According to a new study conducted by Lending Express, 16.3% of small businesses surveyed waited over a month to hear from their bank about a loan application, and 7.5% had to wait over 6 months. Lending Express conducted the survey, which polled a representative sample of over 1,000 small businesses, in April 2019. Sixty-one percent of small business owners surveyed reported that a single loan allowed their business to become profitable. Over 36% believe that some small businesses that deserve funding get it.
- The company, Lending Express” used a sampling pool of about 1000 small businesses to survey the lending landscape for the small business population.
- Survey questioning revealed that about 17% of Gen-Zers respondents were willing to scrub out toilets if it would garner the certainty of a two day loan process
- So coveted is a quick loan resolution, that another 14% expressed a willingness to endure a root canal to endure it.
“But the application process is not uniform across the board, which leaves room for inefficiencies small business owners inevitably face.”