Steve Benson

Yeah, thanks for having me.

This is exciting stuff.

So yeah, I guess I'll tell the early FounderPath story from my perspective, which is basically, I started Badger Maps like 10 years ago, a little more.

And I started doing debt deals in like 2015, I think, maybe 16.

And

And debt back in those days, as some of you may recall, was not as good of a deal as it is today, right?

Lenders have a difficult time wrapping their arms around the concept of ARR and MRR.

They're like, that's not an asset.

That's not collateral.

And then lighter capital came in the scene first.

And they were heavily...

They raised a ton of money and I forget how much, $60 million, big team.

And so to make the economics work on that, where you're going to pay off your investors at 12% or whatever they take, to pay for that big team, they needed a pretty big spread on the actual deal, right?

So the debt was super expensive.

Next, then other players sort of jumping in.

And there's also like the, there's different types of debt players in SaaS, right?

There's like the Golubs of the world.

That's actually their name.

It's a huge, I don't know why.

Golube, Golub, I don't know.