Tips on Growing Small Businesses

Hi, I’m Tabitha with WGN Radio, and I am here in the WGN Radio greenroom with Tim from Lendr And we’re chatting a little bit before he goes on with Steve Bertrand for the business lunch so Tim Why don’t you share with people what you do and where you work great? Thanks Tabitha, so I’m the CEO of Lendr lenders especially finance company that lends us small businesses throughout the United States typically we’re in the range of 250,000 to 10 million in revenue we see from our businesses, and we lend anywhere from ten thousand up to six hundred thousand great So you and I have been chatting in here for a little bit talking a little bit about what you guys do and I know that we have a lot of followers on LinkedIn specifically you are small businesses and entrepreneurs, so Give us a little bit of insight on kind of what the biggest Misconception is in the business that you are currently absolutely, and if I start sweating a little bit warm Here, but what are the biggest misconceptions? I think it’s it’s kind of a two-fold is a lot of people There’s been a lot of peer-to-peer lending and we’re in kind of the business specialty finance and a lot of startup companies will come to us and Start looking for capital, and we really need businesses that have been in business for at least one year So that’s kind of the first misconception the second one I think you know the the payday lending space which I think has done a very horrible job. If you will in some of the Annual rates that they’re trying to analyze of three four hundred percent We don’t do that. We our rates. Go as low as 13 percent up to 36 percent APR so I think those two are a really big misconception on what what a business owner comes to us for is more of a business loan a factoring for staffing or in advance for their their you know future receivables and it’s a little bit different than a startup or a payday type of way the business is that yours And they were in infant stages Or where exactly I would say most of our businesses are Established like I said we require one year in business and so most of them are established But you know we don’t shy away from something. That’s just been in business for a year We have companies that in business for 35 years So we’re we’re proud to be able to lend to somebody that’s been in a business for a year or 35 years So technology is something that I think is impacting all industries holistically What are some of the challenges you’re facing your industry specifically when it comes to technology? Yes a technology obviously is a big player to hit everybody every industry and and so from us You know the underwriting Miley’s always have been a rear facing You know in today’s technology it allows us in real time to look at our clients banking Through other different channels LexisNexis Thomson Reuters, we can look at if they have tax liens open Decaying bankruptcies. We’re able to look in real time and also because of that Give an offer to a lot of our clients at four hours, or less typically we can fund them in 24 or 48 hours So we really strived in Ramping up our technology if you will we call it our wizard And it allows us to look at a client within 15 minutes and get a really good idea where that client stands for us So whenever you know we have about 10 years Or small businesses everybody talks about kind of a secret sauce that they need to be successful And in some cases a lot of those businesses are what we call the unicorn Businesses that just happen to have a really good idea They stumbled to be you know thriving in a really good time. So you know you engage and interact with a lot of small businesses Realistically, what are some of the tips that you have for businesses to thrive in today’s environment? Well, I would first say that they need to have a I don’t know a smaller business sometimes have the personal checking account that’s kind of a You won’t get financing that way you need to have a business checking account They also look at you know cash in and cash out full analysis so having having daily balances having end-of-the-month Balances that you’re showing that you’re paying your bills looking at your trade lines on the credit Making sure that that your trade lines are being paid you’re not past due In other areas as you see a lot of small businesses will have twenty thirty enquiries in the last two or three days so that affects your credit score and so being smart about that shopping and having a partner one lender and Utilizing that lender for that financing is a much smarter way to go There’s a lot of other things obviously you know we talked about paying your bills not getting into a tax Situation paying your employment tax as a business owner budgeting correctly looking at if you if you’re going to do some type of amortization if you’re trucking to Depreciation schedules to understanding a lot of different things in business And we’re always happy to help our clients and educate them on from classic cash flow analysis to just basic One on one business if you will and and we really like doing that with our clients today great well I’m excited to hear what you’re about to talk to Steve about more about Lendr and your business But thank you so much for chatting with us and sharing your expertise with our LinkedIn followers appreciate and I will learn more. Thank you

Leave a Reply

Your email address will not be published. Required fields are marked *