Fintech Small Business, SBA, Karen discussed on The Small Business Radio Show


Your business better and avoid these cashflow crunches of the future and the relationship is so important because I think Karen they just don't need the the money but they need advice on how much money they should do and how they should manage their cash flow something then a bank can give to them at the. SBA did loans. Another inch part must be counseled a million small businesses small businesses. You know they're all by themselves else there. And they need advice and counsel so we need to go back to using the data to enable the lead me in a smarter way and then Dan giving more advice giving counsel having that relationship. Do you think the banks really are are recognizing this because you know you're in touch with a lot of big banks. Do they see a market here. Well there's a long tail to the distribution as you can imagine there's a bunch of banks which you know include some big ones J. P. Morgan Chase and others who have said we're not GONNA see this market to you know the new entrance and they also see for the first time they maybe that the consumer business is going to have squeezed margins already in mortgage rocket mortgage. They're taking a lot of that business. At small businesses complicated and the margins might still remain there so they are ren- thinking and re emphasizing the small business. Dr Dr Borrower and. I think that could be to the benefit and then you have people like square for doing something. Banks can't do which is lend six thousand dollars dollars on average it's too small so if the printing field gets really wide we're going to get a lot more options and products for small business owners when people say who the winners and losers. There's I say look I'm agnostic. I want the winner to be the small business over Ryan more choices they have at the appropriate rhys level. Probably the better. I think that's absolutely the case in the more easy. The customer experiences in the more transparent the better. Now there is one dark side of all. uh-huh uh-huh yeah. We're going so great up to this point Karen. I know and I'm an optimistic and I have to say you should worry a little bit about black boxes in algorithms and what is going to go on inside these lending algorithms and cower we going to regulate it now I know regulation is a bad word but I'm looking for some protection -tection for the small business do you know today if I take a loan To buy a truck I get Schumer box with all the disclosure lugers of all the costs if I take that same loan to By a truck for my small business my landscaping business. I get zero. I don't get any mandatory disclosures and I could get taken advantage of by some hidden fee so I think that's just wrong and I think regulation. It's got to get fixed to change that absolutely well. There's a lot of talk that we're heading into a recession right. We've had ten years of prosperity and things run in cycles. What do you think's going to happen to lend during that period of time because usually it dries up? It's all great to win money when the economy's good when it's not so good you know. Oh I've been around a long time now and I've been through a few of these recessions and all I can tell you it's coming. We don't know when but I think small businesses need to be repaired. And when that happens is you know. People tightened down on credit and it's important to have a backup plan a plan. B So small all businesses have to be very very careful in order that they can withstand those recessions because they get hit the hardest New Beginnings Call Fintech Small Business and American can dream. What was your inspiration for writing? This is so important to come out with. A small businesses are so critical to the economy. I had that experience variance being responsible for them but I WANNA make sure war that they got stay front of mind in the economic omic use and the economic policies that our government puts forward. And secondly I see technology just totally changing the game and I wanted and to see if I could make sure that small businesses get opportunity for new products and services but also get protected in the new environment as has innovation comes in. Because I think that's how you know we're going to have an economy that's inclusive and that gives opportunity and I called it FINTECH small business the American dream because I am a big believer that small business is the way to come to this country and built yourself a life often prosperity. That's my family story and I hope that will be the story for the future Americans. I hope so too so here at the beated. SNB Conference on sale. Ever ever roll off my tongue. Why is important for you to be here and talk at the conference? I came to this conference and I made it at least a so many familiar faces from my days. Sba there is a whole community out there. That is helping small businesses and I also saw one of the award award. Winners here Eric Groves from line -able I'm an early investor. Actually in a line of all for a reason that I think is related to this conference. Small businesses businesses are by themselves. They are isolated and alone busy running their business and sometimes they reinvent the wheel. It's very important that they have community and then they get access to the products and services and knowledge and advice. That helps them succeed. The people who try to do that are here at that conference and I hope that the future Through things like a line of bull or maybe you know fintech revolution will improve the ability of small businesses to easily not be so alone and have more access to things that help because small business owners. Tell me all the time if they have someone to talk to if they have a mentor. That's really important Karen. Just tell us what you're doing briefly now. I think you're lecturing at Harvard. I am I am teaching at Harvard Business School. I'm teaching entrepreneurship. I'm on Book Tour and I'm delighted delighted to have the opportunity now to go around and talk about these critical issues. I was in Japan. I was in Europe I've been all over this country. I'm a believer in small business and I'm glad to be back with something to say about Potentially a bright future while love what you do the SBA in thank you that you're out. There again. Champing the small business. Thank you. We'll be right back. Breath of small business owners are confused about where to advertise online and had to actually get results. You've gotta be diligent because you can lose a lot of money fast if you don't choose the right platform and the right audience. 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