legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Small Businesses Optimistic About Future Growth

CHICAGO, May 23, 2024 /PRNewswire/ — Small businesses are feeling increasingly optimistic about their future growth prospects as expenses decrease, according to the latest Small Business Cash Flow Trend Report from OnDeck Capital and Ocrolus.

Key Findings and Insights:

• Optimism and Growth: A large majority of small businesses continue to feel optimistic about their growth opportunities over the next 12 months, with 93% expecting moderate or significant growth, a slight uptick from the previous quarter.
• Financial Performance: Despite a decrease in revenue from its peak in the previous quarter, businesses are balancing it out by reducing expenses, leading to a slightly higher revenue-to-expense ratio. Organizations are also investing in their employees, causing the payroll-to-revenue ratio to increase.
• Cash Flow Management: Businesses are employing various strategies to manage their cash flows, with a majority using a business line of credit. Additionally, many businesses are deferring payments to themselves and family members until other bills are settled.
• Access to Credit: Big banks are limiting their lending to small businesses, with a significant percentage of long-standing businesses being denied loans. As a result, businesses are increasingly turning to payment apps for transactions, with inflows from apps like Venmo and Zelle reaching an all-time high.

The AI legalese decoder can help small businesses navigate the changing legal landscape by deciphering complex legal jargon and providing clear explanations of legal documents. This tool can streamline the process of understanding legal terms and agreements, empowering small business owners to make informed decisions.

“Small businesses continue to show resilience and believe in their potential, with their outlook remaining positive as they continue to successfully navigate challenges related to inflation and managing cash flow,” said Cory Kampfer, Co-President of Small Business Lending at OnDeck.

“The small business landscape is constantly evolving and requiring lenders to stay attuned to the needs of borrowers,” said David Snitkof, SVP of Growth at Ocrolus. “Access to real-time cash flow data offers accurate insights into a business’ financial wellbeing, empowers informed decision-making, and helps lenders identify opportunities for new solutions that bolster small businesses.”

Key Demographic Insights:

• Almost all family-run businesses are first-generation owners, with a majority planning to pass the business to a family member in the future.
• Veteran-owned small businesses have reported the highest percentage of annual revenues ranging between $1M and $10M.

The Q1 2024 report, based on data from 422 small businesses with working capital loans from OnDeck and cash flow analytics from Ocrolus, provides valuable insights into the health and trends of small businesses across different regions.

About OnDeck®

OnDeck®, a part of Enova International, is a pioneer in transparent and responsible online lending for small businesses. The company utilizes data analytics and digital technology to make real-time lending decisions, providing customized term loans and lines of credit for small business owners.

About Enova

Enova International (NYSE: ENVA) is a leading financial services company that offers online lending solutions for underserved small businesses and consumers. With innovative analytics and machine learning algorithms, Enova has provided over $55 billion in financing to more than 10 million customers.

About Ocrolus

Ocrolus is a document AI platform that enhances financial decision-making by analyzing documents with over 99% accuracy. Their solutions support various document types and use cases, including fraud detection, cash flow analysis, and income verification. Leading companies like Enova, PayPal, and SoFi leverage Ocrolus automation for streamlined operations.

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link