How Credit Compass helps SMEs get business loan approval
John Pellew, founder and CEO of Credit Compass (formerly Othera), talks with Cullen from Silicon Beach radio about how he came to establish a financial technology company that helps SMEs successfully get finance when the banks would say NO. John speaks about his personal experiences and how he used them to develop a fast and simple credit assessment and Lender- Connect solution for that makes getting business loans much easier.
Mentioned in the podcast…
Some thoughts on banks and lending…
“The banks find it really difficult to lend to small business and it’s really not their fault.”
Why Credit Compass is different to other credit assessment services…
“We don’t use official credit rating agency information which means we don’t leave any footprints or black marks on the client’s official credit score…”
On the people we help…
“They’ve been to their bankers and their banks have said No. It’s not that they’re bad businesses, it’s just that they don’t fit the criteria of the bank lending model….. or they don’t have the security for the loan”.
This is a short, punchy interview that covers:
- Early banking beginnings: John discusses how Credit Compass service began (formerly Othera) and his previous startup, business and banking experience across two continents.
- It’s not the bank’s fault!: Why banks reject SME finance applications and how Credit Compass uses insight on the banks’ credit processes to help these same SMEs get business loan approval.
- How it works: How Credit Compass connect a business with a lender who is more likely to approve the business loan without leaving black marks on a business’s official credit rating.
Listen to the interview:
On the rollercoaster for a wild ride!
Don’t miss the last few minutes… John’s thoughts on what it takes to stay firm in your seat on the wild ride that is a technology startup!
Many thanks to Cullen from Silicon Beach for the opportunity to have a casual chat about what Credit Compass is doing to improve access to small business loans.