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The Latest Credit Scenario for Small Businesses and Newly Emerging Avenues

New York, NY– According to the recently published Federal Reserve report on small business credits, 61 percent respondents faced financial issues over the year. The biggest challenge still remains access to credit, though new online avenues of funding have emerged to plug the credit holes and facilitate easier access to funds.

The 2016 Small Business Credit Survey reveals that nearly half of the respondents went for the conventional loan route, while line of credit accounted for 41 percent respondents. One major factor that works on the credit scene is the approval rate and the existing relationship with the lender. The emergence of new online lenders outside the banking sector has thus attracted greater attention recently.

The new online fund providers, smaller banks and lenders offer easier to follow and access processes and qualifications, but their approval rates aren’t better than those of existing banks. The Fed survey shows that even small banks had a higher 67 percent approval rate.

“Both traditional banks and alternative lenders today have a role in ensuring small businesses continue to function and grow. In time, we can expect to see a convergence of offerings on both sides,” says Strahan McNeil.
Strahan McNeil Partners is a New York headquartered finance firm which operates a global network of over 560 finance professionals redefining their traditional role as ‘financial technicians’. The firm offers specialized financial services that handles audits, restructuring, structured finance, and mergers and acquisitions. Focused on turning knowledge into value and advantage for its clients, Strahan McNeil Partners provides clients with wide ranging financial and accounting services that meet globally consistent norms. 

Strahan McNeil Partners is today playing a new role in the capital markets, supporting positive reforms that would strengthen credibility and confidence. The firm actively takes up social responsibility, making it part of its central, working agenda so as to make a real difference to the communities it serves.
For more information, please visit:
Strahan McNeil Partners
685 3rd Ave, New York, NY 10017
Tel: (646) 681-7423

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