Person-to-Person Lending Sites Gain Traction with Small Businesses

by bradywalen on March 13, 2008

In recent presentations and conversations with bankers, we’ve been talking quite a bit about the impact that person-to-person lending sites like Prosper.com are having on the industry. And, it’s concerning that many in these audiences – usually bank executives, senior managers and marketing officers havn’t heard of P2P lenders, or they have heard about them but don’t consider them to part of the competitive landscape.

Yesterday’s issue of the Wall Street Journal featured an article about the impact these P2P sites are having on small business lending; the article also provides a good introduction to how the person-to-person sites work. For more, check out Jim Bruene’s perspective – I completely agree with him – now is the time to address the threat that P2P lending may pose to your institution.

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