefoundthatthetopcriteriathatsmallbusinessesconsideredwhenchoosingtheirlender
wasanexistingrelationshipwiththelender.Onlinelenderssimplycantmeasureuptothehistorysmallbusinesseshavewithbanks.

Thatbeingsaid,ourrespondentsdemonstratedapreferencefortheexperienceofapplyingonline.57.23%appliedforabusinesscredit
cardonlinedirectlywhileanother16%appliedonlinethroughanaffiliatelikeCreditcards.com,Nerdwallet,orThePointsGuy.

Evenmore,16%ofourrespondentssaidtheyhadntevensteppedintoabrick-and-mortarbankbranchinthepastyear.Addedtothis,
statisticsfromGoogleTrends(https://trends.google.com/trends/explore?date=all&geo=US&q=business%20loan)showonlinesearches
forbusinessloanskyrocketingbackuptopre-recessionratessinceDecemberof2015afteranalmost50%dip.

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7/27/2017 The State of Small Business Lending in 2017

Smallbusinessownerswanttofindawaytofinancetheirbusinessesonlinethattheyrecomfortablewith.Butwithonly~11%goingto
anonlinelenderforaloan,itseemssmallbusinessownerslettheirhesitationtowardsalternativelendersoverpowertheirurgetousethe
internettooverseetheirbusinesssfinancesfromtheirhomeoroffice.

Thesenumbers,consideredtogether,showusafrontierintowhichtraditionalbanksoughttoconsiderexpanding.Smallbusinessowners,
whilealmostalwayslookingtotried-and-trueoptionsforgettingaloan,do,infact,prefertheexperienceofapplyingforfinancing
online.ItseemsitistimefortraditionalbankingandFinTechtocollaborateevenmore.

Somebanks(https://www.forbes.com/sites/nikolaikuznetsov/2017/04/07/collaboration-is-the-way-forward-for-banks-and-
fintech/#6f329e376fdb)havestartedtoembracethisfrontier.Forinstance,JPMorganChase
(https://www.forbes.com/sites/amyfeldman/2015/12/01/why-jpmorgan-chase-and-on-deck-capital-are-teaming-up-to-offer-small-
business-loans/#4702386d6d63)haspartneredupwithOnDeckCapital(https://www.fundera.com/resources/small-business-loan-
reviews/ondeck-reviews)tostartprovidingsmallbusinessloans.Similarly,thesoutheasternregionalbankRegionshasjoinedforces
(http://ir.regions.com/releasedetail.cfm?ReleaseID=935098)withonlinelenderFundation(https://www.fundera.com/resources/small-
business-loan-reviews/fundation-reviews)toprovidestreamlinedsmallbusinessloanprocessing.Thesuccessresultingfromthese
partnershipsbetweenbigbanksandFinTechfirmsisevident,withover54%ofincumbentsclaiming(http://www.businessinsider.com/54-
of-incumbents-say-fintech-partnerships-have-boosted-revenue-2016-11)suchpartnershipshaveboostedtheirrevenue.

WhilebignamesinbankingandFinTecharecertainlyexploringthepotentialthatcomeswiththeconvergenceofthesetwofinancial
industries,itstillstands(http://www.lendacademy.com/an-in-depth-look-at-the-ondeckjpmorgan-chase-deal/)thatevenJPMorgan
Chase,arguablythenamethatsfurthestaheadinthisconvergence,onlyprovidesonlinepre-approvedloanstotheirpre-existingonline
bankingcustomersthroughitspartnershipwithOnDeck.Beyondthislimitedreach,nomajornationalbankhasanonlineapplicationfor
smallbusinessloans.

Forbanksandalternativelenderstofixthistogethermakessense:banksprovidetheirbignamesandthetrustthatcomeswiththem
whilethealternativelendersbringtheinnovationandtheuser-friendlyexperiences.

Howmuchdobusinessownersknowaboutthefinancialhealthoftheir
businesses?
Ourstudyrevealedthatsmallbusinessownersarentnecessarilyintouchwiththewealthofresourcesmadespecificallyforthem.In
fact,over80%ofthesmallbusinessownerspolledhadnevervisitedtheirbranchoftheSmallBusinessAdministration.Howdoesthis
disconnectaffecttheirsmallbusinesssfinances?

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7/27/2017 The State of Small Business Lending in 2017

Beyondnotapplyingfordebtrefinancing(https://www.fundera.com/blog/business-debt-eligible-for-refinancing),manybusinessowners
breakprettystandardrules-of-thumbwhenitcomestobusinessfinancing.Forexample,58.92%ofthesmallbusinessownerswepolled
usetheirpersonalcreditcardforbusinessexpenses.

