Use of Technology Becoming More Important in Small Business Lending
Rohit Arora writes a nice recap of the state of small business lending.
His trends are;
1) SBA Boosts Small Business Lending
2) Incorporation of Technology in Small Business Lending
3) Crowdsourcing Campaigns
4) The Rise of Alternative Lenders
5) President Obama’s Reelection
6) Hurricane Sandy and Fiscal Cliff Uncertainty
I personally believe use of technology in small business lending will become an even more important part of the discussion in our profession next year.
Adding credit bureau scores to checking account transactions, credit card deposits, paypal deposits, payroll expense information, industry and geographic risk-weight scores, social media tracking and online public records will be able to give lenders real time, inexpensive information about their applicants.