The North America Micro Lending Market should witness market growth of 12.5% CAGR during the forecast period (2022-2028).
A small business frequently has to meet with just a local broker to submit a loan application. The middleman reviews the business's application and assesses the applicant's creditworthiness and adherence to the loan's terms. To qualify for microloans through the SMA, one might need to complete training requirements.
To attract additional lenders to the market, microloans are increasingly digitized. Borrowers are frequently required to choose a loan objective and loan amount on private micro lending platforms. The lending platform evaluates the creditworthiness of the borrower and set the loan's terms after receiving the complete application. Before funding the loan, some microloan platforms would look for investments from a range of private investors.
For small firms looking for alternate types of investment, micro lending is another option besides crowdfunding. Many businesspeople think that micro lending is exclusively a source of funding for initiatives in impoverished nations. However, microfinance has proven to be effective in developed nations. Due to the fact that many microlenders offer free consultation and training in addition to a loan, microfinance can be an adequate alternative for young entrepreneurs.
The backbone of the American economy is comprised of small businesses, which account for two-thirds of all new jobs in recent decades. Small businesses that export grow more swiftly, add jobs more quickly and raise wages. They support almost four million jobs indirectly in local areas across the country and makeup 98% of all known U.S. exports. Tariffs and non-tariff barriers may be disproportionately expensive for the almost 300,000 small- and medium-sized (SME) businesses in the United States that export to foreign markets.
The US market dominated the North America Micro Lending Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $12,989.5 million by 2028. The Canada market is poised to grow at a CAGR of 14.7% during (2022-2028). Additionally, The Mexico market should witness a CAGR of 14.4% during (2022-2028).
Based on Service Provider, the market is segmented into Banks and Micro Finance Institutes (MFIs). Based on End-user, the market is segmented into Micro, Small & Medium Enterprises and Solo Entrepreneurs & Individuals. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Funding Circle Limited (Funding Circle Holdings plc), On Deck Capital, Inc. (Enova International, Inc.), American Express Kabbage Inc. (American Express Company), LendingClub Bank (LendingClub Corporation), Zopa Bank Limited, Biz2Credit, Inc., Lendio, Inc., Bluevine Capital, Inc., Fundera, Inc. (NerdWallet), and StreetShares, Inc.
A small business frequently has to meet with just a local broker to submit a loan application. The middleman reviews the business's application and assesses the applicant's creditworthiness and adherence to the loan's terms. To qualify for microloans through the SMA, one might need to complete training requirements.
To attract additional lenders to the market, microloans are increasingly digitized. Borrowers are frequently required to choose a loan objective and loan amount on private micro lending platforms. The lending platform evaluates the creditworthiness of the borrower and set the loan's terms after receiving the complete application. Before funding the loan, some microloan platforms would look for investments from a range of private investors.
For small firms looking for alternate types of investment, micro lending is another option besides crowdfunding. Many businesspeople think that micro lending is exclusively a source of funding for initiatives in impoverished nations. However, microfinance has proven to be effective in developed nations. Due to the fact that many microlenders offer free consultation and training in addition to a loan, microfinance can be an adequate alternative for young entrepreneurs.
The backbone of the American economy is comprised of small businesses, which account for two-thirds of all new jobs in recent decades. Small businesses that export grow more swiftly, add jobs more quickly and raise wages. They support almost four million jobs indirectly in local areas across the country and makeup 98% of all known U.S. exports. Tariffs and non-tariff barriers may be disproportionately expensive for the almost 300,000 small- and medium-sized (SME) businesses in the United States that export to foreign markets.
The US market dominated the North America Micro Lending Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $12,989.5 million by 2028. The Canada market is poised to grow at a CAGR of 14.7% during (2022-2028). Additionally, The Mexico market should witness a CAGR of 14.4% during (2022-2028).
Based on Service Provider, the market is segmented into Banks and Micro Finance Institutes (MFIs). Based on End-user, the market is segmented into Micro, Small & Medium Enterprises and Solo Entrepreneurs & Individuals. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Funding Circle Limited (Funding Circle Holdings plc), On Deck Capital, Inc. (Enova International, Inc.), American Express Kabbage Inc. (American Express Company), LendingClub Bank (LendingClub Corporation), Zopa Bank Limited, Biz2Credit, Inc., Lendio, Inc., Bluevine Capital, Inc., Fundera, Inc. (NerdWallet), and StreetShares, Inc.
Scope of the Study
By Service Provider
- Banks
- Micro Finance Institutes (MFIs)
By End-user
- Micro, Small & Medium Enterprises
- Solo Entrepreneurs & Individuals
By Country
- US
- Canada
- Mexico
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Funding Circle Limited (Funding Circle Holdings plc)
- On Deck Capital, Inc. (Enova International, Inc.)
- American Express Kabbage Inc. (American Express Company)
- LendingClub Bank (LendingClub Corporation)
- Zopa Bank Limited
- Biz2Credit, Inc.
- Lendio, Inc.
- Bluevine Capital, Inc.
- Fundera, Inc. (NerdWallet)
- StreetShares, Inc.
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 4. North America Micro Lending Market by Service Provider
Chapter 5. North America Micro Lending Market by End-user
Chapter 6. North America Micro Lending Market by Country
Chapter 7. Company Profiles
Companies Mentioned
- Funding Circle Limited (Funding Circle Holdings plc)
- On Deck Capital, Inc. (Enova International, Inc.)
- American Express Kabbage Inc. (American Express Company)
- LendingClub Bank (LendingClub Corporation)
- Zopa Bank Limited
- Biz2Credit, Inc.
- Lendio, Inc.
- Bluevine Capital, Inc.
- Fundera, Inc. (NerdWallet)
- StreetShares, Inc.
Methodology
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