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“Storytelling Financing” and Small-Business Lending
Major players like Amazon and PayPal are getting into the small-business lending industry. Does that mean that smaller lenders are out of luck? Not necessarily; competition breeds disruption, so the industry as a whole may benefit or evolve. Forbes Finance Council members Ben Gold of QuickBridge and Chad Otar of Excel Capital Management share their views on the small business lending industry and what the future of the sector may look like.
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Key Takeaways
- Amazon, PayPal, and Square have recently made a substantial impact in small business lending. The big companies have name brand recognition and a lot of data on their customers, but smaller lenders have the advantage of focused experience one area of expertise.
- Smaller business lenders benefit from the awareness of entrepreneurism created by large companies as more startups seek financing.
- It’s not profitable for banks to underwrite small loans due to the processing time required, but smaller lenders can use unconventional avenues like Yelp reviews to determine the potential of an investment.
- Smaller lenders have more leeway in taking on smaller loans and higher-risk or lower-credit clients. They are able to build personal relationships with clients and establish a rapport over time.
Tweetable Insights
“We’ll continue to innovate, just to make it better for small business owners across the US.” Inside @ForbesCouncils with Ben Gold of @QuickBridgeOC – Listen at https://soundcloud.com/inside-forbes-councils/storytelling-financing-and
“At the end of the day, there is a risk appetite for even alternative funders and lenders and funding options.” Inside @ForbesCouncils with Chad Otar of @excelcapitalmgt – Listen at https://soundcloud.com/inside-forbes-councils/storytelling-financing-and
Additional Resources
Four Common Roadblocks In Today’s Small Business Lending Process by Trevor Dryer
The Seven Factors Lenders Use To Measure Small Business Credit by Alan Crystal
Why Banks May Lose Out On Generation Z — If They Haven’t Already by Stuart Sopp
Will Entrepreneurs Reinvent Banks In The Future? by Howard Dvorkin
Featured Members
Ben Gold is president of QuickBridge, a privately-held financial services firm providing smarter short-term working capital solutions for small and medium-sized businesses nationwide. Ben’s background in business and finance contributed to the design of QuickBridge’s award-winning, technology-driven, high-touch customer service business model. Learn more about QuickBridge here.
Chad Otar is the CEO of Excel Capital Management, a Fintech company that serves as an all-around one-stop shop for business owners’ capital needs. He was also a recipient of Turks of America’s 2017 Top 40 Under 40 award for his work serving the small business community. Learn more about Excel here.
“Storytelling Financing” and Small-Business Lending
Major players like Amazon and PayPal are getting into the small-business lending industry. Does that mean that smaller lenders are out of luck? Not necessarily; competition breeds disruption, so the industry as a whole may benefit or evolve. Forbes Finance Council members Ben Gold of QuickBridge and Chad Otar of Excel Capital Management share their views on the small business lending industry and what the future of the sector may look like.
SUBSCRIBE
Key Takeaways
- Amazon, PayPal, and Square have recently made a substantial impact in small business lending. The big companies have name brand recognition and a lot of data on their customers, but smaller lenders have the advantage of focused experience one area of expertise.
- Smaller business lenders benefit from the awareness of entrepreneurism created by large companies as more startups seek financing.
- It’s not profitable for banks to underwrite small loans due to the processing time required, but smaller lenders can use unconventional avenues like Yelp reviews to determine the potential of an investment.
- Smaller lenders have more leeway in taking on smaller loans and higher-risk or lower-credit clients. They are able to build personal relationships with clients and establish a rapport over time.
Tweetable Insights
“We’ll continue to innovate, just to make it better for small business owners across the US.” Inside @ForbesCouncils with Ben Gold of @QuickBridgeOC – Listen at https://soundcloud.com/inside-forbes-councils/storytelling-financing-and
“At the end of the day, there is a risk appetite for even alternative funders and lenders and funding options.” Inside @ForbesCouncils with Chad Otar of @excelcapitalmgt – Listen at https://soundcloud.com/inside-forbes-councils/storytelling-financing-and
Additional Resources
Four Common Roadblocks In Today’s Small Business Lending Process by Trevor Dryer
The Seven Factors Lenders Use To Measure Small Business Credit by Alan Crystal
Why Banks May Lose Out On Generation Z — If They Haven’t Already by Stuart Sopp
Will Entrepreneurs Reinvent Banks In The Future? by Howard Dvorkin
Featured Members
Ben Gold is president of QuickBridge, a privately-held financial services firm providing smarter short-term working capital solutions for small and medium-sized businesses nationwide. Ben’s background in business and finance contributed to the design of QuickBridge’s award-winning, technology-driven, high-touch customer service business model. Learn more about QuickBridge here.
Chad Otar is the CEO of Excel Capital Management, a Fintech company that serves as an all-around one-stop shop for business owners’ capital needs. He was also a recipient of Turks of America’s 2017 Top 40 Under 40 award for his work serving the small business community. Learn more about Excel here.
Join Forbes Councils
Our featured guests are members of Forbes Councils. If you are a successful entrepreneur, executive, or business leader, you may qualify.