Enova: On the Ground, Small Businesses Optimistic

Enova reported $1.6B in small business loan originations for Q4 2025, a big jump from the $1.4B in the prior quarter.

“There’s been a lot of noise over the year of 2025 around the impacts of tariffs and the macro economy and where we are,” said Enova CEO Steve Cunningham during the earnings call. “But I think what I wanted to highlight in my commentary is that it’s not quite as gloomy it seems on the ground. It seems that small businesses are looking forward positively. And I think it’s reflecting in the demand that we’re seeing.”

On the ground that they see, credit quality and net charge-offs have also remained stable.

“Our internal and external data highlight that SMBs continue to express confidence in the economy and expect favorable operating conditions during 2026,” Cunningham said.

In its latest study and report it published with Ocrolus, they found that “Overall, growth expectations amassed an all-time high with 94% of small businesses projecting growth over the next 12 months.”

Enova also expects to close its acquisition of Grasshopper Bank in the 2nd half of this year and said that both companies are business as usual until that happens.