I am the SVP of Partner & Lender Strategy at Lendio, the largest marketplace for small business financing.
In early March, when the word “coronavirus” was still a whisper in the halls of Congress, I was returning from a business development meeting in California to pitch a prospective partner.
With a new year and new goals fresh in our minds, it seemed almost impossible that a black swan event would change the face of business lending in just a few weeks’ time. Who could have predicted the extent of the crisis beginning to unfold?
Even for companies like mine, which already had a blueprint in place for operating during an economic downturn, this was a shock to the system. We’ve learned a few things since then, and while as an industry we remain cautious, we see this as an opportunity to improve our systems and remain agile.