Been busy again. Great news with RKN's 114k customers. Would...

Been busy again. Great news with RKN's 114k customers. Would have been ideal to announce this agreement when RKN stake was acquired.

Banking & particularly lending will be attractive for RKN's small business customers. RADI must be close now as APRA will be at ease knowing there are potentially 114k customers.

According to statistics 43% of small businesses applied for a loan last year x 114k RKN customers = 49,020 potential loans x USD $107k* =
USD $5.25B = AUD $6.98B. * Average SBA loan amount is USD $107k.

As of 28th February 2022 JDO had a loan book balance of $5.17B. So the RKN customer base has the potential for NOV's loan book to be 35% larger than JDO's with $1.923B MC x 1.35 = $2.6B MC NOV potential. JDO's growth rate has been huge & NOV will be similar growing their loan book to $5B+ within a few years.

https://www.fundera.com/resources/small-business-lending-statistics

Overview: Small Business Lending Statistics & Trends

1. 29% of small businesses fail because they run out of capital.
2. 43% of small businesses applied for a loan last year.
3. At 66%, the approval rate is highest for institutional lenders than for any other type of lending entity.
4. At 85%, the approval rate for merchant cash advances is the highest of all types of small business funding.
5. Only 48% of small businesses overall have their financing needs met.
6. 9% of small businesses received no capital after applying for a loan.
7. 14% of small businesses only received a portion of their requested funds after applying for a loan.
8. The average small business bank loan amount is $633,000.
9. The average SBA loan amount is $107,000.
10. 32% of small business applicants turned to online lenders last year.
11. 70% of small businesses have outstanding debt.
12. 56% of small businesses apply for funding to expand their business, pursue a new opportunity, or acquire business assets.
13. 36% of small businesses that were denied at least some of the funding they requested were denied because of their credit score.
14. 57% of small businesses loan applicants sought $100,000 or less.