Enova: SMB Loan Originations of $1.8B in Q3

Enova generated $1.8 billion in small business loans in Q3, up from the previous quarter and up 28% year-over-year. The company said during their earnings call that charge-offs have remained stable, that the environment is strong, and that they see very stable to improving credit overall across their portfolio which has supported their ability to continue to grow nicely.

Enova CEO Steve Cunningham also said that the company may expand its product line. “We’ll explore expanded offerings such as a deposit advance product, secured consumer lending, and SMB-embedded finance offerings,” he said.

There was virtually no mention of last month’s decision to withdraw its bid to acquire Grasshopper Bank. The company and analysts have already moved on from it.