{"id":5325,"date":"2014-08-28T12:29:11","date_gmt":"2014-08-28T19:29:11","guid":{"rendered":"https:\/\/www.nationalfunding.com\/?p=5325"},"modified":"2022-03-04T15:37:40","modified_gmt":"2022-03-04T23:37:40","slug":"human-element-key-small-business-lending-process","status":"publish","type":"post","link":"https:\/\/www.nationalfunding.com\/blog\/human-element-key-small-business-lending-process\/","title":{"rendered":"National Funding Releases Study by Northwestern University&#8217;s Kellogg School of Management; Finds Human Element Still Key to Small Business Lending Process"},"content":{"rendered":"<p><a title=\"National Funding\" href=\"https:\/\/www.nationalfunding.com\/\">National Funding<\/a>, one of the country\u2019s largest private lenders of <a title=\"Small Business Loans\" href=\"https:\/\/www.nationalfunding.com\/small-business-loans\/\">small business loans<\/a>, today released the findings and analysis of a new study on the lending habits of small business owners, which found that the attitudes surrounding small business lending vary by age of the small business owner and that a human element is very important in the decision-making process.<\/p>\n<p>According to the study commissioned through Northwestern University\u2019s Kellogg School of Management\u2019s Experiential Learning Initiative, although using an online process for researching and initiating the application is accepted by all ages, the concept of an end-to-end online process is only well received by younger business owners. Additionally, while many business owners research lending providers online, 44% of all loan applications were completed in-person, making the human element even more relevant.<\/p>\n<p>Since 1999, National Funding (www.nationalfunding.com) has been a leading provider of financial services and products for small businesses, including, working capital loans, merchant cash advances, <a title=\"Credit Card Processing\" href=\"https:\/\/www.nationalfunding.com\/blog\/importance-of-credit-card-processing-for-small-businesses\/\">credit card processing<\/a>, and <a title=\"Equipment Leases\" href=\"https:\/\/www.nationalfunding.com\/equipment-leasing\/\">equipment leases<\/a>. The company commissioned the survey to better understand the attitudes of today\u2019s small business customer and to gain expert insight into the changing industry landscape.<\/p>\n<p>\u201cDespite great interest in strictly online alternative lending, many business owners still desire personal interactions with financial providers that will take the time to discuss business challenges and solutions,\u201d said David Gilbert, CEO of National Funding. \u201cAt National Funding, our team is specifically committed to spending time with customers so they feel comfortable with the process, and fully understand our product offerings and their options.\u201d<\/p>\n<p>While many alternative lenders focus strictly on online marketing methods to reach new customers, the report\u2019s analysis shows that:<\/p>\n<ul>\n<li>Most owners show a strong preference for a personal interaction;<\/li>\n<li>User-friendly web sites aid conversion, but don\u2019t influence lender choice; and<\/li>\n<li>Small business owners are more likely to use the first lender they meet.<\/li>\n<\/ul>\n<p>\u201cThe alternative lending space has evolved greatly over the last five years, but small businesses face new challenges as restrictions have increased on traditional loans,\u201d said Gilbert. \u201cSME businesses still need financing such as <a title=\"Working Capital Loans\" href=\"https:\/\/www.nationalfunding.com\/working-capital\/\">working capital loans<\/a> and equipment financing, and they need it more than ever as the business outlook improves. But at the same time, it was reported last quarter<sup>1<\/sup> that nearly half of small businesses that sought financing could not obtain a loan from a traditional bank. We meet these business owners\u2019 needs when others cannot, and we do it quickly, efficiently and at a cost that meets their budgets.\u201d<\/p>\n<p>Northwestern University\u2019s Kellogg School of Management\u2019s Experiential Learning Initiative provides students with the opportunity to conduct a study through an integrated strategy that includes strict adherence to rigorous research theories and a platform to provide analysis on real business issues. Working closely with companies, faculty and project coaches, students provide data driven, actionable recommendations on specific business issues. To learn more about the Kellogg School of Management at Northwestern University, visit www.kellogg.northwestern.edu.<\/p>\n<p>Kellogg screened and surveyed 235 small business owners between the ages of 21-65 years old that have owned or managed a business with revenue of $150,000 &#8211; $1 million per year for more than two years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>National Funding today released the analysis from a study on the small business lending process conducted by Northwestern University&#8217;s Kellogg School of Management. The results are very interesting for borrowers and lenders alike.  <\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[70,118],"class_list":["post-5325","post","type-post","status-publish","format-standard","hentry","category-press-releases","tag-equipment-financing","tag-marketing-for-small-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Human Element Still Key to Small Business Lending Process<\/title>\n<meta name=\"description\" content=\"The human element is still key to the small business lending process according to a Kellogg School of Management study, released by National Funding.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.nationalfunding.com\/blog\/human-element-key-small-business-lending-process\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Human Element Still Key to Small Business Lending Process\" \/>\n<meta property=\"og:description\" content=\"The human element is still key to the small business lending process according to a Kellogg School of Management study, released by National Funding.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.nationalfunding.com\/blog\/blog\/wp-json\/wp\/v2\/posts\/5325\" \/>\n<meta property=\"og:site_name\" content=\"The Bottom Line by National Funding\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/national.funding\/\" \/>\n<meta property=\"article:published_time\" content=\"2014-08-28T19:29:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-04T23:37:40+00:00\" \/>\n<meta name=\"author\" content=\"The Bottom Line\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NationalFunding\" \/>\n<meta name=\"twitter:site\" content=\"@NationalFunding\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"The Bottom Line\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.nationalfunding.com\/blog\/human-element-key-small-business-lending-process\/\",\"url\":\"https:\/\/www.nationalfunding.com\/blog\/human-element-key-small-business-lending-process\/\",\"name\":\"Human Element Still Key to Small Business Lending Process\",\"isPartOf\":{\"@id\":\"https:\/\/www.nationalfunding.com\/blog\/#website\"},\"datePublished\":\"2014-08-28T19:29:11+00:00\",\"dateModified\":\"2022-03-04T23:37:40+00:00\",\"author\":{\"@id\":\"https:\/\/www.nationalfunding.com\/blog\/#\/schema\/person\/c6f0fd9aaf7647ec3d2fa13f4c2777c6\"},\"description\":\"The human element is still key to the small business lending process according to a Kellogg School of Management study, released by National Funding.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.nationalfunding.com\/blog\/human-element-key-small-business-lending-process\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.nationalfunding.com\/blog\/human-element-key-small-business-lending-process\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.nationalfunding.com\/blog\/human-element-key-small-business-lending-process\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.nationalfunding.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"National Funding Releases Study by Northwestern University&#8217;s Kellogg School of Management; 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