June 5, 2015
By Bob Coleman
Editor, Small Business Loan Department Staffing Report
Every year the Coleman SBA BDO Compensation survey asks BDO’s to rate their number one challenge.
This years survey says?
BDO Challenges in 2015
The BDOs three biggest challenges?
Competition. Competition. Competition.
New to the challenge list this year is interest rates, specifically competing against conventional, fixed rate loan products.
- Not one survey participant cited the economy as a challenge
- Restrictive credit boxes have crashed from a high of 72% in 2009 to 7% today
- 8% cited internal logistic issues as the number one challenge
- The lack of qualified borrowers continues to be a major challenge for 19% of participants.
- For the first time, a participant has identified online lending as a competitive threat