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Neil Stanley
President of Community Banking
TS Banking Group
Treynor, Iowa
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Original Message:
Sent: 06-28-2018 14:07
From: Barb Rehm
Subject: What Small Business Owners Want
Small business borrowers continue to prefer traditional banks when looking for funding, according to a wide-ranging Federal Reserve report released Thursday. "Browsing to Borrow: "Mom & Pop" Small Business Perspectives on Online Lenders" is based on online focus groups with 42 small business owners who sought credit within the past year. Among the Fed's various findings is one sure to cheer traditional banks. "Banks Are Still the Go-To Credit Source" headlines a section devoted to ranking the factors small business owners consider when choosing a lender. Participants ranked "best price" first, followed by "a lender I know and trust," according to the report. Also important were "likelihood application will be approved" and "quick/easy application process." The Fed added, "participants overwhelmingly prefer traditional financial institutions to online lenders, personal connections, or using their credit cards."
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Barb Rehm
Senior Managing Director
Promontory Interfinancial Network
Arlington VA
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