New Report Shows Small Businesses Still Prefer Banks to Online Lenders

The Federal Reserve Bank of New York released its 2016 small business credit survey yesterday and the data shows some bad news for online lenders; big banks, small banks and credit unions all scored higher on the survey than online lenders when it comes to access to capital; one of the more telling pieces of data from the report was that online lenders scored lower than banks on transparency; fintechs did score higher on speed of application and ease of process; not all bad news but still points out the advantage that banks have when it comes to cost of capital. Source