Rise of Fintech
Small Business Credit, Commercial Credit
A decline in credit access in large banks has led to the rise of the fintechs in the lending space. The percentage of small businesses borrowing online has gone from 14% in 2014 to 24% in 2018--a dramatic jump whose implications should concern financial institutions. Raddon VP of Research Bill Handel explains why fintechs have become an appealing lending option for small business owners--and how financial institutions can follow their example and take advantage of the opportunity small businesses represent for them.