Elena Ionenko, Co-Founder and Head of Business Development at TurnKey Lender published an inaugural article as the newest member of the Forbes Technology Council:
With the novel coronavirus pandemic disrupting economies around the world, the importance of credit as a tool for rebuilding has come into sharp relief — as has the need for alternative scoring for borrowers.
In the U.S. right now, lending activity is centered on businesses, largely with a view to maintaining worker headcount through the Paycheck Protection Program and other initiatives run by the federal government’s Small Business Administration. Uniquely, this government-backed lending is triggered not by creditworthiness, but by a combination of need and the borrower’s ability to find a traditional lender willing to administer the low-interest loan.
As co-founder of a company specializing in automation technology that works with traditional and alternative credit scoring providers, I’m reminded that right now that there are no analogous measures in place to grease the wheels of consumer lending, though a full economic recovery is unlikely without such a revival.