What they did: As a veteran of outsourcing giant InfoSys, iGATE Patni CEO Phaneesh Murthy, 47, knew that many banks and insurance companies were afraid to hand off their back-office work in case sloppy handling damaged their reputation. Thus, he saw an opportunity for his Fremont, Calif., company, formed earlier this year. Rather than charge by the hour to process mortgage and insurance applications, for example, he offered prospects flat fees based on achieving results -- such as approval of a loan. And instead of requiring a minimum amount of work from each client, he offered the freedom to use his services on demand. The result: iGATE Patni brings in $900 million in sales, he says, profitably serving clients like Royal Bank of Canada and GE Finance.
The climate for small business lending over the past few years has been dark to say the least, opening a door to entrepreneurs who pair business owners with interested lenders.
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