In this podcast, GET mentors talk to Ty Kiisel of OnDeck in regards to the changing realm of little company financing.
The entire world of small company funding changed a lot throughout the last years that are few. Ty, what is the distinction between the way in which a tiny business proprietor gets financing today as well as the method they did years back?
I do believe the greatest distinction is where they are able to get money. Back many years ago, very few years back, the neighborhood bank had been the partner for nearly every business that is small. You could go into the bank, sit across the desk from one of the loan officers, and because of your relationship with that particular bank, you could walk out with a few thousand dollars on your signature, but that isn't possible anymore if you needed a couple of thousand dollars. It is simply a great deal harder for small enterprises to go fully into the bank and obtain that loan today than it was previously.