The monthly jobs report has become one of the most eagerly awaited numbers by analysts, policy makers and market watchers. A lot of attention is being paid to the monthly job numbers but very little is being done to address the real issues behind the lack of job growth.
When we set out to build Biz2Credit, we never imagined the kind of impact we would have in job creation. Our mission was to help small business owners without a controller or CFO and help them find the best lending product and help them get financing.
As the financial crisis intensified, we saw a lot of well established small businesses getting hit by the fact that their banks were pulling out their lines of credit or terming it out without any reason. We helped a large medical practice ,that employed about 100 people, find a bank to refinance their line of credit, which was unexpectedly termed out by their existing bank. The client was required to pay out the line as a term loan within 2 years and their monthly payments went up from $15,000 to $75,000. We were able to find another lender, that not only refinanced the existing debt but also provided additional line of credit to the tune of $ 1 million that helped this company avert financial disaster and possible bankruptcy to help them save the 100 jobs in New York City, while also adding another 50 jobs.
The Biz2Credit Jobs Meter is our attempt at showcasing what a small startup can do to help job creation and if small business lending loosens up, what it can do for our economy and job creation. We are proud to say Biz2Credit has contributed to creating or saving more jobs than many of the larger corporations in the country.
The intent of this inforgraphic is to get the policy makers, bankers and economists to see the real impact of what easier access to capital can do for small business growth and job creation in our country. Hopefully, the White House will sit up and take notice!
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to firstname.lastname@example.org