A firm that claims to handle more than 3,000 small business loan applications each month is skeptical about banks participating in programs that aim to give creditworthy borrowers a second chance.
"It's all a marketing ploy. The big banks are telling people what they want to hear," said Rohit Arora, CEO of Biz2Credit LLC, a New York-based online small business platform. "Small businesses are finding much greater success in securing funding from smaller lenders: credit unions, community banks, and micro lenders."
Founded in 2007, Biz2Credit has facilitated nearly $400 million in funding since its launch, according to the company's website.
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