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PayPal and Square quietly grow small business lending using data as their edge over banks
Source:
cnbc.com
- Nov 16, 2018
Moving a bakery from Staten Island to Brooklyn is not cheap.
French chef Laurent Chavenet, a food industry veteran, knew this. But he didn’t anticipate how hard it would be to get a $30,000 loan to make that move after a recent divorce and a low credit score. After being turned down by multiple banks, he enlisted a last resort — his payment processor PayPal.
“When you start to be known for quality, you need to have enough to sell. If you don’t, you don’t have an income and you can’t grow,” Chavenet told CNBC. “It makes a huge difference, every time I get a loan I add more to my shelf.”
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Category: General Business
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