Eden Amirav, CEO at Become (formerly Lending Express), a leading online platform that helps small and medium-sized businesses (SMBs) find and optimize funding solutions, noted on April 5, 2020, that during these uncertain times, all business owners need to be able to get the help they need from fellow business owners or colleagues.
Amirav said that companies should also be able to receive guidance and advice, so that they can keep their businesses open during the COVID-19 lockdown. There should also be a plan to “re-energize” businesses after this crisis has ended, Amirav recommended.
He stated:
“At Become, we created a COVID-19 Business Community Center for all small businesses – please join us and extend the invite to other #entrepreneurs #Coronavirus.”
Earlier this year, Become surpassed $200 million in matching online lending to small and medium-sized enterprises (SMEs) in need of growth capital. The Israel-based Fintech firm had said the milestone was indicative of the “company’s impressive growth” and its mission to empower SMEs.
Become’s management says that the platform is like an “Expedia-like marketplace” that puts borrowers in the position to choose from several different funding plans. This process encourages competition and gives borrowers the ability to choose the loan terms that best fit their particular requirements.
Become claims that the lending process can be completed very quickly with some small firms being able to get a loan approved within one business day.
Amirav argues that the “lending industry is inherently broken” and his company’s platform provides access to financing for firms in need of growth capital.
In a recent interview with Crowdfund Insider, Amirav discussed the challenges associated with acquiring a loan through online platforms.
He explained:
“There are hundreds of online lenders. There are also many different funding types from term loans to invoice factoring, making it difficult for small business owners to select the best option for their business. The most important consideration is reputability and trust, which is the primary concern of business owners when choosing alternative lending options.”
He added:
“These concerns and challenges can be alleviated with the help of brokers or lending marketplaces, which analyze a business’s financials and help match them with their best lender and funding option from their ecosystem of lenders. This saves time and reduces the stress of choice overload for business owners.”