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Enova Surpasses $1 Billion in SMB Loans in a Single Quarter for the First Time

Enova's SMB loans topped $1 billion in originations in Q3 2024, up 33% on the year, as small business products reached 62% of its portfolio.

By Sean Mulligan

News · · Updated Oct 22, 2026 · 2 min read

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Enova wrote more than $1 billion of small business loans in one quarter for the first time, CEO David Fisher told analysts on the company’s third-quarter call on October 22. That is 33% above the third quarter of 2023 and 14% above the second quarter of this year.

Fisher put the surge down to household spending and to owners’ growing confidence in the economy. Across the whole company, originations were $1.6 billion, 28% higher than a year before, according to the results Enova issued the same day.

The small business book

Revenue from small business lending was $269 million, a 38% rise on the prior-year quarter and 7% above Q2. Receivables in the segment closed the period at $2.4 billion, 27% higher, and accounted for 62% of the combined portfolio. For the company overall, revenue reached $690 million (+25%) and adjusted earnings per share $2.45 (+63%).

Credit quality

Charge-offs net of recoveries ran at 8.4% of average combined receivables company-wide, an improvement from 9.4% a year earlier. On the small business book alone, CFO Steve Cunningham said the quarter’s net charge-off ratio remained near the bottom of what Enova expects. Revenue yield rose again from Q2, and fair-value premiums barely moved, which he read as a sign that expected credit performance is steady. The ratio itself was not quoted in the remarks we reviewed.

Cunningham linked the quarter to the plan Enova described on its first-quarter call, which targeted growth at better unit economics.

Management’s view of the market

Fisher drew on a small business cash flow study that Enova published with Ocrolus. It found that close to three in four small businesses use an alternative lender as their principal source of funds. He also cited the NFIB optimism index, which was 91.5 for September.

Cunningham said Enova pushed hard into small business only from around 2021, and that competition looks “pretty weak” in both its consumer and small business lines. These are management’s assessments.

Sources

About the author

Sean Mulligan

Sean Mulligan reports on regulation, deals and lender performance across small-business funding for The Fund Scope, with a focus on what the numbers mean for funders and brokers.