New ETA Survey Finds Online Lending an Important Tool for Small Business Owners

ETA released an infographic highlighting the key findings from a survey of almost 600 small business borrowers.  The landmark survey conducted last month by Edelman Intelligence reveals that online small business lending products add innovative new choices to available loan options.

KEY FINDINGS INCLUDE

• 96 Percent of online small business organization borrowers said the loan they secured enabled them to drive business growth.
• 91 percent of online small business organization borrowers are likely to take out another loan from an online lending company.
• 99 percent of small business organization borrowers expressed overall satisfaction with their online lending experience.

The survey also indicated that the majority of small business organizations look to minimize total loan cost when facing a short-term Return on Investment Opportunity.  Fifty-seven percent of respondents chose a 6 month loan with a higher APR over a 9 month loan with a lower APR to minimize total interest and fees.