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The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
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Read highlights from the conference, and watch small business leaders talk about key issues in accessing credit.
- Outstanding small business loans (defined as <$1 million) from banks are below their pre-recession levels and are flat.
- While 2/3 of outstanding small business loans still come from banks, alternative lenders (including cash advances, short-term loans, and crowdfunding) are growing rapidly.
- As the economy continues to improve, demand for small dollar loans is predicted to grow.
- Insights from surveys of borrowers—who is seeking funds and what their needs are versus what lenders may presume them to be—can be used to shape product offerings and application processes to fit the varying needs of prospective borrowers.
- Traci Mach, Senior Economist, Federal Reserve Board
- Claire Kramer Mills, Officer, Federal Reserve Bank of New York
- Small businesses have three key credit needs: access to short-term capital, minimal paperwork, and quick turnaround.
- Traditional lenders of small business credit are attempting to address these needs through new products and programs that target the $250k and under market and that combine technical assistance with capital investments. Examples include charge cards and the SBA’s Community Advantage Program.
- Demand is growing for business loans of $100-500k, which remains an underserved market.
- Manish Gupta, Executive Vice President, American Express OPEN
- Don Maloney, Senior Vice President, JPMorgan Chase
- James Bason, President, TruFund Financial
- Dan Nissenbaum, Managing Director, Goldman Sachs Urban Investment Group
- Steve Cohen, Deputy Commissioner, New York State's Empire State Development
- Tight credit from traditional sources has set the stage for the emergence of new lending companies who've adapted innovative technology to distribute business capital.
- Alternative lenders have focused on improving the customer experience by automating and streamlining the credit application and underwriting process.
- However, such innovations come at a price. Yields on certain alternative loans, most of which average in the $15,000-$30,000 range, carry rates within the typical credit card range, but with other fees and relatively short repayment terms, actual yields may stretch upwards to 50-70 percent.
- Renaud Laplanche, President, Lending Club
- Andrea Gellert, Senior Vice President, OnDeck Capital
- Daniel DeMeo, Chief Executive Officer, CAN Capital | Video
- Liezl Van Riper, Director of Development, Kiva
- Small businesses are increasingly using technology to search for credit. Online matchmaking platforms are using technology to match borrowers and lenders, lowering acquisition costs for lenders and search costs for borrowers.
- Several panelists spoke about the need for improved information to assist businesses in understanding their creditworthiness. New business credit scores from FICO, for example, allow businesses to understand the components of their score.
- Panelists underscored the importance of business owners being able to forecast their cash flow and the importance for economic policymakers to better understand small business owners’ decisions and investments.
- David Nayor, President, BoeFly
- Amir Kirkwood, Partner, Next Street Financial
- Mike McGeehan, Client Partner, FICO
- Scott Case, Chief Executive Officer, Main Street Genome
8:00 a.m. - 2:00 p.m.
Liberty Room, 1st Floor
33 Liberty Street, New York, N.Y.
| 8:00am- 8:30am |
Registration and Breakfast |
| 8:30am- 9:00am |
Welcome: State of the Market and Credit Opportunities Traci Mach, Senior Economist, Federal Reserve Board Maria Torres-Springer, Commissioner, NYC Department of Small Business Services William Dudley, President, Federal Reserve Bank of New York Claire Kramer Mills, Officer, Federal Reserve Bank of New York |
| 9:05am-10:00am | Panel 1: New Products from Traditional Sources Manish Gupta, Executive Vice President, American Express OPEN Don Maloney, Senior Vice President, JPMorgan Chase James Bason, President, TruFund Financial Dan Nissenbaum, Managing Director, Goldman Sachs Urban Investment Group Steve Cohen, Deputy Commissioner, New York State's Empire State Development Moderator: Brian Headd, Economist, SBA Office of Advocacy Expert Reaction: Rohit Arora, Co-Founder and Chief Executive Officer, Biz2Credit Giovanni Coratolo, Vice President, U.S. Chamber of Commerce |
| 10:00am-10:15am | Break |
| 10:15am-11:25am | Panel 2: New Products from New Players Renaud Laplanche, President, Lending Club Darrell Esch, Vice President, SMB Lending, PayPal Andrea Gellert, Senior Vice President, OnDeck Capital Daniel DeMeo, Chief Executive Officer, CAN Capital Liezl Van Riper, Director of Development, Kiva Moderator: Bob Coleman, Editor of the Coleman Report Expert Reaction: Josh Tonderys, Chief Risk Officer, Prosper William ‘Denny’ Dennis, Senior Research Fellow, NFIB |
| 11:30am-12:30pm | Panel 3: Credit Strategies for the New Market David Nayor, President, BoeFly Amir Kirkwood, Partner, Next Street Financial Mike McGeehan, Client Partner, FICO Scott Case, Chief Executive Officer, Main Street Genome Moderator: John Robertson, Vice President and Senior Economist, Federal Reserve Bank of Atlanta Expert Reaction: Alicia Robb, Senior Research Fellow, Kauffman Foundation Todd McCracken, President, National Small Business Association |
| 12:35pm-12:45pm | Closing Commentary Kausar Hamdani, Senior Vice President, Federal Reserve Bank of New York |
| 12:45pm-2:00pm | Networking Lunch |
Assistant Vice President & Director of Community Development Analysis
212 720-5371
claire.kramer@ny.frb.org
Scott Lieberman
Community Development Analysis
212 720-2629
scott.lieberman@ny.frb.org
Jessica Battisto
Community Development Analysis
212 720-5498
jessica.battisto@ny.frb.org
Rebecca Landau
Community Development Analysis
212 720-7897
rebecca.landau@ny.frb.org
Kellye Jackson
Executive Assistant
212 720-1356
kellye.jackson@ny.frb.org
