“I wouldn’t call it a dilemma. I would say that we would consider it an internal business challenge,” DeMeo said. And businesses across the entire industry are turning to creative solutions to solve that challenge.
The College Paradox
Colleges and universities represent one of the primary pipelines companies tap into when it comes time to recruit new talent. But, when it comes to hiring into the alternative business lending industry, universities fall short for two primary reasons. First, the industry is so young, no schools are offering degrees to teach aspiring young alternative business lenders how the industry works.
“None of our college hires ever took courses in small business financing because, well, there just isn’t that course. It doesn’t exist,” said Andrew Reiser CEO of New York-based Strategic Funding.
But that gets to the second problem – students aren’t looking for jobs in the industry because they haven’t even heard of alternative business lending in the first place.
“No one comes out of college wanting to be an underwriter,” Francis said.
Francis said that Merchant Cash Group is attacking those problems with a new internship program she launched with the University of Florida. She said they have been pulling in some of the finance students as interns to help with underwriting, portfolio review and statistical analysis.
She said that exposure early in their education has helped raise the awareness of the industry for the school’s top students, and it has given Merchant Cash Group access to the school’s top talent.
“That way when they come out of college, they see us as an option and we are grooming a new generation,” Francis said.
She said the program is still young, but so far it has been an unmitigated success.
DeMeo said, “One of several areas of recent hiring where CAN Capital has found success is hiring recent graduates who have had a heavy emphasis placed on quantitative analysis during their studies.”
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