The Use of Fintech in Small Business Lending Fintech has transformed the finance industry, particularly when it comes to how small businesses borrow. Traditional banking mostly has a monopoly over lending, with detailed paperwork and taking too long sometimes to process fintech has made it possible, fast, and more accessible for small businesses to borrow money anywhere in the world. This piece catches all that fintech is doing in relation to small business lending, covering the successes, challenges, and overall implications on the business field at large. 1. Why Access to Convenient Lending Matters to Small Businesses Small businesses make up the main source of economic growth, but such businesses often face financial barriers as well. Generally speaking, conventional banks consider small business loans as high-risk and therefore put in place strict eligibility criteria to enjoy access for so many reasons, small businesses must have convenient access to loans: Scaling u...
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