CHICAGO,
Nov. 26,
2024 /PRNewswire/ -- Small businesses remain
optimistic about future growth heading into the holiday season,
according to the latest Small Business Cash Flow Trend Report
from OnDeck, the leading small business lending company at Enova
(NYSE: ENVA) and Ocrolus, the document AI and cash flow analytics
platform for lenders.
Key findings include:
- Optimism and Growth: Most small business owners (92%)
continue feeling optimistic about future growth, expecting moderate
to significant growth over the next six months.
- Family Ownership and Control: Many small business owners
are eager to maintain control and build generational wealth, with
58% of family-owned businesses intending to pass their business on
to family members.
- Payments: More than 62% of small businesses
accepted alternative and real-time payment methods, with many small
businesses accepting apps including Zelle, PayPal, Venmo, Apple Pay
and Google Pay.
- Access to Credit: Small businesses are becoming
less reliant on traditional banks for credit, increasingly
prioritizing non-bank lenders to access capital —73% of small
business owners reported bypassing traditional bank loans in favor
of alternative lenders.
"Small businesses continue expressing optimism
around growth prospects as the broader U.S. economy improves and we
head into the holidays," said Jim
Granat, Co-President of Small Business Lending at Enova.
"The latest report also reflects a meaningful shift in where small
businesses are first seeking funding, with nearly three-quarters
reporting that they're bypassing traditional banks and instead
going directly to non-bank lenders."
"Access to capital is a critical factor in small
businesses' ability to succeed and grow, especially when
considering challenges like seasonal fluctuations in revenue or
economic uncertainty," said David
Snitkof, SVP of Growth at Ocrolus. "Insights from cash flow
data help small business funders consider a more complete view of
businesses' financial health, ultimately giving them the tools to
approve more qualified borrowers for the funding they need to
thrive."
The report is based on responses from 525 small
businesses with working capital loans and over 2 million small
business applications for working capital financing during a
15-month period. The nationwide survey was completed between
September 23-30, 2024. For more
information and complete survey results, please visit:
ondeck.com/small-business-trends.
About
OnDeck®
OnDeck®, part of Enova
International, is the proven leader in transparent and responsible
online lending to small businesses. Founded in 2006, the company
pioneered the use of data analytics and digital technology to make
real-time lending decisions and deliver capital rapidly to small
businesses online. Today, OnDeck offers a wide range of term loans
and lines of credit customized for the needs of small business
owners. OnDeck has provided loans to customers in 900 different
industries nationwide. For more information, visit
www.ondeck.com.
About Enova
Enova International (NYSE:
ENVA) is a leading financial services company with powerful online
lending that serves small businesses and consumers who are
underserved by traditional banks. Through its world-class analytics
and machine learning algorithms, Enova has provided more than 11.1
million customers with over $58
billion in loans and financing. You can learn more about the
company and its portfolio of businesses at www.enova.com.
About Ocrolus
Ocrolus is a document AI
platform that enables faster and more accurate financial
decision-making. The company analyzes documents with over 99%
accuracy, regardless of format or quality, supporting over a
thousand document types, including bank statements, pay stubs, and
tax forms. Ocrolus provides a trusted solution to detect
fraud, analyze cash flows and income, and streamline
decisions for 400+ clients across a number of use cases. Customers
such as Enova, PayPal, Brex, CrossCountry Mortgage, Plaid, and SoFi
leverage Ocrolus automation to build delightful user experiences.
To learn more, visit Ocrolus.com.
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SOURCE Enova International, Inc.
