Main Street Monday — 67% of you Hit Your Numbers in 2015

January 4, 2016

By Bob Coleman
Editor, Main Street Monday

CRPMGraph010416Main Street Monday — 67% of you Hit Your Numbers in 2015

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.