Getting Approved For a Business Loan Just Got Easier
Until recently, banks were the primary source of additional capital for small businesses. But following the financial crisis, and particularly during the economic recovery, there has been significant growth in innovative, online alternative funding for small businesses.
Some of the main advantages of online alternative funding include efficacy, speed and chances of being approved. Many of the big players in the alternative lending space offer online and mobile applications which enable you to apply for a loan in under 30 minutes, receive approval in a matter of hours and have money in an account within a number of days. This contrasts significantly with conventional bank loan systems which usually require hours of paperwork, actual visits to the bank and then several weeks to wait, before securing some form of credit.
With 73% of small and medium-sized enterprise (SME) employers aiming to grow their business over the next two to three years, the demand for funding has never been higher. Yet, the majority of SMEs are still not using the option of alternative lending and once they are declined from the bank, up to 37% are discouraged from continuing their search and in some cases are forced to close their business or experience static growth. Despite their small scale, alternative players have the potential to fundamentally change the way in which small businesses access capital, creating greater competition, price transparency, and a better customer experience.
One service that has emerged on the scene to help small businesses navigate through the new information overload and create more qualified leads for online lenders, is the online platform, Fundbird.
The company identified a need within the marketplace to aggregate legitimate lending sources and match small and medium businesses with the right alternative funding options. The company has partnered with the UK’s top funding providers based on criteria including: competitive interest rates, flexible payment terms and helpful customer support and is now pre-qualifying businesses with the most reliable, high quality lending partners.