March 30, 2016
C-Suite Wednesday — NY Fed Says Small Banks Make 52% of Main Street Loans
By Bob Coleman
Editor, C-Suite Wednesday
From their just released 2015 Small Business Credit Survey.
Other interesting takeaways:
- Small banks are the primary source of small business lending
- FinTech lenders have a dismal 15% borrower satisfaction rating, compared to 75% with small banks
- Just over 25% of Main Street reports revenue and profitability growth
- Cash Flow remains the number one challenge for Main Street
- 50% of Main Street’s credit needs were met last year
The report surveyed 3,459 small businesses in 26 states.