It was only natural that Credibly was drawn to partner with the Small Business Association of Michigan to provide convenient access to different small business funding options for its more than 25,000 members.
Although they have offices in New York, Arizona and Massachusetts, Credibly’s base – and most of its employees – is in Troy, Michigan, a northern suburb of Detroit.
Small Business Association of Michigan members will access those options through the association’s Pulse platform, which already provides those members with consultant-level financial analysis and reporting tools.
Credibly understands its success grows with that of its borrowers. Since it started in 2010, Credibly has provided more than $9 million of funding to Michigan-based businesses. That helped Credibly be named Michigan’s fastest growing company in 2014 by Inc. Magazine. It also enabled the company to hire 50 additional people for the Troy office.
Credibly’s Co-Founder and Chief Revenue Officer Ryan Rosett said that because of Credibly’s Michigan roots, this partnership was a natural one.
“We’re local and we’re here to help the local economy.”
Mr. Rosett said much of the area’s economy revolves around the auto industry, which is enjoying a remarkable rebound. Real estate values are rising and many small business are flourishing.
No matter how healthy a current business is they still benefit from loan products which are best matched to both their needs and ability to repay, Mr. Rosett explained. The core business employs robust data science he added and they look at wide ranging data points, along with FICO scores and other traditional tools. Because Credibly is primarily a cash flow lender, cash flow analysis plays a key role.
Providing properly sized and priced loans allow both sides of the transaction to flourish, Mr. Rosett added.
The Pulse platform was designed by BodeTree, a Credibly partner providing cloud-based, real-time access to a business’ financial accounts and cash flow trends.
“BodeTree helps companies better manage their cash flow from a profit and loss standpoint,” Mr. Rosett said. “Credibly then factors in working capital when needed.”