Saved by online lenders, businesses say they’ll borrow again

NEW YORK (AP) — Some small businesses forced to turn to online lenders for pandemic relief are making those niche players a bigger part of their financial game plan. A few are even considering dumping their traditional banks altogether. Online lenders saved thousands of small business owners who were unable to get Paycheck Protection Program loans from big traditional lenders. Some of the big banks rejected their own customers because they didn’t have the right mix of accounts. Other businesses were turned down without explanation. Now, encouraged by getting applications processed by online lenders in days rather than weeks, these owners are becoming repeat customers.