Additionally,thoughmanyofthesesmallbusinessownersdochecktheirpersonalcreditfrequently,theyseldomchecktheirbusiness
creditscore.Ourpollfoundthat89.73%ofthosepolledcheckedtheirpersonalcreditatleastonceayear.Meanwhile,withinthesame
sampleofsmallbusinessowners,58.19%dontchecktheirbusinesscreditscoreatall.

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7/27/2017 The State of Small Business Lending in 2017

Evenmore,whenweaskedrespondentsiftheywouldbeinterestedinafreebusinesscreditcheck,34.23%saidthattheywerenotatall
interested.

Whilesmallbusinessownersdemonstratesavvinesswhenitcomestotheirpersonalfinance,theydontnecessarilytransferthisknow-
howtomanagingtheirbusinesssfinances.

Isitbecausetheyrenotawareoftheresourcesouttherethatcanprovidethemthisknow-how?

Attheendoftheday,smallbusinessownersneedtocaremoreabouttheirbusinesscreditscores
(https://www.fundera.com/blog/checking-business-credit-score).Whileyourpersonalcreditscoremeasuresyourownreliabilityasan
individualborrower,yourbusinessscreditscoremeasuresyourbusinesssreliabilityasaborrower.

Thebusinesscreditscorecanbeamajorpartofthesmallbusinessloanapplication.And,evenifbusinessownersarentlookingfor
financing,theirbusinesscreditscorewillstillaffecttheirfinances.Astrongbusinesscreditscorecanhelpgetoptimalpaymentterms
fromthebusinessssuppliers.

Currently,avarietyofoptionsexistforcheckingbusinesscreditscores.(https://www.fundera.com/blog/free-business-credit-report)
However,manyrequirepaymentsinordertoaccesstheirfullcreditreportingservices.Obviously,thismightaccountforthehesitancy
smallbusinessownersexhibittowardslookingintotheirbusinesscreditscores.

Nonetheless,whetherthedisconnectbetweensmallbusinessownersfinancialliteracyandtheirbusinessfinancesisvoluntary,imposed,
oracombinationofthetwo,thedisconnectstillstands.

MovingForward
Sowhatdotheseinsightsmeanforsmallbusinessfinancingmovingforward?

Tostart,weneedtobreakthestigmaofbusinessfinancingasalifeboatforsmallbusinessesfacingfinancialhardship.Asthissurvey
hasshown,smallbusinessesseekfinancingwhentheyarelookingtoexpandandgrow,whicharebothsignsthatasmallbusinessis
flourishingratherthansuffering.Todothis,weshouldtalkmoretransparentlyandfrequentlyaboutfinancingasgoodnewsforasmall
businessratherthanbad.

Ultimately,thiswillencouragesmallbusinessownerstomorereadilyseeksmallbusinessfinancingwhentheirbusinesswillbenefitfrom
it.Withthiseffort,hopefully,moresmallbusinesseswillleantowardapplyingforfinancingduringafinancialupswingand,becauseof
this,endupgettingbetterdealsonbiggerloans.

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7/27/2017 The State of Small Business Lending in 2017
Theseinsightsalsoindicatethatbigbanksneedtogetonlineortheywillbeleftbehind.Asthelandscapeofsmallbusinessfinancing
developswithnewtechnologiesandplatforms,smallbusinessownerswillstartapplyingtheirinclinationtooverseetheirfinancesonline
intotherealmofsmallbusinessborrowing.ThepreliminarysuccessesthatbigbankshaveseenthroughtheirpartnershipswithFinTech
lendersonlyconfirmthispredictionthatcollaborationisthefutureofsmallbusinesslending.

Finally,thesurveyshowsthatsmallbusinessownersneedtotakeadvantageofthewealthofresourcesavailabletothem.Many
educationalresources(https://www.fundera.com/blog/small-business-advice)existspecificallyforsmallbusinessownerssothatthey
canbetheirbusinesssbestfinancialadvocate.Withthisadditionalefforttoaccesseducationalinformation,smallbusinessownerswill
likelybeexposedtofarmorefinancialoptionsthantheyrealizedtheyhad.

FromvisitingtheirSBAbranch,tosavingtensofthousandsofdollarsamonthbyrefinancingtheirdebt,toimprovingtheirbusiness
creditscore,knowingwhatswhatinsmallbusinessfinancewillallowsmallbusinessownerstoadvocatefortheirbusinesssbestinterest.

Methodology

FunderaandQualtrics(https://www.qualtrics.com/)conductedarandomsurveyof409smallbusinessownersandseniorleadershipat
smallbusinessestoexaminethestateofentrepreneurshipinAmerica.ThesurveywasconductedonlinebetweenMay24andMay26,
2017.

Respondentswereasked79questionsacross5categories:demographics,creditscoresandcreditcards,lending,lifestyle,andeconomic
outlook.Certainquestionsqualifiedordisqualifiedrespondentsfromreceivingfurtherquestionsinthesurvey.

