A typical start-up entrepreneur finances the business by "investments" from savings, friends and family - plus a bunch of personal credit cards with $5K to $10K limits. It doesn't take long for the credit cards to max out impacting interest rates as well as personal credit scores.
Every small business owner soon discovers that while their bank might advertise "small business friendly" slogans and tell you they make start-up business loans - their definition of a startup is a 2-3 year old business with a history of generating revenue and profits.
Even the best business plan can't accommodate the many bumps and turns along the entrepreneurial road and when a customer doesn't pay on time, or a piece of equipment breaks down, there are few places to turn for financial assistance - at least before now.
Filling the void of small business lending is a handful of reputable online-only lenders along with dozens and dozens of companies that are much worse than the payday lending industry. Kabbage.com is one of the good guys and their focus is to help small business clients secure the funding they need to grow their company. The application takes seconds (not days), the decision is not based on credit scores but rather on cash flow, social media presence and other ingredients in a secret algorithm. The decision is made within minutes and the money you need is in your bank account within a few hours.
FEATURED IN THIS EPISODE
Jami Schwartz is a passionate tech marketer with a love for all things technology, content and branding. She prefers to focus on driving creative messaging and campaigns around customer insights and analytics. She has a self-described entrepreneurial mindset and enjoys working cross functionally
Palm Beach SCORE
Palm Beach SCORE is a non-profit who's mission is helping local small businesses, startups and entrepreneurs grow and thrive by offering mentoring, workshops, business consulting and counseling services, networking opportunities, events and partnerships within the Palm Beach / South Florida business corridor.
SCORE-ing Your Business' host Penny Pompei serves as Chapter Chair for our local Palm Beach SCORE Chapter #224, located in beautiful downtown West Palm Beach.