What Bankers Look For When Small Businesses Apply For Financing – Jennifer Lucas, Ernst & Young

ASBN catches up with Jennifer Lucas at 2019 FinTech South. Jennifer is the Executive Director of Payments Practice for Ernst & Young and she shares with us some of the key takeaways from her panel at FinTech South, “What’s Next in B2B Payments”, as well as some payment advice small business owners.

Jennifer states that here clients ask for the most help with their digital transformation. Whether that’s innovation on the front and making a really nice, new, slick product that’s never been introduced in the market, to “I need to take a billion dollars out of my business from an operational efficiency. With their growing digital practice, Ernst and Young has been recognized as one of the most innovative Big 4 and Jennifer says that this is a huge testament to helping their clients go through that transformation.

Additionally, after spending 25 years in banking Jennifer discusses some advantages and disadvantages of a small business taking out a bank loan versus working with investors, as well as what bankers might look for when small companies are applying for bank loans. Jennifer gives some important points that bankers might be looking for in small businesses: that they are providing a customer experience, solving a customer problem, rewarding a buyer, and/or they can deal with legal risk and compliance. They want to be sure that business owners have the stamina necessary to make it through several cycles and that they are able to change and adapt when necessary.

To hear more check out the full interview above.


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