long term – Scbwi Canada http://scbwicanada.org/ Fri, 21 Apr 2023 06:16:25 +0000 en-US hourly 1 https://wordpress.org/?v=6.2.2 https://scbwicanada.org/wp-content/uploads/2021/06/icon-4-125x125.png long term – Scbwi Canada http://scbwicanada.org/ 32 32 Online Loans, Report Says Small U.S. Businesses To Create 358,000 Jobs In 3 Years https://scbwicanada.org/online-loans-fast-approval-you-can-get-internet-loans-up-to-1000-today/ Thu, 11 Mar 2021 05:29:51 +0000 https://scbwicanada.org/online-loans-report-says-small-u-s-businesses-to-create-358000-jobs-in-3-years/ Online Loans, Report Says Small U.S. Businesses To Create 358,000 Jobs In 3 YearsOne of the biggest challenges small business owners face is finding capital. For many of these owners, online “FinTech” lending platforms have come to the rescue. And according to a new report from NDP Analytics, the platforms funded nearly $ 10 billion from 2015 to 2017. Online loans help small businesses create jobs Top five […]]]> Online Loans, Report Says Small U.S. Businesses To Create 358,000 Jobs In 3 Years

One of the biggest challenges small business owners face is finding capital. For many of these owners, online “FinTech” lending platforms have come to the rescue. And according to a new report from NDP Analytics, the platforms funded nearly $ 10 billion from 2015 to 2017.



Online loans help small businesses create jobs

Top five online small business lenders including OnDeck, cabbage and Lendio, rose from $ 2.6 billion in 2015 to $ 3.9 billion in 2017, a jump of 50%. Online loan approval generated $ 37.7 billion in gross output, $ 12.6 billion in wages, and 358,911 jobs in communities across the United States.

Entitled, “The Economic Benefits of Online Loans for Small Businesses and the U.S. Economy (PDF) ”, the NPD study was sponsored by the Electronic Transactions Association (ETA), the Innovative Lending Platform Association (ILPA) and the Small Business Finance Association (SBFA).

The report findings highlight a growing need to find alternative financing for small businesses to fill critical funding gaps when these business owners need capital. Report author and NDP Managing Partner Nam Pham explained that making the funds available to small business owners is very beneficial. In a press release, Pham mentionned, “As these businesses succeed, so do the communities around them. Small businesses are increasingly turning to online lenders to help cover inventory, employee payroll, and other expenses at critical times in their growth. The loan has an impact not only on the borrower, but also on those who work and engage in this business. ”

The study comes from the 179,505 small business borrowers across the United States who received approximately $ 10 billion in loans from 2015 to 2017. Based on this funding, the data was analyzed to calculate the direct business impact. about these businesses and the communities they serve while configuring gadcapital…

Main conclusions

One of the main findings of the study is how dependent small business owners are on access to capital. This includes three quarters of entrepreneurs who need financing to start, operate and / or grow their business.

The NPD said 24% of borrowers generate less than 100,000 annual sales, which qualifies them as microenterprises. The other two-thirds had less than $ 500,000 in annual sales.

In terms of the amount of money they borrow, 42% of small businesses received between $ 10,000 and $ 50,000 with an average of $ 55,498.

Impact of small businesses on local communities

The research also found when a small business receives a dollar in loans, the borrower’s sales increase by $ 2.31. This, in turn, creates $ 3.79 in gross production in local communities across the country.

By making more resources available to small businesses, especially in the area of ​​financing, lenders ensure their long-term viability. Jason Oxman, CEO of ETA, said: “Online small business lenders provide key options and benefits for US small business owners in the highly competitive lending market. ”

Image: Small Business Finance Association


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