Interview with iSmallBizCredit Co-Founder and Managing Director Charles Colbert

NEWARK, N.J. - Feb. 6, 2017 - PRLog -- Founded in 2014, iSmallBizCredit is offering online credit lines and loans to small companies. We recently mentioned iSmallBizCredit, which is headquartered in Newark, New Jersey, as one of the hottest fintech startups in 2015.

We spoke with Charles to learn how he and his team built and launched a fintech startup in North America within just a few years.

Charles, what is iSmallBizCredit, can you give us a brief introduction?

iSmallBizCredit is an online lending platform for micro, small, and medium-sized companies. We have developed proprietary technology to reduce the credit application process to only a few minutes and make credit decisions very quickly (within 24 hours). Our credit decision process is supported by a set of machine learning algorithms using large amounts of real time data. Where banks look at historical financials going back five years, iSmallBizCredit is more focused on real time performance over the last 6 months. We can offer very competitive lending products, which are extremely fast to fund.

In which countries / markets is iSmallBizCredit currently operating in?

We are headquartered in New Jersey, but we went live in 2015 in United States and kicked off our global rollout with our launch in the Canada earlier this year.

We are trying to fill a gap in the market by providing loans to small businesses that are underserved by traditional banks. A good example; according to the SBA there are almost 28 million small businesses in the US and employ 120 million individuals. However, banks often don't want to serve these companies because they are too young, too small or have a lack of credit history. small businesses face tremendous challenges in accessing capital to grow.

How did you come up with the idea to start iSmallBizCredit?

Having worked in the finance industry and Wall Street for many years, I witnessed first-hand how smaller businesses struggle to receive funding from traditional banks. Banks have been and continue to deleverage their balance sheets,effectively shrinking their loan portfolios. My partner and I founded iSmallBizCredit to use technology to enable small businesses to grow without having to worry about financing.

What was the biggest challenge in your first year of operation?

Recruiting strong talent. However we are really lucky to have built an exceptional team. Our offices are filled with talent from all over the world who have the, commitment, and capabilities to deliver exceptional work.

INTERVIEWER
Nicolle Mole is a marketing and social media specialist who works on various aspects of the industry including strategy, content marketing. She can be reached at the blog Alternative ways to Finance a Small Business @ http://ismallbusinesscredit.blogspot.com.

About iSmallBizCredit

We launched ismallbusinesscredit.com in 2014 to solve 3 major issues facing small businesses; Technology, Financing, and Payment Processing. We combined our passion for Main Street with cutting-edge technology to evaluate businesses based on what they truly qualify for, how soon they need the money, and what the money is for. This allows business owners the security in knowing that their business has made the best possible decision when it comes to financing their business, allowing them to focus on growing their business rather than hunting for days or even weeks at a time.

Website: www.ismallbusinesscredit.com
Facebook Fan Page: www.facebook.com/pages/Ismallbusinesscredit
Twitter: @ChazzScot (https://twitter.com/ChazzScot)