The changing economy is influencing the way lenders measure their risk when extending credit
Bill Batmann is a small business expert and the CEO of BillionaireU.com, an online business educational site. During a recent interview, Bill Bartmann warned small business owners that they would have to make radical adjustments to their business in order to survive.
“The economy has changed and business has changed,” said Bartmann. Banks, which got into an awful lot of trouble by lending money to people who are unqualified, have now gone to the other extreme. Even those businesses who have already taken steps to reduce overhead must do more in order to become a better risk for banks and to improve their chances for survival.”
Bill Bartmann teaches his students to realize that small business loans are a major part of some lenders’ business. “Banks want to loan money; this is how they make money,” Bartmann explains. “With the changing economy, lenders are forced to tighten their standards and minimize their risk. This means business owners need to make changes in order to demonstrate their ability to repay a business loan.”
Bill Bartmann has been interviewed on television and radio shows and featured in magazines. He has been credited with singlehandedly changing and reforming the collection industry in America. His mission, just as ambitious, is to "reverse the business failure rate in America".