January 4, 2016
By Bob Coleman
Editor, Main Street Monday
And 85% say small business loan volume and revenues will increase in 2016 according to our New Year’s Eve survey.
Personal pay? 90% say compensation will increase by an average of 5%.
Challenges for 2016?
Competition is the most common response
Staffing concerns rank second, specifically retaining talent.
Selling variable interest rate loans in a rising interest rate environment is the third challenge.
Here are a few other selected responses:
- Quality control during expansion.
- Regulatory burdens.
- Closing loans quickly.
- Expanding the “pie” vs. stealing “pie.”
- Herndon issues resolving cases. Paperwork is multiplying and the newest tabs are actually more difficult. Hopefully SBA One will resolve some of the accounting issues that slow chargeoffs.