New survey analyzes small business sentiment
and cash flow data for holistic overview of small business
health
CHICAGO, Feb. 15,
2024 /PRNewswire/ -- Today, OnDeck Capital,
the leading small business lending company at Enova (NYSE: ENVA),
and Ocrolus, the document AI and cash flow analytics platform for
lenders, released the first-of-its-kind Small Business Cash Flow
Trend Report. The new quarterly report combines small business
survey results with cash flow data from companies to provide deeper
insights into the overall health and sentiment of small businesses
across the United States.
Key findings include:
- Most small businesses are feeling optimistic about growth in
2024 and their ability to expand over the next 12 months.
- A steady increase in revenues supports this optimistic outlook
for growth in 2024.
- As inflation cools, businesses are looking to improve
profitability and available cash as a way to support growth.
- Hiring qualified staff remains a concern for over half of small
businesses.
"Our survey of small business sentiment and cash flow data
paints a deeper picture of the sentiment and overall health of
small businesses today," said Cory
Kampfer, Co-President of Small Business Lending at OnDeck.
"While pressures like inflation and hiring persist, there's an
unwavering optimism among small business owners that the most
promising days lie ahead — a testament to their indomitable spirit
even in the midst of an unpredictable economic climate."
"Gaining immediate and accurate visibility into businesses'
financial health is a game-changer," said David Snitkof, SVP of Growth at Ocrolus. "By
leveraging detailed and accurate cash flow data, small business
lenders can make informed decisions, identify trends and implement
strategies that not only enhance efficiency but also contribute to
overall small business success."
Regional findings include:
Growth expectations are generally consistent across the country,
with 25% of businesses expecting significant growth over the next
12 months as inflation cools. In Boston, Minneapolis and St.
Louis, growth expectations are more muted, averaging just
16%.
The report also found a 25% growth in median revenue over the
past 18 months, supporting small businesses' optimistic
outlook.
Over 65% of small businesses in major metropolitan areas
—including Boston, Chicago, Cleveland, Kansas
City, Philadelphia and
Minneapolis — were moderately,
very or extremely concerned about hiring qualified staff.
The report is based on responses from nearly 500 small
businesses with working capital loans and over 3 million small
business applications for working capital financing during the past
18 months. The nationwide survey was completed between December 12-15, 2023. For more information and
complete survey results, please visit:
ondeck.com/small-business-trends.
About OnDeck®
OnDeck®, part
of Enova International, is the proven leader in transparent and
responsible online lending to small businesses. Founded in 2006,
the company pioneered the use of data analytics and digital
technology to make real-time lending decisions and deliver capital
rapidly to small businesses online. Today, OnDeck offers a wide
range of term loans and lines of credit customized for the needs of
small business owners. OnDeck has provided loans to customers in
900 different industries nationwide. For more information, visit
www.ondeck.com.
About Enova
Enova International (NYSE: ENVA) is a
leading financial services company with powerful online lending
that serves small businesses and consumers who are underserved by
traditional banks. Through its world-class analytics and machine
learning algorithms, Enova has provided more than 9.5 million
customers with over $53 billion in
loans and financing. You can learn more about the company and its
portfolio of businesses at www.enova.com.
About Ocrolus
Ocrolus is a document AI platform that
enables faster and more accurate financial decision-making. The
company analyzes documents with over 99% accuracy, regardless of
format or quality, supporting over a thousand document types,
including bank statements, pay stubs, and tax forms. Ocrolus
provides a trusted solution to detect fraud, analyze cash flows and income, and streamline
decisions for 400+ clients across a number of use cases. Customers
such as Enova, PayPal, Brex, CrossCountry Mortgage, Plaid, and SoFi
leverage Ocrolus automation to build delightful user experiences.
To learn more, visit Ocrolus.com.
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SOURCE Enova International, Inc.
