Alternative Lending Site Fundera Helps SMBs Understand Their Funding Options

What is Fundera, and what is your role in the organization?

Fundera is an online marketplace that connects small business owners with the best funding provider for their business. With one application, loan seekers can gain access to multiple loan offers and proceed forward with the product that makes the most sense for their business. They are able to find funding fast, free, and without ever leaving Fundera’s site. Think “Kayak” for small business loans.

As far as my role, I work with each and every department at Fundera to make sure we’re all working toward the same goals, staying on track, and effectively prioritizing the projects on everyone’s plates. I also help educate the public about Fundera and the alternative lending space, and work to develop relationships with new partners while ensuring our current partners are happy.

How is business these days?

Business is growing! With bank lending to small businesses declining, small businesses are going online to find the loans they need to grow. Fundera makes the experience quick, easy, and unintimidating. We are seeing more and more small businesses come to us every day to find the funding they need.

What do you consider your chief business strength?

Empathy.

What do you enjoy most about your job?

Two things. First, I love the people I get to work with. Stepping into the office every morning is always a highlight of my day. Our team consists of some of the smartest people I’ve ever met, so I also appreciate that each day they teach me something new. Second, I get to see daily how we help small businesses grow. Every time we help a small business find funding, the stories they share are inspiring, and I know deep down we are contributing to something much bigger, given how much small businesses affect our economy.

What are some challenges you’ve faced on the job, and how did you overcome them?

Early on, a big challenge we faced was differentiating ourselves from others in the space. What helped us really put our best foot forward was making transparency into the space available, putting our customers first, and truly focusing on helping them get the best loan for their business. We figured this out by having honest, open conversations with our customers and were able to identify pretty quickly what services they needed that they weren’t getting elsewhere.

What are the most important skills that someone in your position needs to have?

The ability to delegate. You can’t do it all. If you try to do it all, you will fail. Second: have an eye for talent. If you can hire people you trust, delegating becomes easier. I always say hire people who are smarter than you. Don’t let your ego get in the way. You want to trust that every time you pass something off, you’re passing it off because that person can do it better than you could, not just because you don’t have the time or don’t want to.

What do you wish you’d known on your first day?

Don’t be afraid to ask for help. People tend to be more giving of their time and expertise than we expect.

What is the smartest move you made in your career so far?

Choosing incredible co-founders. My partners provide honest feedback that helps me grow as a CEO, but most important they are able to manage parts of the business that aren’t my strongest suits.

What’s your management style with your employees?

I like to hire people who operate as intrapreneurs. This sense of ownership can lead to incredible performance. I check in one on one weekly or bi-weekly to see if there is anything I can provide to help them reach their goals, but, most important, we work together to set weekly, monthly, and quarterly goals and to ensure that they are constantly pushing themselves outside of their comfort zone and successfully reaching those goals.

Who are some other businesspeople or companies you admire, and why?

Howard Lerman, the CEO of Yext, has always inspired me. He’s a serial entrepreneur who has started 5 to 6 companies and is one person who I can honestly say learns from his mistakes and is open about that fact. I think that’s such an important lesson for entrepreneurs to take to heart. If you keep making the same mistakes over and over again, you’re not going to go anywhere. He’s also very giving of his time and mentors many entrepreneurs. I like to see the community helping each other out. There is so much advice I was given early on (even from Howard himself) that helped me make better decisions down the road.

As far as companies, I have to preface this by saying I invested in this company, but SmartThings is a company that excites me. The technology they developed will absolutely change the way we live our lives starting with the way we interact with our homes. SmartThings is making our homes safer and smarter. They deserve all the success they have found thus far.

What new initiatives are you working on?

Fundera has become especially focused on lending literacy. We’ve built (and will continue to build out) the most comprehensive online library of information that helps bring transparency to the space and make very complex information easy to consume for those looking to take out a business loan. We want any and every small business looking for funding to have a channel to get their questions answered.

Do you have a favorite inspirational quote?

Wu wei — it’s a Taoist saying that loosely translates to “go with the flow.”

There are certain things that are out of our control, and other things that happen unsuspectedly. Embrace opportunities as they arise and put to bed the trivial setbacks that aren’t worth the headache.

What advice would you give to someone hoping to get into your field?

If you want to be an entrepreneur, only start a company you can see yourself being a part of and growing for the next 10 years of your life because that is how long, if not longer, it’s going to take to really grow a business. You need to have enough passion to sustain you for that long.

If you weren’t doing this, what would you be doing instead?

My father has dedicated his career to eradicating heart attacks. I’d try to see that through and fulfill his life’s work.

Follow Jared and his company on Twitter at @JaredHecht and @Fundera.

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