Enova’s Small Business Financing Originations Drop

Enova CEO David Fisher revealed last week that their small business financing operations had declined. “Our small business financing portfolio represented 8% of our total loan book at the end of Q2,” Fisher said on the July 26th earnings call. “We are remaining cautious on this space as the market rationalizes. As a result, our loan portfolio contracted 10% year-over-year and originations were down 23% year-over-year.”

Enova owns two small business financing subsidiaries, Headway Capital and The Business Backer.

While no official announcement has been made, Jim Salters, founder of The Business Backer, updated his LinkedIn profile to reflect that as of last month, he is no longer CEO of the company.