September 10, 2013
Bob Coleman: We’re talking with Rohit Arora, the CEO and Co-Founder of BIz2Credit, out of New York. Rohit, welcome.
Rohit Arora: Bob, thanks for the opportunity.
Bob Coleman: You do a great job of getting your name out there, getting your companies name out there, you are a guest blogger for Forbes. I find it interesting that you came up with the Biz2Credit Index, you track main street borrowings, tell us about that. What is the Biz2Credit Index?
Rohit Arora: So the Biz2Credit Small Business Lending Index is used to get rid of the conflicting views as the deals are coming in. When banks were saying they are holding money, the small business owners are saying we will take the money.
Bob Coleman: Exactly, we have been tracking that, supply and demand, the banks are saying they have all of the money but no one is knocking on the door, and main street is saying where are our loans. GM got their loan, now we aren’t getting ours. Good news is that this is September 2013 and we are starting to see nice economic numbers. I don’t care which side of the aisle you are on, the employment figures are going up. Is that similar to what you are seeing in your index? Are things getting better for main street from your view?
Rohit Arora: So all the data we are seeing, now small business lending is better than 2010, 2011, and 2012. But still the availability of credit to main street businesses is down by at least 50% from where it was.
Bob Coleman: Rohit please briefly tell us what Biz2Credit does, what is your business model?
Rohit Arora: Biz2Credit is an online credit marketplace which helps small business owners who don’t have any other foreseeable means to get alternative lending gain access to capital.
Bob Coleman: Great, Thanks
About the Biz2Credit Small Business Lending Index
The Biz2Credit Small Business Lending Index is an analysis of 1,000 monthly loan applications on Biz2credit.com. The Index reports the loan approval rates of small business financing requests at big banks ($10 billion+ in assets), local and regional banks and non-bank lenders (credit unions, Community Development Financial Institutions (CDFI), micro lenders, and others).
Unlike other surveys, the results are based on primary data submitted by more than 1,000 entrepreneurs who applied for funding on Biz2Credit’s online lending platform, which connects small business borrowers with more than 1100 lenders nationwide.
Results of the Biz2Credit Small Business Lending Index have been reported by The Wall Street Journal, Bloomberg BusinessWeek, Entrepreneur.com, Bloomberg Radio’s “The Hays Advantage”, SBA Radio, NY Daily News, Crain’s NY Business, Michigan Banker, and other media. For August 2013 Lending Index