SAN FRANCISCO, Nov. 24, 2017 — Today Fundbox, a leader in small business credit and payment solutions, released a new mini documentary in honor of Small Business Saturday, called “I Wish I Knew,” that features small business owners reflecting on what they wished they knew when first starting their businesses. The mini documentary can be viewed at www.fundbox.com/i-wish-i-knew
Directed by acclaimed Austin, TX filmmaker Adam Hootnick, the documentary features over 20 small business owners representing a wide range of industries including digital marketing, gourmet food trucks, architectural lighting, to custom built motorcycles.
Shot over a period of 24 hours, each business owner was asked the same question: “What is it that you wished you knew when first starting your business?” Often humorous and at times poignant, the responses ranged the gamut, from learning how to manage cash flow better, to empowering your employees to make decisions on their own, to never putting drywall behind a sink, and more. Regardless of the answers, it was clear that small business owners really love their work, even though for many, running a small business comes with its own unique set of challenges, like getting paid by customers.
One of the main objectives behind the production of this documentary was to use storytelling to bring attention to issues that impact the growth of the small business economy here in the US. For example, in November of 2016, Fundbox conducted a data analysis of over 50,000 small businesses connected through the company's Small Business Graph, only to discover that:
- The value of small business unpaid invoices (US only) is $825 billion— equivalent to 5% of U.S. GDP. [Tweet this]
- It takes the average small business 21 days to get paid. [Tweet this] and lastly
- 81% of small business invoices are 30 days past due. [Tweet this].
Based on these and other insights, it's clear that small business owners, even in today's technology-enabled business environment, continue face significant challenges. These insights are concerning when you consider that when according to a 2017 SBA study 99% of all businesses in the US are small businesses and they employ over 50% of the private sector workforce. So when small businesses don't get paid on time or at all, it directly impacts the health and wellness of the US economy.
“Our mission at Fundbox is to help small businesses to become financially independent and to grow. This is why, beyond providing access to credit-on- demand, we felt that it was important to raise awareness on issues that directly impact our customers,” said Sebastian Rymarz, Chief Business Officer at Fundbox. “We created this mini documentary to remind everyone how amazing our small business community is and, hopefully inspire companies that use the services of small businesses to pay their invoices on time.”
Fundbox has created an intuitive, on-demand credit solution specifically designed to meet the diverse funding needs of small businesses. Fundbox does not require FICO to get started and instead underwrites based on the financial health of the business. With a fully automated underwriting process, small businesses simply connect their accounting software or business bank accounts and then Fundbox does the rest. Fundbox was recently recognized as a Billion Dollar-Startup to watch in 2017 by Forbes.
Our mission at Fundbox is to simplify and improve the way that small businesses pay and get paid. The company uses cutting-edge technology, data science, and common sense to give small businesses greater access and choice to financial solutions that don't initially require a personal credit score. Fundbox provides credit limits up to $100,000 and can transfer funds as soon as the next business day. Because of us, small businesses across the U.S. have more control over their finances and are better able to succeed and grow.
Fundbox is funded by leading Silicon Valley entrepreneurs, finance veterans, and venture capitalists, including Spark Capital Growth, Bezos Expeditions (the personal investment arm of Jeff Bezos), General Catalyst Partners, Khosla Ventures, SV Angel, former CitiGroup CEO Vikram Pandit, and other prominent investors. For more information, please visit www.fundbox.com.
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