LEADER 05258nam 22005655 450 001 9910315358803321 005 20200706204330.0 010 $a3-030-03620-0 024 7 $a10.1007/978-3-030-03620-1 035 $a(CKB)4100000007761796 035 $a(MiAaPQ)EBC5729825 035 $a(DE-He213)978-3-030-03620-1 035 $a(EXLCZ)994100000007761796 100 $a20190312d2018 u| 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aFintech, Small Business & the American Dream$b[electronic resource] $eHow Technology Is Transforming Lending and Shaping a New Era of Small Business Opportunity /$fby Karen G. Mills 205 $a1st ed. 2018. 210 1$aCham :$cSpringer International Publishing :$cImprint: Palgrave Macmillan,$d2018. 215 $a1 online resource (202 pages) $cillustrations 311 $a3-030-03619-7 327 $a1. The Story of Small Business Lending -- Part I The Problem -- 2. Small Businesses Are Important to the Economy -- 3. Small Businesses and Their Banks: The Impact of the Great Recession -- 4. Structural Obstacles Slow Small Business Lending -- 5. What Small Businesses Want -- Part II The New World of Fintech Innovation -- 6. The Fintech Innovation Cycle -- 7. The Early Days of Fintech Lending -- 8. Technology Changes the Game: Small Business Utopia -- 9. A Playbook for Banks -- Part III The Role of Regulation -- 10. Regulatory Obstacles: Confusion, Omission, and Overlap -- 11. The Regulatory System of the Future -- Conclusion -- 12. The Future of Fintech and the American Dream. . 330 $aSmall 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. . 606 $aFinance 606 $aBanks and banking 606 $aBusiness enterprises?Finance 606 $aManagement 606 $aIndustrial management 606 $aPopular Science in Finance$3https://scigraph.springernature.com/ontologies/product-market-codes/Q43000 606 $aBanking$3https://scigraph.springernature.com/ontologies/product-market-codes/626010 606 $aBusiness Finance$3https://scigraph.springernature.com/ontologies/product-market-codes/512000 606 $aInnovation/Technology Management$3https://scigraph.springernature.com/ontologies/product-market-codes/518000 615 0$aFinance. 615 0$aBanks and banking. 615 0$aBusiness enterprises?Finance. 615 0$aManagement. 615 0$aIndustrial management. 615 14$aPopular Science in Finance. 615 24$aBanking. 615 24$aBusiness Finance. 615 24$aInnovation/Technology Management. 676 $a338.6420973 700 $aMills$b Karen G$4aut$4http://id.loc.gov/vocabulary/relators/aut$01062048 906 $aBOOK 912 $a9910315358803321 996 $aFintech, Small Business & the American Dream$92522149 997 $aUNINA