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

Enova’s small business loan segment achieved a significant milestone in the third quarter. "Notably, for the first time in our history, we originated over $1 billion in small business loans, up 33% year-over-year and 14% sequentially," said Enova CEO David Fisher during the company’s earnings call. "This growth is driven by consumer spending and increased confidence among small business owners in the current economy."

Fisher highlighted that Enova's strategy to capitalize on opportunities in its SMB business, first outlined during the Q1 earnings call, has paid off. "We continue to see the benefits of this strategy in the third quarter, as small business origination growth remained strong, revenue yield increased sequentially, and the net charge-off ratio stayed on the low end of our expected range," he said. He also noted that expectations for future credit performance are stable, with the fair-value premiums for both the consumer and small business portfolios largely unchanged from last quarter.