Finding financing for your business can be difficult, especially if your FICO score is not what larger banks require. On this episode of Paychex THRIVE, Gene Marks is talking with Solomon Lax, the CEO of Revenued, a business and financing company. Hear what Solomon had to say about rethinking how we look at businesses in need of funding, what Revenued does to help companies with subprime credit, the Revenued Business Card, and more.
Topics Include:
00:00 – Welcome, Solomon Lax 00:40 – Introduction to Revenued 01:54 – Rethinking credit scoring 03:32 – The process of getting a loan 04:21 – Thinking beyond the FICO score 05:25 – Merchant cash advance07:41 – The opening for Revenued 07:50 – Looking at the business as a whole 09:50 – The Revenue business card 11:12 – Who should take advantage of this card? 12:00 – Return on investment when considering loans 13:34 – Revenued card compared to traditional cards 16:17 – Terms of repayment 16:42 – Point of sales systems and accounting systems 19:26 – Types of businesses using the Revenued card 20:53 – The benefit to under-prime businesses 23:48 – Episode wrap up
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DISCLAIMER: The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
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