- 1Enova originated a record $1.4B in small business loans in Q3.
- 2CFO Steven Cunningham says the consolidated net charge-off rate has halved since the OnDeck acquisition.
- 3Cunningham replaces David Fisher as CEO in January.
Enova set another internal quarterly record for small business loan originations in the third quarter, at $1.4 billion.
Margins and credit
Speaking on the recent earnings call, CFO Steven Cunningham said that in the five years since Enova acquired OnDeck, the company has kept its strong profit margins while cutting its consolidated net charge-off rate in half. Cunningham is due to take over as CEO from David Fisher this coming January.
Small business outlook
Fisher said the indicators Enova follows all point to small businesses doing well. Internal and external sources show solid underlying trends, and with Ocrolus the company released the eighth edition of its small business cash flow trend report earlier that week. Fisher described small business confidence as high, with tariffs remaining manageable and the economy, particularly consumer spending, staying strong.
Source reporting: deBanked.
