Location: New York, NY
Industry: Technology, financial services
Co-founder and CEO
A BLESSING IN DISGUISE
Biz2Credit has arranged more than $1.5 billion in small-business financing for working capital, commercial real estate and other applications. When the Great Recession hit, business owners found it difficult to get funding for their companies, especially through big banks. During that time, Biz2Credit ramped up its focus on coordinating small-business loans for entrepreneurs, and as it turned out, the recession was a blessing for the fledgling company.
Quick Tip: “Having a vision is essential because like anything in life, there needs to be a purpose to your work and what your company is driving toward.”
Facing constant and increasing competition, Biz2Credit has had to make approximately $15 million to $20 million in investments for technological advancements to improve the customer experience on its platform, says co-founder and CEO Rohit Arora. Keeping its technology current and competitive has been one of the biggest challenges to maintaining success and growth. In the last three years, the number of Biz2Credit’s U.S. employees has more than doubled from 36 to 85, and in the next year, the number is expected to increase by 50 percent. As a result of this growth, Biz2Credit has had to relocate to a bigger office in Manhattan. Arora also has high hopes for the company’s future. In 2016, Biz2Credit arranged partnerships with several companies in India and Australia to leverage more small-business finance deals internationally.