Riley Lewis
Mayah Bosworth
Sophia Gumm
Kaitlyn Pak
Ashaz Bana
Loyola Marymount University
Lisa Daggett
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J. Galt Finance aims to do their part to aid the progress of SDGs' # 4,8,9,10 by creating equitable access to financial education and availability to small businesses. The current CEO and President brainstormed about SAS companies in the financial sector and how they can utilize their resources to help small businesses. One of the key barriers to entry they found for small businesses receiving financial assistance was the disconnect between a bank or firm and the business itself. Traditional banks and lenders seemed intimidating and unwilling to work in the best interest of small businesses. The gap between the consumer and the firm discouraged small businesses from even starting their financial aid journey and J. Galt utilized its innovation in business and personal relations to bridge that gap and increase accessibility.
J. Galt also found that acquiring financial assistance seemed daunting to smaller businesses as traditional banks imposed too much assumption of risk and not enough education. Oftentimes, the process seems too daunting or unattainable to manage and maneuver. Their company policy of closely working in tandem with the businesses and adjusting to their specific needs creates a trusting relationship through transparency, education, and innovation. This not only builds J. Galt's business but also creates equitable opportunities for the companies they work with as well. J. Galt is utilizing financial and technological innovation to increase financial education and opportunities to help small businesses succeed.
This innovation addresses a critical aspect of financial processes by streamlining the loan acquisition process for small businesses. By enabling easier access to loans, J. Galt Finance Suite contributes to the United Nations Sustainable Development Goals (SDGs), particularly those related to poverty alleviation, economic growth, and decent work. The innovation is notably working towards the "Decent Work and Economic Growth" (SDG 8) goal, as it enables small businesses to overcome a major hurdle – the time-consuming and often complex process of obtaining financial support.
This solution arose from a recognition of a gap in understanding between personal and business credit, bringing light to the need for widespread education among the workforce and small business owners. This educational component serves as a valuable catalyst for the innovation's success, as it not only addresses immediate financial needs but also empowers individuals and entrepreneurs with the knowledge to navigate the intricacies of credit on their own. Similar to the age-old saying it is better to teach a man to fish as it feeds him for a lifetime, rather than give him a fish as it feeds him for a day. By bridging this knowledge gap, J. Galt not only contributes to economic development but also aligns with SDG 4 (Quality Education) by fostering a more informed and financially literate workforce.
Whether it's helping a local entrepreneur in a developing region or assisting a small business owner in a thriving urban center, J. Galt's innovation offers an extremely valuable catalyst for positive change, offering tangible benefits for a better world.
The current CEO and President of J. Galt were inspired by a profound realization regarding the challenges faced by small businesses in navigating the intricacies of securing loans. In an interview with an employee, he shared insights into the inception of their inspiration, stating, "they brainstormed about SAS companies and realized a disconnect between people's understandings of personal vs business credit." This observation underscores a critical gap in financial literacy within the small business community, prompting them to envision a solution that encourages small business owners and entrepreneurs to leverage their business credit effectively.
The motivations behind their efforts became even clearer as the interviewee expressed a company-wide intention to enhance the success of small businesses while minimizing their liabilities. He emphasized this point in the interview arguing for the need to educate the workforce and business owners. This sentiment reflects a strategic approach to fostering economic growth by providing financial solutions and strategically mitigating risks associated with personal guarantees.
The CEO's and President's vision, rooted in the understanding of the challenges faced by small businesses, serves as a driving force for the innovative solution. Their commitment to reducing barriers, increasing access to funding, and promoting financial literacy highlights a dedication to creating a more resilient and successful small business environment.
In the short term, the innovation had a transformative effect on a specific small business, exemplified by the experience of a mom-and-pop trucking company. Facing a critical setback when their sole truck broke down, the company sought assistance from the innovators, who helped them through the loan approval process very quickly. Within a short time, this small business secured an impressive loan approval of $750,000, a substantial increase from their initial approval of $1,000. This success story is a tangible demonstration of the innovation's immediate impact, enabling the trucking company to not only overcome a significant hurdle but also to invest in a new truck, in turn revitalizing and expanding its operations.
Looking at the long-term effects, the innovation's commitment to working with charitable organizations and its openness to a diverse array of companies demonstrates its enduring positive influence. By establishing connections with charitable organizations, the innovation spreads its impact beyond individual businesses to contribute to broader social and community welfare. The willingness to engage with a variety of companies ensures a large network of relationships, leading to an environment of collaboration and support. These long-term connections not only contribute to the growth and stability of J. Galt but also create a ripple effect, positively influencing a wide range of initiatives over time. The evidence for these long-term impacts lies in the many partnerships formed and the sustained positive contributions to various sectors, cementing the innovation's enduring significance.
Because J. Galt prioritizes strategic partnerships, several positive outcomes have unfolded. Notably, the innovative approach to partnerships has not only contributed to revenue growth but has also led to the creation of new opportunities for expansion and impact. For instance, the partnership with a health insurance company has led to a remarkable reduction in rates by over 75% through a so-called "umbrella policy." This not only directly benefits the company itself but also extends substantial cost savings to business owners and their employees. The widened access to affordable health insurance enhances employee well-being, creating a positive work environment and contributing to increased employee retention.
Furthermore, J. Galt's collaboration with a credit service partner has streamlined financial processes for small businesses. Rather than adhering to the conventional timeline of building a business credit profile over 8-12 months, the innovative partnership allows small businesses to access cash more efficiently. This easier access to cash flow is important to overcoming financial challenges and seizing timely business opportunities. The financial support not only aids in the growth of individual businesses but also contributes to the overall economic resilience of the small business community. These strategic partnerships demonstrate the company's commitment to holistic and impactful solutions, fostering a ripple effect of positive outcomes for both J. Galt and the entrepreneurs it serves.
J Galt's SaaS approach is a beacon of innovation, offering a multitude of benefits to society and the environment. By embracing remote work, the company significantly slashes its carbon emissions by eliminating daily commutes, adhering to Sustainable Development Goals (SDGs) 9 and 13, which advocate for innovation and urgent climate action. The virtual operational model also dispenses with the need for a traditional office, reducing overhead and the environmental toll of maintaining physical business premises.
In the realm of economic impact, J Galt serves as a catalyst for small business growth by providing financial services and insights into business credit—resources that are crucial yet often inaccessible through traditional banking systems. This facilitation is in line with SDG 8, which supports comprehensive economic growth and rewarding employment opportunities. By equipping small businesses with the tools to expand and employ, J Galt is nurturing an environment supportive of entrepreneurship and economic prosperity.
Moreover, J Galt's societal contributions are amplified through partnerships with charitable entities like the Ronald McDonald House in Southern California and oceanic conservation efforts. Such alliances reinforce the company's dedication to societal welfare and environmental stewardship. By consciously avoiding collaboration with certain industries, J Galt underscores its commitment to fostering a sustainable and ethically sound economy.
In essence, J Galt's business model is not just a pathway to corporate success; it's a strategy that intertwines corporate growth with environmental sustainability and societal advancement. The company's efforts are a testament to the positive ripple effect innovative SaaS solutions can have on the world, contributing to the global pursuit of sustainable development and a healthier planet.
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Kyle Harris, Executive Consultant
J. Galt Finance helps entrepreneurs get to the point where they can obtain the capital and credit standards they need to pursue their dreams as a business. Many times, small business owners are not able to be approved for loans due to credit scores or lack of capital, so J. Galt helps speed up that process by dramatic amounts. They also align with other companies to help small businesses more efficiently.