Online lenders helped them during COVID Now some small businesses are considering ditching traditional banks newsday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newsday.com Daily Mail and Mail on Sunday newspapers.
Saved by online lenders, businesses say they’ll borrow again
Some small businesses forced to turn to online lenders for pandemic relief are making those niche players a bigger part of their financial game plan, and are even considering dumping their traditional banks altogether.
Loans from online lenders saved thousands of small business owners who were unable to get COVID-19 relief loans from big traditional lenders. Now, encouraged by getting applications processed within days rather than weeks, these owners are becoming repeat customers.
Patrick Carver was loyal to his big national bank but became disillusioned after applying for a Paycheck Protection Program loan, not getting a response for over a month and then having his application denied. At the suggestion of a friend, Carver tried an online lender his application was approved in four days and he had the money within a week. If he needs another loan, he’ll start with the internet.
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Saved by online lenders, businesses say they ll borrow again
Some small businesses forced to turn to online lenders for pandemic relief are making those niche players a bigger part of their financial game plan
By JOYCE M. ROSENBERG AP Business Writer
May 25, 2021, 4:12 PM
• 5 min read
Nation s largest school districts announce plans to fully reopen in the fall
New York City and Los Angeles revealed a return to full-time, in-person learning for the next school year.The Associated Press
NEW YORK Some small businesses forced to turn to online lenders for pandemic relief are making those niche players a bigger part of their financial game plan, and are even considering dumping their traditional banks altogether.
Saved by online lenders, businesses say they ll borrow again 680news.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from 680news.com Daily Mail and Mail on Sunday newspapers.