Meeting the Needs of Small Business Borrowers During (and After) Covid-19
The coronavirus isn’t just a medical crisis; it’s also a gut punch to millions of small businesses. With the Paycheck Protection Program (PPP) setting aside $350 billion for small business relief, community banks are thinking about how to process the large number of credit requests that are expected to come in.
The challenge? The needs of small business borrowers don’t begin and end with the PPP. Borrowers want fast decisions, digital processes, and products that better reflect how small businesses operate–and the most forward thinking banks are positioning themselves now for the post-Covid 19 rebound with strategies that help them gain market share and increase their bank’s assets.
Originally recorded Wednesday, April 15, 2020.