Dublin, Jan. 09, 2024 (GLOBE NEWSWIRE) -- The "U.S Small Business Banking 2023" report has been added to ResearchAndMarkets.com's offering.
There is no one-size-fits all definition for small business loans. In an October 2022 report, the Federal Reserve set the size limit for small business credit at $1 million. Yet no less an authority than the Small Business Administration guarantees loans as large as $5 million as part of its flagship 7(a) program. In the private sector, National Business Capital, a Hauppauge, New York-based fintech marketplace for small business borrowers, advertises loans up to $10 million, while Kapitus, a New York small business lender, has an upper limit of $500,000 for business loans.
Though the precise meaning of small business lending may be elastic, its strategic importance to banks remains paramount. Nearly 70% of respondents identify small business lending as a priority for their institution in American Banker's Small Business Banking
2023 research.
The research distills the strategies banks and credit unions are using to grow their books of business in this essential area. The publisher highlights the products and services they're offering, as well as some that are not widely on offer but perhaps should be.
The report also provides a window into technology investments and the growth outlook for the next two years. One of the most intriguing findings from the survey is how some banks are looking to drive that growth: acquiring new small business customers and lending. Retention might actually be a smarter approach, and can be supported by offering these existing customers the financial education that will make them even better consumers of banking services, such as lending.
Key Topics Covered:
- What's a small business, anyway?
- Growth goals for the business of serving small business
- Lenders focus on expansion
- Non-traditional services' increasing profile
- Bringing back 'non-traditional' services
- Unprepared borrowers remain problematic for lenders
- Digital transformation yes, but not much AI
For more information about this report visit https://www.researchandmarkets.com/r/2h1opr
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