389respondentsself-identifiedasasmallbusinessowner,while20respondentsidentifiedasaVP-leveloraboveatasmallbusiness.
QualtricsdefinedasmallbusinessasaUS-basedfirmwithlessthan500employees.

Resources

FunderaLedger

1. BusinessCreditScore:WhatitIs(AndWhyYouNeedtoKnow)(https://www.fundera.com/blog/checking-business-credit-score)by
EricGoldschein
2. ThisCreditScoreGuideCanHelpYouSaveThousandsonaLoan(https://www.fundera.com/blog/credit-score-guide)byBen
Rashkovich
3. 6PlacesYouCanFindaFreeCreditReport(https://www.fundera.com/blog/free-business-credit-report)byGeorgiaMcIntyre
4. HowThisSmallBusinessOwnerIsTeachingHerDaughterstheValueofEntrepreneurship(https://www.fundera.com/blog/carlie-
devon)byMeredithWood
5. The34BestPlacestoGoForSmallBusinessAdvice(https://www.fundera.com/blog/small-business-advice)byBenRashkovich
6. 17StatisticsEverySmallBusinessOwnerNeedstoBeWellAwareOf(https://www.fundera.com/blog/small-business-statistics)by
GretchenSchmid
7. IsYourBusinessDebtEligibleforRefinancing?5QuestionstoAsk(https://www.fundera.com/blog/business-debt-eligible-for-
refinancing)byMeredithWood

Fundera.com

1. FunderasLenderReviewofOnDeckCapital(https://www.fundera.com/resources/small-business-loan-reviews/ondeck-reviews)
2. FunderasLenderReviewofFundation(https://www.fundera.com/resources/small-business-loan-reviews/fundation-reviews)

FinancialTimes

1. FinTechStartupsPutBanksUnderPressure(https://www.ft.com/content/ce8fa350-737f-11e6-bf48-b372cdb1043a?mhq5j=e1)by
EmmaDunkley

https://www.fundera.com/blog/state-of-business-lending-q3-2017 8/13
7/27/2017 The State of Small Business Lending in 2017

TheFederalReserve

1. SmallBusinessCreditSurvey2016(https://www.newyorkfed.org/medialibrary/media/smallbusiness/2016/SBCS-Report-
EmployerFirms-2016.pdf)

GoogleTrends

1. Interestovertimeforbusinessloanfrom2004-Present(https://trends.google.com/trends/explore?
date=all&geo=US&q=business%20loan)

Forbes

1. CollaborationistheWayForwardforBigBanksandFinTech
(https://www.forbes.com/sites/nikolaikuznetsov/2017/04/07/collaboration-is-the-way-forward-for-banks-and-
fintech/#76faf656fdbe)byNikolaiKuznetsov
2. WhyJPMorganandOnDeckCapitalAreTeamingUptoOfferSmallBusinessLoans
(https://www.forbes.com/sites/amyfeldman/2015/12/01/why-jpmorgan-chase-and-on-deck-capital-are-teaming-up-to-offer-
small-business-loans/#60efdfff6d63)byAmyFeldman

PressRelease

1. RegionsBankJoinsForceswithFundationGrouptoCreateFirstIntegratedSmallBusinessLendingSolutionBetweenaMajorBank
andLeadingOnlineBusinessLender(http://ir.regions.com/releasedetail.cfm?ReleaseID=935098)

LendAcademy

1. AndInDepthLookattheOnDeck/JPMorganChaseDeal(http://www.lendacademy.com/an-in-depth-look-at-the-
ondeckjpmorgan-chase-deal/)byPeterRenton

BusinessInsider

1. 54%ofIncumbentsSaythatFinTechPartnershipsHaveBoostedRevenue(http://www.businessinsider.com/54-of-incumbents-say-
fintech-partnerships-have-boosted-revenue-2016-11)byBIIntelligence

WHAT'SNEXT?

Answerthisbriefquestionnairesowecancustomizethebest
contentforyourbusiness.

I'vebeeninbusinesssince year

Ihaven'tstartedmybusiness

https://www.fundera.com/blog/state-of-business-lending-q3-2017 9/13
7/27/2017 The State of Small Business Lending in 2017

EditorialNote:Anyopinions,analyses,reviewsorrecommendationsexpressedinthisarticlearethoseoftheauthorsalone,andhavenotbeenreviewed,approved,orotherwise
endorsedbyanyoftheseentities.

About LatestPosts

MaddieShepherd(Https://Www.Fundera.Com/Blog/Author/Maddie-Shepherd)
MaddieShepherdisaNewsandFinancewriteratFundera.QuestionsforMaddie?Commentbelow!

(https://www.fundera.com/blog/author/maddie-
shepherd)

RecommendedReading

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(https://www.fundera.com/blog/small-businesses-should-know-their-equal-credit-opportunity-rights-when-applying-for-a-loan)

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