Official Press Release:
Small Business Credit Startup Launches Innovation Competition Award in Partnership with New York SBDC
Betterfin partners with New York SBDC to identify innovative improvements in serving entrepreneurs across the state.
NEW YORK, NY (April 1, 2019) -- Betterfin, a Brooklyn-based small business credit platform, announced today a partnership with New York SBDC to create an Innovation Pitch Competition to identify and fund novel ideas to better serve SBDC small business clients across the state. The competition is open to all New York SBDC staff. The winning idea will be awarded [$10,000] for implementation.
During the month of April, New York SBDC staff members can submit innovative ideas, tools or technologies that would improve their ability to better serve their small business clients. A panel of judges representing Betterfin and the New York SBDC will make the final decision and present the award on May 2, 2019 at the New York SBDC Annual Training Conference in Albany.
Betterfin launched a new online platform in 2019 to help small business owners get better financing through data science. Betterfin connects small business owners seeking capital with specialized lenders who go beyond one-size-fits-all financial products, saving owners both time and money. Betterfin underwrites every business on the platform to then reveal a breakdown, giving owners full transparency. Betterfin also offers a comprehensive credit and financial data reporting service, giving business owners unprecedented insight into their own businesses and credit health. As a part of this service, Betterfin provides ongoing updates to customers to ensure business owners continually have access to the best financing options.
“We are delighted for the opportunity to sponsor and partner in improving the work of the New York SBDC. We share the commitment to help New York entrepreneurs build prosperity.” said Betterfin Founder and CEO Eric Griego. “We built Betterfin to put the power of data back into the hands of business owners to help them thrive and prosper. We’re excited for each opportunity we have to join forces with like-minded organizations.”
Betterfin was founded in 2017 by Eric Griego and Dan Gabrieli who met working together on the credit technology at OnDeck capital in 2014. Since starting, Betterfin has guided over  business owners into just over $MM in loans. Betterfin helps business owners navigate which products are the right fit for their business by analyzing their financial information. Betterfin completed a $1.3mm seed round in late 2017. Investors include YCombinator, Hillsven Capital and Liron Petrushka.
About the New York State Small Business Development Center
The New York SBDC - the premier business assistance organization in New York State - provides expert management and technical assistance to start-up and existing businesses across the state. The New York SBDC is administered by State University of New York and funded by the U.S. Small Business Administration, the State of New York, and host campuses. Through 22 campus-based regional centers, and dozens of outreach offices, the New York SBDC applies the resources of university, private sector, and government to solve business problems and foster entrepreneurship.