Application data shows that LOBs earning over $500K fell by 20% in the last quarter while microbusiness applications remained steady.
26% of LOBs reporting that they’ve started offering different products and services
51% of LOBs stating they plan to do the same in the next quarter
LOBs maintain a positive outlook when it comes to digital adoption, enabling them to reach new customers, digest data and arrive at decisions faster, and at lower costs.
The LOB optimism and digitalization mentioned above needs funding, which LOBs are not getting commensurate with their needs.
53% of LOBs stated that lack of access to capital is their biggest challenge
This resulted in more capital in the hands of more LOBs that need it most. For borrowers who did have a pre-existing traditional credit score, we were able to offer them better, less burdensome terms, freeing up more capital for growth.
39% of LOBs in Q3’21 didn’t have a traditional credit score, but we were able to assign reliable risk to about ¾ of them using our proprietary CaminoScore technology
Join a community of over 40,000 micro entrepreneurs with informative resources, interesting tips and best practices on how to grow your business.
Camino Financial’s purpose is to invest in opportunity, believe in ideas and back minority-owned small businesses. By unlocking capital for these underserved micro entrepreneurs, we enable economic growth within overlooked American communities.
