Small Business Finance has been a hot topic this year. While several large banks have boasted about devoting more staff and financial resources to their small business lending programs, in fact, their loans to entrepreneurs have decreased. With capital being harder to secure, entrepreneurs need to be diligent about maintaining strong credit scores and in properly filling out their loan applications.
Rohit Arora, CEO of Biz2Credit, voted one of Crain’s NY Business “Top Entrepreneur of 2011,” joins Anita Campbell to give tips on improving credit scores, cash flow and securing small business loans.
Below are the questions we asked Rohit:
- (2:40) Rohit, can you tell us a bit about yourself and your background?
- (5:28) Your website and your business really depends on bringing together two distinct audiences – the lenders and the small business owners. Which was the hardest to serve and pull into the website?
- (7:13) Are small business loans harder to get now? And, if so, why do you think that is?
- (8:40) What are some of the specific reasons that small businesses are being rejected? What are the top reasons and can you put them in priority?
- (10:51) Are those the primary reasons? Are there any other reasons?
- (12:08) What can small business owners do to increase the chances of getting a loan? Where would you start?
- (13:48) I want to talk a little bit about credit rating. Personal credit ratings as well as business credit ratings. Can you talk to us about those two things?
- (16:29) What if you’re a small business and you just don’t have any reported credit rating? What happens then, Rohit?
- (18:09) Are there other technologies that increase or improve your chances?
- (21:20) Has the Small Business Lending fund had any impact at all? And, if so, what impact has it had on small business lending?
- (24:22) Are there different parts of the country where it’s easier to get a loan than others? Or does geography not matter?
- (25:32) Tell us a little bit about what the Biz2Credit index does?
- (28:03) Are there any points you’d like to make before we end?
- (28:52) Where can people find out more?
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Listen to Rohit’s interview NOW by clicking the red and yellow player below