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ABA: The American Bankers Association
Industry Insight

Lending to Sole Traders and Micro-Businesses: Thriving Amid Economic Challenges

  • Brought to you by Ezbob Ltd.
  • Published March 24, 2024

The article discusses the current economic challenges faced by sole traders and micro-businesses in the UK, highlighting issues such as rising borrowing costs and increased loan rejection rates. It emphasizes the role of automation and AI in streamlining lending processes, improving applicant screening, and enhancing customer experiences. The piece concludes by advocating for lenders to adopt advanced technologies to expand their SME portfolios confidently.

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