Small businesses have always had a hard time keeping track of cash flow and banking while trying to run their businesses; many owners are very good at producing their core products but lack the skills needed to navigate the confusing world of small business banking; alternative finance and banking providers have helped to bring access to more small businesses than ever before; the current crisis has allowed banks and the SBA to catch up on the digital experience, though it was not without a fair share of issues; alternative lenders have always used speed as a competitive advantage, something banks have yet to compete with; the speed at which SBA loans went out during the crisis might begin to shift the market; if banks are able to lend at almost the same speed as fintechs will that crowd them out of the market?; if it does then many small businesses will lose the access they desperately need because banks’ underwriting standards are not changing anytime soon. Forbes
