The recent Moody’s report on online lending underscores a number of vulnerabilities within the industry.
These are vulnerabilities that we have understood since our inception and why we are confident that we are uniquely placed in the market to best service our customers.
It’s important to note that not all online lenders are the same.
When many of these companies operate as direct lenders, SmartBiz offers a marketplace where small business owners can receive secure SBA loans from trusted banks.
Our marketplace increases chance of approval, provides a streamlined online application combined with white glove concierge service, and enables a secure, transparent way for these business owners to get an SBA loan.
We believe that this distinction enables SmartBiz to attract customers even in a down market when small business owners look to engage with the most trusted and lowest cost markets as opposed to some alternatives in the space.
We also believe in creating long-term relationships with our customers. As the report notes, many online lenders suffering from low recurring revenue must overspend on marketing and sales initiatives.
SmartBiz works with small business owners who often take out more than one SBA loan over time as their business grows.
For those small business owners who are declined, we continue to support them and provide advice and insights on how to improve their credit score and notify them when they become eligible to reapply.