Breslow estimates $100B in unmet US small business loan demand
Noah Breslow · Noah Breslow & Abhra Mitra, onDeck // Data Driven #27 // May 2014 (Hosted by FirstMark Capital) · May 28, 2014 · at 2:11
Noah Breslow, CEO of OnDeck, presents data on the small business credit market and the persistent lending gap.
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“We think there's another hundred billion or so of unmet demand in this country.”
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More from Noah Breslow
Breslow: Electronic data enables fundamentally faster, novel credit decisions
“By collecting electronic data on small business, you could really make a different kind of loan decision in a much faster time frame.”
Breslow: OnDeck cost structure will remain fixed despite rising interest rates
“We think our overall cost structure will stay relatively fixed even in a rising rate environment.”
Breslow: US small business loan demand is roughly $250 billion
“When you look at these smaller loans and what the demand looks like in this country it's about a quarter trillion dollars of demand that exists out there for small business loans.”
Breslow: Social media data is too noisy for assessing creditworthiness
“Social data, and Abra said this to me many moons ago is, is very, very noisy.”
OnDeck has loaned over $1 billion to US small businesses
“We've loaned over a billion dollars to small businesses all across America.”
Oliver Wyman study: Bank loans under $100K are almost unprofitable
“Oliver Wyman did a study where they looked at loans to small businesses underneath a 100,000 dollars, and they found that the traditional banking process, which can take about 30 days on average is almost unprofitable, ah, for the bank, ah, in most cases.”