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On this episode of The Entrepreneur Ethos, host Jarie Bolander interviews Michael Barnett, the founder of Loanspark Marketplace. Michael shares his insights on the importance of finance for small businesses and startups, highlighting the difficulties they face in obtaining capital. He explains that Loanspark's marketplace model connects small businesses to lenders or individuals with capital or lines of credit. Michael emphasizes the need for clear and simple language when explaining these concepts for better understanding. 

Moving on to Loanspark Marketplace, Michael explains that they specialize in serving a wide range of small businesses, from startups to companies that have been established for a century. They primarily focus on main street businesses like coffee shops, pizza stores, and clothing stores. Loanspark partners with various companies, including platforms, banks, finance companies, and business services companies, to offer their services to customers. Michael praises his marketing team for their blogging efforts on loanspark.com and highlights the importance of feeling comfortable with the person assisting in the loan process. He also warns about unscrupulous individuals and companies in the loan industry. Michael emphasizes the need for thorough consultations and understanding the business needs of clients before providing loans. 

He mentions that Loanspark differentiates itself by having sales staff who act as advocates for small business owners. These staff members conduct interviews with clients to understand their needs, goals, past experiences, and financial considerations, in order to create a personalized plan and strategy for obtaining the best loan product at the best price. Michael believes that building relationships with customers is crucial and values having a specific person that customers trust at Loanspark. Customers often call their original agent for advice and potential future loans. Loanspark Marketplace also allows other businesses, like banks, to utilize their platform as a marketplace.

Links

LoanSpark

Michael Barnett on LinkedIn

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