North America Micro Lending Market Size, Share & Industry Trends Analysis Report By Service Provider, By End User (Micro, Small & Medium Enterprises and Solo Entrepreneurs & Individuals), By Country and Growth Forecast, 2022 - 2028
The North America Micro Lending Market would 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 would 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
Market Segments covered in the Report:
By Service Provider
- Banks
- Micro Finance Institutes (MFIs)
- Micro, Small & Medium Enterprises
- Solo Entrepreneurs & Individuals
- US
- Canada
- Mexico
- Rest of North America
- 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.
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- Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 North America Micro Lending Market, by Service Provider
- 1.4.2 North America Micro Lending Market, by End User
- 1.4.3 North America Micro Lending Market, by Country
- 1.5 Methodology for the research
- Chapter 2. Market Overview
- 2.1 Introduction
- 2.1.1 Overview
- 2.1.1.1 Market Composition and Scenario
- 2.2 Key Factors Impacting the Market
- 2.2.1 Market Drivers
- 2.2.2 Market Restraints
- Chapter 3. Strategies Deployed in Micro Lending Market
- Chapter 4. North America Micro Lending Market by Service Provider
- 4.1 North America Banks Market by Country
- 4.2 North America Micro Finance Institutes (MFIs) Market by Country
- Chapter 5. North America Micro Lending Market by End-user
- 5.1 North America Micro, Small & Medium Enterprises Market by Country
- 5.2 North America Solo Entrepreneurs & Individuals Market by Country
- Chapter 6. North America Micro Lending Market by Country
- 6.1 US Micro Lending Market
- 6.1.1 US Micro Lending Market by Service Provider
- 6.1.2 US Micro Lending Market by End-user
- 6.2 Canada Micro Lending Market
- 6.2.1 Canada Micro Lending Market by Service Provider
- 6.2.2 Canada Micro Lending Market by End-user
- 6.3 Mexico Micro Lending Market
- 6.3.1 Mexico Micro Lending Market by Service Provider
- 6.3.2 Mexico Micro Lending Market by End-user
- 6.4 Rest of North America Micro Lending Market
- 6.4.1 Rest of North America Micro Lending Market by Service Provider
- 6.4.2 Rest of North America Micro Lending Market by End-user
- Chapter 7. Company Profiles
- 7.1 Funding Circle Limited (Funding Circle Holdings plc)
- 7.1.1 Company Overview
- 7.1.2 Financial Analysis
- 7.1.3 Segmental and Regional Analysis
- 7.1.4 Research & Development Expenses
- 7.1.5 Recent strategies and developments:
- 7.1.5.1 Partnerships, Collaborations, and Agreements:
- 7.2 On Deck Capital, Inc. (Enova International, Inc.)
- 7.2.1 Company Overview
- 7.2.2 Financial Analysis
- 7.2.3 Regional Analysis
- 7.3 American Express Kabbage Inc. (American Express Company)
- 7.3.1 Company Overview
- 7.3.2 Financial Analysis
- 7.3.3 Segmental and Regional Analysis
- 7.4 LendingClub Bank (LendingClub Corporation)
- 7.4.1 Company Overview
- 7.4.2 Financial Analysis
- 7.4.3 Recent strategies and developments:
- 7.4.3.1 Partnerships, Collaborations, and Agreements:
- 7.5 Zopa Bank Limited
- 7.5.1 Company Overview
- 7.5.2 Financial Analysis
- 7.6 Biz2Credit, Inc.
- 7.6.1 Company Overview
- 7.6.2 Recent strategies and developments:
- 7.6.2.1 Partnerships, Collaborations, and Agreements:
- 7.6.2.2 Product Launches and Product Expansions:
- 7.7 Lendio, Inc.
- 7.7.1 Company Overview
- 7.7.2 Recent strategies and developments:
- 7.7.2.1 Partnerships, Collaborations, and Agreements:
- 7.7.2.2 Product Launches and Product Expansions:
- 7.8 Bluevine Capital, Inc.
- 7.8.1 Company Overview
- 7.9 Fundera, Inc. (NerdWallet)
- 7.9.1 Company Overview
- 7.10. StreetShares, Inc.
- 7.10.1 Company Overview
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