06/07/2012 – ProjectionHub has a big vision. Utilize data to help entrepreneurs, banks, and investors predict the future success of a company. Currently ProjectionHub is focused on creating the best way for entrepreneurs to create financial projections. The U.S. Small Business Administration requires a 12 month profit and loss projection to be included with each SBA loan application. ProjectionHub is already simplifying that process for loan applicants.
Co-Founder Adam Hoeksema says, “If we can improve the accuracy of financial projections for small businesses, we can help banks and investors make better funding decisions.” He went on to say, “right now there is a disconnect between the over optimism of small business owners when it comes to the potential of success of their business, and the ultra-conservative mindset of the traditional banks who don’t want to take another risk. A business owner’s personal credit is not always the best predictor of a potentially successful business, but a data-driven set of financial projections can help banks and investors uncover potentially successful businesses.”
With mountains of new small business data being released by giants like Quickbooks, it will become increasingly easier to predict the future success of a small business based on the past financial data provided by similar businesses in their geography and industry. Aggregate data on millions of small businesses will make it a simple task to estimate expenses for small businesses, and better project sales based on how similar businesses have performed in the past. ProjectionHub aims to capitalize on this trend and make a positive impact for small businesses looking to secure a loan.
ProjectionHub is a web-based application that helps entrepreneurs create financial projections without the need to have a PhD in spreadsheet modeling. For more information contact Adam Hoeksema at adam@projectionhub.com.
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