COVID-19 is challenging how business lenders operate at every part of the lending value chain. To address these challenges, some lenders have begun to digitize parts of the origination and onboarding journey. However, most haven't embarked on a holistic transformation of the borrowing journey of small and medium-size businesses (SMBs). This report lays out the process and cultural gaps that exist in SMB lending and the digital capabilities that digital business execs need to build to transform.