BankmyBiz.com is a new way to bring together business owners looking for funding and business lenders looking to invest in a growing company.
Founded by Michael Adam, the “focused social network” hopes to bring a new perspective on financial lending by letting users connect and establish relationship-based transactions, instead of simply considering the process as just another business deal based on the bottom-line. The benefit of the network, Adam explains, comes from its simplicity.
“At BankmyBiz.com there are only two types of people invited to the party–Business owners and business lenders,” Adam said. “Business owners can connect directly with all kinds of lenders … and find the best route for their business’s financial path. Business lenders can connect with businesses actively seeking a financial relationship partner and speak directly with the owner, the decision maker.”
A former linebacker for the Vanderbilt Commodores, Adam launched his company after a decade of working in the financial lending industry left him frustrated. Whether working as a commercial lender, private equity lender or business banker, Adam felt the industry wasn’t adapting with the times.
Upon meeting business partner and CTO Adam Braus in what Adam describes as Madison’s “five-star startup community,” the pair felt they could develop a solution to the problem.
Visitors to the site are prompted to sign up as either business owners or lenders. After going through a quick verification process to ensure the validity of the their intentions, users are granted access and asked to complete a personal profile. BankMyBiz.com then uses those profiles as part of its matching process, and from there the relationships are ready to be built.
BankmyBiz.com’s network interface–while unique–has some similarity to other social networking websites, such as Facebook or LinkedIn. This way, users can feel comfortable while navigating the site to connect with other owners or lenders.
The key to BankmyBiz.com’s business model, according to Adam, is that relationship-based lending is the only sustainable method of financial lending. Those who don’t understand that practice, he argues, will be left behind.
“We provide a truly unbiased, non-bank-sponsored community where business owners can connect and converse with every type of lender, and where lenders can become trusted advisors, earning new business through trust and expertise,” Adam said. “A relationship-based model takes into account the overall picture of a company, its current needs, future needs and goals.”
While he admits the company is still young, Adam is optimistic about its future.
“BankmyBiz.com has the opportunity to be the leader in a new era of relationship-based lending,” Adam said. “We are innovative, unbiased and promote interaction and learning … and at the end of the day our users get what they need.”
