Our Loan Officer knew exactly how to meet our needs. We were approved for our loan in 24 hours. This short term loan allowed us to grow and we’re launching new products.
Alternative Business Loans are quick. Applying for a bank loan just the application can take over a week to complete. Plus you are gathering and organizing 2 years’ worth of financial documents. Depending on the bank the waiting time for approval is 3 weeks to over a month to find out if you are approved. According to the SBA, figures show the rejection rate is at 80%. While banks are have lower interest rates on and longer terms. Over the past two decades, small business loans have fallen from about half to under 30 percent of total bank loans. Alternative lending has higher rates with shorter terms. The difficulty in obtaining a loan from a bank or a credit union, has led to the rise of Alternative Business Loans.
Another factor with small business loan provided by an alternative lender is no need for collateral. Loans are generally based upon the performance of the business. The lender is making loan decisions about you and your company based upon the health of your business, your cash flow, and your personal and business credit profile. Alternative Business Loans have flexibility, half way through can qualify for additional capital if needed. We are experienced responsible bankers dedicated to working with small business owners. Spending time talking to owners to understand their needs, goals, making sure they are making well-informed choice by taking out an Alternative Business Loan.
Business Capital Loans Are Approved Quickly. Our application process is different from other banks or lenders. We focus on the actual business performance that can be reviewed with a few months of bank statements. This allows us to be flexible on credit history checks and avoid the unlimited documents connected to your approval. We offer funding from $5000 to $250,000. The actual rate and term is dependent on the performance of the business. How much capital that can be borrowed depends on the monthly deposits. There is very little paperwork involved this is the main reason why the application process is so quick. There is not a single bank in the country that can approach the efficiency and speed of what an alternative lender can do for you.