What Is A Microloan?

Small businesses require financing at times, but options that exist for large corporations are not always the best for entrepreneurs. Larger than necessary loan amounts, unforgiving terms, or unrealistic payback schedules make typical business loans prohibitive for small business. However, private loans from family or friends are not ideal, either. What are the options?

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Small Businesses Look to Fintech to Change How They Seek Financing

The rise of artificial intelligence, big data and machine learning is changing the way small businesses are doing things. Banking institutions are in a hurry to collaborate with fintech providers to find solutions that offer small businesses an opportunity to seek financing. In countries like the United States, for example, there are more than 30 million small businesses that make up about 99% of all businesses in the country. They offer employment to millions of citizens and contribute immensely to the economy. As the gig economy continues thriving, financial institutions are seeing a booming market that can generate massive returns from small businesses.

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Citi Increases SBA Lending

Citi has announced that it lent $9.1 billion to U.S. small businesses in 2013. That raises its three-year tally to $26.6 billion, surpassing the $24 billion commitment made in 2011 in conjunction with the U.S. Small Business Administration (SBA) to provide access to lending and capital that would speed economic recovery. Citi’s lending to small businesses in 2013 was up more than 100% from 2009 when Citi loaned $4.5 billion. Citi pledged lending of $7 billion in 2011, $8 billion in 2012 and $9 billion in 2013. Citi surpassed its goals every year, lending small businesses $7.9 billion in 2011, $9.6 billion in 2012 and $9.1 billion in 2013.
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