Small businesses are the backbone of the U.S. economy. They are the
biggest job creators and offer a path to the American Dream. But
for many, it is difficult to get the capital they need to operate
and succeed. In the Great Recession, access to capital for small
businesses froze, and in the aftermath, many community banks
shuttered their doors and other lenders that had weathered the
storm turned to more profitable avenues. For years after the
financial crisis, the outlook for many small businesses was bleak.
But then a new dawn of financial technology, or "fintech," emerged.
Beginning in 2010, new fintech entrepreneurs recognized the gaps in
the small business lending market and revolutionized the customer
experience for small business owners. Instead of Xeroxing a pile of
paperwork and waiting weeks for an answer, small businesses filled
out applications online and heard back within hours, sometimes even
minutes. Banks scrambled to catch up. Technology companies like
Amazon, PayPal, and Square entered the market, and new
possibilities for even more transformative products and services
began to appear. In Fintech, Small Business & the American
Dream, former U.S. Small Business Administrator and Senior Fellow
at Harvard Business School, Karen G. Mills, focuses on the needs of
small businesses for capital and how technology will transform the
small business lending market. This is a market that has been
plagued by frictions: it is hard for a lender to figure out which
small businesses are creditworthy, and borrowers often don't know
how much money or what kind of loan they need. New streams of data
have the power to illuminate the opaque nature of a small
business's finances, making it easier for them to weather bumpy
cash flows and providing more transparency to potential lenders.
Mills charts how fintech has changed and will continue to change
small business lending, and how financial innovation and wise
regulation can restore a path to the American Dream. An ambitious
book grappling with the broad significance of small business to the
economy, the historical role of credit markets, the dynamics of
innovation cycles, and the policy implications for regulation,
Fintech, Small Business & the American Dream is relevant to
bankers, fintech investors, and regulators; in fact, to anyone who
is interested in the future of small business in America.
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