The Importance of Speed in Small Business Lending

One of the benefits for a small business opting for a loan with an online lender is the speed in which they can get a decision and receive funds; however many banks are now opting to leverage off the shelf software to better their small business lending offering; Popular Bank recently partnered with Biz2Credit to fund loans in days instead of weeks; HSBC also struck a partnership with Biz2Credit for online loans in Canada; with this type of technology being more prevalent it is expected that 2019 will bring more types of deals as banks look to compete with companies like Kabbage, OnDeck and others. Source