Who’s Nipping at Your Heels?
Some small businesses that didn’t get satisfaction from their traditional banking partners turned to fintech providers for help in securing PPP financing.
Check out this telling quote from a recent article in The New York Times:
“In the end, hiccups included, [the small business owner] received the kind of service and financial support in the early days of the program — from two little-known fintech entities and a little-known bank founded in 2008 — that many small business owners with well-established traditional banking relationships did not get.”
Our takeaway? Simply having a recognizable brand isn’t enough. Agile, entrepreneurial small businesses will seek out partners who speak their language and work nimbly, the way they do. Are you positioned to keep fintechs from poaching your small business customers?