Enova on Business Loan Originations Growth: ‘Like Running Downhill’

Enova originated $1.2B in small business loans in Q2 2025, marking the fourth time they’ve exceeded $1B. When asked how that segment of their business has continued to perform so consistently, Enova CEO David Fisher said that small businesses had a couple of rock solid quarters in a row.

“It’s almost like running downhill,” Fisher said. “It’s not like you’re trying that hard. It just kind of happens. Credit has been incredibly stable…and when you have rock solid credit and you’re in a very strong competitive position, yes, generating origination growth is like I said, kind of like running downhill. It’s not like we’re trying super hard to do it. We just let the business perform the way it was performing.”

Later on Fisher added that “the competitive dynamics on the small business side are more stable. There’s fewer players. We know who they are. Brand matters more. And so that super strong position we have in SMB, I think helps with the stability a bit.”

In regards to how they’ve evolved their approach to TV advertising, Fisher said:

“So ten years ago, we were running a lot of national TV. Now it’s almost all digital TV, where you can almost target city by city and certainly state by state and even different types of groups within those markets. So that all plays into what we do super well because we develop models ‘that the more data focused that we’re looking at, the easier it is for us.’ So TV was never our favorite thing, but if we can target specific states, specific groups, specific times of days, figuring out which types of programming work the best, that’s really amazing for us to be able to plug that all into our algorithms and become more and more efficient with marketing.”

Lastly, Fisher is retiring as CEO to become Executive Chairman effective January 1, 2026. During the call Fisher said that with the business on super stable footing, that it was simply the right time. CFO Steve Cunningham will take over the CEO position.