December 1, 2022
Great Lakes Business Credit CEO Comments on State of Industry
By RHETT ROWE
I recently had the opportunity to participate in a panel discussion with The Secured Lender Magazine for its November issue with four of my regional colleagues. The topic examines the state of today’s asset-based lending industry.
Our panel discussion covered a wide range of topics, including some of the unique challenges and opportunities in our sector. Here are excerpts of what I shared about our company:
“The challenges we face include the scalability of our business model, considering the size of the credits that we’re limiting ourselves to, we’re generally up to $6 million, but our comfort zone is $2 million to $4 million. As a result, in terms of growing and scaling, that’s adding significant numbers of clients to grow to a couple 100-million-dollar portfolio.
“As for opportunities, we’re very nimble so we can generally beat any bank-owned platform to the table in terms of not only at proposal stage, but on closing timeline as well. Generally, most of our prospective customers have a very high sense of urgency. They need the money or help yesterday.
“And that’s what we really pride ourselves in, delivering a very nimble product, and a reliable product at that.”
You can read the entire story for further insights at this link: https://www.sfnet.com/docs/default-source/uploadedfiles/tsl-11-22-digital.pdf?sfvrsn=630ec766_2