Financial Forward: The Future of Consumer Finance & Banking Predatory Lending Pitfalls: Mollie's Small Business Survival Story
In this episode of Financial Forward, host Jim is joined by Mollie, a small business owner in the medical device certification industry. The conversation navigates Mollie's journey from her education in microbiology to the challenges she faced in the financial management of her business. Highlighting the predatory lending practices she encountered, Mollie's story serves as a cautionary tale for entrepreneurs.
They discuss the intricacies of cash flow management, the impact of high-cost short-term financing, and the need for regulatory reforms to protect small business owners. This episode is a valuable resource for entrepreneurs and those keen on understanding financial strategies in business.
00:00 Introduction to Mollie's Story
01:32 Mollie's Background and Career Journey
02:41 Starting and Managing a Small Business
04:38 Challenges of Cash Flow Management
14:36 The Predatory Lending Trap
27:01 Reflections and Advice for Small Business Owners
32:53 Conclusion and Final Thoughts
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